For immediate release

SJM Holdings Announces Key Performance Indicators for First Quarter 2014

Continues Annual Growth in 2014

Moving Ahead on Cotai Construction

(Hong Kong, 12 May 2014) 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 2014 ("Q1 2014").

2014 FIRST QUARTER HIGHLIGHTS (UNAUDITED)

• Gaming revenue of the Group in Q1 2014 increased by 4.9% from Q1 2013 to

HK$22,789 million.
• Adjusted EBITDA1 of the Group in Q1 2014 increased by 2.9% over Q1 2013 to
HK$2,190 million.
• Adjusted EBITDA Margin2 of the Group in Q1 2014 decreased to 9.5% from 9.7% in Q1
2013.

• Profit attributable to owners of the Company in Q1 2014 decreased by 1.9% over Q1 2013 to HK$1,878 million. The decrease reflected share-based payments of HK$106 million; excluding such costs, profit attributable to owners of the Company would have increased by 3.6%.

• The Group's gaming revenues accounted for 23.0% of Macau's casino gaming market during Q1 2014, as compared with 26.2% in Q1 2013.

• The Group maintained a strong and liquid financial position, with HK$29,616 million of cash and HK$1,447 million of debt as at 31 March 2014.

• On 13 February 2014, groundbreaking was held for the Lisboa Palace, the Group's integrated resort on Cotai, 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 of property and equipment and share-based payments

2 Adjusted EBITDA divided by total revenue

1

Year-to-Date Comparison (unaudited)

Three months ended 31 March


During Q1 2014, the Group's VIP gaming revenue was HK$14,511 million, a decrease of 4.1% from HK$15,137 million in Q1 2013, mass market gaming revenue was HK$7,948 million, an increase of 27.8% from HK$6,220 million, and slot machine (and Tombola) revenue was HK$330 million, a decrease of 12.6% from HK$377 million. The Group's total revenue during Q1
2014 of HK$22,962 million included hotel, catering and related services revenue of
HK$173 million (Q1 2013: HK$158 million).
During Q1 2013, HK$1,004 million of gaming revenue from certain high-limit gaming tables located in mass market gaming areas were classified as VIP gaming revenue due to game size. If these tables had been classified as mass market, Q1 2014 VIP gaming revenue would have shown an increase of 2.7%, and mass market gaming revenue would have shown an increase of 10.0%.
During Q1 2014 the Group operated an average of 582 VIP gaming tables (Q1 2013: 653), 1,195 mass market gaming tables (Q1 2013: 1,118) and 2,971 slot machines (Q1 2013: 3,531) (average of three month-end counts).
Total VIP chips sales for the Group during Q1 2014 were HK$537.2 billion (Q1 2013: HK$459.2 billion) and the VIP gaming hold percentage (before commissions and discounts) was

2.70% (Q1 2013: 3.08%).

Key Results for the Group's Casinos - Q1 2014

Gaming Revenue HK$ million
Adjusted EBITDA HK$ million
Casino Grand Lisboa 8,280 1,168
Other Self-promoted Casinos 1 3,237 445
Satellite Casinos 2 11,272 494

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

2 Fourteen third party-promoted casinos

2
The Group's Adjusted EBITDA Margin was 9.5% in Q1 2014, as compared with 9.7% in Q1 2013.
During Q1 2014, the Grand Lisboa Hotel achieved an average occupancy rate of 95.8% and average room rate of HK$2,385 per night, as compared with average occupancy rate of 93.9% and average room rate of HK$2,236 in Q1 2013.
Capital expenditure of the Group during Q1 2014 was HK$613 million, which was primarily for vessels and construction in progress. As at 31 March 2014, the Group had total cash of HK$29,616 million and debt of HK$1,447 million.
Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, commented "The first quarter marks an important milestone for SJM as we began construction of Lisboa Palace in February. While development of our Cotai project is underway, we strive for further growth in gaming revenue, particularly in mass gaming, as well as improving operating efficiency of our existing properties."
Further information on SJM Holdings Limited can be found on www.sjmholdings.com.
3

distributed by