Jardine Strategic : Infographic - Progress towards Simplification of Jardine Matheson Parent Company and Acquisition of Jardine Strategic

Progress towards simplification

Following the announcement on 8 March 2021 that Jardine Matheson planned to acquire the 15% of Jardine Strategic that it does not already own, Jardine Strategic shareholders approved the transaction on 12 April 2021 with 92% of shares voted in favour.The acquisition paves the way for the next step in the simplification of our ownership structure and creates value for all our shareholders.

The Acquisition Price of $33.00 is fair and reasonable and represents a 29% premium to the one month VWAP.

8 February 2021

Acquisition Price $33.00

9 April 2021

	Jardine Strategic	+29%
Announcement	share price
8 March 2021
	VWAP (one month ended 5 March 2021)	$25.58

Significant benefits:

• Streamline the Group's parent company structure to allow for a more transparent ownership model
• Deliver a material enhancement in the Group's earnings per share and supporting the Group's dividend-paying capacity
• Increase the Group's financial and operational flexibility by removing the cross-holding structure

*VWAP = Volume-weighted average closing price

Fair value for both sets of shareholders	Trading surge in Jardine Strategic
Similar value uplift compared to	driven by hedge fund interest
VWAP (one month ended 5 March 2021):

+29%	+21%	42.7%
Jardine Strategic	Jardine Matheson	Shares traded since
offer price	share price, 9 April 2021	announcement
		as % of free float

4.4%	Shares traded
over same period

on average in last 3 years