Roadshow_V30_engl.ppt

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1Q15 Earnings Presentation

May 12,2015

Disclaimer

Management makes forward-looking statements concerning future events that are
subject to risks and uncertainties. These statements are based on its beliefs and
assumptions and on information currently available to the Company.
Forward-looking statements include statements regarding JHSF's intentions, estimates or current expectations or those of its Board of Directors or Executive Officers. Forward-looking statements also include information concerning the Company's possible or presumed future operating results, as well as statements preceded by, followed by, or including the words "believes", "may", "will", "continues", "expects", "envisages", "intends", "plans", "estimates" or similar expressions.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur.
JHSF's future results and shareholder value creation may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond the Company's ability to control or predict.

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1Q15 Highlights

• Consolidated Net Revenue: Growth fueled by Shopping Malls and Hotels & Restaurants

• Shopping Malls Indicators: Net Revenue +7.8%, SSS +9.4%, SAS +9.1%, SSR +9.0% and SAR +7.1%

• Recurring Operating Expenses: reduction of 20.9%

• Cash Flow from operating activities: R$70.8 million

• Successful Capital Increase of R$192.1 million

• Opening of Ralph Lauren store and Parigi Bistrot, both at Shopping Cidade Jardim (São Paulo)

• Permit to construction of the Company's 6th mall - Cidade Jardim Shops (São Paulo)

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Delivering the growth strategy...

Shopping Malls

+10 p.p.

Better performance of the existing shopping malls +

Inauguration of Catarina Fashion Outlet, in October/2014

...and increasing the Malls' EBITDA share in 1Q15

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Permit to begin construction of Cidade Jardim Shops

⁻ Focus: luxury standard (next to the Fasano Hotel in Jardins

neighborhood, São Paulo)

⁻ GLA: 3,290 sq.m

⁻ Future Net Capex: R$ 37.0 million

⁻ Estimated annual NOI: R$ 8.0 million

Illustrative image

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SHOPPING MALLS performance

Organic growth 13% + Catarina Fashion Outlet Organic growth 8% + Catarina Fashion Outlet

1Q15 performance outperformed ABRASCE average

6 SSS: +9.4%/ SAS: +9.1%/ SSR: +9.0%/ SAR: +7.1%

Real Estate development impacted by two points...

1. Macroeconomic Scenario

Real Estate sector going through adjustments

Inventory: +36%¹ (São Paulo State)
Sales speed: -50%¹

2. Sales Cancellations

Sales cancellations totaling R$7.3 million

...which were offset by the operating expenses reduction

7 ¹ Source: Secovi and Embracorp

Hotels & Restaurants

Hotels

Revenue: +16.7% RevPar: +17.7%
Occupancy rate: from 69.6% to 74.4%

Restaurants

Revenue: +7,5%
Average couvert: +10,9%
Acquisition in November 2014
Opening of Parigi Bistrot
Termination of Gero Caffé and Gero Mezzanino

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Consolidated Financial Figures

Net Revenue (R$ million) Adjusted EBITDA (R$ million}

+/-" ·8%

1Ql4 1Q15 1Ql4 1Q15

Financial Result (R$ million} Net lncome (R$ million)

1Ql4

-23,3

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1,0

1Ql4 1Q15

lndebtedness and receivables

Available Cash and lndebtness (in million of R$) Mar-15 Oec-14 Var.%

Gross Debt

( 2,529.8}

(2,466.0)

2.6%

Cash and Equivalents

283.9

369.5

-23.2%

Performed Accounts Receivable

505.0

540.3

-6.5%

lnternational Debt

552.8

459.8

-6.5%

Capitai lncrease in 1H15

152.1

192.1

Ad justed Net Debt

(1,035.9)

(904.2)

16.5%

Debt Payments and Receivables Schedule (R$ million}

CirmOht

IHotlRecei'lbles

2015 2016 2017 2018 2019 2020 2021 2022 2023

NOTE: Gross Bank Oebt, including cosls to be amorlized totally R$40.2 million

NOTE: Receivables subsequent lo 2019 are immalerial e were consolidale d in 2019

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lndebtedness Profile

IR Contacts

Eduardo S. Camara - CEO and IR Officer

Thiago Alonso de Oliveira - CFO

Marc Grossmann - Director

Bruna Gamboa - Analyst

Tel: 55 (11) 3702-JHSF

E-mail: ri@jhsf.com.br

www.jhsf.com.br/ir

Fasano Hotel (Rio de Janeiro)

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