1H 2024 Half-Year Results Presentation

Good morning and welcome to the Jardine Mathison 2024 Interim Results webcast. It's great to have you with us today. I'm Graham Baker, Group Finance Director. You should be able to see the slides on your screen and the Q&A icon at the bottom of your page. Please submit your questions at any time and I'll answer them at the end of the presentation. Four items on today's agenda. An update on Jardine's group strategic priorities. Reviews of the financial performance of both the group and our key portfolio companies. And finally, the outlook for the full year followed by Q&A.

Before I talk about significant developments, I want to first remind you of our overall business approach. We start with a well-diversified portfolio of businesses across Southeast Asia and China, in a range of different sectors, to deliver resilience and value across the cycle. We're disciplined in our capital allocation, focusing investment towards strategic growth initiatives which will deliver long-term returns and growth. We are a long-term investor and seek to foster strong returns and growth throughout our portfolio and recycle capital dispassionately where appropriate. And we, of course, rely on dedicated teams under strong and experienced leadership in our portfolio companies. We have made a number of important changes in this area over the last 18 months. All of this is underpinned by a commitment to maintaining strong balance sheets and liquidity

and operating sustainably in the markets and communities we serve. Moving to the group's strategic priorities, I'll start with leadership. Over the past 18 months, we've made a series of changes to strengthen the boards and executive teams of our portfolio companies and at group. New chief executives at DFI, Hong Kong Land, Mandarin Oriental and Jardine Pacific have been appointed and are all now progressing on strategy and uplifting delivery capability in their respective businesses. DFI announced the appointment of Tom Vander Lee as Group CFO. Dr. Kiyu Jin has joined the Jardine Matheson Holdings Board. Recently, we also announced several board changes to the listed subsidiaries, strengthening sector relevant expertise, and enhanced perspective.

You can find more information about these changes in the announcements issued by JCNC, DFI, and Mandarin Oriental. These changes, amongst others, have helped streamline accountability and reframed the the group's relationship with its portfolio companies. Executive teams are of course fully responsible for business strategy and performance of their companies. They are directly accountable to their company boards, which bolstered by independent non-executive directors with industry specific expertise, provide challenge, support and governance. Jardines, through our shareholder representatives on the boards of each of our portfolio companies, will continue to reinforce the group's commitment to driving long-term growth and value creation, focusing on four key areas, strategy and performance, balance sheet strength and capital allocation,

senior talent and succession, and sustainability. Turning now to progress in evolving the group's portfolio. In June, Hong Kong Land announced its $1 billion transformation of the landmark estate in Hong Kong. The project combines a $400 million investment by Hong Kong Land with an estimated $600 million investment from the group's luxury retail partners, including Louis Vuitton, Hermes, Chanel, Tiffany, Southernepies and Dior. This significant investment demonstrates the group's and the world's leading luxury brands' commitment and confidence in the landmark and in Hong Kong. Mandarin Oriental achieved the topping out of 1 Causeway Bay, its Grade A office development. And this is expected to be completed by mid 2025. The group also announced four hotel openings,