Jardine Strategic Holdings Limited - Preliminary Announcement of 2011 Results

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

Highlights

• Underlying earnings per share* up 10%
• Outstanding performance by Astra
• Hongkong Land’s property portfolio revalued; iconic Beijing site acquired
• Strong contribution from Dairy Farm

Overview

Conditions in the Group’s principal Asian markets remained relatively strong during 2011, enabling the Group to perform well, but the region is not immune to global economic pressures and some of its businesses faced an increasingly challenging environment.

Performance

The Group’s revenue for 2011, including 100% of revenue from Jardine Matheson, associates and joint ventures, was US$57 billion, compared with US$47 billion in 2010. Jardine Strategic achieved an underlying profit before tax for the year of US$4,578 million, an increase of 14%. Underlying profit attributable to shareholders was 10% higher at US$1,583 million while underlying earnings per share were 10% higher at US$2.55.

Within Jardine Matheson’s interests, Jardine Pacific saw good performances across its operations, although there were some areas of weakness, while Jardine Motors experienced a decline in its earnings. Jardine Lloyd Thompson continued to make progress and its contribution was enhanced by the group’s increased shareholding.

Hongkong Land’s commercial property activities did well in 2011, but its results were lower following a reduced contribution from residential developments. Dairy Farm achieved higher earnings across most of its banners. Mandarin Oriental’s profits continued to recover following improvements in occupancy and room rates. Astra achieved record results as its businesses performed well in a strong trading environment, enhanced on consolidation by

the strengthened Indonesian rupiah.

Non-trading items in 2011 primarily consisted of the Group’s US$2,336 million share of the increase in the valuation of investment properties, producing a profit attributable to shareholders of US$3,943 million, compared with US$3,535 million in 2010. Shareholders’ funds were 20% higher at US$20 billion.

The Group continues to benefit from robust operating cash flows, ample committed facilities and access to the capital markets. This has provided a sound financial base on which to support investment in maintaining and expanding its leading market positions. Total capital investment across the Group in 2011 exceeded US$4.9 billion. The consolidated net debt at the end of 2011, excluding financial services companies, was US$1.9 billion, representing gearing of 5%, which compares to US$2.3 billion at the end of 2010 and gearing of 7%.

The Board is recommending a final dividend of US¢16.00 per share, which represents an overall increase of 7% for the full year.

Business Developments

Within Jardine Matheson, 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. Gammon continued to win major infrastructure contracts thereby maintaining its healthy order book. Jardine Motors’ operation in Hong Kong produced a good result, but there were disappointing performances in Southern China and the United Kingdom.

Jardine Lloyd Thompson, in which Jardine Matheson has increased its shareholding to just over 40%, continued to perform well and its business transformation programme is delivering increased savings.

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

R.C. Kwok retired from the Board in May 2011 and I would like to thank him for his significant contribution to the Group. Anthony Nightingale is stepping down as Managing Director on 31st March 2012 after six years in the role. Anthony has had a long and distinguished career with the Group and we are pleased that he will remain as a non-executive Director. Joining the Board on 1st April are Ben Keswick, who will take over as Managing Director, and Adam Keswick.

Outlook

In 2012 Hongkong Land is expected to make a lower contribution due to a reduced number of residential completions, while uncertain global economic conditions have the potential to impact some of the Group’s markets in Asia. The Group has, however, made a satisfactory start to the year, and with an ungeared portfolio of listed securities valued at over US$40 billion it is well placed to take advantage of any investment opportunities that may arise.

Sir Henry Keswick

Chairman

2nd March 2012

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 Strategic is a holding company which takes long-term strategic investments in multinational businesses, particularly those with an Asian focus, and in other high quality companies with existing or potential links with the Group. Its principal attributable interests are in Jardine Matheson 55%, Hongkong Land 50%, Dairy Farm 78%,

Mandarin Oriental 74% and Jardine Cycle & Carriage 71%, which in turn has a 50% interest in Astra. Jardine Strategic is 82%-held by Jardine Matheson. The Company also has a 21% interest in Rothschilds Continuation.

Jardine Strategic Holdings Limited is incorporated in Bermuda and has a premium listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Company’s interests are managed from Hong Kong by Jardine Matheson Limited.

For further information, please contact:

Jardine Matheson Limited

James Riley (852) 2843 8229

Golin Harris or Kennes Young (852) 2501 7987