Final Results

The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.

Jardine Strategic Holdings Limited

2009 Preliminary Announcement of Results

Highlights

·; Underlying earnings per share* up 25%

·; Most markets improved in second half

·; Record results from Hongkong Land, Astra and Dairy Farm

·; Hongkong Land property portfolio value increases 6%

"While the global economic recovery remains fragile, the Group is financially strong and continues to trade well. Our exposure to the growth markets of East Asia gives grounds for optimism in the year ahead."

Sir Henry Keswick, Chairman

5th March 2010

Results

Jardine Strategic Holdings Limited

Preliminary Announcement of Results

For The Year Ended 31st December 2009

Overview

The Company reported on outstanding results in 2009 despite the economic downturn, helped by improving market conditions for a number of its businesses in the second half of the year.

Performance

Jardine Strategic registered a record underlying profit in 2009 of US$1,082 million, an increase of 26%. Underlying earnings per share were 25% higher at US$1.74. The turnover of the Group in 2009, including 100% of Jardine Matheson, associates and joint ventures, was US$36.0 billion, compared with US$36.2 billion in 2008.

Within Jardine Matheson, Jardine Pacific benefited from good performances from its engineering and construction activities to register an increase in earnings; Jardine Motors responded effectively to a challenging UK market and saw continued sales and profit growth in mainland China; and Jardine Lloyd Thompson traded well, though the weakness of sterling affected its US dollar contribution.

Both Hongkong Land and Dairy Farm produced record earnings, but Mandarin Oriental's modest profit reflected poor markets, leading to falls in occupancy and rates. Jardine Cycle & Carriage's earnings reflected the outstanding results achieved by Astra in an expanding Indonesian economy.

Reversing a decline in the first half of the year, the Company's share of the increase in the valuation of investment properties in 2009 included US$439 million from Hongkong Land and US$10 million from Jardine Matheson. This compared with a US$257 million downward revaluation in 2008. These revaluations are taken through the profit and loss account in accordance with international accounting standards. Other non-trading items totaling US$312 million included gains on investment and property disposals by the Company, Jardine Matheson and Mandarin Oriental, and gains arising from the accounting treatment for the acquisition of additional shares in Hongkong Land and the recapitalization of Rothschild. As a consequence, profit attributable to shareholders for the year was US$1,844 million, compared with US$692 million in 2008.

The Group continues to benefit from strong operating cash flows, high liquidity and ample committed facilities, as well as ready access to capital markets. Consequently, Group companies have been able to continue their development programmes uninterrupted, notwithstanding the economic challenges and a general tightening of bank finance. The net debt of the Group at the end of 2009, excluding financial services companies and now consolidating Hongkong Land as a subsidiary, was US$2.3 billion representing gearing of 10%. This compares to gearing of 16% at the end of 2008, assuming the pro-forma consolidation of Hongkong Land at that date.

The Board is recommending a final dividend of US¢14.00 per share, which represents an overall increase of 5% for the full year.

Business Developments

After a multi-year programme of steady open market purchases Hongkong Land became a 50% held subsidiary of the Company for the first time. Hongkong Land enjoyed an excellent year in 2009. Occupancy levels remained high in its commercial developments in both Hong Kong and Singapore, while sales of residential developments in Hong Kong, Macau, mainland China and Singaporerecovered in the second halfas demand rose in response to government stimulus packages and low interest rates. Commercial property rents have, however, retreated from their highs.

Dairy Farm concentrated on maintaining margins as the effects of the economic downturn continued to be felt, and it did well to report record earnings. Good cash generation supported the strategy of building the group's retail businesses across Asia, and opportunities were taken to add new stores in all the existing formats. The group ended the year with over 5,000 outlets, including 94 hypermarkets.

The Indonesian economy remained resilient during 2009. While Astra's businesses experienced some areas of weakness, these were more than offset by improvements elsewhere, particularly in its contract mining operations. Jardine Cycle & Carriage's earnings benefited from a record result from Astra and an improved contribution from its other motor interests.

Within Jardine Matheson, Jardine Pacific's businesses were affected in varying ways by the downturn. Those involved in consumer facing operations or transport services saw their level of activity decline, while those in the engineering and construction sector enjoyed an increase in demand, reflecting a rise in spending on infrastructure projects. All Jardine Pacific's businesses continue to seek expansion opportunities, with Jardine Restaurants recently acquiring the KFC franchise for Taiwan. Both Jardine Motors and Jardine Lloyd Thompson benefited in 2009 from the expansion of their areas of activity through organic growth or acquisition, while at the same time using effective cost management and business streamlining to improve the profitability of their existing operations.

In response to difficult trading conditions in the hotel sector, Mandarin Oriental focused on maintaining its competitive position in each of its markets and reducing costs. This enabled it to maintain profitability. The group also benefited from a significant gain on the sale of its interest in its Macau hotel. Mandarin Oriental opened three new hotels in 2009, bringing to 25 its total hotels in operation, and two more are due in 2010.

During the year the Company acquired further shares in Jardine Cycle & Carriage and Mandarin Oriental. In July 2009, a subsidiary sold its 20% interest in Tata Industries producing a gain of US$108 million. The sale proceeds were re-invested in a 3% stake in publicly-listed Tata Power Company, India's largest private power utility company. The Company has also recently agreed to purchase a 12% shareholding in ACLEDA Bank, Cambodia's second largest bank.

Outlook

While the global economic recovery remains fragile, the Group is financially strong and continues to trade well. Our exposure to the growth markets of East Asia gives grounds for optimism for the year ahead.

Sir Henry Keswick

Chairman

5th March 2010

Operating Review

Jardine Matheson

Jardine Matheson achieved a record underlying profit of US$1,010 million in 2009, an increase of 23%. Underlying earnings per share rose 22% to US$2.84. Jardine Matheson's profit attributable to shareholders of US$1,604 million reflected the increased investment property values in Hongkong Land and Jardine Pacific and additional non-trading items. Shareholders' funds increased by 20% to US$9.9 billion.

·; Jardine Pacific

Jardine Pacific recorded an underlying profit of US$119 million in 2009, an increase of 2%, as trading conditions improved in the final quarter of the year. A gain of US$19 million arising on the revaluation of investment properties, together with gains from the disposal of investments, produced a profit attributable to shareholders of US$152million, up from US$113 million in 2008. Shareholders' funds were US$413million at the end of 2009, and the underlying return on average shareholders' funds was 31%.

Gammon's contribution to underlying profit was slightly up, while its order book rose 22% to US$2.3 billion. Jardine Schindler achieved a good increase in earnings from new installations and benefited from the reversal of a provision made in 2008. JEC produced a substantial increase in profit, which was further augmented by the release of provisions. Hong Kong Air Cargo Terminals' cargo throughput declined by 8% despite some recovery in recent months. Jardine Aviation Services and Jardine Shipping Services also experienced poor trading conditions. Tight cost management enabled both Jardine Restaurants and JOS to maintain their profits at similar levels to 2008 despite weaker consumer demand.

·; Jardine Motors

Jardine Motors' underlying profit in 2009 increased 17% to US$51 million as its three businesses enjoyed a much improved second half. Profit attributable to shareholders was US$63 million, with the benefit of a provision write-back in respect of a prior year disposal.

Zung Fu's lower contribution from Hong Kong and Macau was due to reduced deliveries of Mercedes-Benz passenger cars and tighter margins. The launch of new products, however, went some way to reviving sentiment. Its profitable growth continued in Southern China as new car deliveries increased by 72% to over 9,200 units and results from aftersales improved on higher volumes. The dealership network now extends to 16 outlets, with a further one under development and several more in the planning stage.

Jardine Motors' dealerships in the United Kingdom faced a difficult market, but benefited from better conditions in the second half. Despite lower turnover, the business recorded higher underlying earnings due to cost savings and an increase in used car margins.

·; Jardine Lloyd Thompson

Organic growth and further acquisitions enabled Jardine Lloyd Thompson to achieve a turnover in 2009 equivalent to US$961 million, a 14% increase in its reporting currency. Underlying trading profit grew by 28% as the company benefited from the higher turnover and continued cost reduction. Underlying profit after tax and minorities was equivalent to US$113 million, an increase of 11% in its reporting currency, notwithstanding sharply reduced investment income due to low interest rates.

Jardine Lloyd Thompson's Risk & Insurance group, which comprises its worldwide retail operations and specialist insurance and reinsurance broking based largely in London, produced growth of 16% in revenues and 22% in underlying trading profit, with the trading margin improving from 18% to 19%. The Employee Benefits business in the United Kingdom was affected by the recession and reduced discretionary spending, and while underlying revenues were maintained, the trading margin fell from 17% to 16%. Strategic acquisitions were, however, made during the year to complete the product range and position the business for renewed growth.

Hongkong Land

Hongkong Land's underlying profit rose 107% to US$777 million in 2009. The group experienced 19% growth in net rental income and the contribution from residential development projects was US$386 million, compared with breakeven in 2008. The year-end valuation of its commercial investment properties, including its share of investment properties in joint ventures and associates, was up 6% at US$15.5 billion. After taking account of revaluations, the profit attributable to shareholders was US$1,641 million, compared with a loss of US$109 million in 2008.

Occupancy in the group's Hong Kong commercial property portfolio remained high as demand for quality office space continued to be strong in the Central district despite the recession. Market rentals did, however, fall sharply in the first half before stabilizing as the year progressed. In Singapore, market rents also declined with sentiment only improving in the final quarter. The group's two commercial investment property interests remained fully let, and its joint venture development project, Marina Bay Financial Centre, is progressing well with over 68% of the commercial office space pre-committed prior to its phased completion in 2010 and 2012.

Residential completions in Macau and Singapore during the year released good contributions to profit. In Singapore, the second residential tower at Marina Bay Financial Centre was well received when the first units were launched for sale. In Macau, following the cancellation of an en-bloc sale of one tower in 2009, the apartments were re-launched in December 2009 and have been substantially sold. The group also remains active in the residential sector in mainland China where it has a number of projects in various stages of development.

Dairy Farm

Dairy Farm produced a record result in 2009. Sales, including 100% of associates, increased by 4% to US$8.1 billion, while underlying profit rose by 14% to US$364 million. The adverse effects that foreign currency movements had on its results in the first half were largely reversed by the year end.

In Hong Kong, the group's health and beauty business had a good year and supermarkets were steady, but convenience stores struggled. Its IKEA outlets also performed well in Hong Kong, given the relocation of a key store, and continued to improve in Taiwan. Supermarkets in Taiwan achieved better results. Sales and profit were lower for 7-Eleven in Southern China, while Mannings health and beauty chain continued to expand with 120 outlets operating across the Mainland by the year end. After a slow start, restaurant associate Maxim's produced better than expected earnings growth for the year as consumer sentiment improved.

The results from Singapore were particularly encouraging as both hypermarkets and supermarkets made good progress and government programmes to support the economy proved effective. The strength of the Malaysian business was again demonstrated by growth in all formats, the opening of 28 new stores and the completion of a dry goods distribution centre. In Indonesia, profits continued to improve and 51 new stores were added across the four retail banners. The supermarket and health and beauty joint ventures in India showed improvement despite market conditions remaining challenging, while in Vietnam avenues to expand are being explored.

Mandarin Oriental

Mandarin Oriental suffered from poor economic conditions which led to significant reductions in both occupancy levels and room rates. Profits fell at all the group's hotels. Its properties in Asia and The Americas were the most severely affected, including its two wholly-owned hotels in Hong Kong. The underlying profit for 2009 was US$12 million, compared with US$67 million in 2008. Including non-trading items, principally the US$81 million gain on the sale of the 50% interest in its Macau hotel partially offset by provisions against asset impairments, profit attributable to shareholders was US$83 million. This compares with US$67 million in 2008 when there were no non-trading items.

Three new hotels were opened in 2009, in Sanya, Barcelona and Las Vegas, bringing the total number of hotels in operation to 25. The group's Jakarta hotel reopened in October following extensive renovations. It is anticipated that a further two properties will open in 2010, in Macau and Marrakech, which will be operated under long-term management contracts. A number of development projects are, however, facing delays. A new hotel project in Abu Dhabi has been announced, bringing the total number of hotels under development to 16.

Jardine Cycle & Carriage

Jardine Cycle & Carriage produced a good result for 2009 with its underlying profit up 8% at US$515 million. Profit attributable to shareholders increased by 12% to US$503 million after accounting for a net non-trading loss of US$12 million, mainly due to fair value losses on Astra's oil palm plantations partly offset by a gain on a disposal by Tunas Ridean.

Astra enjoyed an excellent year as the Indonesian economy was largely insulated from the global recession. Its contribution to Jardine Cycle & Carriage's underlying profit increased by 5% to US$485 million.

Jardine Cycle & Carriage's contribution from its other motor interests increased by 32% to US$58 million. Its operations in Singapore did well in a challenging year, while in Malaysia, Cycle & Carriage Bintang reported an improvement in earnings. Tunas Ridean's sales in Indonesia declined, although it produced a non-recurring gain on the sale of a 51% interest in its finance business to Bank Mandiri. In Vietnam, Truong Hai Auto Corporation delivered a strong set of results, benefiting from a recovery in the economy, and Jardine Cycle & Carriage increased its interest to 29% for a further investment of US$44 million.

Astra

Following a slow first half, Astra achieved a record net profit for the year under Indonesian accounting standards of Rp10 trillion, up some 9%, equivalent to US$969 million. Earnings from its motor car, auto component, financial services and contract mining activities improved, more than compensating for weaker results from agribusiness and motorcycles.

The Indonesian wholesale motor car market contracted by 20% in 2009. Astra's motor car sales decreased by only 12% to 281,000 units, raising its market share from 52% to 58%. Astra Honda Motor's sales declined by 6% in line with the wholesale motorcycle market to 2.7 million units, maintaining its market share at 46%. Automotive component manufacturer Astra Otoparts reported a 36% increase in net profit, with improvements across most of its activities.

Astra's consumer finance operations produced higher profits following growth in their loan book. The company's 45% owned associate, Bank Permata, also reported a 6% improvement in net profit.

In agribusiness, 80% owned Astra Agro Lestari reported a 37% decline in net profit. While palm oil production rose 10% to 1.1 million tonnes, crude prices achieved were some 13% lower than in the previous year.

United Tractors, which is 60% owned, recorded an excellent result with a 43% rise in net profit. Sales of Komatsu heavy equipment were down 28% at 3,100 units, although the impact was offset by higher revenues from parts and services. Mining subsidiary Pamapersada Nusantara produced a significant improvement in earnings as it benefited from continued expansion of coal production in Indonesia. Coal extracted increased by 15% to 68 million tonnes and overburden removed rose by 35% to 598 million cubic metres.

In information technology, 77% owned Astra Graphia reported a 7% improvement in net profit, while Astra's infrastructure investments also performed satisfactorily.

Further Interests

Rothschilds Continuation

Rothschilds Continuation, in which Jardine Strategic holds a 21% interest, is the holding company of an independent financial services group which has some 50 offices in more than 37 countries worldwide. In another difficult year globally for the banking sector, Rothschild maintained its position as a leading M&A adviser and experienced good demand for its debt and equity advisory services. Rothschild's private wealth management activities benefited from solid investment performance to register growth in assets under management.

Other

Tata Power is India's largest private-sector power utility, in which Jardine Strategic has acquired a 3% interest. Indian electricity demand is forecast to grow strongly over the next five years and Tata Power is well positioned to benefit from that growth as its operations span the electricity value chain. It has a pipeline of committed and potential generation projects, the largest of which, the 4,000MW Mundra and 1,050MW Maithon plants, are progressing well.

Asia Commercial Bank in Vietnam continued to experience a difficult trading environment in 2009. Government action to counter the global downturn saw a rapid relaxation in both monetary and fiscal policy. Despite falling interest margins and strong competition, the bank grew its deposit and credit market share and reported pre-tax profit growth of 10% for the year.

Anthony Nightingale

Managing Director

5th March 2010