10:09     MELCO INT'L DEV<00200> - Announcement (5)                           

    DEFINITIONS                                                               
    In this announcement, unless the context otherwise requires,              
    the following expressions have the following respective                   
    meanings:                                                                 
                                                                              
    "AGM"   the annual general meeting of Melco to be held at 3:30            
    p.m. on Wednesday, 18 May 2005, to consider and, if thought               
    fit, to approve, amongst other things, the proposal of the                
    Share Subdivision and all matters related thereto                         
                                                                              
    "Board"   the board of Directors                                          
                                                                              
    "Better Joy First Convertible Note"   the convertible note                
    issued by Melco to Better Joy Overseas Limited on 9 June 2004,            
    details of which are disclosed in the announcement and                    
    circular of Melco respectively dated 23 March 2004 and 23                 
    April 2004                                                                
                                                                              
    "Better Joy Second Convertible Note"   the other convertible              
    note issued by Melco to Better Joy Overseas Limited on 9 June             
    2004, details of which are disclosed in the announcement and              
    circular of Melco respectively dated 23 March 2004 and 23                 
    April 2004                                                                
                                                                              
    "Convertible Notes"   the Better Joy First Convertible Note,              
    the Better Joy Second Convertible Note, the STDM First                    
    Convertible Note and the STDM Second Convertible Note                     
                                                                              
    "Director(s)"   the directors of Melco                                    
                                                                              
    "Group"   Melco and its subsidiaries from time to time                    
                                                                              
    "Hong Kong"   Hong Kong Special Administrative Region of the              
    People's Republic of China                                                
                                                                              
    "Melco"   Melco International Development Limited, a company              
    incorporated in Hong Kong, the securities of which are listed             
    on the Stock Exchange                                                     
                                                                              
    "Option(s)"   the right(s) granted under the Share Option                 
    Scheme to subscribe for shares of Melco in accordance with the            
    Share Option Scheme                                                       
                                                                              
    "Share(s)"   ordinary share(s) of HK$1.00 each in the share               
    capital of Melco prior to the Share Subdivision                           
                                                                              
    "Share Option Scheme"   the share option scheme of Melco                  
    adopted on 8 March 2002                                                   
                                                                              
    "Shareholder(s)"   holder(s) of the Shares                                
                                                                              
    "Share Subdivision"   the proposed subdivision of every one               
    Share of HK$1.00 each in the issued and unissued share capital            
    of Melco into two Subdivided Shares of HK$0.50 each                       
                                                                              
    "STDM First Convertible Note"   the convertible note issued by            
    Melco to Sociedade de Turismo e Diversoes de Macau, S.A.R.L.              
    on 9 November 2004, details of which are disclosed in the                 
    announcement and circular of Melco respectively dated 13                  
    September 2004 and 11 October 2004                                        
                                                                              
    "STDM Second Convertible Note"   the other convertible note               
    issued by Melco to Sociedade de Turismo e Diversoes de Macau,             
    S.A.R.L. on 8 February 2005, details of which are disclosed in            
    the announcement and circular of Melco respectively dated 23              
    November 2004 and 5 January 2005                                          
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "Subdivided Share(s)"   ordinary share(s) of HK$0.50 each in              
    the share capital of Melco upon completion of the Share                   
    Subdivision                                                               
                                                                              
    "HK$"   Hong Kong dollars                                                 
                                                                              
    By order of the board of                                                  
    Melco International Development Limited                                   
    Ho, Lawrence Yau Lung                                                     
    Managing Director                                                         
                                                                              
    Hong Kong, 7 April 2005