Jardine Matheson : Analyst presentation

Creating long-term,sustainable value

Presentation to Analysts

Annual Results 2023

8 March 2024

Cautionary statement

Disclaimer:

Your accessing of this document indicates your understanding, agreement to and acceptance, of this disclaimer notice and the full terms and conditions contained herein.

Not for release, presentation, publication, or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

This document is for information purposes only and is not intended to form the basis of any investment decision. It is not and does not constitute part of any offer, inducement, solicitation or invitation for the sale, purchase, acquisition, disposal or subscription in respect of the Group or any company or interest comprised in or securities of the Group or the solicitation of any vote or approval in any jurisdiction and neither this document nor its contents shall form the basis of any contract. No shares are being offered to the public by means of this document. Furthermore, it should not be treated as giving investment, financial, legal, accounting, business, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs or any recipient. No statement in this document is intended as a profit forecast or estimate for any period.

Recipients should inform themselves about, and observe any applicable legal or regulatory requirements in relation to, the distribution or possession of this document. This document does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate the Group or its business or prospects. No representation or warranty, express or implied, is given with respect to and no reliance should be placed upon the accuracy, fairness, correctness or completeness of this document or its contents, nor as to reasonableness of any assumption contained herein. None of the Group, nor its directors, officers, employees, representatives, partners, agents or advisers shall have any liability whatsoever (in negligence or otherwise or in respect of any direct or indirect consequential loss or damage) in relation to the distribution or possession of this document in any jurisdiction, nor for any loss howsoever arising from any use of this material or otherwise arising in connection with this document. In all cases, interested parties should conduct their own investigation and analysis of the Group and the data contained in this document (including consulting their own advisers).

To the extent available, the industry, market and competitive data contained in this document has come from official third-party sources. Third party industry publications, surveys and studies generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Group believe that each of the publications, studies and surveys has been prepared by a reputable source, the Group has not independently verified the data contained therein. In addition, certain of the industry, market and competitive data contained in this document are sourced from the internal research and estimates of the Group based on the knowledge and experience of the Group's management. While the Group believes that such research and estimates are reasonable and reliable, they and their underlying methodology and assumptions have not been verified by any independent source for accuracy and completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive data contained in this document.

In furnishing this document, the Group undertakes no obligation to provide any additional information or to update or revise this document or any additional information or to correct any inaccuracies which may become apparent.

Forward-looking statements

This document (including information incorporated by reference in this document), oral statements made by or on behalf of the Group, and other information published by or on behalf of the Group may contain statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which the Group shall operate in the future.

The forward-looking statements contained in this document relate to the Group's future prospects, developments and business strategies and other statements other than historical facts. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions.

By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that shall occur in the future, including changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or disposals. If any one or more of these risks or uncertainties materialises or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward-looking statements should therefore be construed in the light of such factors.

Neither the Group, nor any of the Group's directors, officers, employees, representatives, partners, agents or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document shall actually occur. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements.

The forward-looking statements speak only at the date of this document. All subsequent oral or written forward- looking statements attributable to the Group or any of the Group's directors, officers, employees, representatives, partners, agents or advisers, are expressly qualified in their entirety by the cautionary statement above.

The Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document or any other forward-looking statements they may make whether as a result of new information, future developments or otherwise.

Terminology

For the purposes of this disclaimer: (i) "Group" means Jardine Matheson Holdings Limited and its subsidiaries and affiliates; and (ii) "document" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by the Group in connection with this document.

2

Agenda

Introduction

Financial Performance and Review

Group Businesses Performance

Outlook

Overview

Diversified portfolio of quality businesses

4%

6%

7%

8% Jardine Motor Interests

9%

22%

44%

Leveraging the growing prosperity of Asia

7%	Rest of the World

37% China

56%	South East Asia

2023 Underlying profit contribution by business	2023 Underlying profit contribution by geography	4

Enhancing leadership & entrepreneurialism

Leadership appointments

Portfolio CEOs

• Scott Price (DFI Retail)
• Laurent Kleitman (Mandarin Oriental)
• Michael Smith (Hongkong Land)
• Elton Chan (Jardine Pacific)

Independent NEDs on JMH Board

• Janine Feng and Keyu Jin appointed
• JMH Board now 50% independent

People

• Group-wideleadership development
• 5-yeargender diversity target

Scott Price		Michael Smith		Janine Feng

Laurent Kleitman		Elton Chan		Keyu Jin

5

Evolving our Group portfolio

Strategic investments in SEA

Astra

• Nickel mining and processing investments (Stargate Pasific, Stargate Mineral, Nickel Industries)
• increased interests in
• • renewables (Supreme Energy)
  • healthcare (Halodoc)

JC&C - increased interests in THACO &

REE

Portfolio simplification

• Group - Greatview, Jardine Motors UK & Jardine Aviation Services disposals
• DFI Retail - Malaysia Grocery sale
• Mandarin Oriental - two hotel sales, retaining management contracts

6

Driving innovation & operational excellence

Driving greater efficiency and productivity

• HACTL enhanced robotics
• DFI Retail transformation programme
• MO Guest Experience Programme
• Global Business Services

Driving innovation

• Astra digital banking JV (Bank Saqu)
• Astra acquires OLX
• JC&C enters partnership with Carro

Inorganic growth in digital economy

• Astra partnership with Equinix for Indonesian data centres

7

ESG ratings improving, ahead of relevant benchmarks

Higher score = improvement	Lower score = improvement	Most comprehensive real estate sustainability
		rating

JM

JC&C

Astra

HKL

22

19

18

5

2020

Latest industry average

71	17.3			HKL:
	20.1
	22.9	•	Global Sector Leader 2023
52				• Five-Star Ratings 2023
			• Top 20% globally
		32.8
41	32.3
		Development
	33.4
39	38.2
		construction of new projects

		42.9						JM	98/100 (2022 : 86/100)
								JC&C	Standing investments
		49.9						Astra
							HKL	operating assets
		54						DFI	91/100 (2022 : 91/100)
	2023	2021	2022		2023
JM, JC&C, Astra	HKL		JM, JC&C, Astra	HKL			DFI
Latest
28	23
industry		41.7	17.3	23.1
(conglomerate)	(real estate)	average	(conglomerate)	(real estate)		(food retail)	8

Embedding sustainability

Leading Climate Action

• SBTi validation for HKL, DFI, Gammon and HACTL Scope 1-3 targets
• Scope 1 & 2 decarbonisation pathways in all subsidiaries
• Sustainability included in capital allocation decision-making

Driving Responsible

Consumption

• Cross-businessactions to reduce & re- use waste
• Increased focus on biodiversity

Shaping Social Inclusion

• Continued focus on education and health
• Accelerated momentum in volunteering

9

Financial Performance and Review