Preliminary Results

Jardine Matheson Hldgs Ld
27 February 2002


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

Jardine Matheson Holdings Limited
2001 Preliminary Announcement of Results

Highlights
• Underlying earnings per share increased 50% to USc 47.97*
• Hongkong Land and Jardine Strategic lengthen debt
  profile through bond issues
• Property values in Hong Kong decline
• Dairy Farm successfully exits from Australia
• Mandarin Oriental impacted by adverse international travel 
  market

'We  expect conditions in 2002 to remain challenging and  it
is  hard  to  forecast  the timing of the  eventual  upturn.
Nevertheless, we have robust businesses and can look  beyond
the  current economic difficulties with confidence that  the
Group   will  deliver  long-term  value  creation   to   its
shareholders.'

Henry Keswick, Chairman
27th February 2002

* The  Group's  financial  statements  are  prepared  under
 International   Accounting  Standards   ('IAS')   which,
 following  recent  changes, no longer  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 IAS as
 modified  by the revaluation of leasehold properties  in
 addition  to  the IAS financial statements. The  figures
 included  in  the highlights above, and  the  Chairman's
 Statement,  Managing  Director's  Review  and  Operating
 Review   are  based  on  this  supplementary   financial
 information unless otherwise stated.


The final dividend of USc18.70 per share will be payable  on
16th  May  2002,  subject to approval at the Annual  General
Meeting to be held on 9th May 2002, to shareholders  on  the
register  of members at the close of business on 15th  March
2002 and will be available in cash with a scrip alternative.
The  ex-dividend date will be on 13th March  2002,  and  the
share registers will be closed from 18th to 22nd March 2002,
inclusive.

                     

Jardine Matheson Holdings Limited

Preliminary Announcement of Results
For The Year Ended 31st December 2001

In  what  proved to be an unexpectedly challenging year  the
Company  made  good progress across the board, strengthening
its   core   businesses,  restructuring  or   disposing   of
operations that had been facing problems, improving its debt
profile and raising its holdings in Group companies.

Results
The   year   saw   a  steadily  worsening  global   economic
environment,  culminating  in the  shock  of  the  terrorist
attack on the United States on 11th September.  Only towards
the  end  of the year, following a series of US and European
interest  rate cuts, did the decline show signs of bottoming
out.  Asian economies reacted with disappointing growth  or,
in some cases, recession.   Against this background it was a
real  achievement  that the Company  was  able  to  increase
earnings  per share by 50% to USc47.97.  Underlying  profit,
after  higher  interest charges incurred in  implementing  a
substantial share repurchase programme, rose by 5%.

There were positive turnarounds in Dairy Farm and in Jardine
Motors' UK operations, and a continued strong performance by
Jardine  Lloyd  Thompson.  Hongkong Land performed  well  in
soft  rental  markets,  although there  were  reductions  in
values  in  its property portfolio. Cycle & Carriage  had  a
difficult  year  in  its  traditional  motor  and   property
businesses and the weakness in the Indonesian currency had a
negative  impact  in an otherwise successful  year  for  its
affiliate,  Astra.  Mandarin Oriental encountered  unusually
severe conditions in the wake of the terrorist events, while
the  performance  of several Jardine Pacific  companies  was
held back by generally adverse markets.

The   Group's financial  statements   are   prepared   under
International  Accounting Standards, which now  require  the
revaluation of investment properties to be taken through the
profit  and loss account, rather than directly to  reserves.
With   the   Group's  extensive  property  interests,   this
accounting   treatment   can  give   rise   to   significant
fluctuations  in  reported results.    For  the  year  under
review,  negative movements in valuations, partly  reversing
the  positive  movements in the prior year, have  led  to  a
reported loss.

The  Board is recommending a final dividend of USc18.70  per
share,  which, together with the interim dividend of USc7.80
per share, gives an unchanged dividend for the full year  of
USc26.50 per share.

Corporate Developments
During  the  year, Hongkong Land and Jardine Strategic  both
materially  lengthened the maturity of  their  debt  through
international  bond  issues.  Jardine  Pacific  and  Jardine
Motors  Group  continued  to  concentrate  their  operations
through  planned  disposals, while Dairy Farm  substantially
completed the complex sale of its Australian business.

On  the expansionary side, Mandarin Oriental has embarked on
new  hotel projects in Tokyo and Washington, while  its  New
York  development remains on target for completion in  2003.
Dairy  Farm  has increased its investment in  several  Asian
countries;  in  particular, it is expanding  its  successful
hypermarket  format  in Southeast Asia.  Hongkong  Land  has
continued  its  development programme with a new  commercial
project  in Singapore and a residential project in  Beijing,
and Chater House in Hong Kong will come on stream in 2002.

For  some years the Group has invested part of its available
cash  flow  in  increasing its holdings in Group  companies,
where  it is considered that this is the optimum use of  its
resources  and  where  such action is  expected  to  improve
earnings   or  net  assets  per  share.   This  policy   was
successfully  maintained  in  2001,  further  reducing   the
Company's  own outstanding shares and raising the stakes  in
the Group's core businesses.

Prospects
In  conclusion, the Chairman, Henry Keswick said, 'We expect
conditions in 2002 to remain challenging and it is  hard  to
forecast  the  timing of the eventual upturn.  Nevertheless,
we  have  robust businesses and can look beyond the  current
economic  difficulties with confidence that the  Group  will
deliver long-term value creation to its shareholders.'

Managing Director's Review
A Good Performance in a Difficult Year
The   overall  picture  of  the  year  was  one   of   mixed
performances  across the Group, in most  cases  hampered  by
poor  economic conditions. There were improved  performances
from  Dairy  Farm,  Jardine Motors Group and  Jardine  Lloyd
Thompson, but lower results at Jardine Pacific and  Mandarin
Oriental.  Hongkong  Land's  revenues  and  declining  asset
values reflected poor sentiment in the property market,  but
the  company  produced  an  increased  contribution  at  the
Jardine  Matheson level due to the Group's  larger  holding.
Reduced  foreign exchange losses and an improved performance
from  Astra enhanced Cycle & Carriage's contribution, but  a
difficult  year in its motor business reduced its underlying
result.

The  Group's financing charges rose as higher average levels
of   debt  during  the  year,  arising  largely  from  share
repurchases,  counterbalanced  the  lower  average  cost  of
borrowing.   In  such  circumstances, the  50%  increase  in
earnings  per share is a clearer indication of  the  Group's
overall  performance  than  the 5%  increase  in  underlying
profit.

Two  major problems - at Dairy Farm's Australian subsidiary,
Franklins, and at the UK operations of Jardine Motors  Group
-  were  successfully resolved.  The complex phased disposal
of  Franklins over the second half of the year was  executed
with  considerable skill, as was the restructuring,  now  in
its  final  phases, of the UK motors operation  by  its  new
management team.

Optimisation of Resources
We  retain  a clear focus on our primary goal of  maximising
shareholder  value.  We aim to achieve  this  by  supporting
profitable   initiatives   in  our   core   businesses   and
concentrating  our  resources wherever the  best  investment
opportunities lie, but always against a background of  sound
finances.  We  continue  to  use  and  refine  value   added
measurement tools to provide benchmarks in the assessment of
business performance.

During  the  year  further  purchases  of  shares  in  Group
companies  were  made. We believe that such purchases  offer
good  potential  for growth in value over the  longer  term,
while providing an immediate enhancement of earnings and net
asset value per share. The Company purchased 2.3% of its own
shares, increasing Jardine Strategic's attributable interest
to 51%, while in turn its interest in Jardine Strategic rose
to  75%.   Jardine  Strategic's other  interests  have  also
increased,  and it now holds 41% of Hongkong  Land,  62%  of
Dairy  Farm,  66% of Mandarin Oriental and 29%  of  Cycle  &
Carriage.

The  Group  took advantage of a significant  decline  in  US
dollar interest rates to enhance its debt profile.  In  all,
US$900  million  was raised on excellent terms  through  two
maiden  global ten-year bond issues, enabling Hongkong  Land
and  Jardine  Strategic to diversify their sources  of  debt
financing.   We  also renewed a significant number  of  bank
facilities on improved terms. The Group's portfolio of first
class businesses with strong cash flows has proven its worth
not  only  in  assuring stability of earnings in challenging
times  but  also  in  securing  this  favourable  access  to
financial markets.

The  proceeds from disposals have moved Dairy Farm's balance
sheet into a net cash position, and the company proposes  to
repurchase up to 10% of its issued share capital by way of a
tender offer.  Such a move would still enable Dairy Farm  to
maintain its active investment strategy.

Operations
Jardine  Pacific  improved the composition of  its  business
portfolio  and  released  value  through  the  sale  of  its
interests in Jardine Securicor and Colliers Jardine, in  the
latter  case  retaining  the Hong Kong  property  management
division  which  it  believes offers  scope  for  expansion.
Jardine  Pacific's  range of air cargo,  aviation  services,
shipping and logistics operations have all been affected  to
some degree by recent events. Nevertheless, Hong Kong's role
as  a  regional  transportation hub serving China's  primary
export  manufacturing base provides a solid  foundation  for
their growth. Jardine Pacific's engineering and construction
businesses  are  trading  well  in  difficult  markets,  and
opportunities  that  offer scope for  development  of  group
companies over the medium term are being sought in  Mainland
China.

Jardine Motors Group's main areas of focus are now Asia, the
United  Kingdom and the United States following the sale  in
early  2002  of  its  French  dealership  group,  Cica.  The
company's distributorship of Mercedes-Benz vehicles in  Hong
Kong  and  Macau  through Zung Fu will  revert  mid-year  to
DaimlerChrysler  and,  while its exclusive  dealership  will
remain  a  profitable business, there will be an  impact  on
results.  Looking  to the future, Zung Fu has  continued  to
build  its  network  of service centres in  Southern  China,
primarily handling Mercedes-Benz, which will form the  basis
for a motor dealership operation once regulations permit.

As  Hongkong  Land's new development in Central  Hong  Kong,
Chater  House, nears completion in a difficult  market,  the
group  has  secured  prestige anchor tenants  for  both  the
office and retail portions.  The outlook for the rest of its
unique Hong Kong portfolio remains sound as occupancies  are
maintained at above 95%.  Elsewhere in the region, following
the  success  of its Raffles Link development in  Singapore,
Hongkong  Land joined a consortium with the Cheung Kong  and
Keppel  groups  to  make the winning bid for  the  right  to
develop  Marina  Boulevard, a new  business  and  commercial
complex  in  central  Singapore.    The  company  has   also
partnered with Mainland Chinese interests to build a  luxury
residential  complex in Beijing, a market that will  benefit
from the 2008 Olympic Games.

After   Dairy  Farm's  disposal  of  Franklins,   and   some
improvement of its position in the fiercely competitive Hong
Kong  supermarket  sector, the company's management  is  now
concentrating on areas of growth potential.  Southeast  Asia
has  been  targeted  for expansion, where  despite  economic
difficulties retail sales have been buoyant.  The company is
investing  in its network of Giant hypermarkets in  Malaysia
and Singapore, and has recently supported a rights issue  by
Hero to fund the expansion of its supermarket chain and  the
introduction  of  Giant  hypermarkets  to  Indonesia.    The
success in Southern China of 7-Eleven, where Dairy Farm  now
operates in joint venture some 70 stores, has also persuaded
management  to set a target of 350 stores there  by  2005  -
almost  as large a network as the company currently operates
in Hong Kong.

Depressed  industry  conditions  have  not  halted  Mandarin
Oriental's  global  expansion  programme  and  its  goal  of
achieving  over  10,000 luxury rooms under  management.  The
group has three new properties under development which  will
increase its 6,600 room portfolio by a further 800 rooms. In
addition to its current project in New York, which will come
on  stream in 2003, the  group is to manage a new  hotel  in
central  Tokyo on its completion in 2006, and  has  recently
announced  a  new hotel in Washington, which is targeted  to
open in 2004.

Jardine  Lloyd  Thompson had another excellent  year  as  it
integrated  recent  acquisitions and offered  its  customers
sophisticated risk management services in a market that  was
hardening  even  before  the  shattering  events   of   11th
September.   Since  the merger of Jardine Insurance  Brokers
with  Lloyd  Thompson in 1997, the company  has  established
itself  as  a significant presence in the insurance  broking
and  employee benefit fields. In doing so, it has  earned  a
reputation  as  an  attractive employer  and  an  innovative
operator  -  important  attributes  in  an  industry   where
professionalism is the key to winning market share.

Cycle  &  Carriage  holds  a 32%  stake  in  Astra,  one  of
Indonesia's  largest conglomerates with a wide  exposure  to
opportunities in Asia's third most populous country. Despite
the  need for a provision resulting from the decline of  the
Indonesian Rupiah, Astra produced a good trading performance
in  2001  and it should become a significant contributor  to
Cycle & Carriage once its foreign currency debt problems are
resolved.

China Expansion
With  China  gaining accession to the WTO in 2001,  we  have
positioned  ourselves for new opportunities that  are  being
created. Operating conditions in China will not be easy, but
it  is a country where we have considerable experience - our
most  recent  activity stemming from the start  of  Mainland
China's  open  door policy in 1979.  We are  confident  that
Hong  Kong  will also benefit immensely from the  growth  of
China.

The Right People
We  could have achieved very little of what we have  without
the  energy,  enterprise and professionalism of our  people.
We  continue to train and motivate our employees through all
possible means.

This  year,  we  launched a new award programme,  'Pride  in
Performance'.  The Award will be presented each year to  the
business  team  that  best  demonstrates  real  success   in
delivering  performance.  It will  reward  the  creation  of
sustained  value, which will include achievements  in  areas
such as risk reduction, innovative application of technology
and  new  business  ventures as well as  significant  profit
improvements.   The  Award  goes  to  the   heart   of   the
enterprising spirit that has served the Group well  for  170
years.

The Group's success in identifying the right people has been
widely  recognised.  In 2001, Group companies received  over
200 international and local awards that demonstrate the high
quality of their management and staff. These include  awards
for hotel and retail service, catering, construction safety,
insurance  broking  and environmental protection,  and  were
presented  to businesses such as Gammon Construction,  IKEA,
Jardine Lloyd Thompson, Mandarin Oriental, Mannings, Maxim's
and Pizza Hut. It is of great importance to us that each  of
our companies should be a leader in its field, and that this
quality  should be evidenced by the attitude of everyone  in
the organisation.

The Future
The   financial  stability,  diversity  and  strong   market
position  of our businesses provide the Group with  a  solid
foundation with which to face the current downturn. Most  of
the  leading economies on which the prosperity of the  Asia-
Pacific region depends are facing uncertain prospects,  with
no  clear indication when conditions will improve. In  these
circumstances, our Group companies have learned  to  combine
tight  financial  control  with  a  continuous  search   for
opportunities  for profitable expansion.  We  aim  to  offer
scope   for   the   right  people  to   succeed,   effective
partnerships within the communities in which we operate and,
most importantly, value creation for our shareholders.


Percy Weatherall
Managing Director
27th February 2002

Operating Review

Jardine Pacific
Weak  consumer markets and lower levels of trading  activity
in   the   Asia-Pacific  region  inevitably   impacted   the
performance  of a number of Jardine Pacific's businesses  in
2001.  The  difficult economic conditions  worsened  in  the
latter  part  of the year, and Jardine Pacific  produced  an
underlying profit of US$77 million, down 17%.  The return on
average shareholders' funds in 2001, excluding non-recurring
items,  was  14% compared with 16% in the prior  year.   Net
borrowings  at the end of the year stood at US$150  million,
producing a gearing of 27%.

Conditions  for most of Jardine Pacific's businesses  remain
uncertain  and  it  is  too early to  predict  any  material
improvement.  Nevertheless, the group has leading businesses
in  strong  sectors, such as engineering  and  construction,
transport services and logistics, and IT solutions, that are
well placed to grow as conditions improve.

The following is summary financial information of the larger
businesses in this portfolio:

                               Underlying  profit      Shareholders'  funds
                               2001          2000      2001            2000
                               US$m          US$m      US$m            US$m
                                                       
------------------------------------------------------------------------------
                                                      
Gammon Construction              13            15        61              66
HACTL                            17            16       110             107
IKEA                              5             6        11              12
Jardine Aviation Services         6             4        14              20
Jardine Engineering Corporation  14            15        67              60
Jardine OneSolution               4             8        64              90
Jardine  Property Investment      6             6       160             166
Jardine Restaurants               8             8        14              18
Jardine Schindler                11             8        15              24
Jardine Shipping Services         5             7        11              10
Pacific Finance                   2             4        31              29
Other                            (2)            7        86              95
------------------------------------------------------------------------------
                                 89           104       644             697
Corporate                       (12)          (11)     (120)           (138)
------------------------------------------------------------------------------
                                 77            93       524             559
                              =====         ======    ======         =======


Gammon Construction saw its profits decline by 15% due to  a
poor  result  in China.  Its order book, however,  is  still
over  US$900  million  despite the low  level  of  new  work
available in Hong Kong.  Jardine Engineering Corporation had
another good year, although its profits were down due to the
absence of contribution from Chubb China, which was sold  in
2000.  The Caterpillar dealerships in Taiwan and Hawaii  and
the   Trane   air-conditioning  operations   all   generated
increased returns.

Jardine  Schindler  also performed well  and  increased  its
profit  contribution by 37%. New order intake  was  down  in
line with the market, but the maintenance portfolio rose  to
over  15,000  units  for the first time.  Its  elevator  and
escalator factory in Malaysia continued to struggle  due  to
the competitive market, and the elevator unit was closed  in
November.

The 9% fall in cargo through-put at Hong Kong's Chek Lap Kok
airport  had  an  inevitable impact on the profitability  of
HACTL,  but  this  was offset by lower  interest  rates  and
operational   efficiencies.   Jardine   Aviation    Services
generated higher earnings from its Hong Kong interests,  but
faced  a  more difficult operating environment in  the  last
quarter. The shipping sector experienced a drop in rates and
volumes  during  the year, which impacted  Jardine  Shipping
Services, although parts of the operation continued to trade
well.

Jardine OneSolution's performance was adversely impacted  by
the  severe downturn in the global economy, which  caused  a
significant fall in corporate IT spend, particularly in  the
second  half.  A  non-recurring impairment charge  of  US$21
million  has  been made in respect of goodwill  relating  to
prior acquisitions.

IKEA's sales grew by 7% in Hong Kong, but profitability fell
slightly.  Restaurants saw a 6% drop in earnings, with  Hong
Kong  facing  the  most difficult trading  environment.   In
contrast, earnings in Hawaii, Taiwan and Southern China were
all flat or up slightly.

The competitive consumer finance market in Hong Kong and  an
increase  in personal bankruptcies impacted Pacific  Finance
during  the  year.  The  falling interest  rate  environment
helped offset the effects, but earnings were down. The value
of   Jardine  Property  Investments'  residential   property
portfolio fell marginally, but the net yield was maintained.

The  earnings  from Jardine Pacific's other  interests  were
negatively   affected  by  the  losses  in  two  businesses,
Colliers Jardine and Jardine Logistics. The group's interest
in  the former was sold at the end of the year, with Jardine
Pacific retaining 100% ownership of its profitable Hong Kong
property  management  business. The  management  of  Jardine
Logistics  was restructured, and an improved performance  is
expected  in  2002.  The group also sold  its  interests  in
Jardine  Securicor  and  the Hong Kong  Security  Center  in
December  for US$43 million, realising a profit on  sale  of
US$24  million, as further steps were taken  to  refine  the
portfolio and release value created.

Jardine Motors Group
Jardine Motors Group achieved an underlying profit of  US$51
million,  the increase of 100% mainly due to the  return  to
profitability  of  its UK operations.   After  non-recurring
items of US$13 million, principally an impairment charge for
a  software  investment  and a provision  for  restructuring
costs,  a net profit of US$38 million was recorded, compared
to a net loss of US$37 million in 2000.  Revenue declined by
2%  to  US$2.5 billion following the disposal of loss-making
dealerships in the United Kingdom.

In  Hong Kong, the passenger car market contracted by 2% and
Zung  Fu saw lower margins on new car sales, but it was able
to   increase  its  market  share.   After-sales  activities
continued  to  make a strong contribution and  cost  control
remained  a  priority.  A  positive  contribution  was  also
achieved in Mainland China, where the results benefited from
volume   growth   in   Southern  Star,   its   Mercedes-Benz
distribution joint venture, and improved results  from  Zung
Fu's enhanced service network.

There  was  a  reduced contribution from Tunas  Ridean,  the
group's 30% Indonesian associate, while in India the group's
joint-venture  continued  to  produce  losses  and  a  major
restructuring of the business is being undertaken.

In  the United Kingdom, margins improved in a passenger  car
market   that   reached   record  volumes.    Against   this
background,  Jardine  Motors  Group's  new  management  team
rationalised  the  dealership  portfolio  and  returned  the
principal  businesses to profitability.  There  was  also  a
marked  turn-around  at the Polar Motor Group  joint-venture
with  Ford.  DaimlerChrysler, however, is  reorganising  its
Mercedes-Benz  dealer  network in the United  Kingdom,  and,
while  the  group will remain a significant  participant,  a
lower profit contribution is expected.

There was a reduced profit contribution from France, and  in
a  transaction completed in early 2002 the group disposed of
its  interest in Cica, the French dealership operation.  The
group  will retain an equity interest in Exlinea,  which  is
engaged in e-commerce and related activities in France.   In
the  United  States  the  group achieved  improved  results,
mainly   attributable   to  an  expansion   of   after-sales
operations and lower interest costs.

Looking ahead, Jardine Motors Group will continue to  refine
its  UK business by focusing on balance sheet efficiency and
cost  control,  and  positioning  itself  for  the  expected
changes  in the Block Exemption trading practices.  In  Hong
Kong and Macau, profitability will be adversely affected  by
the  new  Mercedes-Benz distribution arrangements from  mid-
2002,  while  in Southern China further development  of  the
service network will be undertaken.

Jardine Lloyd Thompson
Jardine  Lloyd  Thompson's turnover increased  22%  to  £350
million  in 2001.  Profit before tax, exceptional items  and
goodwill amortisation rose 18% to £84 million, based  on  UK
accounting standards.  This performance, which maintains and
builds upon JLT's growth in recent years, benefited from the
acquisitions in the United Kingdom in 2000 of Burke Ford and
Abbey  National Benefit Consultants and the strength of  the
company's   traditional  business  within  Risk   Solutions,
Corporate Risks and Services.

JLT's  operational structure has been reorganised  into  two
new business groups; Risk & Insurance Group, which comprises
its  worldwide insurance and reinsurance broking  and  local
government   activities;  and  Employee  Benefits   covering
pension   administration,  outsourcing,  employee  benefits,
consultancy  and  United States group marketing  activities.
The latter businesses have grown substantially, and JLT  now
has  one of the United Kingdom's largest outsourced pensions
administration operations.

Risk  &  Insurance Group revenue from continuing  operations
grew  by  15%  in  2001 to £272 million, reflecting  organic
growth  and  new  business  as  demand  for  JLT's  services
increased  in a harder market.  The excellent 19% growth  in
revenue  of  Risk Solutions was due to a strong  performance
across    the   business,   particularly   from    Casualty,
Construction,  Energy,  Property, and  Marine  and  Aviation
Reinsurance.   Elsewhere  in  this  business   group,   good
performances came from the United Kingdom and Ireland,  Asia
and Australia.

Employee Benefits revenue increased by some 79% in  2001  to
£74  million,  benefiting  from  the  acquisition  of  Abbey
National  Benefit  Consultants together  with  new  business
growth.

The insurance market in which JLT operates was already in  a
hardening cycle before the World Trade Center loss  on  11th
September  and  there  have since been  substantial  premium
increases  across almost all classes of insurance  business.
While  new  capital  has  been attracted  to  the  insurance
industry,  it  is not expected to be significant  enough  to
restrain the anticipated upturn in pricing for at least  the
next  two  years.   JLT's  strong  financial  position   and
reputation for professionalism and innovation will allow the
group   to  maintain  sustainable  organic  growth  and   to
capitalize on its unique market position in 2002.

Jardine Strategic
Against  the  background of a steadily deteriorating  global
economic environment and disappointing performances  in  the
Asian  economies  in  which Jardine  Strategic's  businesses
primarily   operate,  the  company  did  well  to   increase
underlying  earnings per share in 2001 by 44%  to  USc22.00.
The improvement reflects the benefits of larger interests in
a number of Group companies.

Underlying  profit in 2001 rose to US$146 million,  compared
to  US$128 million in 2000.  Hongkong Land's contribution to
Jardine  Strategic's results increased, due to the company's
higher  percentage holding, and Dairy Farm reported a  much-
improved  result.  Mixed performances in Jardine  Matheson's
directly  held  interests  reduced  its  contribution.   The
unusually  depressed markets in the wake  of  the  terrorist
attack   impacted  Mandarin  Oriental's  result,   while   a
difficult  year in Cycle & Carriage's traditional businesses
was offset by a better performance from Astra and the write-
back of provisions.

The net asset value per share, based on the market price  of
Jardine Strategic's holdings at the year end, was US$4.88, a
decrease of 4%.

Further  purchases and buybacks of shares in Group companies
were made in 2001.  Jardine Matheson's repurchase of its own
shares  increased Jardine Strategic's attributable  interest
to  51%.   In  turn, Jardine Matheson's interest in  Jardine
Strategic  increased to 75%, in part due to share  buy-backs
by  the  company.  Jardine Strategic's other interests  have
also  risen, and it now holds 41% of Hongkong Land,  62%  of
Dairy  Farm,  66% of Mandarin Oriental and 29%  of  Cycle  &
Carriage.

Advantage  was  taken of the decline in US  dollar  interest
rates  to  enhance  Jardine  Strategic's  debt  profile  and
diversify  its sources of debt financing.  A US$300  million
global  ten-year  bond  was issued  on  excellent  terms  in
November  2001.   The  company's portfolio  of  first  class
businesses with strong cash flows was an important factor in
securing this favourable access to financial markets.

Edaran  Otomobil Nasional, in which the Group  holds  a  19%
interest,  continued to perform well as the demand  for  the
Proton  car  remained quite firm in 2001.  Of its  financial
services  interests, EON Bank is undergoing a  restructuring
which  should result in a public listing.  Jardine Strategic
also  has  a  20%  stake in Tata Industries,  an  investment
vehicle  of  the Tata Group for new ventures in  India  with
interests  in  the  areas  of telecommunications,  property,
financial services and auto-components.

Dairy Farm
Dairy  Farm  made  significant progress in  2001  against  a
backdrop of poor economic conditions in most of its markets.
A  major  problem was resolved through the disposal  of  its
Australian business and sustained developments in areas seen
as  profit  drivers  for  the future  were  initiated.   The
group's sales from continuing activities of US$3,470 million
were 7% ahead of 2000, with growth in all regions.  Each  of
the   group's   regional  businesses  showed   an   improved
performance,  and  its underlying profit of  US$48  million,
compared  to  US$1  million in the prior  year,  represented
underlying earnings per share of USc2.87.

Dairy  Farm  undertook a managed sell-down of  Franklins  in
Australia  as  the most effective means of  realising  value
from  the  limited  options  available.   An  assessment  of
Franklins' assets in 2000 had led to an impairment charge of
US$129 million.  During the course of the disposal programme
a premium was achieved on the sale of the assets, yielding a
net gain in 2001 of US$38 million.

Dairy  Farm's balance sheet moved into a net cash  position,
due  mainly to the proceeds from disposals, and the  company
proposes to repurchase up to 10% of its issued share capital
by  way  of  a  tender offer.  Such a proposal  would  still
enable the group to maintain its active investment strategy.

Improved  results were achieved in all businesses  in  North
Asia  with  Mannings and 7-Eleven in Hong Kong and  Wellcome
Taiwan all increasing profits. Wellcome Hong Kong also  made
good progress, although much has still to be done before  it
reaches  acceptable levels of profitability.  The successful
72 store 7-Eleven network in neighbouring Guangdong is being
expanded  to 350 stores by 2005.  The Maxim's joint  venture
is  expanding the Starbucks chain in Hong Kong, and will  be
extending it to Southern China.

Dairy  Farm's focus in South Asia is on developing its Giant
hypermarket  format in Malaysia and Singapore,  as  well  as
introducing  it  into Indonesia and, subject  to  government
approvals, India.  During the year Dairy Farm was approached
to sell its Woolworths supermarket operation in New Zealand,
but  after review, the decision was taken to retain and grow
the business.

While  the economic outlook is uncertain, Dairy Farm remains
strong with sound retail businesses that are well positioned
to succeed.

Hongkong Land
A weakening sentiment prevailed in the office market in Hong
Kong  in  2001,  with  the events in the  United  States  in
September   accelerating  the  decline.   The   effect   was
mitigated  in Central by a lack of supply, and occupancy  in
high  quality buildings remained firm.  Hongkong Land's  net
rental  income was little changed as reversions were largely
neutral,   but   higher  levels  of  debt  following   share
repurchases  completed  in January  2001  led  to  increased
financing charges.  Its underlying earnings fell  by  7%  to
US$213  million, while underlying earnings per share reduced
by 2% to USc8.94.

The  valuation of the group's investment property  portfolio
at  the  end  of 2001 produced a deficit of US$600  million.
Largely  due  to  this  deficit,  shareholders'  funds  were
reduced by 13% to US$6,048 million.  The effect on net asset
value  per  share  was, however, mitigated  by  the  group's
action  in December 2001 when it bought back a further  6.7%
of  its  share  capital at a cost of US$295 million.   As  a
consequence  the net asset value per share benefited  by  3%
and restricted the overall fall in the year to 7%.

The  group took advantage of fine interest rates to  enhance
its  debt  profile with a US$600 million global bond  issue.
Its  strong  cash  flow has proven its  worth  not  only  in
assuring stability of earnings in challenging times but also
in securing favourable access to financial markets.

Hongkong  Land's  core  portfolio of prime  assets  will  be
strengthened  by the completion in 2002 of Chater  House  at
the  heart  of Hong Kong's Central district.  The  group  is
continuing to make strategic investments, focusing  on  high
quality  assets  in the best locations.  These  include  new
developments, such as One Marina Boulevard in Singapore  and
a   residential  site  at  Central  Park  in  Beijing,   and
refurbishments, of which a planned upgrade of the  Alexandra
House retail podium in Hong Kong is the latest example.

The  outlook for Hongkong Land's core market is closely tied
to  the  timing  and  strength of global economic  recovery,
especially  in the United States.  The current  weakness  in
the   Hong  Kong  property  sector  has,  however,  deterred
investment  in  new  supply  so that  when  demand  recovers
Hongkong  Land should see a positive response in values  and
rentals in its prime locations.

Mandarin Oriental
Mandarin Oriental faced significant challenges in 2001 when,
in  an already weakening trading environment, the events  of
11th September prompted a dramatic fall in both leisure  and
corporate  travel.   The  effect on  Mandarin  Oriental  was
particularly  severe  as the latter  part  of  the  year  is
traditionally  the strongest for many of  its  hotels.   The
company's  consolidated profit before interest and  tax  for
2001  was  US$41 million, a decrease of US$12  million  from
2000.   The decline, together with higher interest  charges,
resulted  in a net profit of US$4 million, 76% down  on  the
previous  year.  Shareholders' funds at the  close  of  2001
were US$890 million, down 9%, primarily due to a decline  in
value of the group's Hong Kong hotel properties.

Despite  the  poor  trading environment,  Mandarin  Oriental
remains committed to its long-term strategy of being one  of
the  world's top luxury hotel groups with a target of 10,000
rooms  under management.  To achieve its goal the  group  is
undertaking   a   programme  of   selective   expansion   in
international  destinations.  In the last  three  years  its
portfolio has been increased from 12 to 18 properties,  with
6,600  rooms, and three additional hotels under development.
In  New York the construction is progressing of the AOL Time
Warner Center at the southwest corner of Central Park, which
in 2003 will house the 251-room Mandarin Oriental, New York.
The group has announced the development of a 400-room deluxe
hotel  in  Washington D.C. to open in 2004, while, in  Asia,
Mandarin  Oriental is to manage a new 171-room luxury  hotel
in  Tokyo  under  a long-term lease upon its  completion  in
2006.

The  quality  of  service  upon  which  Mandarin  Oriental's
reputation is built was again recognised by a record  number
of  international awards, both in individual hotels and  for
the  group.  2002 will, however, be another challenging year
with  little to suggest a sustained turnaround in  corporate
or  leisure travel in the near future, and initiatives  will
continue  to  be  pursued  to enable  the  group  to  manage
effectively through the downturn.

Cycle & Carriage
Cycle & Carriage's profit excluding exceptional items, under
Singapore GAAP, decreased by 4% to S$166 million  due  to  a
significant  decline  from its traditional  motor  business,
particularly  in  Singapore, which was partly  offset  by  a
substantial  increase in contribution  from  its  associate,
Astra,  on  an equity accounting basis.  The net profit  for
the year was S$120 million, an increase of 20% over 2000.

Earnings  from motor operations fell by 45% to S$65 million,
with  all  major  markets experiencing much weaker  consumer
demand  in the second half of the year as economies  slowed.
In  Singapore, this position was compounded by the  loss  of
the  Mercedes-Benz distributorship from the beginning of the
year.

The  contribution  from property was S$14 million  excluding
exceptional  items,  a decline of 15%  due  to  the  limited
number  of projects under development.  MCL Land,  in  which
Cycle & Carriage holds a 60% interest, recorded an operating
profit of S$15 million, but made an additional provision  of
S$31  million  in  respect  of  foreseeable  losses  on  its
development properties.

Astra, in which Cycle & Carriage has recently increased  its
stake  to 32%, achieved an improved performance due to  good
consumer  demand,  particularly for motorcycles,  and  lower
interest rates on its considerable debt. It contributed S$67
million to Cycle & Carriage's results after exchange  losses
and an  investment writedown - an improvement over the  S$29
million loss in the previous year.  Improved cash flows  and
proceeds from disposals funded loan prepayments, but Astra's
exposure  to  debt,  particularly  foreign  currency   debt,
remains significant.

Unlike   in   2001,  Cycle  &  Carriage's  Singapore   motor
operations  will  not benefit from the  importer  margin  on
stocks  carried  over  at  the start  of  the  year  or  the
writeback of provisions, and revenues are likely to  decline
further  in 2002.  The motor operations elsewhere,  however,
are  expected to produce reasonable performances despite the
prevailing unsatisfactory market conditions.  MCL Land  will
earn  development profits from its recent property launches,
but  the  sector  is  not expected to show  any  significant
improvement  overall.  In Indonesia, Astra  should  maintain
its  trading performance if consumer demand remains  steady,
but  its  level of contribution to Cycle & Carriage will  be
dependent upon interest rates and the value of the Rupiah.

------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Profit and Loss Account
At 31st December 2001
------------------------------------------------------------------------------
                                               Prepared in accordance with
  Prepared in accordance                     IAS as modified by revaluation
         with IAS                        of leasehold properties (refernote 1)
    2000        2001                                      2001         2000
    US$m        US$m  Note                                US$m         US$m
----------------------                                 -----------------------
  10,362       9,413   2 Revenue                         9,413       10,362
  (7,820)     (7,079)    Cost of sales                  (7,077)      (7,819)
----------  ----------                                 ----------  -----------
   2,542       2,334     Gross profit                    2,336        2,543
     138         172     Other operating income            172          130
  (1,829)     (1,654)    Selling and distribution costs (1,654)      (1,829)
    (611)       (557)    Administration expenses          (557)        (611)
    (112)        (91)    Other operating expenses          (92)        (137)
                         Impairment of assets in             
    (129)          -       Dairy Farm                        -         (129)
                         Net gain on disposal of                  
       -          38     Franklins' assets in  Dairy Farm   38            -
     834           -     Profit on sale of Robert Fleming    -          834
----------  ----------                                 ----------  -----------
     833         242   3 Operating profit                  243          801
    (106)       (161)    Net financing charges            (161)        (106)
                         Share of operating profit less 
                            net financing charges of 
     338         224        associates and joint ventures  261          304
                       4 Impairment of assets in Cycle & 
       -         (88)       Carriage                       (88)           -
                         Fair value (losses)/gains on 
                            investment properties in 
       -           -        Hongkong Land                 (246)         748   
                         Share of results of associates 
     338         136   5    and joint ventures             (73)       1,052
----------  ----------                                 ----------  -----------
   1,065         217     Profit before tax                   9        1,747
    (113)       (101)  6 Tax                              (103)        (111)
----------  ----------                                 ----------  -----------
     952         116     Profit/(loss) after tax           (94)       1,636
     (19)         (1)    Outside interests                  52         (194)
----------  ----------                                 ----------  -----------
     933         115     Net profit/(loss)                 (42)       1,442
----------  ----------                                 ----------  -----------
----------------------                                 -----------------------
     USc         USc                                       USc          USc
----------------------                                 -----------------------
                       7 Earnings/(loss) per share                
  168.57       29.79     - basic                        (10.72)      260.44
  168.05       29.56     - diluted                      (10.64)      259.64
                       7 Underlying earnings per share                 
   30.13       44.46     - basic                         47.97        31.95
   30.04       44.13     - diluted                       47.62        31.86
----------------------                                 -----------------------
                                                             

------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Balance Sheet
At 31st December 2001
------------------------------------------------------------------------------
                                               Prepared in accordance with
  Prepared in accordance                     IAS as modified by revaluation
         with IAS                        of leasehold properties (refernote 1)
    2000        2001                                      2001         2000
    US$m        US$m  Note                                US$m         US$m
----------------------                                 -----------------------
                          Net operating assets                        
      51          13      Goodwill                          13           51
   1,618       1,392      Tangible assets                2,141        2,435
      19          13      Investment properties            163          176
     432         440      Leasehold land payments            -            -
   2,055       1,955      Associates and joint ventures  3,117        3,404
     976         868      Other investments                868          976
      31          26      Deferred tax assets               26           31
      86          90      Pension assets                    90           86
       -           2      Other non-current assets           2            -
----------  ----------                                 ----------  -----------
   5,268       4,799      Non-current assets             6,420        7,159
     972         768      Stocks and work in progress      768          972
     812         640      Debtors and prepayments          640          812
                          Bank balances and other 
   1,376         959        liquid funds                   959        1,376
----------  ----------                                 ----------  -----------
   3,160       2,367      Current assets                 2,367        3,160
----------  ----------                                 ----------  -----------
  (2,129)     (1,625)     Creditors and accruals        (1,625)      (2,129)  
    (384)       (434)     Borrowings                      (434)        (384)
     (33)        (31)     Current tax liabilities          (31)         (33)
     (42)        (35)     Provisions                       (35)         (42)
----------  ----------                                 ----------  -----------
  (2,588)     (2,125)     Current liabilities           (2,125)      (2,588)
----------  ----------                                 ----------  -----------
     572         242      Net current assets               242          572
  (2,742)     (2,136)     Long-term borrowings          (2,136)      (2,742)
     (70)        (59)     Deferred tax liabilities         (66)         (76)
     (13)        (14)     Pension liabilities              (14)         (13)
     (81)        (45)     Other non-current liabilities    (45)         (81)
----------  ----------                                 ----------  -----------
   2,934       2,787                                     4,401        4,819
----------  ----------                                 ----------  -----------
                          Capital employed                            
     156         153      Share capital                    153          156
       -           -      Share premium                      -            -
   2,619       2,515      Revenue and other reserves     3,501        3,802
    (630)       (641)     Own shares held                 (641)        (630)
----------  ----------                                 ----------  -----------
   2,145       2,027      Shareholders' funds            3,013        3,328
     789         760      Outside interests              1,388        1,491
----------  ----------                                 ----------  -----------
   2,934       2,787                                     4,401        4,819
----------  ----------                                 ----------  -----------
----------------------                                 -----------------------
                                                             

------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Statement of Changes in Shareholders' Funds
At 31st December 2001
------------------------------------------------------------------------------
                                               Prepared in accordance with
  Prepared in accordance                     IAS as modified by revaluation
         with IAS                        of leasehold properties (refernote 1)
    2000        2001                                      2001         2000
    US$m        US$m  Note                                US$m         US$m
----------------------                                 -----------------------
                          At 1st January                            
   3,106       3,328      - as previously reported       3,328        3,106
                          - effect of adopting IAS 40               
    (639)     (1,183)       and consequential changes        -            -
----------  ----------                                 ----------  -----------
   2,467       2,145                                     3,328        3,106
       -         141      - effect of adopting IAS 39      141            -
----------  ----------                                 ----------  -----------
   2,467       2,286      - as restated                  3,469        3,106
                          Revaluation of properties                 
                          - net revaluation (deficit)
       6          (4)         /surplus                     (44)          45
      (1)          1      - deferred tax                     1           (1)
                          Revaluation of other investments
       -        (159)     - fair value losses             (159)           -
                          - transfer to consolidated 
                              profit and loss account on
       -         (9)          disposal                      (9)           -
                          Net exchange translation 
                            differences                 
     (82)        (43)     - amount arising in year         (43)         (86)
                          - transfer to consolidated                
                              profit and loss account on 
      55          15          disposal of businesses        15           55
                          Cash flow hedges                          
       -         (14)     - fair value losses              (14)           -
                          - transfer to consolidated                
       -           9          profit and loss  account       9            -
                          - recognised in stocks and   
       -          (1)         work in progress              (1)           -
       -           1      - deferred tax                     1            -
       2           -      Other                              -            2
                          Net (losses)/gains not recognised                   
                            in consolidated profit and
     (20)       (204)       loss account                  (244)          15
     933         115      Net profit/(loss)                (42)       1,442
    (137)       (103)   8 Dividends                       (103)        (137)
       2           2      Exercise of share options          2            2
     104          28      Scrip issued in lieu of dividends 28          104
  (1,065)        (88)     Repurchase of shares             (88)      (1,065)
       2           2      Change in attributable interests   2            2
    (141)        (11)     Increase in own shares held      (11)        (141)
----------  ----------                                 ----------  -----------
   2,145       2,027      At 31st December               3,013        3,328
----------  ----------                                 ----------  -----------
----------------------                                 -----------------------
                                                             
                                                               
                                                             

------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Cash Flow Statement
At 31st December 2001
------------------------------------------------------------------------------
                                               Prepared in accordance with
  Prepared in accordance                     IAS as modified by revaluation
         with IAS                        of leasehold properties (refernote 1)
    2000        2001                                      2001         2000
    US$m        US$m  Note                                US$m         US$m
----------------------                                 -----------------------
                          Operating activities                      
     833         242      Operating profit                 243          801
     244         202      Depreciation and amortisation    200          243
    (726)        (86)     Other non-cash items             (85)        (693)
                         (Increase)/decrease in working 
       3          (2)       capital                         (2)           3
      69          37      Interest received                 37           69
                          Interest and other financing      
    (160)       (187)       charges paid                  (187)        (160)
     (42)        (49)     Tax paid                         (49)         (42)
----------  ----------                                 ----------  -----------
     221         157                                       157          221
                          Dividends from associates     
     210         200        and joint ventures             200          210
                          Cash flows from operating     
     431         357        activities                     357          431
                          Investing activities                      
                     9(a) Purchase of subsidiary 
  (1,010)        (67)       undertakings                   (67)      (1,010)
                     9(b) Purchase of associates and    
     (92)        (91)       joint ventures                 (91)         (92)
     (18)        (21)     Purchase of other investments    (21)         (18)
    (319)       (208)     Purchase of tangible assets     (209)        (319)
       -          (1)     Leasehold land payments            -            -
      35        (232)9(c) Sale of subsidiary undertakings (232)          35
                     9(d) Sale of associates and        
     749          30        joint ventures                  30          749
       4         198 9(e) Sale of other investments        198            4
      28          51      Sale of tangible assets           51           28
       1           -      Sale of investment properties      -            1
                          Disposal of Franklins'assets in
       -         217        Dairy Farm                     217            -   
                          Cash flows from investing 
    (622)       (124)       activities                    (124)        (622)
                          Financing activities                      
       1           2      Issue of shares                    2            1
    (992)        (88)     Repurchase of shares             (88)        (992)
                          Capital contribution from    
      17           6        outside shareholders             6           17
   4,075       6,238      Drawdown of borrowings         6,238        4,075
  (2,922)     (6,687)     Repayment of borrowings       (6,687)      (2,922)
     (79)        (53)     Dividends paid by the Company    (53)         (79)
                          Dividends paid to outside     
    (104)        (44)      shareholders                    (44)        (104)
                          Cash flows from financing 
      (4)       (626)       activities                    (626)          (4)
     (35)        (16)     Effect of exchange rate changes  (16)         (35)
----------  ----------                                 ----------  -----------
                          Net decrease in cash and   
    (230)       (409)       cash equivalents              (409)        (230)
                          Cash and cash equivalents    
   1,548       1,318        at 1st January               1,318        1,548
----------  ----------                                 ----------  -----------
                         Cash and cash equivalents     
   1,318         909        at 31st December               909        1,318
----------  ----------                                 ----------  -----------
----------------------                                 -----------------------
                                                               
                                                               

------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Profit Contribution
At 31st December 2001
------------------------------------------------------------------------------
                                               Prepared in accordance with
  Prepared in accordance                     IAS as modified by revaluation
         with IAS                        of leasehold properties (refernote 1)
    2000        2001                                      2001         2000
    US$m        US$m                                      US$m         US$m
----------------------                                 -----------------------
                       Group Contribution                          
      92          75   Jardine Pacific                      77           93
      21          54   Jardine Motors Group                 54           21
      19          23   Jardine Lloyd Thompson               23           19
       3          21   Dairy Farm                           22            3
      50          57   Hongkong Land                        68           57
       5           4   Mandarin Oriental                     4            7
       7          15   Cycle & Carriage                     15            7
     197         249   Profit from core businesses         263          207
     (30)        (77)  Corporate and other interests       (77)         (30)
----------  ----------                                 ----------  -----------
     167         172   Underlying net profit               186          177
     766         (57)  Non-recurring items                (228)       1,265
----------  ----------                                 ----------  -----------
     933         115   Net profit/(loss)                   (42)       1,442
----------  ----------                                 ----------  -----------
                       Further analysis of Jardine Pacific
      15          13   Gammon Construction                  13           15
      16          17   HACTL                                17           16
       6           5   IKEA                                  5            6
       4           6   Jardine Aviation Services             6            4
      15          14   Jardine Engineering Corporation      14           15
       8           4   Jardine OneSolution                   4            8
       5           5   Jardine Property Investment           6            6
       8           8   Jardine Restaurants                   8            8
       8          11   Jardine Schindler                    11            8
       7           5   Jardine Shipping Services             5            7
       4           2   Pacific Finance                       2            4
       7          (3)  Other                                (2)           7
     103          87                                        89          104
     (11)        (12)  Corporate                           (12)         (11)
----------  ----------                                 ----------  -----------
      92          75                                        77           93
----------  ----------                                 ----------  -----------
                       Further analysis of Jardine Motors 
                         Group            
      51          44   Hong Kong and Mainland China         44           51
     (30)          5   United Kingdom                        5          (30)
       4           1   France                                1            4
       1           1   United States                         1            1
      26          51                                        51           26
       -           -   Corporate and other interests         -            -
----------  ----------                                 ----------  -----------
      26          51                                        51           26
                       Attributable to outside interests 
      (5)          3     and amortisation of goodwill        3           (5)
----------  ----------                                 ----------  -----------
      21          54                                        54           21
----------  ----------                                 ----------  -----------
----------------------                                 -----------------------


Jardine Matheson Holdings Limited

Notes
------------------------------------------------------------------------------

1. Accounting Policies and Basis of Preparation

The financial information contained in this announcement has been
based  on  the  audited results for the year ended 31st  December
2001  which  have been prepared in conformity with  International
Accounting   Standards   ('IAS').   The   Group   has   presented
supplementary  financial information prepared in accordance  with
IAS as modified by the revaluation of leasehold properties.

Other  than  described below, there have been no changes  to  the
accounting  policies  described  in  the  2000  annual  financial
statements.


(a)Financial information prepared in accordance with IAS

In 2001,  the  Group  adopted  IAS  39  -  Financial Instruments: 
Recognition and Measurement, and IAS 40 - Investment Property.

In accordance with IAS 39, non-current investments and derivatives 
are recognised on the  balance  sheet  at  fair value.  Unrealised  
gains and  losses  arising  from  changes  in  the  fair  value of  
non-current  investments  are  taken to  reserves  until realised.   
This  is  a change  in  accounting  policy as  in  previous  years  
non-current investments were stated on  the  balance sheet at cost 
less amounts provided  and  derivatives  were  recognised  to  the  
extent  of premiums paid or received  on options.  The  effect  of 
this  change  has  been  to  increase  shareholders' funds  at 1st 
January 2001  by US$141 million.

In accordance with IAS 40 and as a result of an inability to estimate
reliably the element of leasehold property values attributable to
the  building component, leasehold land and buildings  which  are
investment properties are carried at depreciated cost.  Similarly
leasehold   interest  in  land  in  respect  of  other  leasehold
properties  are carried at amortised cost.  This is a  change  in
accounting  policy as in previous years the Group  had  reflected
the   fair   value  of  leasehold  properties  in  the  financial
statements   and   recorded  fair  value  changes   in   property
revaluation  reserves.  The effect of this  change  has  been  to
increase net profit for the year ended 31st December 2000 by US$2
million, and to decrease shareholders' funds at 1st January  2000
and 2001 by US$639 million and US$1,183 million respectively.

(b)Supplementary financial information prepared in accordance with
IAS as modified by the revaluation of leasehold properties

As described above, in prior years the Group reflected the fair value
of leasehold properties in its financial statements.  Changes in
IAS,  which  came into effect during 2001, no longer permit  the
valuation  of  leasehold interests in land.  As  a  result,  the
Group  is  required to account for leasehold land in respect  of
investment  and other properties at amortised cost in  order  to
comply  with IAS.  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 on pages 16 to
20   prepared  in  accordance  with  IAS  as  modified  by   the
revaluation of leasehold properties.  In accordance with IAS 40,
changes  in  fair  values of investment  properties  which  were
previously  taken directly to property revaluation reserves  are
recorded  in  the  consolidated profit and  loss  account.   The
effect  of this change has been to increase net profit  for  the
year ended 31st December 2000 by US$511 million.


2. Revenue
                                             Prepared in accordance with IAS
                                                    2001              2000
                                                    US$m              US$m
                                              ----------        ----------    
                                      
By business:                                               
Jardine Pacific                                    1,749             1,794
Jardine Motors Group                               2,507             2,550
Dairy Farm                                         4,924             5,733
Mandarin Oriental                                    228               227
Other activities                                       5                58
                                              ----------       -----------
                                                   9,413            10,362
                                              ----------        ----------    
                               

3. Operating Profit
                                             Prepared in accordance with IAS
                                                       2001              2000
                                                       US$m              US$m
                                                 ----------       -----------
By business:                                               
Jardine Pacific                                          40                86
Jardine Motors Group                                     66                22
Dairy Farm                                               54                23
Mandarin Oriental                                        30                40
                                                 ----------       -----------
                                                        190               171
Impairment of assets in Dairy Farm                        -              (129)
Discontinuing operation - Franklins in Dairy Farm       (43)              (55)
Net gain on disposal of Franklins' assets in Dairy Farm  38                 -
Profit on sale of Robert Fleming                          -               834
Corporate and other interests                            57                12
                                                 ----------       -----------
                                                        242               833
                                                 ----------       -----------
    
4. Impairment of Assets in Cycle & Carraige

In view of the continuing weakness of the Indonesian Rupiah, the
Directors  reviewed  the carrying value of  Cycle  &  Carriage's
investment  in Astra International in April 2001.   This  review
indicated  that the future cash flows from Astra International's
business,   when  discounted  at  an  appropriate  risk-adjusted
discount   rate   which  took  account  of   the   uncertainties
surrounding  the Indonesian economy and its currency,  were  not
sufficient  to  support the balance of goodwill arising  on  the
acquisition of this investment.  Accordingly, the balance of the
goodwill  was written off.  The loss attributable to the  Group,
after tax and outside interests, amounted to US$65 million.


5. Share of Results of Associates and Joint Ventures

                                             Prepared in accordance with IAS
                                                   2001            2000
                                                   US$m            US$m
                                             ----------     -----------
By business:                                                
Jardine Pacific                                      65              66
Jardine Motors Group                                  -             (29)
Jardine Lloyd Thompson                               35              37
Dairy Farm                                           34              37
Hongkong Land                                        57             130
Mandarin Oriental                                     9               7
Cycle & Carriage                                     24              24
                                             ----------     -----------
                                                    224             272
Discontinuing operation - Franklins in Dairy Farm     -              (1)
Discontinued operation - Robert Fleming               -              67
Impairment of assets in Cycle & Carriage            (88)              -
                                              ----------    -----------
                                                    136             338
                                              ----------    -----------
                                                             
6. Tax
                                             Prepared in accordance with IAS
                                                   2001            2000
                                                   US$m            US$m
                                             ----------      ----------       
                                        
                                                            
Company and subsidiary undertakings                  47              42
Associates and joint ventures                        54              71
                                             ----------     -----------
                                                    101             113
                                             ----------      ----------       
                                    

Tax on profits has been calculated at rates of taxation prevailing in
the  territories in which the Group operates and includes United
Kingdom tax of US$8 million (2000: US$12 million).

7. Earnings Per Share

Basic  earnings per share are calculated on net profit of US$115
million  (2000:  US$933  million) and on  the  weighted  average
number of 387 million (2000: 553 million) shares in issue during
the  year.   The weighted average number excludes the  Company's
share  of  the  shares held by subsidiary undertakings  and  the
shares  held  by  the Trustee under the Senior  Executive  Share
Incentive Schemes.

Diluted earnings per share are calculated on the weighted average
number of 390 million (2000: 555 million) shares after adjusting
for  the number of shares which are deemed to be issued  for  no
consideration under the Senior Executive Share Incentive Schemes
based on the average share price during the year.

Additional  basic and diluted earnings per share reflecting  the
revaluation of leasehold properties are calculated on a net loss
of US$42 million (2000: net profit of US$1,442 million) as shown 
in the supplementary financial information.

Additional basic and diluted earnings per share are also calculated
based on underlying earnings.  The difference between underlying
net profit and net profit is reconciled as follows:

                                               Prepared in accordance with
  Prepared in accordance                     IAS as modified by revaluation
         with IAS                        of leasehold properties (refernote 1)
    2000        2001                                      2001         2000
    US$m        US$m                                      US$m         US$m
----------------------                                 -----------------------
     167         172    Underlying net profit              186          177
                        Discontinuing operations                    
                        -  net loss of Franklins in     
     (26)        (24)      Dairy Farm                      (24)         (26)
                        -  net gain on disposal of Franklins'                 
       -          22    -  assets in Dairy Farm             22            -
      44           -    -  net profit of Robert Fleming      -           44
     767           -    -  profit on sale of Robert Flemin   -          767
     785          (2)                                       (2)         785
                        Sale and closure of businesses                        
       -          24    -  Jardine Securicor                24            -
      58           -    -  Chubb China                       -           58
      16           -    -  Matheson Financial                -           16
      15          (5)   -  other                            (5)          15
      89          19                                        19           89
                        Asset impairment                            
     (43)        (29)   -  Jardine Pacific                 (29)         (35)
     (34)        (11)   -  Jardine Motors Group             (9)         (34)
     (51)         (6)   -  Dairy Farm                       (6)         (51)
      27         (22)   -  Hongkong Land                    (9)          (5)
       -         (65)   -  Astra International             (65)           -
      (4)        (13)   -  other                           (13)          (4)

    (105)       (146)                                     (131)        (129)
       8           1    Sale and revaluation of properties   1           (3)
                        Fair value (losses)/gains on                
                          investment properties                      
       -           -    -  Hongkong Land                  (185)         550
       2          (3)   -  other                            (4)         (14)
       2          (3)                                     (189)         536
                        Fair value gain on conversion 
                          option component of 4.75% Guaranteed
       -          51    Bonds due 2007                      51            -
       -          22    Sale of investments                 22            -
     (13)          1    Other non-recurring items            1          (13)
----------  ----------                                 ----------  -----------
     933         115    Net profit/(loss)                  (42)       1,442
----------  ----------                                 ----------  -----------
                                                               

8. Dividends
                                               Prepared in accordance with IAS
                                                          
                                                             2001        2000
                                                             US$m        US$m
                                                       ----------  -----------
Final dividend in respect of 2000 of USc18.70
       (1999: USc17.20) per share                             117         137
Interim dividend in respect of 2001 of USc7.80
       (2000: USc7.80) per share                               48          49
                                                       ----------  -----------
                                                              165         186
Less Company's share of dividends paid on the shares
  held by subsidiary undertakings                             (62)        (49)
                                                       ----------  -----------
                                                              103         137
                                                       ----------  -----------

A final dividend in respect of 2001 of USc18.70 (2000: USc18.70)
per  share amounting to a total of US$115 million (2000: US$117
million) is proposed by the Board.  The dividend proposed  will
not  be  accounted for until it has been approved at the Annual
General  Meeting.  The net amount after deducting the Company's
share of the dividends payable on the shares held by subsidiary
undertakings  of  US$44 million (2000: US$43 million)  will  be
accounted  for as an appropriation of revenue reserves  in  the
year ending 31st December 2002.

9. Notes to the Consolidated Cash Flow Statement

                                         Prepared in accordance with IAS
                                                     2001           2000
(a) Purchase of subsidiary undertakings              US$m           US$m
                                               ----------    -----------
Tangible assets                                         4            106
Associates and joint ventures                           -             22
Other investments                                       -             21
Current assets                                         62             47
Current liabilities                                   (65)           (34)
Long-term borrowings                                    -            (31)
Outside interests                                       3              1
                                               ----------    -----------
Fair value at acquisition                               4            132
Goodwill attributable to subsidiary undertakings        9             63
                                               ----------    -----------
Total consideration                                    13            195
Adjustment for deferred consideration and carrying
value of associates and joint ventures                  -             (9)
Cash and cash equivalents of subsidiary undertakings 
  acquired                                            (40)           (11)
                                                ----------    -----------
Net cash (inflow)/outflow                             (27)           175
Payment of deferred consideration                      12              9
Privatisation of Jardine Motors Group                   -             69
Purchase of shares in Jardine Strategic                41            495
Purchase of shares in Dairy Farm                       24             27
Purchase of shares in Mandarin Oriental                17             27
Restructuring of Connaught Investors                    -            208
                                               ----------    -----------
                                                       67          1,010
                                               ----------    -----------

Net  cash  outflow in 2000 of US$175 million included  Mandarin
Oriental's acquisition of The Rafael Group of US$135 million.

(b) Purchase of associates and joint ventures in 2001 included 
Jardine  Strategic's  increased  interests  in  Hongkong  Land  
of  US$50 million  (2000:  US$37 million) and Cycle & Carriage  
of  US$11 million (2000: US$6 million).

(c)
                                             Prepared in accordance with IAS
                                                          2001         2000
Sale of subsidiary undertakings                           US$m         US$m
                                                    ----------  -----------
Tangible assets                                              6           23
Investment properties                                        5            -
Leasehold land payments                                      4            -
Pension assets                                               2            1
Current assets                                             470           99
Current liabilities                                       (405)         (83)
Long-term borrowings                                         -          (15)
Outside interests                                           (1)          (5)
                                                    ----------  -----------
Net assets disposed of                                      81           20
Profit on disposal                                          22           28
                                                    ----------  -----------
Sale proceeds                                              103           48
Adjustment for deferred consideration                       (1)           -
Cash and cash equivalents of subsidiary 
undertakings disposed of                                  (334)         (13)
                                                     ----------  -----------
Net cash (outflow)/inflow                                 (232)          35
                                                     ----------  -----------
                                                               

Net  cash  outflow in 2001 of US$232 million  included  a  cash
outflow  of US$298 million relating to the disposal of Matheson
Bank  in  the United Kingdom and a cash inflow of US$54 million
relating to Dairy Farm's sale of Sims Trading.

(d)   Sale  of  associates and joint ventures in 2001  included
US$33 million relating to Jardine Pacific's sale of its interest
in Jardine Securicor.  Sale of associates and joint ventures in
2000  included  net  proceeds from  the  sale  of  the  Group's
interests  in  Robert  Fleming of US$639  million  and  Jardine
Pacific's sale of Chubb China of US$70 million.

(e)   Sale  of  other  investments  in  2001  included  Jardine
Strategic's interests in Housing Development Finance Corporation
of US$70 million and J.P. Morgan Chase of US$119 million.

The final dividend of USc18.70 per share will be payable on 16th
May 2002, subject to approval at the Annual General Meeting  to
be  held  on  9th May 2002, to shareholders on the register  of
members  at the close of business on 15th March 2002, and  will
be  available in cash with a scrip alternative. The ex-dividend
date  will be on 13th March 2002, and the share registers  will
be   closed   from   18th  to  22nd  March   2002,   inclusive.
Shareholders will receive their cash dividends in United States
Dollars,  unless  they  are registered  on  the  Jersey  branch
register where they will have the option to elect for Sterling.
These shareholders may make new currency elections by notifying
the  United  Kingdom transfer agent in writing  by  26th  April
2002.   The Sterling equivalent of dividends declared in United
States  Dollars  will  be calculated by  reference  to  a  rate
prevailing on 2nd May 2002.  Shareholders holding their  shares
through  The  Central  Depository  (Pte)  Limited  ('CDP')   in
Singapore will receive United States Dollars unless they elect,
through  CDP,  to  receive  Singapore  Dollars  or  the   scrip
alternative.

For further information, please contact:

Jardine Matheson Limited
Norman Lyle                                      (852) 2843 8216

Matheson & Co. Limited 
Martin Henderson                               (44) 20 7816 8135              
                      
Golin/Harris Forrest
Megan Ross                                       (852) 2501 7986

Weber Shandwick Square Mile
Richard Hews/Trish Featherstone                (44) 20 7950 2800

Full text of the Preliminary Announcement of Results and the Preliminary
Financial Statements for the year ended 31st December 2001 can be accessed
through the Internet at 'www.jardines.com'.

                         Note to Editors
                                
                               
                   The Jardine Matheson Group

With  its  broad  portfolio of leading businesses,  the  Jardine
Matheson  Group  is  a  unique  Asian-based  conglomerate   with
unsurpassed experience in the region.  These business  interests
include  Jardine Pacific, Jardine Motors Group,  Hongkong  Land,
Mandarin  Oriental,  Dairy Farm, Cycle &  Carriage  and  Jardine
Lloyd  Thompson.   These operations, which employ  some  130,000
people,   are   leaders  in  the  fields  of   engineering   and
construction, transportation, consumer marketing, motor trading,
property, hotels, supermarkets and insurance broking.

The  Group's  strategy  is to build its operations  into  market
leaders  across Asia Pacific, each with the support  of  Jardine
Matheson's  extensive  knowledge of the  region  and  its  long-
standing  relationships.  Through a balance  of  cash  producing
activities and investment in new businesses, the Group  aims  to
produce sustained growth in shareholder value.

Incorporated in Bermuda, Jardine Matheson has its primary  share
listing  in  London, with secondary listings  in  Singapore  and
Bermuda.   It  has  a  sponsored  American  Depositary   Receipt
programme.  Jardine Matheson Limited operates from Hong Kong and
provides   management  services  to  Group   companies,   making
available  senior  management  and providing  financial,  legal,
human  resources  and treasury support services  throughout  the
Group.


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