SANDS CHINA LTD (01928) subsidiary VML contributes approximately MOP 2.3 billion to invest in the Macao SAR Government guided fund.

SANDS CHINA LTD (01928) announces that the Macao Government has established a government-guided fund to support the diversification of Macao's economy. To this end, the Macao Government has, pursuant to Administrative Regulation No. 26/2026, promoted the establishment of a government-guided fund, named the Macao Special Administrative Region Government Guided Fund No. 2 Limited Partnership Fund (the Government-Guided Fund). The Government-Guided Fund will be established as a limited partnership under Law No. 11/2025, with the general partner being Macao Project Management (No. 2) One-Person Limited Company (a limited liability company incorporated under Macao law) and the management entity being Macao Investment Management Company Limited (a limited liability company incorporated under Macao law). The general partner and the management entity are entities ultimately owned and controlled by the Macao Government. VML participates in the investment in the Government-Guided Fund to support the Macao Government's policies and the diversified development of Macao's economy. On 23 October 2026, VML entered into a limited partnership agreement and other related documents in respect of VML's participation in the Government-Guided Fund as a limited partner, pursuant to which VML will assume a total subscribed capital contribution of approximately MOP 2.3 billion (approximately US$285 million) (the Government-Guided Fund Commitment), which will be counted towards VML's non-gaming investment commitment under the concession. Accordingly, the Government-Guided Fund Commitment will serve as a substitute arrangement for other projects and expenditures contemplated under the non-gaming investment commitment under the concession.