Interim Results - Part 1

Jardine Matheson Hldgs Ld
30 July 2003



To:  Business Editor                        30th July 2003
                                            For immediate release

The following announcement was today issued to the London Stock Exchange.

Jardine Matheson Holdings Limited
Interim Report 2003

Highlights

-    Underlying earnings per share increase 16%
-    Hongkong Land property values decline 15%
-    Good performances from Dairy Farm and JLT
-    Mandarin Oriental results impacted by SARS
-    Astra posts strong results

'Jardine Matheson's businesses are generally performing
well after a challenging first half, and while the
remainder of the year is unlikely to see any improvement
in Hongkong Land's key property markets we would expect to
see continuing progress elsewhere in the Group.'

Henry Keswick, Chairman
30th July 2003




  The Group's financial statements are prepared under
  International Financial Reporting Standards ('IFRS'),
  which do not permit leasehold interests in land to be
  carried at valuation.  This treatment does not reflect
  the generally accepted accounting practice in the
  territories in which the Group has significant leasehold
  interests, nor how management measures the performance
  of the Group.  Accordingly, the Group has presented
  supplementary financial information prepared in
  accordance with IFRS as modified by the revaluation of
  leasehold properties in addition to the IFRS financial
  statements.  The figures included in the highlights
  above, the Chairman's Statement and Operating Review are
  based on this supplementary financial information unless
  otherwise stated.

The interim dividend of USc7.80 per share will be payable
on 15th October 2003 to shareholders on the register of
members at the close of business on 22nd August 2003 and
will be available in cash with a scrip alternative.  The
ex-dividend date will be on 20th August 2003, and the
share registers will be closed from 25th to 29th August
2003, inclusive.


Jardine Matheson Holdings Limited
Interim Report 2003

Overview

The  Group's businesses faced a broad range of  challenges
in  the  first  half  of 2003, most notably  the  economic
impact of the SARS outbreak on a number of Asian countries
and  the  war  in  Iraq dampening an already  poor  global
business  environment.  In response, Jardine Matheson  was
able  to  maintain  a  strong earnings performance,  again
highlighting the Group's fundamental strength in terms  of
the quality and breadth of its businesses.

Performance

The  Company  achieved underlying earnings  per  share  of
USc33.38  in the first six months of 2003, a 16%  increase
over  the  comparable  period in  2002.    Underlying  net
profit for the period rose 12% to US$122 million.

Dairy  Farm  reported  strong  growth  with  most  of  its
businesses   achieving   improved   earnings.    Cycle   &
Carriage's profit largely reflected a good result from its
Indonesian affiliate, Astra, and its contribution to Group
earnings  was  enhanced  by the increase  in  the  Group's
shareholding late last year.  Hongkong Land, however,  saw
a   reduction   in  profit,  and  Mandarin  Oriental   was
materially   impacted   by  the   severe   disruption   in
international  travel.   Jardine  Pacific's  profit   also
declined  as  a number of its businesses were affected  by
the  poor  economic  environment in  Hong  Kong.   Jardine
Motors did well to produce a modestly higher contribution,
while  Jardine  Lloyd Thompson enjoyed another  period  of
strong earnings growth.

A  15%  reduction in the value of Hongkong Land's property
portfolio  was  recorded for the half year reflecting  the
weakness   in   the  Hong  Kong  property   market.     As
International  Financial Reporting Standards  require  the
changes   arising   on  the  revaluation   of   investment
properties  to  be  taken  through  the  profit  and  loss
account,  rather  than  directly to reserves,  a  non-cash
deficit  of  US$310 million has been set  against  profit.
This  was  the principal reason for a net loss  of  US$200
million being recorded for the period.

An  unchanged  interim dividend of USc7.80 per  share  has
been declared.

Business Developments

In  an  active  first  half,  Group  companies  have  been
pursuing a wide range of business initiatives designed  to
expand  their  core operations and lay the groundwork  for
future  profitability.  The period also saw  many  of  our
businesses responding effectively to the SARS outbreak  by
introducing measures to protect the interests of customers
and  employees  while  taking steps to  reduce  costs  and
mitigate risk.

A  key feature of the period was the good progress made in
structuring our Southeast Asian interests.  Astra's rights
issue  in  January allowed the company to reduce its  debt
burden,  and  its  proposed sale of the  majority  of  its
interest  in  an  Indonesian  manufacturing  venture  with
Toyota  will  provide further resources.  The  significant
success  that  has  been  achieved  in  restoring  Astra's
balance sheet should enable the company to recommence  the
payment  of  dividends.  Cycle & Carriage  has  taken  its
stake  in  Astra  to  over 35% and is now  itself  seeking
further equity by way of a S$246 million rights  issue,
supported  by Jardine Strategic, to replace  part  of  the
debt used to fund this successful investment.

Against  a  background of falling demand and  new  supply,
Hongkong  Land has seen continued negative rent reversions
and  a  further  decline in the value  of  its  Hong  Kong
investment  properties.   Effective  portfolio  management
has,  however, enabled it to gain market share  and  bring
its occupancy level back above 90%.  Hongkong Land remains
committed to the upgrading of its portfolio, and its plans
to   enhance   the   Landmark  complex   are   proceeding.
Elsewhere,   its   new   development   in   Singapore   is
progressing, and will form part of the city's planned  new
financial centre.  In Beijing, sales of apartments in  the
first phase of Central Park have gone well, and there  are
plans to launch the second phase later in the year.

Dairy Farm is performing well with improved earnings  from
most  of its businesses, although its Hong Kong restaurant
joint  venture  was  impacted by SARS.   Steady  expansion
continued  through  organic growth and acquisitions,  most
recently  in Taiwan, Malaysia and Indonesia.  The  company
is  maintaining  a strong cash flow and, in  view  of  its
surplus  liquidity, the decision has been taken to  return
value  to  shareholders through the payment of  a  special
dividend.

Mandarin  Oriental was severely impacted by the  reduction
in travel caused by the outbreak of SARS in Asia and, to a
lesser  extent, the Iraq war.  Despite measures  taken  to
reduce  costs  and defer capital expenditure  a  loss  was
recorded for the period.  The loss was mitigated  in  part
by  an  initial  payment  under a  SARS  related  business
interruption insurance policy, and the company may benefit
from  further  payments  in  the  second  half.   Mandarin
Oriental's development plans have progressed with  further
management contracts in Boston and Hong Kong.  Its two new
hotels  in  the United States are in the final  stages  of
development.

Jardine  Motors  Group has settled into  its  new  trading
relationships with Mercedes-Benz in its key markets in the
United  Kingdom and Hong Kong, albeit at lower  levels  of
profitability.  In the United Kingdom, the rationalization
of its various dealership interests is almost complete and
the  group is now seeking to expand those areas which show
the greatest scope for profitable growth.

Jardine   Lloyd  Thompson  continues  to  demonstrate   an
excellent  level  of  activity in  the  insurance  broking
sector  as  it  capitalized on opportunities  to  increase
market  share  and  develop  new  revenue  streams.   Good
results were achieved by Risk & Insurance, reflecting  the
ability  to  win new business and maintain high  retention
levels.  Its Employee Benefits Group also made encouraging
progress.

Many of Jardine Pacific's operations were affected by  the
current  challenges  facing  Hong  Kong.   The  structural
economic  changes  taking place  in  Hong  Kong,  however,
should enable it to continue to compete effectively  as  a
regional  business centre and Jardine Pacific's businesses
are  well placed to benefit from the significant potential
offered by the rapidly developing Pearl River Delta.

Outlook

In  conclusion, the Chairman, Henry Keswick said, 'Jardine
Matheson's businesses are generally performing well  after
a  challenging first half, and while the remainder of  the
year is unlikely to see any improvement in Hongkong Land's
key  property  markets we would expect to  see  continuing
progress elsewhere in the Group.'

Operating Review

Jardine Pacific

Jardine  Pacific  produced an underlying profit  of  US$26
million   in   the   first  half,  down   27%.     Reduced
contributions   from  the  engineering  and   construction
businesses were the main reason for the decline,  but  the
poor  economic  climate, particularly in Hong  Kong,  also
affected a number of the other businesses.

Gammon Skanska's profit declined by 78% in the face of the
weakest  construction market in Hong Kong for some  years,
particularly in the building sector.  A recent increase in
work-in-hand   is,   therefore,   encouraging.     Jardine
Engineering  Corporation also experienced  lower  business
volumes  and  a  disappointing result in Taiwan.   Jardine
Schindler's   order   intake  held   up   well,   although
maintenance  earnings came under pressure, and  two  small
acquisitions  in  South  Korea  have  re-established   its
business there.

Hactl  reported  a  4% growth in cargo throughput  in  the
first  half  as  export  sales remained  strong.   Jardine
Aviation  was impacted by the sharply reduced air  travel,
and  the effect is also likely to dampen its profitability
in  the  second  half.   Jardine Shipping  benefited  from
stronger cargo rates.

Jardine  OneSolution's business is being  restructured  to
focus  on  higher  margin sectors in response  to  falling
levels   of   corporate  technology   spending.    Jardine
Restaurants  has  sold  a  number of  smaller  operations,
including Ruby Tuesday and Oliver's Super Sandwiches,  and
is concentrating on its Pizza Hut franchises.

EastPoint  property  management grew  earnings  against  a
background  of  continuing pressure on  margins.   Pacific
Finance  was  held  back by doubtful debt  provisions  and
intense competition in the consumer finance market,  while
Jardine  Property Investment saw a further small  fall  in
rentals.   Most  Other Interests had  a  reasonable  first
half.

Central overheads rose due to higher pension costs,  while
finance   costs  benefited  from  lower  interest   rates.
Jardine  Pacific's portfolio was refined further with  the
sale  of  its 20% interest in UMF (Singapore) and its  25%
interest  in  Riche  Monde  (Greater  China)  to  existing
shareholders.    The  merger  of  Jardine  Logistics   and
BALtrans  was  completed in January with  Jardine  Pacific
retaining a 20% stake in the enlarged company.

Jardine Motors Group

Jardine Motors Group maintained its underlying net  profit
at   US$21  million  for  the  first  half  of   2003;   a
satisfactory performance in difficult circumstances.   The
new  Mercedes-Benz  franchise arrangements  introduced  in
Hong  Kong in July 2002 had a negative effect on  results,
and  local trading conditions were also adversely affected
by   the  outbreak  of  SARS  and  an  increase  in  first
registration  tax  rates.  By starting  the  year  with  a
strong  order  book Zung Fu was able to achieve  increased
passenger  car deliveries and a higher market  share,  but
its   margins   were  under  pressure.   Its   after-sales
performance remained strong.  The recent decision in  Hong
Kong  to  moderate the increase in the first  registration
tax rates to help stimulate demand should benefit Zung  Fu
in  the  second  half.   In Southern  China  there  was  a
positive  contribution from the Mercedes-Benz distribution
joint  venture, and Zung Fu achieved improvements  in  its
service centre network.

In   the  United  Kingdom,  Lancaster's  performance   was
adversely  affected by the reorganization of the Mercedes-
Benz dealer network, although the impact was cushioned  by
reduced  overhead expenses.  The results  from  the  Polar
Motor Group joint venture with Ford were maintained  at  a
similar  level  to  last year despite strong  competition,
while   the  Appleyard  Vehicle  Contracts  leasing  joint
venture produced an improved contribution.  In the  United
States  a resilient import market led to enhanced  results
from  Hawaii  and  Beverly Hills for the period.   Jardine
Motors  Group is now seeking opportunities to  expand  its
core franchises in the United Kingdom.

Jardine Lloyd Thompson

Jardine  Lloyd  Thompson  ('JLT')  continued  its   strong
performance  in  the  first  half  of  2003  and  achieved
brokerage  and  fees of £216 million, up 11%,  and  profit
before  tax  (excluding  exceptional  items  and  goodwill
amortization) under United Kingdom accounting standards of
£59  million,  up 16%.  The Risk & Insurance and  Employee
Benefits businesses have both been active, and the trading
outlook for each is encouraging with opportunities for JLT
to increase market share and develop new revenue streams.

The  Risk  &  Insurance Group, comprising JLT's  worldwide
insurance  and  reinsurance  broking  and  risk   services
activities,  had a strong start to the year with  turnover
increasing  by 14% to £178 million (15% at constant  rates
of  exchange), reflecting continued organic growth and new
business.   While  there  are  signs  of  insurance  rates
softening in certain sectors, activity levels remain  high
and the trading outlook remains favourable for JLT.

The  Employee  Benefits  Group, comprising  JLT's  pension
administration,     outsourcing,    employee     benefits,
consultancy and United States group marketing, claims  and
benefits administration activities, made good progress  in
the  first half.  While turnover, at £38 million  for  the
period, was only up 1% (5% at constant rates of exchange),
the  underlying  growth was 8%, excluding  the  effect  of
pensions  review work in the United Kingdom which  is  now
substantially  at an end.  The prospects for  the  pension
consulting  and  administration  business  in  the  United
Kingdom  were enhanced by Government pension reforms.   In
the  United States, where good opportunities exist to grow
the    product   marketing   and   claims   and   benefits
administration   operations,  a  re-engineering   of   the
business was undertaken to enhance margins.

Hongkong Land

Hongkong  Land recorded an underlying net profit  for  the
six months of 2003 of US$84 million, a  reduction of 13% as
negative rental reversions led to a further  decline in net
income from properties. At  30th June  2003,a net revaluation
deficit  of  some  US$952million was recorded, representing
a 15% reduction in  thevalue  of  the property portfolio during
the period. TheHong  Kong  office  market  is experiencing
a  period  of negative  net  demand and the completion of
new  buildings has created further downward pressure on rents.
There wasactivity   in   the   market  due  to  consolidation
andrelocation,  and  Hongkong Land was able to  increase  its
committed   occupancy  to  over  90%   by   attracting   a
significant   proportion  of  relocating   tenants.    New
developments will continue to put pressure on  values  and
rents  in the second half, and Hongkong Land is to  remain
focused on maintaining a high level of occupancy.

Construction is underway of its joint-venture  development
in Singapore, One Raffles Quay, and the prime location was
underscored  by  the  Singapore authorities'  announcement
that  the  new Business and Financial Centre of  the  city
will  be focused in the Marina Boulevard area.  Phase  one
of  Hongkong Land's residential joint venture in  Beijing,
Central  Park,  has now been substantially  sold  and  the
second phase is being planned.

Hongkong Land is reducing its infrastructure portfolio and
minimizing further investment.  It has agreed to sell most
of  its  stake in China Water Company, realizing  a  small
profit,  and Central China Power has been liquidated.   In
Hong  Kong,  completion of CT9 is due in  2004  when  Asia
Container  Terminals, in which Hongkong Land has  a  28.5%
stake, will exchange its interest for two berths in CT8.

Dairy Farm

Dairy Farm's underlying net profit for the period rose 47%
to  US$44 million as its major businesses performed  well,
with   the  exception  of  restaurant  associate  Maxim's.
Underlying earnings per share, enhanced by the  effect  of
share  repurchases,  increased 65%.  Dairy  Farm  is  well
positioned  to build on its recent good results,  but  the
overall  prospects  for 2003 should be  viewed  against  a
background  of  the uncertain economic  environment.   The
company is maintaining a strong cash flow and, in view  of
its  surplus liquidity, has taken the decision  to  return
value  to  shareholders through the payment of  a  special
dividend.

Dairy  Farm's  Southeast Asian operations continued  their
strong  performance.  In Malaysia, the  expansion  of  the
Giant  business made progress with the acquisition  of  34
supermarkets,   and  coverage  was  extended   into   East
Malaysia.    All  the  major  Singapore-based   businesses
performed  well despite the difficult economic conditions.
Its  Indonesian  associate, Hero, was affected  by  strong
competition,  but  acquisitions and the  roll-out  of  the
Giant  hypermarket concept should enhance results  in  the
medium-term.

In  Hong  Kong, Wellcome continued to improve and Mannings
achieved  further  earnings growth, but  7-Eleven's  sales
were disappointing.  Maxim's was most severely affected by
the  SARS  outbreak and saw profits fall by 47%, but  some
recovery  is  possible in the second  half.   In  Southern
China,  the  7-Eleven  chain has  grown  to  147  outlets.
Wellcome  Taiwan also performed strongly,  and  the  store
network  was  expanded  through  acquisition.    The  IKEA
business in Hong Kong and Taiwan is proceeding broadly  in
line  with  plan, while in South Korea, the 50%  associate
Olive Young is developing its health and beauty chain with
encouraging results.

Mandarin Oriental

Mandarin  Oriental  suffered badly from the  unprecedented
low  occupancy levels in Asia due to the outbreak of SARS.
In  the United States and Europe travel patterns were also
disrupted  by  the  hostilities in Iraq  and  the  overall
economic  uncertainty.   Mandarin  Oriental  responded  by
reducing  costs  and  by  deferring  capital  expenditure.
There  was  a net loss for the half year of US$6  million,
after a business interruption insurance initial payment of
US$2.5  million received in respect of losses suffered  at
its  Hong  Kong hotels due to the outbreak of SARS.   This
compares  with a net profit of US$12 million in the  first
half of 2002, which included a US$5 million write-back  of
development costs.

As  well as the collapse in visitor arrivals in Hong  Kong
most  of  the  group's  other Asian hotels  also  suffered
significant decreases in occupancy levels, particularly in
Singapore   and  Bangkok.   Overall  the  group's   hotels
performed  in  line with their respective  markets,  other
than  London, where Mandarin Oriental Hyde Park  performed
well  against  its competitors, and Miami  where  Mandarin
Oriental achieved higher occupancy and rate levels.  Hotel
occupancy levels in Asia have started to recover,  and  in
Europe  and  the  United  States  there  is  an  improving
sentiment  among  travellers.  Nevertheless,  the  overall
economic environment remains uncertain making it difficult
to predict the timing and extent of any sustained recovery
for  Mandarin  Oriental, but the second half  may  benefit
from further SARS related insurance recoveries.

Mandarin Oriental's development strategy remains on  track
with New York to open in late 2003 and Washington D.C.  in
spring  2004, and good progress being made in Tokyo.   The
group  has  also  announced management contracts  for  new
hotels in Boston and Hong Kong.

Cycle & Carriage

Cycle & Carriage recorded a good result for the six months
to  30th  June 2003, with underlying profit after tax  and
minorities of S$162 million, 21% above the previous  first
half.    Astra was the most significant source of  profit,
contributing  S$112 million, an increase  of  15%.   Astra
benefited   from   the  stable  economic  environment   in
Indonesia during the period and achieved steady  sales  in
its  motor  operations  and improved trading  performances
from its other businesses.

Cycle  &  Carriage's  Singapore motor operations  produced
increased earnings of S$17 million, up 93%,  but  overall
earnings  from  motor  operations declined 28% to S$19 million
due to a reduced contribution from  its Malaysian affiliate
following the change in  its relationship  with Mercedes-Benz
and to  losses  from  its Hyundai operation in Australia.

The  residential property market in Singapore weakened  in
the first half, and investment properties saw pressure  on
both  occupancy  levels and rental rates.  The  underlying
contribution  from  property, however, increased  to  S$18
million  as MCL Land benefited from a high level of  sales
achieved prior to the current downturn.

Astra's  rights  issue  in January  generated  some  S$280
million  in funds, which were used for debt reduction  and
investment and working capital needs.  A recent  agreement
with  Toyota  Motor  Corporation for  Astra  to  sell  the
majority  of  its  interest  in the  Toyota  manufacturing
operations  in  Indonesia will contribute a further  S$395
million.   The progress made in restoring Astra's  balance
sheet has positioned the company to recommence the payment
of dividends.

Cycle & Carriage's shareholding in Astra is now over  35%,
acquired at a cost of S$831 million financed  from  internal
resources  and  debt. Cycle  & Carriage considers its resulting
level of consolidated net debt of some S$778 million to be
too high, and believes it to be an opportune time to finance
a greater proportion of the  investment in this important
associate with permanent capital. Cycle  & Carriage has,
therefore,  announced  a rights  issue to raise S$246
million, which  Jardine Strategic is fully supporting.

------------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Profit and Loss Account
------------------------------------------------------------------------------------------------------
                                                                 Prepared in accordance with IFRS
                                                                    as modified by revaluation of
Prepared in accordance with IFRS                                             leasehold properties*
    Year                                                                                     Year
   ended        (unaudited)                                                  (unaudited)    ended
    31st  Six months ended                                             Six months ended      31st
December         30th June                                                    30th June  December

    2002      2002    2003                                                2003     2002      2002
    US$m      US$m    US$m   Note                                         US$m     US$m      US$m
---------------------------                                           ----------------------------
   7,398     3,735   4,201      2  Revenue                               4,201    3,735     7,398
  (5,500)   (2,777) (3,254)        Cost of sales                        (3,253)  (2,777)   (5,499)
  -------  -------  -------                                            -------   -------   -------


   1,898       958     947         Gross profit                            948      958     1,899
     162        29      43         Other operating income                   43       29       162
  (1,243)     (641)   (634)        Selling and distribution costs         (634)    (641)   (1,242)
    (463)     (229)   (222)        Administration expenses                (222)    (229)     (463)
     (73)      (29)    (29)        Other operating expenses                (29)     (28)      (80)
                                   Net profit on disposal of Woolworths
     231       225       -         in Dairy Farm                             -      225       231
  -------  -------  -------                                            -------   -------   -------

     512       313     105      3  Operating profit                        106      314       507
    (117)      (60)    (60)        Net financing charges                   (60)     (60)     (117)

  -------  -------  -------                                            -------   -------   -------
                                   Share of results of associates
                                   and joint ventures excluding
                                   decrease in fair value of
     339       153     222         investment properties                   249      185       389
                                   Decrease in fair value
      (9)       (3)      -         of investment properties               (396)    (251)     (413)
  -------  -------  -------                                            -------   -------   -------
                                4  Share of results of associates
     330       150     222         and joint ventures                     (147)     (66)      (24)
  -------  -------  -------                                            -------   -------   -------

     725       403     267         Profit/(loss) before tax               (101)     188       366
    (129)      (68)    (83)     5  Tax                                     (83)     (68)     (130)
  -------  -------  -------                                            -------   -------   -------

     596       335     184         Profit/(loss) after tax                (184)     120       236
    (244)     (140)    (96)        Outside interests                       (16)     (88)     (162)
  -------  -------  -------                                            -------   -------   -------

     352       195      88         Net profit/(loss)                      (200)      32        74
  =======  =======  =======                                             =======   =======  =======

---------------------------                                           ----------------------------
     USc       USc     USc                                                 USc      USc       USc
---------------------------                                           ----------------------------

                                6  Earnings/(loss) per share
   93.74     51.66   24.13         - basic                              (54.46)    8.48     19.60
   93.10     51.48   23.98         - diluted                            (54.46)    8.45     19.47
                                6  Underlying earnings per share
   62.82     26.83   30.84         - basic                               33.38    28.82     67.40
   62.39     26.74   30.64         - diluted                             33.16    28.72     66.94
---------------------------                                           ----------------------------

* The basis of preparation of this supplementary financial information is set out in note 1.


------------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Balance Sheet
------------------------------------------------------------------------------------------------------
                                                                     Prepared in accordance with IFRS
                                                                       as modified by  revaluation of
Prepared in accordance with IFRS                                                 leasehold properties*

 At 31st      (unaudited)                                                       (unaudited)   At 31st
December    At 30th June                                                      At 30th June   December
    2002    2002    2003                                                      2003    2002       2002
    US$m    US$m    US$m                                                      US$m    US$m       US$m
---------------------------                                              ----------------------------
                                      Net operating assets
       4      21      63              Goodwill                                  63      21          4
   1,411   1,288   1,436              Tangible assets                        2,195   2,038      2,171
     268      14     260              Investment properties                    401     164        411
     484     458     493              Leasehold land payments                    -       -          -
   2,300   2,018   2,415              Associates and joint  ventures         2,778   2,940      3,027
     509     959     640              Other investments                        640     959        509
      31      18      34              Deferred tax assets                       34      18         31
      89      91      84              Pension assets                            84      91         89
      13       -      15              Other non-current assets                  15       -         13
 -------  -------  -------                                                 -------   -------   -------

   5,109   4,867   5,440              Non-current assets                     6,210   6,231      6,255
 -------  -------  -------                                                 -------   -------   -------
     285       -     344              Properties for sale                      344       -        285
     894     589     811              Stocks and work in progress              811     589        894
     682     561     562              Debtors and prepayments                  562     561        682
      12      10      11              Current tax assets                        11      10         12
   1,273   1,101   1,077              Bank balances and other liquid funds   1,077   1,101      1,273
 -------  -------  -------                                                 -------   -------   -------
   3,146   2,261   2,805              Current assets                         2,805   2,261      3,146
 -------  -------  -------                                                 -------   -------   -------
  (1,712) (1,441) (1,492)             Creditors and accruals                (1,492) (1,441)    (1,712)
    (580)   (255)   (577)             Borrowings                              (577)   (255)      (580)
     (52)    (34)    (49)             Current tax liabilities                  (49)    (34)       (52)
     (45)    (27)    (46)             Current provisions                       (46)    (27)       (45)
 -------  -------  -------                                                 -------   -------   -------
  (2,389) (1,757) (2,164)             Current liabilities                   (2,164) (1,757)    (2,389)
 -------  -------  -------                                                 -------   -------   -------
 -------  -------  -------                                                 -------   -------   -------

     757     504     641              Net current assets                       641     504        757
  (2,282) (2,187) (2,386)             Long-term borrowings                  (2,386) (2,187)    (2,282)
     (65)    (55)    (67)             Deferred tax liabilities                 (80)    (62)       (78)
     (13)    (15)    (13)             Pension liabilities                      (13)    (15)       (13)
     (24)     (9)    (29)             Non-current provisions                   (29)     (9)       (24)
     (30)    (36)    (39)             Other non-current  liabilities           (39)    (36)       (30)
 -------  -------  -------                                                 -------   -------   -------

   3,452   3,069   3,547                                                     4,304   4,426      4,585
 =======  =======  =======                                                 =======  =======    =======

                                      Capital employed
     153     154     153              Share capital                            153     154        153
       -       -       1              Share premium                              1       -          -
   2,694   2,744   2,823              Revenue and other reserves             3,217   3,568      3,376
    (670)   (650)   (670)             Own shares held                         (670)   (650)      (670)
 -------  -------  -------                                                 -------   -------   -------

   2,177   2,248   2,307              Shareholders' funds                    2,701   3,072      2,859
   1,275     821   1,240              Outside interests                      1,603   1,354      1,726
 -------  -------  -------                                                 -------   -------   -------
   3,452   3,069   3,547                                                     4,304   4,426      4,585
 =======  =======  =======                                                 =======  =======    =======
---------------------------                                                ----------------------------

* The basis of preparation of this supplementary financial information is set out in note 1.


------------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Statement of Changes in Shareholders' Funds
------------------------------------------------------------------------------------------------------
                                                                    Prepared in accordance with IFRS
                                                                       as modified by revaluation of
Prepared in accordance with IFRS                                                leasehold properties*
    Year                                                                                        Year
   ended        (unaudited)                                                     (unaudited)    ended
    31st  Six months ended                                                Six months ended      31st
December         30th June                                                       30th June  December

    2002      2002    2003                                                   2003     2002      2002
    US$m      US$m    US$m   Note                                            US$m     US$m      US$m
---------------------------                                              ----------------------------


   2,027     2,027   2,177         At beginning of period                   2,859    3,013     3,013
 -------   -------  -------                                                -------  -------   -------
                                   Revaluation of properties
      22         1       -         - net revaluation surplus/(deficit)          -        1        (5)
      (5)        -       -         - deferred tax                               -        -        (5)
                                     Revaluation of other investments
     (98)       29      95         - fair value gains/(losses)                 95       29       (98)
                                   - transfer on change in  attributable
       5         -       -           interests                                  -        -         5
                                   - transfer to consolidated profit and loss
    (110)        -       -           account on disposal                        -        -      (110)
                                     Net exchange translation differences
      69        59      30         - amount arising in  period                 30       60        69
                                   - transfer to consolidated profit and loss
      46        14       3           account                                    3       14        46
                                   Cash flow hedges
     (14)       (6)      3         - fair value  gains/(losses)                 3       (6)      (14)
                                   - transfer to consolidated profit and loss
       6         3       3           account                                    3        3         6
 -------   -------  -------                                                -------  -------   -------

                                     Net gains/(losses) not recognized in
     (79)      100     134           consolidated profit and loss account     134      101      (106)
     352       195      88           Net profit/(loss)                       (200)      32        74
    (100)      (71)    (82)      7   Dividends                                (82)     (71)     (100)
       2         2       2           Exercise of share  options                 2        2         2
      21        15      16           Scrip issued in lieu of dividends         16       15        21
     (21)      (14)    (27)          Repurchase of shares                     (27)     (14)      (21)
       4         3      (1)          Change in attributable interests          (1)       3         5
     (29)       (9)      -           Increase in own shares  held               -       (9)      (29)
 -------   -------  -------                                                -------  -------   -------

   2,177     2,248   2,307           At end of period                       2,701    3,072     2,859
 =======   =======  =======                                                =======  =======   =======
---------------------------                                              ----------------------------

* The basis of preparation of this supplementary financial information is set out in note 1.

------------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Cash Flow Statement
------------------------------------------------------------------------------------------------------
                                                                    Prepared in accordance with IFRS
                                                                       as modified by revaluation of
Prepared in accordance with IFRS                                                leasehold properties*
    Year                                                                                        Year
   ended        (unaudited)                                                     (unaudited)    ended
    31st  Six months ended                                                Six months ended      31st
December         30th June                                                       30th June  December

    2002      2002    2003                                                   2003     2002      2002
    US$m      US$m    US$m   Note                                            US$m     US$m      US$m
---------------------------                                              ----------------------------
                                   Operating activities
 -------   -------  -------                                                -------  -------   -------
     512       313     105         Operating profit                           106      314       507
     167        84      78         Depreciation and amortization               77       83       165
    (264)     (204)     27         Other non-cash items                        27     (204)     (257)
     135        23      (4)        (Increase)/decrease in working capita       (4)      23       135
      18        11      13         Interest received                           13       11        18
    (126)      (68)    (67)        Interest and other financing charges paid  (67)     (68)     (126)
     (57)      (19)    (28)        Tax paid                                   (28)     (19)      (57)
 -------   -------  -------                                                -------  -------   -------

     385       140     124                                                    124      140       385
                                   Dividends from associates and joint
     209       119     118         ventures                                   118      119       209
 -------   -------  -------                                                -------  -------   -------
     594       259     242         Cash flows from  operating activities      242      259       594

                                   Investing activities
 -------   -------  -------                                                -------  -------   -------
    (343)     (194)   (217)   8(a) Purchase of subsidiary undertakings       (217)    (194)     (343)
     (68)      (19)    (93)   8(b) Purchase of associates and joint ventures  (93)     (19)      (68)
                                   Repayment of amounts due to associates
       -         -     (59)        and joint ventures                         (59)       -         -
     (14)       (8)    (23)        Purchase of other investments              (23)      (8)      (14)
    (240)     (111)   (101)        Purchase of tangible assets               (101)    (111)     (241)
      (1)        -       -         Purchase of investment properties            -        -        (1)
      (1)        -       -         Leasehold land payments                      -        -         -
     384       353      10    8(c) Sale of subsidiary undertakings             10      353       384
       5         2      22         Sale of associates and  joint ventures      22        2         5
     174         1      40    8(d) Sale of other investments                   40        1       174
      29         9      16         Sale of tangible assets                     16        9        29
       9         -       2         Sale of investment properties                2        -         9
       2         -       4         Sale of leasehold land                       4        -         2
 -------   -------  -------                                                -------  -------   -------

     (64)       33    (399)        Cash flows from investing activities      (399)      33       (64)

                                   Financing activities

       2         2       2         Issue of shares                              2        2         2
     (21)      (14)    (27)        Repurchase of shares                       (27)     (14)      (21)
                                   Capital contribution from outside
       8         6       4         shareholders                                 4        6         8
      29        10       3         Grants received                              3       10        29
   6,488     3,340   3,066         Drawdown of borrowings                   3,066    3,340     6,488
  (6,608)   (3,426) (2,978)        Repayment of borrowings                 (2,978)  (3,426)   (6,608)
     (59)      (41)    (51)        Dividends paid by the Company              (51)     (41)      (59)
     (41)      (26)    (49)        Dividends paid to outside shareholders     (49)     (26)      (41)
 -------   -------  -------                                                -------  -------   -------

    (202)     (149)    (30)        Cash flows from financing activities       (30)    (149)     (202)
       8         4      (4)        Effect of exchange rate changes             (4)       4         8
 -------   -------  -------                                                -------  -------   -------

                                   Net (decrease)/increase  in cash and
     336       147    (191)        cash equivalents                          (191)     147       336
                                   Cash and cash equivalents at beginning
     909       909   1,245         of period                                1,245      909       909
 -------   -------  -------                                                -------  -------   -------
                                   Cash and cash equivalents at end
   1,245     1,056   1,054          of period                               1,054    1,056     1,245
 =======   =======  =======                                                =======  =======   =======
---------------------------                                              ----------------------------

* The basis of preparation of this supplementary financial information is set out in note 1.


------------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Analysis of Profit Contribution
------------------------------------------------------------------------------------------------------
                                                                    Prepared in accordance with IFRS
                                                                       as modified by revaluation of
Prepared in accordance with IFRS                                                leasehold properties*
    Year                                                                                        Year
   ended        (unaudited)                                                     (unaudited)    ended
    31st  Six months ended                                                Six months ended      31st
December         30th June                                                       30th June  December

    2002      2002    2003                                                   2003     2002      2002
    US$m      US$m    US$m                                                   US$m     US$m      US$m
---------------------------                                              ----------------------------

                                   Group Contribution
  -------   -------  -------                                                -------  -------   -------
      79        35      25         Jardine Pacific                             26       36        81
      42        22      22         Jardine Motors Group                        22       22        42
      30        14      17         Jardine Lloyd Thompson                      17       14        30
      57        29      25         Hongkong Land                               33       35        72
      51        13      24         Dairy Farm                                  24       14        51
      14         8      (1)        Mandarin Oriental                           (1)       8        14
      38        16      37         Cycle & Carriage                            37       16        38
  -------   -------  -------                                                -------  -------   -------
     311       137     149         Profit from core businesses                158      145       328
     (75)      (36)    (36)        Corporate and other interests              (36)     (36)      (75)
  -------   -------  -------                                                -------  -------   -------
     236       101     113         Underlying net profit                      122      109       253
                                   Decrease in fair value of investment
      (7)       (1)     (2)        properties                                (312)    (190)     (325)
     123        95     (23)        Other non-recurring items                  (10)     113       146
  -------   -------  -------                                                -------  -------   -------
     352       195      88         Net profit/(loss)                         (200)      32        74
  -------   -------  -------                                                -------  -------   -------

                                   Further analysis of Jardine Pacific
  -------   -------  -------                                                -------  -------   -------
       3         2       2         EastPoint                                    2        2         3
      12         5       1         Gammon Skanska                               1        5        12
      23         9       9         HACTL                                        9        9        23
       7         3       1         Jardine Aviation Services                    1        3         7
       8         3      (2)        Jardine Engineering Corporation             (2)       3         8
       2         2       1         Jardine OneSolution                          1        2         2
       4         2       2         Jardine Property Investment                  2        3         5
       8         3       4         Jardine Restaurants                          4        3         8
      11         7       6         Jardine Schindler                            6        7        11
       6         2       3         Jardine Shipping Services                    3        2         6
       3         1       1         Pacific Finance                              1        1         3
       5         2       4         Other                                        5        2         6
  -------   -------  -------                                                -------  -------   -------
      92        41      32                                                     33       42        94
     (13)       (6)     (7)        Corporate                                   (7)      (6)      (13)
  -------   -------  -------                                                -------  -------   -------
      79        35      25                                                     26       36        81
  -------   -------  -------                                                -------  -------   -------

                                   Further analysis of Jardine Motors
                                   Group
  -------   -------  -------                                                -------  -------   -------
      34        15      13         Hong Kong and Mainland China                13       15        34
       -         4       5         United Kingdom                               5        4         -
      (1)       (1)      -         France                                       -       (1)       (1)
       5         2       3         United States                                3        2         5
       1         1       -         Corporate and other interests                -        1         1
  -------   -------  -------                                                -------  -------   -------

      39        21      21                                                     21       21        39
                                   Adjustments for amortization of goodwill
                                    and dividend from Cycle &  Carriage
       3         1       1          Bintang                                     1        1         3
  -------   -------  -------                                                -------  -------   -------
      42        22      22                                                     22       22        42
 =======   =======  =======                                                =======  =======   =======
---------------------------                                              ----------------------------

* The basis of preparation of this supplementary financial information is set out in note 1.



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