10:08 MELCO INT'L DEV<00200> - Announcement (4) Temporary counter for trading in Subdivided Shares in board lots of 4,000 Subdivided Shares (in the form of existing share certificates) opens 9:30 a.m. on Thursday, l9 May First day for free exchange of certificates for existing Shares for new certificates for Subdivided Shares Thursday, l9 May Original counter for trading in Subdivided Shares in board lots of 1,000 Subdivided Shares (in the form of new certificates for Subdivided Shares) re-opens 9:30 a.m. on Thursday, 2 June Parallel trading in Subdivided Shares (in the form of new certificates for Subdivided Shares and certificates for existing Shares) commences 9:30 a.m. on Thursday, 2 June Temporary counter for trading in Subdivided Shares in board lots of 4,000 Subdivided Shares (in the form of existing share certificates) closes 4:00 p.m. on Thursday, 23 June Parallel trading in Subdivided Shares (in the form of new certificates for Subdivided Shares and certificates for existing Shares) ends 4:00 p.m. on Thursday, 23 June Last day for free exchange of certificates for existing Shares for new certificates for Subdivided Shares 4:00 p.m. on Thursday, 30 June Certificates for existing Shares will only be valid for delivery and settlement purposes for the period up to 4:00 p.m. on Thursday 23 June 2005 and thereafter will not be accepted for settlement purposes. However, the certificates for existing Shares will continue to be good evidence of legal title to the Subdivided Shares on the basis of one existing Share for two Subdivided Shares. Subject to the Share Subdivision becoming effective, Shareholders may, during business hours from Thursday, l9 May 2005 to 4:00 p.m. on Thursday, 30 June 2005 (both dates inclusive), submit their existing certificates for the Shares to Melco's share registrars, Standard Registrars Limited at Ground Floor, Bank of East Asia Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong in exchange for new certificates for the Subdivided Shares (on the basis of every one Share for two Subdivided Shares) free of charge. Thereafter, share certificates for Shares will be accepted for exchange only on payment of a fee of HK$2.50 (or such amount as may from time to time be specified by the Stock Exchange) for each new certificate issued for the Subdivided Shares or each old share certificate submitted, whichever number of share certificate involved is higher. As the Subdivided Shares will be traded in board lots of 1,000 Subdivided Shares, the Share Subdivision will not result in trading of Shares in an odd lot for any whole board lot of 2,000 Shares held by the Shareholders. Therefore, no odd lot arrangement will be provided to the Shareholders by virtue of the Share Subdivision. In order to distinguish between the existing and the new certificates, certificates for the Subdivided Shares will be blue in colour, which is different from the existing certificates for the Shares, which are pink in colour. It is expected that new certificates for the Subdivided Shares will be available for collection on or after the tenth business day from the date of submission of the existing certificates for the Shares to Melco's share registrars at the abovementioned address. Unless otherwise instructed, new certificates will be issued in the board lot size of 1,000 Subdivided Shares. GENERAL A circular containing, among other things, the details of the Share Subdivision and change of board lot size together with the notice of AGM will be despatched to the Shareholders as soon as practicable. Further announcement will be made by Melco as soon as the Share Subdivision becomes unconditional. As at the date of this announcement, the Board comprises three Executive Directors, namely, Dr. Stanley Ho, Mr. Lawrence Ho and Mr. Frank Tsui, two Non-executive Directors, namely, Mr. Ng Ching Wo and Mr. Ho Cheuk Yuet and three Independent Non- executive Directors, namely, Sir Roger Lobo, Mr. Robert Kwan and Dr. Lo Ka Shui.