SJM Holdings Limited : Announcement Regarding Exercise of Early Buy Options in respect of an Additional Leased Private Jet Aircraft (in PDF)

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

The Directors are pleased to announce that on 22 January 2014, Sky Reach, a subsidiary of the Company, and Jet Asia (a subsidiary of STDM) have exercised the early buy options under the relevant Lease Agreement and Sublease Agreement in order to place Jet Asia in a position to be able to sell an additional leased private jet aircraft to the same third party purchaser referred to in the Announcements.
The Company is required to report the exercise of the early buy option by Jet Asia under the relevant Sublease Agreement pursuant to Rule 14A.69(2) of the Listing Rules.

Reference is made to the announcements of the Company dated 23 August 2013 and 12

September 2013 in relation to the exercise of early buy options in respect of four leased private jet aircraft on 21 August 2013 and 11 September 2013 (the "Announcements"). Unless otherwise

defined, capitalised terms used in this announcement shall have the same meanings as those defined in the announcement of the Company dated 23 August 2013.

The Directors are pleased to announce that on 22 January 2014, Sky Reach, a subsidiary of the Company, and Jet Asia (a subsidiary of STDM) have exercised the early buy options under the relevant Lease Agreement and Sublease Agreement in order to place Jet Asia in a position to be able to sell an additional leased private jet aircraft to the same third party purchaser referred to in the Announcements. The consideration payable by Sky Reach to Credit Suisse AG for the exercise of the early buy option under the relevant Lease Agreement for this private jet aircraft is approximately US$4.8 million (approximately HK$37 million at a conversion rate of US$1.00=HK$7.8), Sky Reach will receive an identical amount from Jet Asia for the exercise of the early buy option under the relevant Sublease Agreement. As such, the net consideration of this transaction from the perspective of Sky Reach is zero and the effect is economic neutral for the Company.

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The Company is required to report the exercise of the early buy option by Jet Asia under the relevant

Sublease Agreement pursuant to Rule 14A.69(2) of the Listing Rules.

Following completion of the exercise of the early buy options under the relevant Lease Agreement and Sublease Agreement, there will remain in place lease and sub-lease arrangements in respect of one remaining private jet aircraft. The Board has been notified by Jet Asia that Jet Asia intends to sell this aircraft in due course. A further announcement will be made if Sky Reach and Jet Asia further exercise early buy options under the remaining Lease Agreement and Sublease Agreement. Pending such sale, payments of rentals under the relevant Sublease Agreement will continue to constitute continuing connected transactions for the Company.
By order of the Board

So Shu Fai

Executive Director and Chief Executive Officer

Hong Kong, 22 January 2014

As at the date of this announcement, the executive Directors are Dr. Ho Hung Sun, Stanley, Dr. So Shu Fai, Mr. Ng Chi Sing, Mr. Rui José da Cunha, Ms. Leong On Kei, Angela, Mr. Shum Hong Kuen, David and Mr. Fok Tsun Ting, Timothy, the non-executive Director is Dr. Cheng Kar Shun and the independent non- executive Directors are Mr. Chau Tak Hay, Dr. Lan Hong Tsung, David, Mr. Shek Lai Him, Abraham and Mr. Tse Hau Yin.

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