EBITDA Grew 323%, Amounting R$172.0 Million



    SAO PAULO, Brazil, Aug. 11 /EMWNews/ -- JHSF Participacoes

S.A. ("JHSF") (Bovespa: JHSF3), one of the leading companies in Brazil's

real estate industry, with operations in large-scale and mixed-use

residential and commercial real estate development, shopping mall

development and management, class A office rentals and high-end hotels,

announces today its results for the first half of 2008. The full release is

available at http://www.jhsf.com.br/ir.



    Highlights



    -- Gross revenue of R$411.5 million in 1H08 (growth of 282% over the

1H07) and R$216.1 million in 2Q08 (growth of 242% over the 2Q07).



    -- 1H08 EBITDA grew by 323% in comparison to 1H07 adjusted EBITDA(1),

reaching R$172.0 million (R$89.2 million in 2Q08, growth of 306% over the

2Q07). EBITDA margin stood at 44% in 1H08 against 40% in 1H07 (43% in 2Q08

x 37% in 2Q07).



    -- 1H08 net income of R$134.9 million, 492% superior to 1H07 adjusted

net income(1) (R$ 70.2 million in 2Q08, growth of 505% over the 2Q07).



    -- 1H08 launchings reached R$757.0 million represented by Cidade Jardim

Corporate Center. The first tower of the Project, Capital Building, reached

contracted sales of R$129.7 million or 92% of launched VGV and the second

tower reached R$103.9 million in contracted sales, 65% of launched VGV in

its first month of sales.



    -- Contracted sales reached R$497.2 million in 1H08, representing a

growth of 218% over R$156.4 million recorded in 1H07. At the end of 1H08,

the residential towers of Parque Cidade Jardim were 87% sold (94% in Phase

1, 91% in Phase 2 and 75% in Phase 3) and Fazenda Boa Vista 67%.



    -- Shopping Cidade Jardim opened on May 31, 2008, with the area of

first phase 100% leased; the mall's performance, measured by the sales

reported by store owners, exceeded expectations.






    Consolidated Financial Indicators of the First Half of 2008

    In R$ million, except indicated otherwise.



    Contracted Sales: 497.2 -- growth of 218% over 1H07



    Gross Revenue: 411.5 -- growth of 282% over 1H07

    Gross Profit: 207.8 -- growth of 303% over 1H07

    Gross Margin: 52.6%

    EBITDA: 172.0 -- growth of 323% over 1H07

    Margem EBITDA: 43.5%

    Lucro Liquido: 134.9 -- growth of 492% over 1H07

    Margem Liquida: 34.1%

    (1) 1H07 Adjusted Net Income and EBITDA exclude IPO expenses for that

period.



    Information contained in this release is presented in Brazilian Reais

and according to Brazilian accounting practices (BRGAAP) except where

otherwise indicated. The information reflect the consolidated income

statement






    1H08 Results Conference Call

    English

    08/12/08 - 1:00 p.m. (EDT US)

    Tel.: (1 412) 858 4600

    Code: JHSF

    Replay: (1 412) 317 0088

    Replay Code: 6046#1



    Portuguese

    08/12/08 -2:30 p.m. (EDT US)

    Tel.: (55 11) 2188 0188

    Code: JHSF

    Replay: (55 11) 2188 0188



    Live webcast available at http://www.jhsf.com.br/ir



    Investor Relations Contact

    [email protected]

    http://www.jhsf.com.br/ir

    55 11 3702-JHSF



    Eduardo S. Camara

    Marcio Fenelon

    Bruno Fritsch



    Media Relations Contact

    MZ Media Relations

    55 11 3529 3802