JC&C Half Year Financial Statement

Jardine Cycle & Carriage Limited

2013 Half Year Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 73%-owned subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact:

Jardine Matheson Limited

Neil M McNamara (852) 2843 8227

GolinHarris

Kennes Young (852) 2501 7987

2nd August 2013

JARDINE CYCLE & CARRIAGE LIMITED

2013 HALF YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

Highlights

·; Earnings per share down 11%

·; Mixed results within Astra

·; Challenges remain in other motor interests

"Astra should continue to benefit from positive domestic demand although it is expected to face further competition in the motor car market, higher labour costs and lower commodity prices. The trading environment for the Group's other motor interests will remain challenging."

Ben Keswick, Chairman

2nd August 2013

CHAIRMAN'S STATEMENT

Overview

Jardine Cycle & Carriage saw a decline in profit for the first half with reduced contributions from Astra and the Group's other motor interests.

Performance

The Group's revenue for the first six months of the year was US$10.4 billion, down 7%. Underlying profit for the period declined by 11% to US$453 million and earnings per share were down 11% at US¢127.24. Astra's contribution of US$433 million was 11% lower, reflecting reduced earnings and the impact on consolidation of a weaker rupiah, partially offset by a lower withholding tax charge on dividends from Astra, while the profit from the Group's other motor interests fell 20% to US$25 million. As withholding tax has been provided in advance since the end of 2012, the first half results included a provision of US$14m in respect of the estimated 2013 interim dividend from Astra, while the results for the first half of 2012 included withholding tax of US$31 million in respect of Astra's 2011 final dividend. Profit attributable to shareholders for the period was the same as the underlying profit as there were no non-trading items.

The Group's consolidated net debt at the end of June 2013 was US$663 million, excluding borrowings within Astra's financial services subsidiaries, down from US$867 million at the end of 2012 owing largely to proceeds from selling down a 16% interest in Astra Otoparts. Net debt within Astra's financial services subsidiaries was US$3.9 billion at the end of June, up from US$3.8 billion at the end of the 2012, reflecting an increase in automotive volumes financed.

The Board is recommending an interim one-tier tax exempt dividend of US¢18 per share (2012: US¢18 per share).

Group Review

Astra

Astra reported a net profit equivalent to US$904 million under Indonesian accounting standards, 9% down in its reporting currency, as improvements in its financial services and mining contracting businesses were offset by lower contributions from its automotive, heavy equipment and agribusiness segments. While economic conditions in Indonesia continue to support domestic demand, Astra's operations faced increased competition in the motor car market, higher labour costs and lower commodity prices.

Automotive

Automotive demand remained favourable during the period, benefiting from rising income. There was an overall decline in the earnings contribution from the segment, however, due to increased competition in the motor car market following the introduction of additional domestic capacity and higher labour costs. New minimum down-payment requirements in automotive Shariah-financing, introduced for finance companies from 1st January 2013 and banks from 1st April 2013, had a negligible impact on the results.

The wholesale market for motor cars grew by 12% to 602,000 units. Astra's motor car sales rose by 6% to 321,000 units, with its market share reducing from 56% to 53%. The wholesale market for motorcycles increased by 6% to 3.9 million units. Astra Honda Motor's sales increased by 12% to 2.4 million units, leading to an increase in market share from 57% to 60%.

Astra Otoparts, the group's automotive components business, reported net income down 2% to US$53 million, with the impact of higher labour costs more than offsetting an increase in revenue.

In April, Astra Otoparts acquired a 51% interest in PT Pakoakuina, a producer of wheel rims for both motor cars and motorcycles, for a consideration of US$72 million. To strengthen its capital base, the company completed a US$306 million rights issue in May which was fully subscribed by Astra. Following the rights issue, to help increase the liquidity of the stock, Astra placed out 16% of Astra Otoparts shares, reducing its shareholding to 80% and generating US$290 million in gross proceeds.

The Indonesian Government has announced tax incentives to encourage the domestic production of Low Cost Green Cars. The group has products that are well positioned to benefit from these incentives, including the Astra-Toyota Agya and the Astra-Daihatsu Ayla that it expects to begin distributing in August, with production capacity of 10,000 units per month.

Financial Services

The amount financed through Astra's automotive-focused consumer finance operations, Federal International Finance, Astra Credit Companies and Toyota Astra Financial Services, grew by 6% to US$2.9 billion, including balances financed through joint bank financing without recourse. The amount financed through Astra's heavy equipment finance operations, Surya Artha Nusantara Finance and Komatsu Astra Finance, declined by 42% to US$264 million, owing to a decline in Komatsu heavy equipment sales.

Astra's 45%-held Bank Permata, reported net income up 15% at US$84 million. An increase in net interest income arising from a 27% increase in loan book was partly offset by higher operating costs.

Group insurance company, Asuransi Astra Buana, recorded improved earnings with growth in gross written premiums more than compensating for higher reinsurance and claims expenses.

Heavy Equipment and Mining

United Tractors, which is 60%-owned, reported a 19% decrease in revenue, while net income was 25% lower at US$237 million.

In its construction machinery business, revenue fell by 40% as sales of Komatsu heavy equipment declined 42% to 2,452 units due to reduced demand from the mining sector, particularly for larger units. The coal mining contracting operations of its subsidiary, Pamapersada Nusantara, benefited from increased mine site capacity. It reported a 12% improvement in revenue as contract coal production increased 12% to 50 million tonnes and contract overburden removal rose 2% to 414 million bank cubic metres.

United Tractors' coal mining subsidiaries saw a 44% decrease in revenue as coal sales fell 29% to 2.2 million tonnes. The decline in coal prices and increased fuel costs also negatively impacted earnings.

Agribusiness

Astra Agro Lestari, which is 80%-held, reported net income of US$74 million, down 25%. Revenue decreased by 3% to US$563 million, with an 11% increase in palm oil production to 704,000 tonnes, more than offset by a 16% decline in average crude palm oil prices achieved. The lower revenue, alongside higher production costs and increased operating expenses, led to the decline in net income. The company is investing US$77 million in the construction of a palm oil refinery in West Sulawesi, which will become operational in 2014.

Infrastructure and Logistics

Net income from infrastructure and logistics declined 29% to US$23 million. The 72.5 km Tangerang-Merak toll road operated by 79%-owned Marga Mandalasakti reported an 11% increase in traffic volume to 20 million vehicles. PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, reported a modest decrease in sales volume to 78 million cubic metres. Serasi Autoraya's improved revenue, supported by a 2% increase in vehicles under contract in its TRAC car rental business to over 31,000 units, was offset by higher depreciation and operating costs.

Information Technology

77%-owned Astra Graphia which is active in the area of information technology solutions and is the sole distributor of Fuji Xerox equipment in Indonesia, reported net income 2% higher at US$7 million.

Other Motor Interests

Profit from the Group's other motor interests was 20% down at US$25 million.

In Singapore, the Group's operations were adversely affected by the reduction in the quota for new vehicles and restrictions imposed by the Government on vehicle financing. In Malaysia, Cycle & Carriage Bintang's contribution declined significantly in the face of intense competition in the premium car segment, which led to severe pressure on margins. In Indonesia, Tunas Ridean's contribution was lower due to intense competition in the motor car segment and higher labour costs. In Vietnam, Truong Hai Auto Corporation performed better than the previous year with unit sales and margins both showing improvement.

Outlook

Astra should continue to benefit from positive domestic demand although it is expected to face further competition in the motor car market, higher labour costs and lower commodity prices. The trading environment for the Group's other motor interests will remain challenging.

Ben Keswick

Chairman

2nd August 2013

Statement pursuant to Rule 705(5) of the Listing Manual

The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the six months ended 30th June 2013 to be false or misleading in any material respect.

On behalf of the Directors

Ben Keswick

Director

Hassan Abas

Director

2nd August 2013