JC&C Third Quarter Financial Statements

To: Business Editor 31st October 2012

For immediate release

Jardine Cycle & Carriage Limited

2012 Third Quarter Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 72%-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

31st October 2012

JARDINE CYCLE & CARRIAGE LIMITED

2012 THIRD QUARTER FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

Highlights

·; Underlying earnings per share little changed from last year

·; Good profit growth in Astra largely offset by a weaker rupiah

·; Results from other motor operations satisfactory except for Vietnam

"The Group's good result for the first nine months of the year has been driven primarily by Astra's strong car sales. Slowing demand in Astra's heavy equipment business reflects weakening coal prices, while a recent fall in crude palm oil prices is also affecting profitability. Outside Indonesia, the Group's other motor interests, particularly in Vietnam, continue to face difficult trading conditions. Overall, however, Jardine Cycle & Carriage is expected to produce a satisfactory result for the full year."

Ben Keswick, Chairman

31st October 2012

CHAIRMAN'S STATEMENT

Overview

Jardine Cycle & Carriage's underlying profit for the first nine months of the year was little changed, while profit attributable to shareholders was 8% higher.

Performance

The Group's revenue increased by 11% to US$16.5 billion in the first nine months of the year. Underlying profit at US$777 million was relatively flat compared with the same period last year. After accounting for a non-trading gain of US$57 million arising on the disposal of an investment, the profit attributable to shareholders was US$834 million, up 8%, and earnings per share also rose 8% to US¢234.55.

Astra's contribution at US$777 million was relatively flat, as strong results in its car businesses were offset by lower profit contribution from its agribusiness and motorcycle operations and a weaker rupiah. The contribution from the Group's other motor interests grew by 2% to US$44 million.

The Group's consolidated net debt at the end of September 2012 was US$635 million, excluding borrowings within Astra's financial subsidiaries, compared to net debt of US$108 million at the end of 2011. The increase in net debt was mainly due to investment and capital expenditure in the heavy equipment and mining, automotive and agribusiness segments. Net debt within Astra's financial services subsidiaries was US$3.8 billion at the end of September, up from US$3.4 billion at the end of 2011, reflecting an increase in volume financed. The parent company had net debt of US$115 million.

The Board has not declared a dividend for the third quarter ended 30th September 2012 (30th September 2011: Nil).

Group Review

Astra

Astra reported a net profit equivalent to US$1,569 million under Indonesian accounting standards, an increase of 9% in its reporting currency. Strong results from Astra's car businesses were partially offset by a lower profit contribution from its agribusiness and motorcycle operations.

Automotive

In the Indonesian automotive sector, new minimum down-payment regulations in financing introduced in mid-June 2012 adversely affected motorcycle sales. However, the impact on car sales was mild.

The wholesale market for cars grew by 24% to 816,000 units. Astra's car sales rose by 24% to 448,000 units with a stable market share of 55%. Astra launched 17 new models and 26 revamped models during the first nine months of 2012.

The wholesale market for motorcycles declined by 14% to 5.3 million units. Astra Honda Motor's sales declined by 3% to 3.1 million units, with its market share increasing from 52% to 58%. During the first nine months of 2012, Astra Honda Motor launched 2 new models and 9 revamped models. In addition to the financing restrictions, the wholesale market for motorcycles was also impacted by a tightening of underwriting standards at certain third-party consumer finance companies.

Astra Otoparts, the group's 96%-owned component manufacturing business, reported a net income of US$82 million, an increase of 2%. The 13% increase in revenue, which was mainly in respect of original equipment manufacture and replacement markets, was largely offset by higher raw material and labour costs that could not be fully passed on to customers.

Financial Services

The aggregated amount financed through Astra's automotive-focused consumer finance operations, Federal International Finance, Astra Credit Companies and Toyota Astra Financial Services, grew by 3% to US$4.1 billion, including balances financed through joint bank financing without recourse. The aggregate amount financed through Astra's heavy equipment-focused finance operations, Surya Artha Nusantara Finance and Komatsu Astra Finance, grew by 12% to US$624 million.

Astra's 45%-held joint venture, Bank Permata, reported net income of US$118 million, an increase of 16%, with growth in net interest income and fee-based income partly offset by higher operating costs. Group insurance company, Asuransi Astra Buana, recorded slightly higher earnings with strong growth in gross written premiums, partly offset by higher commissions and claims expenses.

Heavy Equipment and Mining 

United Tractors, which is 60%-owned, reported net income up 3% at US$478 million as net revenue rose 11%.

In the construction machinery business, net revenue decreased by 5% as sales of Komatsu heavy equipment fell 15% to 5,500 units, following a decline in mining sector demand due to the fall in coal prices, and increased competition from excess production redirected from the Chinese market. The effect was partly mitigated by strong spare parts and service revenue growth.

The mining contracting operations of subsidiary, Pamapersada Nusantara, reported a 26% improvement in net revenue as contract coal production increased 8% to 69 million tonnes and contract overburden removed rose 8% to 634 million bcm.

While United Tractors' mining subsidiaries reported an increase in net revenue of 28%, with coal sales increasing 41% to 4.5 million tonnes, a decline in average prices and increased fuel costs negatively impacted gross profit margins. United Tractors and its subsidiaries own interests in 9 coal mines with combined reserves estimated at 380 million tonnes.

Agribusiness

Astra Agro Lestari, which is 80%-held, reported net income for the first nine months of US$179 million, 10% down. While average crude palm oil prices achieved were marginally lower compared with the same period last year, palm oil production increased 11% to 1 million tonnes, leading to an 8% increase in revenue. However, net income fell owing to higher production costs and operating expenses.

Infrastructure and Logistics

The net income from infrastructure and logistics fell by 2% to US$50 million, as 2011 benefited from the reversal of a tax provision, excluding which net income rose 22%.

The 72.5 km Tangerang-Merak toll road operated by 79%-owned Marga Mandalasakti reported a 16% increase in traffic volume in the first nine months to 28 million vehicles on higher average tariffs. The group's 95%-owned greenfield 40.5 km Kertosono-Mojokerto toll road, which was acquired in late 2011, remains under construction and is expected to be completed in 2013, subject to the timely completion of land acquisitions.

PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, increased its sales volume by 4% to 118 million cubic metres.

Serasi Autoraya's improved profit was supported by a 19% increase in vehicles under contract at its TRAC car rental business to over 31,000 units.

Information Technology

Astra Graphia, 77%-owned, which is active in the area of information technology solutions and is the sole distributor of Fuji Xerox equipment in Indonesia, reported net income of US$11 million, up 16%.

Other Motor Interests

The contribution from the Group's other motor interests grew by 2% to US$44 million. The Singapore vehicle market fell following a reduction in the Government quota for new vehicles. The Singapore motor operations achieved an increase in profit through higher sales of Mercedes-Benz passenger cars and used cars. In Malaysia, Cycle & Carriage Bintang reported a lower profit due to intense competition in the premium car segment. In Indonesia, Tunas Ridean continued to benefit from the strong domestic demand with higher earnings reflected across its automotive, vehicle rental and finance businesses. The motor vehicle market in Vietnam contracted by 31% in response to a weak economy and poor consumer sentiment, while Truong Hai Automotive Corporation's contribution fell sharply due to a 25% reduction in unit sales, alongside high interest expenses.

Outlook

The Group's good result for the first nine months of the year has been driven primarily by Astra's strong car sales. Slowing demand in Astra's heavy equipment business reflects weakening coal prices, while a recent fall in crude palm oil prices is also affecting profitability. Outside Indonesia, the Group's other motor interests, particularly in Vietnam, continue to face difficult trading conditions. Overall, however, Jardine Cycle & Carriage is expected to produce a satisfactory result for the full year.

Ben Keswick

Chairman

31st October 2012

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 nine months ended 30th September 2012 to be false or misleading in any material respect.

On behalf of the Directors

Ben Keswick

Director

Hassan Abas

Director

31st October 2012

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