11:10     MELCO INT'L DEV<00200> - Announcement (28)                          

    "Melco Leisure"   Melco Leisure & Entertainment Group                     
    Limited, a wholly-owned subsidiary of Melco                               
    established under the laws of the British Virgin                          
    Islands to engage in the business of investment holding                   
                                                                              
    "Melco PBL Holdings"   Melco PBL Holdings Limited, a                      
    50/50 joint venture established between Melco and PBL                     
    under the laws of the Cayman Islands to engage in the                     
    businesses of gaming, entertainment and hospitality in                    
    the Asia Pacific and Greater China regions                                
                                                                              
    "Mocha Slot"   Mocha Slot Group Limited, an 80%                           
    subsidiary of Melco Entertainment, established under                      
    the laws of the British Virgin Islands engaged in the                     
    business of leasing gaming machines and provision of                      
    ancillary management services to lessees of its gaming                    
    machines in Macau                                                         
                                                                              
    "MOP"   pataca, the lawful currency of Macau                              
                                                                              
    "PBL"   Publishing and Broadcasting Limited, a company                    
    established under the laws of Australia and having its                    
    securities listed on the Australian Stock Exchange                        
                                                                              
    "Placing"   a possible placing of existing Shares held                    
    by one or more members of the Concert Party and a                         
    corresponding "top up" subscription for new Shares (as                    
    contemplated by Listing Rule 14A.31(3)(d) and Note 6                      
    of the Notes on dispensations from Rule 26.1 of the                       
    Takeovers Code), which is being considered by the                         
    Directors                                                                 
                                                                              
    "Second Agreement"   an agreement dated 11th May 2005                     
    between Melco Entertainment as transferee and Melco                       
    Leisure as transferor, pursuant to which Melco Leisure                    
    will transfer its 50.8% interest in the Joint Venture                     
    and its interest in Melco Hotels to Melco Entertainment,                  
    in accordance with the requirements of the Shareholders                   
    Agreement and the Declaration Agreement                                   
                                                                              
    "Shareholders Agreement"   the agreement between Melco                    
    and PBL dated 8th March 2005 governing the relationship                   
    between Melco and PBL as shareholders of Melco PBL                        
    Holdings and providing, among other things, for the                       
    operation and management of Melco PBL Holding and Melco                   
    Entertainment                                                             
                                                                              
    "Shares"   ordinary shares of HK$1.00 each in the                         
    capital of Melco                                                          
                                                                              
    "Shareholders"   holders of Shares                                        
                                                                              
    "SJM"   Sociedade de Jogos de Macau, S.A., a company                      
    established under the laws of Macau and a non wholly                      
    owned subsidiary of STDM                                                  
                                                                              
    "STDM"   Sociedade de Turismo e Diversoes de Macau,                       
    S.A.R.L. a company established under the laws of Macau,                   
    more than30% of the shares of which are owned by Dr.                      
    Ho and his associates                                                     
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong                        
    Limited                                                                   
                                                                              
    "Takeovers Code"   the Hong Kong Code on Takeovers and                    
    Mergers                                                                   
                                                                              
    "Whitewash Waiver"   the waiver by the Executive of the                   
    obligations of Great Respect and the Concert Party to                     
    make a mandatory offer pursuant to the provisions of                      
    Rule 26 of the Takeovers Code to acquire the entire                       
    issued share capital of Melco not otherwise owned by                      
    the Concert Party, arising as a result of any and all                     
    future exercises of the conversion rights conferred by                    
    the Convertible Loan Notes, such waiver to be subject                     
    to such conditions as are customary, including the                        
    approval of the Independent Shareholders pursuant to                      
    a vote conducted by way of poll having been obtained                      
    at the EGM and full compliance with the provisions of                     
    the Takeovers Code