The Additional Notes are proposed to be senior obligations of Melco Resorts Finance, ranking equally with all of Melco Resorts Finance's existing and future senior indebtedness and will constitute additional notes under the indenture, dated July 21, 2020 pursuant to which Melco Resorts Finance issued US$500 million aggregate principal amount of 5.750% Senior Notes due 2028 (the " Original Notes ") on July 21, 2020. The Additional Notes will be consolidated and form a single series with the Original Notes. Melco will not be a guarantor of the Additional Notes.