Melco Investor Information Pack

Home , City of Dreams (casino), City of Dreams Manila, Galaxy Macau, Morpheus (hotel), Studio City (Macau), Wynn Palace

INVESTOR INFORMATION PACK September 2018

1 Disclaimer

Safe Harbor Statement

This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitation in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations and (vi) our future business development, results of operations and financial condition. In some cases, forward- looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this presentation is as of the date of this presentation and the Company undertakes no duty to update such information, except as required under applicable law.

This presentation contains non-GAAP financial measures and ratios that are not required by, or presented in accordance with, U.S. GAAP, including Adjusted property EBITDA and Adjusted EBITDA. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies since they are not uniformly defined and have limitations as analytical tools and should not be considered in isolation or as a substitute for U.S. GAAP measures. Non-GAAP financial measures and ratios are not measurements of our performance under U.S. GAAP and should not be considered as alternatives to any performance measures derived in accordance with U.S. GAAP or any other generally accepted accounting principles. Reconciliations of such non-GAAP financial measures and ratios to their most directly comparable financial measures and ratios are included in our earnings releases that have been furnished with the SEC and are also available on our Investor Relations website at http://ir.melco-resorts.com

2 Section I MELCO HIGHLIGHTS

3 Melco Resorts Highlights

Leading Premium Integrated Resort Operator Owner of Five Michelin-Starred dining establishments and 18 Forbes Awards in Asia(1) Leveraged to fast-growing, under-penetrated Asian leisure & tourism market Both Macau and Manila experienced GGR growth in 2016, 2017 and 1H 2018 Pipeline of Potential Regional Development opportunities City of Dreams Phase 3, Studio City Macau’s Remaining Project, Japan

Strong Balance Sheet Net Debt to Adjusted EBITDA(2) at 1.7x; Minimal debt maturity before 2019

Improving Cashflow; Committed to shareholder returns Returned approximately US$3.0bn to shareholders from 2014 to 1H2018; Increased regular dividend by over 60% in the past 12 months; a US$500 million share repurchase program in place

Notes: 1. Macau and Philippines 2. Adjusted EBITDA after Payments to the Philippine Parties, and building and land rent to Belle Corp.

4 Leading Premium Integrated Resort Operator Owner of a portfolio of Star-Studded Resorts

FY17 Daily GGR Per Mass Table (US$) • Awarded the largest number City of Dreams 11,985 of Michelin-Starred Dining Wynn Palace 10,731

Establishments in all of Asia Galaxy Macau 10,118 Cotai IR Sands Cotai Central 9,548 (1) • Holder of 18 Forbes Awards Studio City 8,418

across properties in Macau Parisian Macao 6,947 and Manila

Wynn Macau 11,832 Macau Peninsula Casinos • City of Dreams generated the MGM Macau 10,615

highest mass table yield Sands Macao 7,523 among all of the major 4,000 6,000 8,000 10,000 12,000 14,000 integrated resorts in Macau Number of Michelin-Starred Dining in 2017 Establishments and Forbes Awards in Asia(1)

20 18 15 15 12 10 10 5 4 4 5 3 3 1 1 - - MGM SJM Galaxy Las Vegas Wynn Melco Resorts Sands Resorts Resorts Number of Michelin-starred dining establishments Number of Forbes Travel Guide awards

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM Resorts, Galaxy Entertainment and SJM, Michelin Guide, Forbes Travel Guide 5 Note: 1) Forbes Four- and Five-Star Awards Both Macau and Manila are experiencing GGR growth Leveraged to fast-growing, under-penetrated Asian leisure & tourism market

Macau Quarterly GGR (breakdown by VIP & Mass, US$ billion)(1) Macau Quarterly GGR growth (breakdown by VIP & Mass, Y/Y Change)(1) 10 40% Mass GGR VIP GGR VIP GGR Mass GGR 8 20% Total GGR 4.8 5.1 5.0 3.8 4.3 6 4.3 4.1 - 3.5 4.0 3.6 3.6 3.7 3.6 3.9 4 (20)%

4.4 2 4.3 3.6 3.7 3.7 4.1 4.3 4.2 (40)% 3.2 3.2 3.3 2.9 3.0 3.5

- (60)%

3Q15 1Q15 2Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

2Q17 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 3Q17 4Q17 1Q18 2Q18

Philippines Quarterly GGR (breakdown by VIP & Mass, US$ billion)(1)(2) Philippines Quarterly GGR growth (breakdown by VIP & Mass, Y/Y Change)(1)(2) 0.7 Mass GGR VIP GGR 80% VIP GGR Mass GGR Total GGR

0.6 60% 0.5 0.36 0.36 0.30 40% 0.4 0.30 0.34 0.27 0.27 0.27 0.31 0.3 0.25 20% 0.23 0.24 0.22 0.24 0.2 0.33 0.27 0.29 - 0.1 0.22 0.21 0.21 0.21 0.23 0.22 0.15 0.13 0.16 0.16 0.14

- (20)%

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM, Bloomberry Resorts and Travellers International Note: 1. Mass Gross Gaming Revenue (GGR) includes GGR generated by mass tables and electronic gaming machines 2. Philippines Quarterly Gross Gaming Revenue (GGR) only takes into account GGR generated by Integrated Resorts in the city of Manila

6 Pipeline of Potential Regional Development Opportunities Potential development opportunities in Macau and Japan Morpheus (City of Dreams Phase 3) Studio City Remaining Project Potential Integrated Resort in Japan Other Asian Gaming Markets(1)

• Opened Morpheus on 15th Jun 2018 • Studio City’s Remaining Project can • We view Japan as the most • Will continue to search for potential growth opportunities in • Renovation of the junket VIP area is have approximately 229,968 square attractive, currently available, other Asian gaming markets. expected to complete in 1H 2019. meters of GFA. integrated resort opportunity globally. • To commence rolling refurbishment • Adding non-gaming attractions of Nuwa after CNY 2019 (expect including the recently opened • We have a strong local team completion by CNY 2020). eSports stadium. actively working on the ground engaging with relevant • To commence the re-branding of stakeholders. Count:Down to Libertine by end-2019 (expect completion by CNY 2021).

Source: Company filings, Melco Resorts Note: 1. Sourced from Google Maps 7 Strong Balance Sheet Long dated maturity profile and healthy gearing Maturity Profile as of June 30, 2018 (US$ million)(1)(2) Net Debt Position as of end of respective quarter (US$ billion)

Debt Instrument 2018 2019 2020 2021 >2021 3.0 Melco Resorts Macau Facility 23 45 45 299 Melco Resorts Finance 4.875% Notes 1,000 2.4 2.4 2.3 Studio City Company 5.875% Notes 350 2.2 2.2 2.1 2.1 Studio City Company 7.250% Notes 850 2.0 2.0 1.9 Studio City Finance 8.500% Notes 825 1.7 Studio City Company Facility 0 1.3 Melco Resorts Leisure (Phils) 5.0% Notes 140 1.2 Total 23 535 870 1,149 1,000 1.0 1.0 Liquidity and Capital Resources 0.7 Melco Group as of June 30, 2018 (US$ million) 0.4

Cash 1,460 -

Debt 3,583 (0.2) (0.5) Last 12 Months Adjusted EBITDA 1,279(3) (0.7) (1.0)

Net Debt to Adjusted EBITDA 1.7x

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

Source: Company filings Notes: 1. The analysis excludes the aircraft loan 2. Melco Resorts Leisure (Philippines) redeemed Php7.5 billion and Php5.5 billion of the Php15 billion 5.0% Notes on October 9, 2017 and August 31, 2018, respectively. 3. Adjusted EBITDA after Payments to the Philippine Parties, and building and land rent to Belle Corp.

8 Capital Expenditures Projection CAPEX is expected to decline in 2019 post opening of Morpheus(1) CAPEX Schedule (US$ million) (1) 1,800 1,800 1,632 1,600 1,600 1,451 1,400 1,400

1,200 1,200

1,000 1,000 1,399 1,129 800 800 623 616 600 559 600 439 277 400 400 543 380 291 226 191 200 200 323 339 98 69 233 148 179 128 122 - 81 - 2013 2014 2015 2016 2017 2018E 2019E 2020E Maintenance Growth -

Source: Company filings, Melco Resorts Note: 1. Historical and estimated CAPEX do not include the Studio City Remaining Project

9 Improving Cashflow Paid US$1.7 billion of dividends in FY11-17 Melco: Free Cashflow (US$ million)(1)(2) Melco: Free Cashflow vs Dividends and Buybacks (FY11-17, US$m)(1)(2)

1,600 Returned all FCF generated back to Include US$300 shareholders in the form of dividends 2,000 million of share repurchase in 2014 1,200 1,693 and US$800m of share repurchase 1,467 from Crown in 2016 800 635 1,500 667 647 648

400 301 1,100 1,000

Free Cashflow (400) 500

Operating Cashflow (578) (800) (854) Capex - Aggregate Free Regular and Special Share Repurchases (1,200) Cashflow (FY11-17) Dividends (FY11-17) (FY14 & FY16) 2011 2012 2013 2014 2015 2016 2017

Source: Company filings Note: 1. Cash flow figures are based on financials reported in the company’s cash flow statement 10 2. Free Cashflow is defined as Operating Cashflow less Capex Committed to shareholder return Returned approximately US$3.0bn to shareholders from 2014 to 1H2018 Melco Capital Return Schedule (US$ million) 1,400 Special Repurchase 1,200 9 19 44 1,234 1,000 800 67 800 44 44 850 28 44

US$m 600 200 674 40 400 100 12 43 650 72 200 350 191 35 72 - 18 7 10 67 1Q'14 2Q'14 3Q'14 4Q'14 FY14 1Q'15 2Q'15 3Q'15 4Q'15 FY15 1Q'16 2Q'16 3Q'16 4Q'16 FY16 1Q'17 2Q'17 3Q'17 4Q'17 FY17 1Q'18 2Q'18

• From 2014 to 1H2018, close to US$3.0 billion has been Total Capital Returned to Melco Shareholders US$ m returned to shareholders in the form of dividends and share FY14 Special Dividends 191 repurchases FY14 Regular Dividends 183 FY14 Share Repurchase 300 • Over the past 12 months, we have increased our quarterly FY15 Regular Dividends 35 dividend by over 60% to US$72 million or US$0.145 per ADS FY16 Special Dividends 350 FY16 Regular Dividends 84 • Special dividends and share repurchases will be considered FY16 Share Repurchase from Crown 800 when appropriate FY17 Special Dividends 650 FY17 Regular Dividends 200 • In March 2018, the Board approved a US$500 million share 1H18 Regular Dividends 138 repurchase program Total Capital Returned from 2014 to 1H18 2,931

Source: Company filings 11 Section II 2Q’18 FINANCIALS SUMMARY

12 2Q 2018 Earnings Summary Group-wide Adjusted Property EBITDA growth underpinned by City of Dreams Manila and Altira Macau Total Adjusted Property EBITDA & Adjusted Property EBITDA Margin(1) (2) • 2Q Net Revenue of US$1,229 million, down 5% y-y 30.9% 500 32.0% 29.2% • 2Q Adjusted Property EBITDA of US$355 million, up 8% y-y, mainly 450 28.0% attributable to higher contribution from City of Dreams Manila 25.5% 402 400 and Altira Macau. 355 59 24.0% 350 329 • City of Dreams’ adjusted EBITDA declined 2% y-y to US$171 87 20.0% 300 63 million 110 250 16.0% 73 • Studio City’s adjusted EBITDA declined 9% y-y to US$73 million 81 25 200 which was primarily a result of poorer performance in the rolling 11 24 12.0% chip segment and lower non-gaming revenue, partially offset by 150 better performance in mass market table games segment. 8.0% 100 208 175 171 4.0% • City of Dreams Manila’s adjusted EBITDA grew 39% y-y to US$87 50

million which was primarily a result of better performance in all - - gaming segments. 2Q'17 1Q'18 2Q'18 City of Dreams Manila (US$m) Studio City (US$m) Altira + Mocha (US$m) City of Dreams (US$m) Adj. Property EBITDA Margin (%, Right-axis)

Source: Company filings Notes: 1. “Adjusted Property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, Corporate and Other expenses and other non-operating income and expenses 2. Adjusted Property EBITDA margin is adjusted Property EBITDA divided by net revenue 13 Melco Adjusted EBITDA 2Q 2018 Adjusted EBITDA grew 10% y-y

Melco Adjusted EBITDA Breakdown (US$ million)(1) Melco Adjusted EBITDA Growth Breakdown(1)

450 Vs. 1Q 2018 Vs. 2Q 2017 366 380 400 322 57 305 59 350 293 Altira + Mocha -6% +120%

54 87 300 63 96 110 City of Dreams -18% -2% 250 91 81 73 200 Studio City -33% -9%

150 246 208 170 171 Total Macau Property EBITDA -22% +1% 100 175

50 City of Dreams Manila +48% +39% 11 25 25 24 - 1 (36) (34) (35) (22) (33) (50) Corporate and Other Expenses +54% -8% 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Corporate and Other Expenses City of Dreams Manila Studio City City of Dreams Total Adjusted EBITDA -15% +10% Altira + Mocha

Source: Company filings Note: 1. “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation and other non-operating income and expenses

14 City of Dreams 2Q 2018 Adjusted EBITDA declined 2% y-y

City of Dreams Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Key Operating Metrics

300 34.4% 35.0% (US$m, unless 2Q 2018 Vs. 1Q 2018 Vs. 2Q 2017 32.5% otherwise stated)

30.0% VIP Rolling Chip 10,521 -5% -14% 250 29.7% 27.2% 27.7% VIP win rate (%) 2.88% -14bps -6bps 25.0% 200 Mass Table Drop 1,182 0% +10%

20.0% Mass Table Hold % 28.4% -375bps -404bps 150

15.0% VIP GGR 304 -10% -15% 246

100 208 Mass GGR 335 -12% -4% 175 170 171 10.0% Slots GGR 57 +15% +53% 50 5.0% Total GGR 696 -9% -6%

Total Net Revenue 578 -10% -10% 0 0.0% 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Adjusted EBITDA 171 -18% -2% Adjusted EBITDA (US$m) Adjusted EBITDA margin (%, right-axis)

15 Studio City 2Q 2018 Adjusted EBITDA declined 9% y-y

Studio City Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Studio City Key Operating Metrics

120 29.9% 30.0% (US$m, unless 2Q 2018 Vs. 1Q 2018 Vs. 2Q 2017 otherwise stated)

24.9% 100 25.0% VIP Rolling Chip 6,052 -9% +30% 24.8% 24.3% VIP win rate (%) 2.66% -2bps -66bps 23.3% 80 20.0% Mass Table Drop 814 -1% +23%

Mass Table Hold % 24.5% -295bps -237bps 60 15.0% 110 VIP GGR 161 -10% +4% 96 91 40 81 10.0% Mass GGR 199 -12% +12% 73 Slots GGR 21 -2% +11% 20 5.0% Total GGR 381 -10% +9%

Total Net Revenue 314 -15% -5% - 0.0% 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Adjusted EBITDA 73 -33% -9% Adjusted EBITDA (US$m) Adjusted EBITDA margin (%, right-axis)

16 Altira 2Q 2018 Adjusted EBITDA grew 259% y-y

Altira Macau Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Altira Key Operating Metrics

20 16.0% (US$m, unless 15.0% 14.9% 2Q 2018 Vs. 1Q 2018 Vs. 2Q 2017 otherwise stated) 14.0% VIP Rolling Chip 4,786 -14% +20% 15 12.4% 12.0% 10.0% VIP win rate (%) 3.65% +60bps +38bps

10 8.0% 17 18 18 Mass Table Drop 132 -5% +44% 4.7% 6.0% Mass Table Hold % 19.7% +38bps +458bps 5 4.0%

5 2.0% VIP GGR 174 +3% +34%

- 0.0% Mass GGR 26 -3% +87%

(2.0%) (6) Slots GGR 2 +34% +316% (5) (4.0%) Total GGR 202 +2% +40% (6.0%) (6.3%) Total Net Revenue 123 +2% +14% (10) (8.0%) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Adjusted EBITDA 18 +2% +259% Adjusted EBITDA (US$m) Adjusted EBITDA margin (%, right-axis)

17 City of Dreams Manila 2Q 2018 Adjusted EBITDA grew 39% y-y

City of Dreams Manila Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Manila Key Operating Metrics

90 55.0% (US$m, unless 2Q 2018 Vs. 1Q 2018 Vs. 2Q 2017 otherwise stated) 50.2% 50.0% 80 VIP Rolling Chip 2,966 +7% -8% 45.0% 70 41.4% VIP win rate (%) 3.70% +82bps +20bps 38.6% 40.0% 60 35.7% 32.1% 35.0% Mass Table Drop 197 +5% +16%

50 30.0% Mass Table Hold % 29.4% -436bps +90bps 87 40 25.0% VIP GGR 110 +37% -3%

63 20.0% 30 57 59 Mass GGR 58 -9% +20% 54 15.0% 20 Slots GGR 50 +9% +12% 10.0%

10 Total GGR 218 +15% +6% 5.0%

- 0.0% Total Net Revenue 174 +22% -1% 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Adjusted EBITDA 87 +48% +39% Adjusted EBITDA (US$m) Adjusted EBITDA margin (%, right-axis)

18 City of Dreams Manila – Adjusted EBITDA breakdown Growing share of Adjusted EBITDA from City of Dreams Manila Share of Adjusted EBITDA (Trailing 12 Months, US$ million)(1)

300.0

257.1 250.0 235.0 232.7 231.4 37.2 219.2 35.4 36.0 36.5 200.0 192.9 35.2 57.4 160.3 35.0 52.5 51.7 47.6 48.3 150.0 34.9 125.6 42.7 105.0 34.5 34.4 100.0 81.1 33.0 162.5 29.0 143.5 147.3 148.6 31.6 135.7 24.7 115.2 50.0 91.1 20.6 62.1 47.3 28.9 - 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

Belle Corp. PLC Melco

Source: Melco Resorts Notes: 1. Based on company filings; Premium Leisure Corporation’s (PLC) share represents payments made to the Philippine Parties while Belle Corporation’s share represents cash payments made to Belle Corporation for building and land rent

19 Section III MACAU MARKET UPDATE

20 Macau still the largest gaming market in the world Generated over US$35bn GGR in the last 12 months

Gross Gaming Revenue (Last 12 months, US$ billion)(1)(2) Gross Gaming Revenue (Last 12 months, Y/Y Change)(1)(2)

40.0 25% 23.6% 36.1 35.0 19.8% 20% 30.0

25.0 15%

20.0

10% 15.0 7.2%

10.0 6.1 5% 4.7 5.0 2.0% 2.4

0.0 - Macau Las Vegas Strip Singapore Philippines Philippines Macau Singapore Las Vegas Strip (IR-only) (IR-only)

Source: DICJ, company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment, and SJM, Genting Singapore, Philippine Amusement and Gaming Corporation, Nevada Gaming Board Note: 1. Philippines Quarterly Gross Gaming Revenue (GGR) only take into account GGR generated by Integrated Resorts in the city of Manila 2. Last 12 Months refer to 3Q 2017 to 2Q 2018 21 Positive GGR trends extending into 2018 Macau continues to grow; 2Q’18 mass GGR increased by 22% Y-Y Macau GGR (Quarterly, Y/Y Change)(1) Macau Mass GGR (Quarterly, Y/Y Change)(1)

40% VIP Mass (incl. slots) Total 5.5 Mass GGR (incl. slots) Y-Y% (Right-axis) 40%

30% 5.0 34% 30% 21.6% 4.5 20% 25% 20% 22% 17.2% 4.0 12.3% 18% 20% 10% 15% 3.5 14% 11% 0% 15% 10% 3.0 8% 11% 3% (10)% 2.5 - -2% (20)% 2.0 -9% 1.5 -10% (10)% (30)% 1.0 -19% (20)% (40)% -21% 0.5 -22% (50)%

- (30)%

1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM Note: 1. GGR are based on reported financials from the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China,, Galaxy Entertainment, SJM and Melco Resorts)

22 GGR shifting more towards mass gaming Mass GGR shows strong and steady growth Macau GGR Breakdown by Segment (US$ billion)(1)(2) Macau Mass Gross Gaming Revenue as % of Total(1)(2) 50 60% 54.6% 52.5% 53.2% 50.0% 50% 45 40.3% 40% 34.8% 30.8% 40 28.1% 30% 26.6%

35 20% 10% 30 29.4 26.2 17.2 -

25 15.8

2011 2012 2013 2014 2015 2016 2017

26.3 2010 1H18

24.5 14.4 12.7 20 Macau GGR Growth by Segment (2010-2017 CAGR)(1)(2) 15% 15 16.9

10% 10 19.5 17.7 17.4 14.5% 15.7 14.4 15.2 11.7 5% 5 8.9 6.6 0.2%

- -

2010 2011 2012 2013 2014 2015 2016 2017

1H'18 (5)% VIP Gross Gaming Revenue Mass Gross Gaming Revenue

VIP Gross Gaming Revenue Mass Gross Gaming Revenue (annualised)

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM Note: 1. GGR is based on reported financials from the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM and Melco Resorts) 2. Mass Gross Gaming Revenue (GGR) includes GGR generated by mass tables and electronic gaming machines 23 Cotai continues to take market share Cotai accountable for majority of hotel room supply and GGR in Macau

Total 4 & 5-star guestrooms in Cotai (‘000) Cotai Share of market-wide Total GGR(1) 25 70% 60% 20 50% 15 40%

30% 23.2

10 22.4

21.0 21.0 21.0 21.0 21.0

61.2%

59.9% 59.9%

59.7%

56.7%

56.3%

55.5%

53.2% 17.6

20% 50.7%

49.1%

48.8%

16.3 16.3

46.8%

15.4

45.4%

44.8%

44.5%

44.2%

43.4%

42.4%

13.6

13.2

12.6 12.6 12.6 12.6 12.6 5 12.6 10%

- -

1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

3Q'14 1Q'14 2Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

Cotai 4 & 5-star guestrooms as % of market-wide rooms Cotai Share of market-wide Mass Market GGR(1) (2) 70% 60% 60% 50% 50% 40% 40%

30% 30%

59.9%

64.2%

59.1%

59.0%

63.8%

58.8%

58.5%

63.3%

58.2%

57.6%

61.9%

61.4%

61.0%

60.4%

51.8%

51.7% 57.0%

20% 55.2%

55.0%

49.4%

48.5%

53.6%

52.6%

46.2%

46.1% 46.1%

45.5%

51.2%

45.5%

51.2%

50.7% 50.5%

20% 50.4% 48.6% 10% 10% -

2Q'17 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 3Q'17 4Q'17 1Q'18 2Q'18

3Q'14 4Q'14 1Q'14 2Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

Source: DSEC, company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM Resorts, Galaxy Entertainment and SJM Note: 1. GGR is based on figures reported by the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM and Melco Resorts) 2. Mass Gross Gaming Revenue (GGR) includes GGR generated by mass tables and electronic gaming machines

24 Quality of visitation is improving Growing overnight (O/N) visitation bodes well for Mass GGR

Growth in Chinese O/N and Same-day visitation (3mma Y/Y % Change)(1) Breakdown of inbound Chinese visitation to Macau: O/N vs. Same-day 60% 100% 50% 90%

40% 80%

44.9%

43.9%

45.0% 46.3%

70% 48.8%

49.9%

50.0%

52.1%

52.2%

52.3%

53.0%

54.2% 54.6% 30% 54.8% 60% 55.0% 20% 50% 10% 40%

- 30%

55.1%

56.1%

55.0% 53.7%

20% 51.2%

50.1%

50.0%

47.9%

47.8%

47.7%

47.0%

45.8%

45.4% 45.2% (10)% 45.0% 10% (20)% O/N visitation Same-day visitation 0% (30)% 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 % Same Day % O/N

Macau: Mass Tables GGR (3mma Y/Y % Change)(1) Macau: Mass Tables GGR vs. O/N Visitation (3mma Y/Y % Change)(1) 50% 60% 40% 50% 40% 30% 30% 20% 20% 10% 10% - - (10)% (10)% (20)% (20)% Mass Tables GGR O/N visitation (30)% (30)% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: DSEC Note: 1. 3mma represents 3 Months Moving Average

25 Penetration into China remains low • Given the proximity to China, coupled with a low market penetration rate of only 1.5%(1), Melco foresees significant long-term growth potential for the Macau Market • There is potential visitation growth from various regions in China over the coming years

Macau visitation penetration by province(2) Macau LTM visitation growth by province As of July 2018 As of July 2018

Heilongjiang Heilongjiang 0.8% +19.9%

Jilin Jilin 0.9% +7.7% Liaoning Liaoning 0.8% +18.2% Inner Mongolia Inner Mongolia Xinjiang Beijing Xinjiang Beijing 0.5% +23.1% Hebei 1.7% Hebei +11.5% 0.4% Tianjin +35.0% Tianjin Ningxia Shanxi Shandong 0.9% Ningxia Shanxi Shandong +7.4% 0.3% +12.0% +33.3% 0.6% Jiangsu Jiangsu Qinghai Henan 0.8% Qinghai Henan +25.8% Gansu Shaanxi Gansu Shaanxi 0.6% +18.2% 0.5% Shanghai +18.5% Shanghai Xizhang Anhui 2.7% Xizhang Anhui +14.9% Hubei 0.5% Hubei +17.5% Sichuan 1.3% Sichuan +15.9% Chongqing Zhejiang Chongqing Zhejiang 0.6% +25.7% 0.9% Jiangxi 1.3% +18.7% Jiangxi +21.7% Hunan Hunan 1.2% Penetration: +14.4% LTM Growth: 1.6% Fujian +15.7% Fujian Guizhou Greater than 5% Guizhou Greater than 20% 2.2% +9.6%

(3) Taiwan 2% – 5% Taiwan 15% – 20% Guangxi Guangdong Guangxi Guangdong

Yunnan 1.4% 8.9% 1% – 2% Yunnan +15.5% +5.2 % 10% – 15% Hong Kong(4) Hong Kong Macau 0% – 1% Macau 5% - 10% No Data Available No Data Available Hainan Hainan

Source: DSEC, National Bureau of Statistics of China Notes: 1. Market penetration rate is calculated by taking the number of visitors over the last 12 months as a percentage of total population. The calculation assumes each visitor going to Macau from Mainland China is unique 2. Provincial penetration rates are calculated by taking the number of visitors over the last 12 months as a percentage of the provincial population. Calculations assume each visitor going to Macau from Mainland China is unique 3. Over 9mn Guangdong residents visited Macau in the last 12 months 4. Over 6mn visited from Hong Kong in the last 12 months

26 Benefitting from Economic growth in China Consumption growth in China a boon to Macau

Urban Disposable Income per Capita, US$ Consumption's Share in Normal GDP 10,000 54% 8,000 52% 8,222 Income Gap: 52% 6,000 45% 5,765 4,000 50% 4,482 Income 48% 2,000 Gap: 55% 2,813 48% 1,704 1,255 - 2006 2016 46% Tier-1 Cities Tier-2 Cities Lower-tier Cities 2010 2015

Annual Growth of Total Private Consumption (2007-2016) Retail Sales in China (US$ billion)

20.00% 4,786 5,000 4,334 14.5% 14.3% 3,916 15.00% 12.7% 4,000 3,498 10.7% 3,088 2,696 10.00% 3,000 2,276 2,000 5.00% 1,000 0.00% - Rural Tier 1 Tier 2 Lower-tier Cities 2010 2011 2012 2013 2014 2015 2016

Source: National Bureau of Statistics of China

27 Further Improvement of Transportation Infrastructure A series of infrastructure projects to complete in the next few years

Railway d c to Hong Kong Station a Percentage of In-Bound Visitations Through Lotus Bridge and Cotai as % of Total Visitations Zhuhai 10% %of In-bound visitations through Lotus Bridge(1) 35% % of In-bound visitations through Cotai (2) e 30% 8% 2014-2017 CAGR of in-bound visitations through Lotus Bridge: 11.7% 25% 6% 20%

4% 15%

29.4%

28.7%

7.7% 7.3%

10% 26.6%

25.5% 6.5% Macau 2% 5.6% 5% Peninsula - - 2014 2015 2016 2017 2014 2015 2016 2017

b New Taipa Ferry Terminal With capacity to accommodate 30 million passengers per year Governor Amizade Nobre de Bridge Pearl c Hong Kong-Zhuhai-Macau Bridge Carvalho Sai Van b River ~30 kilometers connecting Hong Kong, Zhuhai and Macau; Main project completed in Feb 2018 Bridge Bridge Delta d Gongbei-Zhuhai Airport Railroad Transit Taipa Ferry Terminal Expected to shorten travel time from Gongbei to Zhuhai Airport g Taipa f Macau e Guangzhou-Zhuhai Intercity Mass Rapid Transit (Hengqin extension) Cotai International Expected to connect to Macau Light Rapid Transit Airport f Airport Capacity Upgrade Hengqin a Expected to be equipped to receive 10 million passengers per year (compared to 7 million currently) Island Lotus Bridge g Macau Light Rapid Transit Line (Cotai-section) Macau-Taipa light rail Expected to commence operations in 2019 transit line Map not drawn to scale Source: DSEC Notes: 1. Refers to visitations through the Lotus Checkpoint 28 2. Includes visitations through Taipa Ferry terminal, Macau International Airport, and Lotus Checkpoint Strategically located in Cotai

Map of Cotai

The planned Cotai East Light Rail Station is expected to be located in front of the Grand Hyatt Macau at City of Dreams. The planned Lotus Checkpoint Light Rail Station is expected to offer direct access to Studio Lotus City. Lotus Checkpoint Bridge to Hengqin Island

Future Non- Melco Operating Third Party Third Party Macau Light Gaming Assets Operating Assets Gaming Rail Transit Development Development Source: Melco Resorts 29 Hengqin Island Development Initiatives

• 106.5 square kilometer piece of land connected to Cotai via Lotus Bridge

• Designated as a special economic zone under China’s 12th “Five Year Plan”

• Hengqin Island’s development is focused on the following industries: Chimelong International business services, financial services, cultural innovation, tourism, Ocean Resort scientific research, hi-tech industries, traditional Chinese medicine and healthcare.

• Approximately US$6 billion of planned investments announced in 2016, focusing on medicine, technology, financial services

• Multiple large scale development projects under way

• Shizimen Central Business District – a new urban center and commercial hub comprised of office, hotel, residential and exhibition space. The first phase opened in October 2014 Map of Hengqin Island, University of Taipa, Cotai and Coloane Macau – Hengqin campus • Chimelong International Ocean Resort – expected to generate 50 million visits per year upon completion of all phases, with total investment of RMB50 billion signed. According to the Global Attractions Attendance Report, Chimelong International Ocean Resort is the 4th largest theme park in Asia with 8.5m attendance in 2016

• University of Macau – opened in 2014, the 1.09 sq. km campus aims at promoting exchange and cooperation with other universities in Macau and the rest of China in the R&D of new technologies

• Continued developments are expected to increase entry into Macau via the Lotus Bridge

Source: Zhuhai Government website, Hengqin New Area website, University of Macau website, China Daily, Global Attractions Attendance Report prepared by AECOM and Shizimen Central Business District Themed Entertainment Association 30 Section IV PHILIPPINES MARKET UPDATE

31 Philippines Market-Wide Casino GGR Revenues have steadily grown since City of Dreams Manila opened in 1Q’15

Total Casino Gaming Revenue (US$ million)(3) Non-Junket GGR (US$ million)(1)(3) 1,000 900

800

558.6 575.0

544.8

786.0

537.8

782.9

511.1

481.7

474.3

467.5

442.1

416.5

413.3

409.6 746.8

800 735.4 600

685.7 685.7 683.6 683.3 400 700

628.4 628.4 200 608.2

577.8 -

600 532.6

524.5 524.5

514.0

482.4

474.6

4Q'15 2Q'17 1Q'15 2Q'15 3Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 3Q'17 4Q'17

500 434.3

400 Junket table GGR (US$ million)(2)(3) 300 400

200

238.1 211.0

300 209.3

201.7 201.7

197.6

188.2

174.6

166.1

164.5 161.0

100 123.0

200 107.9

- 100

2Q'15 1Q'16 4Q'16 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 3Q'15 4Q'15 2Q'16 3Q'16 1Q'17 2Q'17 3Q'17 4Q'17

3Q'16 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17

Source: PAGCOR Notes: 1) Mass market consists of both non-junket table games and gaming machines played by mass market patrons for cash stakes that are typically lower than those in the rolling chip segment 2) Junket tables GGR consists of revenues generated by junket players sourced from overseas by gaming promoters 3) PAGCOR 1Q’18 GGR data not yet available

32 Integrated Resorts GGR Integrated Resorts taking share in a fast-growing market Historical Integrated Resorts GGR (US$ million)(1) Total Integrated Resorts GGR as % of market-wide casino GGR(1)

675 569.6 600 566.0 27%

539.5 539.5 28% 28% 33% 34% 34% 31% 30%

512.6 36% 41% 40% 38% 37% 38% 38% 42%

525 476.0

452.2 452.5

450

377.6

361.4

358.6

342.7 339.0

375 328.0

296.4 296.4 283.8

300 261.9 73% 72% 72% 67% 66% 66% 69% 70% 60% 62% 64% 63% 62% 62% 225 59% 58%

150

2Q'15 4Q'15 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 3Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17

Integrated Resorts Non-IR

3Q'14 3Q'17 1Q'14 2Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 4Q'17

Source: PAGCOR Notes: 1) PAGCOR 1Q’18 GGR data not yet available

33 City of Dreams Manila - Revenues Diversified revenue growth with strong non-VIP base

City of Dreams Manila Gross Revenue Breakdown (US$ million)

290 FY’17 Y/Y 1H’18 Y/Y Non-gaming Slot Mass Tables VIP % Change % Change 247.3 234.6 Total Rev. 240 221.7 219.4 199.2 +36.4% Y/Y +7.6% Y/Y 197.1 182.2 VIP: 190 162.7 109.7 153.8 113.2 87.8 79.9 +52.0% Y/Y -2.9% Y/Y 82.0 73.6 126.3 140 122.6 73.1 Mass Tables: 108.5 57.4 62.6 98.7 +31.2% Y/Y 35.7 41.6 58.6 63.6 58.0 +31.9% Y/Y 28.5 44.2 48.5 52.1 90 67.1 12.0 41.5 40.1 39.4 Slots: 29.6 31.5 29.2 33.1 25.6 +34.2% Y/Y +7.2% Y/Y 39.5 45.4 44.8 42.2 43.9 46.3 50.4 40 28.5 29.1 25.9 27.5 30.0 34.4 22.8 Non-gaming: 31.4 20.2 28.6 26.4 25.0 24.1 26.2 26.3 28.1 27.6 28.1 29.2 29.6 29.2 +11.1% Y/Y +5.5% Y/Y (1.5) (10.0) 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

VIP Win -0.8% 2.4% 2.9% 2.1% 2.8% 3.4% 4.0% 3.5% 3.4% 3.5% 2.5% 3.1% 2.9% 3.7% Rate

Source: Company Filings, Melco Resorts

34 Inbound Visitation & Accessibility Supportive Government policies fueling improved visitation and accessibility

Total Inbound Visitation (in millions) Exposure to multiple jurisdictions within a 5-hr City direct flight radius. Roughly 93 direct flights # of direct flights to the 7.5 (1) 8.0 +10.9% CAGR 6.5 from China per week Philippines per week 5.8 (2) 5.1 Province population 6.0 4.5 4.6 3.7 4.1 4.0 3.3 Beijing 2.0 (15) S. Korea ~21.7 million (65) ~51.2 million Xiamen - (38) South 2010 2011 2012 2013 2014 2015 2016 2017 2018 Jinjiang China Korea Annualized (20) ~38.4 million Shanghai (20) Top Markets – YTD May 2018 ~24.2 million Taiwan Macau / HK (60) India 24.4% 23.9% Burma Vietnam ~23.6 million Laos 16.7% Guangzhou 14.6% Thailand Philippines (29) ~108.5 million 7.6% 8.9% Macau 3.9% (17) Malaysia ~0.6 million Singapore 1-hr Flight Hong Kong Others Australia ASEAN Japan USA China Korea (137) Indonesia ~7.4 million Source: Department of Tourism, Skyscanner.com, China National Bureau of Statistics, DSEC, Hong Kong Census and 3-hr Flight Statistics Department, World Bank Notes: 1) Skyscanner (http://www.skyscanner.com.hk) as of December 11, 2017 2) China National Bureau of Statistics (2015), Hong Kong Census and Statistics Department (2016), World Bank (2016), World Population Review (2017) 5-hr Flight

35 Infrastructure Improvements – NAIA Expressway Opened in September 2016; improved access to Entertainment City • Connects the Ninoy Aquino International Airport terminals directly to Makati City Entertainment City, dramatically cutting travel time from the airport to Entertainment City casinos

• Alleviates traffic congestion in the southern portion of Metro Manila

• Link to the Skyway and Cavite Expressway allows for the seamless connectivity of Entertainment City to the rest of Metro Manila and Cavite

NAIA Expressway

NAIA Resorts Expressway World Phase II Manila (Elevated Highway) Terminal 3

Terminal 2 Ninoy Aquino International Airport Terminal 1

Note: Map not to scale

36 Philippine Infrastructure Projects Multiple infrastructure projects expected to complete in 2019-2024 Philippines Infrastructure Budget (US$ billion) Philippines Infrastructure Projects

160 Project Expected Year Project Name Description Type of Completion 141 140 PNR North-South A railway that connects Manila with populous northern Commuter/Freight (Clark; 108km from Manila) and southern provinces 2021 onwards Railway (Legaspi; 653km from Manila) 120

A railway extension of the current LRT-1 line that will pass LRT-1 South through previously unconnected cities in Manila, including 100 Railway 2021 Extension Parañaque (where Entertainment City is located), and selective provinces south of Manila 80 The first ever subway in the country which starts on the Mega Manila northern end of Manila and ends at the Ninoy Aquino 2024 Subway 60 International Airport

An elevated expressway that will run from Buendia, Makati Skyway Phase III City to Balintawak, Quezon City (end point of NLEX) and will 2019 40 further extend the reach of the existing Skyway Roads 22 NLEX – SLEX A road that connects major north and south expressways 17 2020 20 Connector Road and will decongest other major thoroughfares

Construction of a new 82,600 sq m passenger terminal Clark International building at the Clark International Airport that will increase 0 Airports 2020 Airport Expansion passenger capacity by 8 million per annum from the current 2017 2018 2019-22 capacity of 4.2 million passengers per annum

Sources: NEDA Philippines, Bases Conversion and Development Authority Website, Public-Private Partnership Website, Department of Transportation, Department of Public Works and Highways 37 Section V APPENDIX

38 Melco Adj. EBITDA (assuming normalized VIP win rate) 2Q 2018 Adjusted EBITDA (Normalized for Hold) grew 12% y-y Melco Adjusted EBITDA (Normalized for Hold) Breakdown (US$ million)(1) Melco Adjusted EBITDA (Normalized for Hold) Growth Breakdown(1)

450 Vs. 1Q 2018 Vs. 2Q 2017 382 400 339 343 64 315 Altira + Mocha -32% +62% 350 280 55 58 67 300 56 112 City of Dreams -13% +1% 85 106 250 87 75 200 Studio City -22% +17%

150 219 195 206 Total Macau Property EBITDA -17% +8% 100 177 180

50 City of Dreams Manila +4% +20% 9 14 19 21 14 - (36) (34) (35) (22) (33) (50) Corporate and Other Expenses +54% -8% 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Corporate and Other Expenses City of Dreams Manila Studio City City of Dreams Total Hold-Adjusted EBITDA -18% +12% Altira + Mocha

Source: Melco Resorts Note: 1. “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation and other non-operating income and expenses 2. Normalized VIP win rate is assumed to be 2.85%, which represents the midpoint of our expected rolling chip win rate. Melco Adjusted EBITDA (Normalized for Hold) is an estimate and is for illustrative purpose only

39 Melco: Table Yield Analysis Continue to optimize table allocation across our portfolio of Integrated Resorts Average number of VIP Gaming Tables Average number of Mass Gaming Tables

2Q’17 3Q’17 4Q’17 1Q’18 2Q’18 2Q’17 3Q’17 4Q’17 1Q’18 2Q’18

Altira 69 62 64 65 64 Altira 39 39 39 39 39

City of Dreams 147 143 145 145 148 City of Dreams 334 333 334 333 335

Studio City 39 45 46 46 46 Studio City 248 246 247 248 247

City of Dreams Manila 109 116 115 117 120 City of Dreams Manila 169 175 176 177 179

Daily Average Win Per VIP Table (US$) Daily Average Win Per Mass Table (US$)

2Q’17 3Q’17 4Q’17 1Q’18 2Q’18 2Q’17 3Q’17 4Q’17 1Q’18 2Q’18

Altira 20,647 19,206 27,280 29,260 30,273 Altira 3,925 4,924 6,397 7,667 7,301

City of Dreams 26,907 30,033 23,287 25,710 22,608 City of Dreams 11,455 12,054 11,425 12,660 10,994

Studio City 43,591 48,841 37,953 43,273 38,716 Studio City 7,875 8,255 9,736 10,141 8,854

City of Dreams Manila 11,395 6,921 8,298 7,600 10,037 City of Dreams Manila 3,148 3,240 3,623 3,983 3,564

Source: Melco Resorts

40 City of Dreams Daily GGR Per Table City of Dreams: Daily Average GGR per VIP Table (US$ ‘000) 45.0 39.8 40.6 42.7 40.0 36.0 35.3 34.5 33.9 33.4 35.0 31.1 32.7 31.7 31.7 29.2 30.0 27.4 28.4 30.0 26.0 26.9 25.7 23.8 23.3 25.0 21.2 21.2 22.4 22.6 19.0 19.0 19.9 20.0 15.0 10.0 5.0

3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 City of Dreams: Daily Average GGR per Mass Table (US$ ‘000) 25.0 20.5 20.0 18.2 18.5 18.1 18.3 15.5 16.4 16.0 14.2 13.8 13.3 13.0 13.2 13.0 15.0 12.5 12.3 12.3 12.1 12.7 11.9 11.2 11.0 11.5 11.5 11.4 11.0 9.0 9.9 10.0

5.0

3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

Source: Melco Resorts

41 Melco: Historic Revenue and Adjusted Property EBITDA Melco’s Macau Mass GGR has already surpassed the previous peak level in 3Q’14

Melco: Last 12 months Total Net Revenue (US$ million) Melco: Last 12 months Total Adjusted Property EBITDA (US$ million) 6,000 Net Revenue YoY% (Right-axis) 50% 1,600 Adjusted Property EBITDA YoY% (Right-axis) 100% 40% 1,400 5,000 80% 30% 1,200 60% 4,000 20% 1,000 40% 3,000 10% 800 20% - 600 2,000 (10)% 400 - 1,000 (20)% 200 (20)%

- (30)% - (40)%

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

4Q'16 1Q'17 2Q'17 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 3Q'17 4Q'17 1Q'18 2Q'18

Melco: Last 12 months Total Adjusted Property EBITDA margin Melco: Last 12 months Macau-only VIP & Mass GGR (US$ million) 30% 5,000 Mass Gross Gaming Revenue VIP Gross Gaming Revenue

25% 4,000 20% 3,000 15% 2,000 10%

5% 1,000

- -

3Q'15 1Q'16 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 4Q'15 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18

Source: Company Filings Notes: 1. “Adjusted Property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation, Corporate and Other expenses and other non-operating income and expenses. 2. Adjusted Property EBITDA margin is adjusted Property EBITDA divided by net revenue 42

Morpheus: Exterior

Source: Melco Resorts 43 Morpheus: Lobby

Source: Melco Resorts 44 Morpheus: Sky Pool

Source: Melco Resorts 45 Morpheus: Alain Ducasse at Morpheus

Source: Melco Resorts 46 Morpheus: Other restaurants

Club Lounge

Voyages by Alain Ducasse 47 Source: Melco Resorts Yi Morpheus: Spa

Source: Melco Resorts 48 Morpheus: Art on 23

Source: KAWS, Melco Resorts 49 Morpheus: Standard room (58 square meters)

Source: Melco Resorts 50 Morpheus: Prestige Suite (106 square meters)

Source: Melco Resorts 51 Morpheus: Villas (510 to 582 square meters)

Duplex Villa

Source: Melco Resorts Pool Villa 52 THANK YOU