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For immediate release

SJM Holdings Announces Selected Unaudited Q1 2015 Results

(Hong Kong, 4 May 2015) SJM Holdings Limited (the "Company") today announced selected unaudited key performance indicators of the Company and its subsidiaries (collectively the "Group") for the three months ended 31 March 2015 ("Q1 2015").

2015 FIRST QUARTER HIGHLIGHTS (UNAUDITED)

Gaming revenue of the Group in Q1 2015 decreased by 37.3% from Q1 2014 to

HK$14,281 million.

Adjusted EBITDA1 of the Group in Q1 2015 decreased by 43.3% over Q1 2014 to

HK$1,241 million.

Adjusted EBITDA Margin2 of the Group in Q1 2015 decreased to 8.6% from 9.5% in Q1

2014.

Profit attributable to owners of the Company in Q1 2015 decreased by 46.5% over Q1 2014 to HK$1,004 million. The decrease was mainly caused by the 37.3% decrease in gaming revenue, which was in line with the decrease of gaming revenue in the Macau gaming market.

The Group's gaming revenue accounted for 22.7% of Macau's casino gaming revenue

during Q1 2015, as compared with 23.0% in Q1 2014.

The Group maintained a strong and liquid financial position, with HK$23,026 million of cash and HK$890 million of debt as at 31 March 2015.

During Q1 2015, the first full year of construction was completed on the Lisboa Palace, the

Group's integrated resort on Cotai which is planned for completion in 2017.

1 Earnings after adjustment for non-controlling interests and before accounting for interest income and expense, tax, depreciation and amortisation, donations, loss on disposal/write-off of property and equipment and share- based payments

2 Adjusted EBITDA divided by total revenue

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Year-to-Date Comparison (unaudited) Three months ended 31 March 2015

HK$ million

2014

HK$ million (Decrease)

Gaming Revenue

14,281

22,789

(37.3%)

Profit Attributable to Owners of the Company

1,004

1,878

(46.5%)

Adjusted EBITDA

1,241

2,190

(43.3%)

Adjusted EBITDA Margin

8.6%

9.5%


During Q1 2015, the Group's VIP gaming revenue was HK$7,922 million, a decrease of 45.4% from HK$14,511 million in Q1 2014, mass market gaming revenue was HK$6,048 million, a decrease of 23.9% from HK$7,948 million, and slot machine (and Tombola) revenue was HK$311 million, a decrease of 5.6% from HK$330 million. The Group's total revenue during Q1
2015 of HK$14,439 million included hotel, catering and related services revenue of
HK$158 million (Q1 2014: HK$173 million).
During Q1 2015, the Group operated an average of 530 VIP gaming tables (Q1 2014: 582), 1,209 mass market gaming tables (Q1 2014: 1,195) and 2,793 slot machines (Q1 2014: 2,971) (average of three month-end counts).
Total VIP chips sales for the Group during Q1 2015 were HK$247.2 billion (Q1 2014: HK$537.2 billion) and the VIP gaming hold percentage (before commissions and discounts) was
3.18% (Q1 2014: 2.70%).

Key Results for the Group's Casinos - Q1 2015

Gaming Revenue HK$ million

Adjusted EBITDA HK$ million

Casino Grand Lisboa

5,198

671

Other Self-promoted Casinos 1

1,725

251

Satellite Casinos 2

7,358

277

1 Casino Lisboa, Casino Oceanus at Jai Alai and one Tombola hall

2 Fifteen third party-promoted casinos

The Group's Adjusted EBITDA Margin was 8.6% in Q1 2015, as compared with 9.5% in Q1 2014.
2
During Q1 2015, the Grand Lisboa Hotel achieved an average occupancy rate of 81.4% and average room rate of HK$2,509 per night, as compared with average occupancy rate of 95.8% and average room rate of HK$2,385 in Q1 2014
Capital expenditure of the Group during Q1 2015 was HK$489 million, which was primarily for construction in progress. As at 31 March 2015, the Group had total cash of HK$23,026 million and debt of HK$890 million.
Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, commented "Challenges in the economic environment for Macau gaming persisted in the first quarter of 2015. With an optimistic view of the future of Macau, however, SJM is committed to maintaining our leadership position that we have established on Macau Peninsula whilst proceeding ahead with construction of the Lisboa Palace on Cotai for completion in 2017."
Further information on SJM Holdings Limited can be found on www.sjmholdings.com.
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