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Jardine International Motor Holdings Limited Announces Preliminary Results For Year Ending December

Hamilton, Bermuda, 3 March, 1999 - Jardine International Motor Holdings Limited, a subsidiary of Jardine Matheson Holdings Limited, today announced that the Group, including its associates and joint ventures, sold and delivered some 131,800 new and used motor vehicles in 1998, representing an increase of 32% over 1997, primarily due to the Appleyard acquisition in the United Kingdom. Turnover was US$3,556 million, an increase of 52%.

Trading profit for the year ended 31st December 1998 was US$74 million, a decrease of 8% over the comparable period for 1997. The consolidated profit after taxation and outside interests was US$38 million, a decrease of 40% over the comparable figure for 1997. Excluding the net exceptional profit in the 1997 result, the decline was 33%.

Earnings per share were US¢7.89 compared to US¢13.13 in 1997, a fall of 40%. Excluding the exceptional items in 1997 the decline was 33%.

The Directors recommend a final dividend of US¢4.80, which, together with the interim dividend of US¢1.20 per share, will make a total annual dividend of US¢6.00, compared with US¢7.50 per share for 1997, a drop of 20%. The decline reflects the low-level of profitability of the Group and the need to conserve cash to finance the Group's development programme.