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Board Changes at Jardine Matheson

31st December 2002 - Jardine Matheson Holdings Limited today announced that

Mr George Ho is retiring from the Board at the year end. Mr Ho has served as a non-executive director of the Group's holding company since 1981.

Mr Henry Keswick, Chairman of Jardine Matheson Holdings, said, "We are extremely grateful to George Ho for his extensive contribution to Jardines over many years. We are pleased that he will continue on the board of Group company Hongkong Land Holdings."

It was further announced that Mr Jenkin Hui is joining the Board of Jardine Matheson Holdings Limited as a non-executive director with effect from 1st January 2003.

Mr Hui is a director of Central Development Ltd and a number of property and investment companies in Hong Kong. He is also a director of Jardine Strategic Holdings and Hongkong Land Holdings.

With its broad portfolio of leading businesses, the Jardine Matheson Group is a unique Asian-based conglomerate with unsurpassed experience in the region. Its business interests include Jardine Pacific, Jardine Motors Group, Hongkong Land, Mandarin Oriental, Dairy Farm, Cycle & Carriage and Jardine Lloyd Thompson. These operations, which employ some 130,000 people, are leaders in the fields of engineering and construction, consumer marketing, motor trading, property, hotels, supermarkets and insurance broking.

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For further information, please contact:

Jardine Matheson Limited

Neil M McNamara (852) 2843 8227

Golin/Harris Forrest

Katherine Wang (852) 2501 7984

This and other Group announcements can be assessed through the Internet at "www.jardines.com".