Jardine Matheson Holdings Limited - Preliminary Announcement of 2011 Results

Hamilton, Bermuda – 02 March, 2012 - Jardine Matheson Holdings Limited (the ‘Company’; Ticker: JMHBD.BH) has today released, on the Company's website, www.jardines.com , its preliminary results announcement for fiscal year ended 31st December 2011.

Highlights

• Underlying earnings per share* up 9%

• Full-year dividend up 9%

• Excellent performances from Astra and Dairy Farm

• Increased shareholding in Jardine Lloyd Thompson

• Hongkong Land’s property portfolio value rises; iconic Beijing site acquired

Overview

The Group performed well in 2011 against a background of an increasingly challenging business environment. There were, in particular, excellent results from Astra and Dairy Farm.

Performance

The Group’s revenue for 2011, including 100% of revenue from associates and joint ventures, was US$57 billion, compared with US$47 billion in 2010. Jardine Matheson achieved an underlying profit before tax for the year of US$4,784 million, an increase of 13%. Underlying profit attributable to shareholders was 10% higher at US$1,495 million while underlying earnings per share were 9% higher at US$4.13.

The profit attributable to shareholders for the year was higher at US$3,449 million, with the main non-trading item being a significant increase in the value of Hongkong Land’s investment property portfolio. Shareholders’ funds were 19% higher at US$16.4 billion.

The steady growth in profits, cash flows and retained earnings achieved in recent years has enabled the Group to maintain high levels of capital expenditure while keeping low levels of debt. Net debt excluding financial services companies at the year end was US$2.4 billion, representing 6% of consolidated total equity.

The Board is recommending a final dividend of US¢92.00 per share, which represents an overall increase of 9% for the full year.

Business Developments

Jardine Pacific produced a satisfactory result despite the more difficult trading conditions experienced by a number of its businesses. JOS benefited from the successful acquisition of an IT distribution business early in the year, and the group’s restaurant operations were expanded with additional interests acquired in KFC and Pizza Hut in Vietnam. Gammon continued to win major infrastructure contracts thereby maintaining its US$3 billion order book.

Jardine Motors’ operation in Hong Kong produced a good result, but there were disappointing performances in Southern China and the United Kingdom. During the year the group completed the acquisition of a 22 dealership motor retailing group in the United Kingdom, further growing its position in that market.

Jardine Lloyd Thompson continued to perform well and its business transformation programme, which is nearing completion, is delivering increased savings. Investment for future growth is continuing with bolt-on acquisitions and the recruitment of leading industry professionals. Jardine Matheson acquired a further 10% shareholding in the company in November 2011 by way of a partial offer which was heavily oversubscribed, increasing the Group’s interest to 40.2%.

Hongkong Land’s office and retail portfolio in Hong Kong produced strong results and its growing Singapore portfolio made an increased contribution. This improvement was, however, offset by lower profits from its residential business due to the timing of completions, leading to a reduced underlying profit for 2011. Several new development sites were secured during the year, including an iconic commercial site in Wangfujing in the heart of

Beijing, residential sites in Chongqing and Singapore, and a small portfolio in Cambodia.

Dairy Farm continued to generate profitable growth during 2011 as good increases in comparable store sales were complemented by organic expansion from new store openings. In the more mature markets of Hong Kong, Singapore and Taiwan, the group is concentrating on improving operational efficiencies and enhancing store attractiveness, while

in Indonesia and Malaysia significant funds are being invested in enlarging the network of existing formats. Acquisition opportunities are also being sought in existing and new markets in the Region.

Mandarin Oriental benefited from increased demand throughout 2011 which led to improved profitability across most of the group’s portfolio, particularly in Asia and Europe. Its new Paris hotel opened to great acclaim in June, and the group’s development activities continue with a new hotel in Guangzhou scheduled to open in late 2012. Mandarin Oriental currently has 27 hotels in operation and 15 under development, all of which are to be management

contracts.

Astra’s businesses performed excellently in 2011 with good earnings growth from its automotive, financial services, heavy equipment and mining activities, helped in part by the continuing strength of the Indonesian economy, which is transforming the country’s global standing. Progress was made in the development of the group’s operations with a significant expansion of the manufacturing capacity in both its motor car and motorcycle plants, the addition of a further five coal mining concessions with reserves in excess of 250 million tonnes, and the acquisition of a new toll road project near Surabaya.

People

The fine performances achieved by our businesses are a reflection of the hard work, dedication and professionalism of the 330,000 employees that we have across the Group. I would like to thank them all for their excellent contribution.

Y.K. Pang joined the Board in April 2011. R.C. Kwok retired from the Board in May 2011 and I would like to thank him for his significant contribution during his 47 years of service to the Group.

Anthony Nightingale is stepping down as Managing Director on 31st March 2012 after six highly successful years in the role. Anthony has had a long and very distinguished career with Jardine Matheson and we are delighted that he will remain to give his advice as a nonexecutive Director. Ben Keswick will take over as Managing Director and Adam Keswick as Deputy Managing Director.

Outlook

There may be increasing fragility in some of the Group’s markets in the year ahead as the present uncertain economic conditions show little sign of improvement. Hongkong Land’s contribution to the Group’s results will also be affected by fewer residential completions. The current year has, however, begun satisfactorily and with its extensive Asian networks and financial strength the Group is well positioned in its chosen markets.

Sir Henry Keswick

Chairman

The full text of the Preliminary Announcement of Results and the Preliminary Financial Statements for the year ended 31st December 2011 can be accessed through the internet at www.jardines.com

Jardine Matheson Holdings Limited is incorporated in Bermuda and has a premium listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. Jardine Matheson Limited operates from Hong Kong and provides management services to Group companies.

For further information, please contact:

Jardine Matheson Limited     

James Riley (852) 2843 8229

Golin Harris or Kennes Young (852) 2501 7987