Glossary

EBITDA: Net income for the period plus income taxes, net financial expenses from financial income and depreciation, amortization and depletion. The calculation of EBITDA may be adjusted for non-recurring items, which contribute to the information on the potential gross cash in the Company’s operations. Adjusted EBITDA does not have a standardized meaning and our definition may not be comparable to those used by other companies.

Gross Leasable Area (GLA): This represents the areas available for leasing in shopping malls.

GLA owned by the Company: This refers to the share JHSF owns in the malls.

Occupancy Rate: This is the area leased divided by the GLA of each shopping mall at the end of the period in question.

Occupancy Cost: It is the occupancy cost of a store as a percentage of sales. It includes rent and other expenses (condo and promotion fund expenses).

PPI: Property for Investment.

RevPar (Revenue per Available Room): RevPAR is calculated by multiplying the occupancy rate by the average daily rate in a given period.

Same Store Rent (SSR): This is the ratio of the rent charged for a given area in the current period in comparison with the same period in the prior year.

Same Store Sales (SSS): This is the ratio of the sales of given stores in the current period in comparison with the sales of the same stores in the same period of the prior year.