1H 2025 Half-Year Results Presentation

Morning everyone and welcome to Jardine Matheson's 2025 Interim Results webcast. Thank you for joining us today. I'm Graham Baker, Jardine's CFA. You should be able to see the slides on your screen and the Q&A icon at the bottom. Please submit your questions at any time and I'll answer them at the end of the presentation. We have five things on the agenda today. A brief recap on our new investment proposition. Strategic updates across the group. Reviews of the financial performance of both the group and our key portfolio companies. And finally, the outlook for the full year. We'll end the session, as usual, with those Q&A. In March, we shared Jardine's new strategic focus as an engaged long-term investor. Our goal is to deliver strong, sustainable returns for our shareholders, capital appreciation and income, from investments in leading Asian businesses.

Over the last few years, we have worked with our portfolio companies to establish highly qualified boards, robust management structures and strong leadership teams. The companies have now either established or are in the process of establishing clear strategies to drive long-term growth and value. And we've put in place incentive structures and board expertise to support delivery. Similar changes have also progressed at Jardines where we can now focus on portfolio management at the corporate level, capital allocation and building expertise to make new investments. While we've moved away from being an owner-operator our values remain unchanged. We continue to believe that superior shareholder value will always be supported by integrity, robust risk management, including strong balance sheets and excellent access to financing, and a commitment to sustainable business practices. In May, we announced the appointment of Lincoln Pan

as Jardine's new CEO. Lincoln will take over on the 1st of December. He succeeds John Witt, who will retire at the end of November after a successful 32-year career at Jardine's. Lincoln joins from PAG, where he was co-head of private equity and a member of the group executive committee. His successful track record as an investor in the Asia-Pacific region and experience working with company boards and management teams perfectly qualify him to lead Jardines as we look to further advance our capabilities and build bigger, stronger businesses for the long term. We also strengthen the company's board in the first half of the year, with the appointment new independent non-executive directors. Ning Liu, senior advisory partner at KKR and previously its chairman, Asia Pacific, joined the board in February. And Tim Wise was appointed in May. Tim's a partner at Simon Robertson Associates, a leading independent corporate advisory firm,

and was previously chairman of JP Morgan Casanova. With Ming and Tim's appointments, Jadine Matheson's board now has a majority of independent non-execs, in line with the UK corporate governance code. Turning now to strategic developments across our portfolio. Hong Kong land's sale of the top nine floors and selected retail space of One Exchange Square to the Hong Kong Stock Exchange is an important transaction in several ways. It secures a key player as a permanent occupant of One Exchange Square and thus, of course, its central status as Hong Kong's financial hub. It also marks Hong Kong Land's progress in advancing its strategy, recycling capital in order to reinvest and unlock shareholder value. During the first half, Hong Kong Land commenced a $200 million share buyback programme, of which two-thirds had been completed by 28 July.

They are also making good progress on the tomorrow's central transformation in Hong Kong, as well as the Westbund Central Development in Shanghai. Westbund is expected to be completed and launched in stages starting from the second half of this year. DFI Retail also made very good strategic progress in the first half, moving forward at pace on portfolio simplification. It completed sales of its stakes in both Yong Hui and Robinson's retail and announced the disposal of its Singapore food business. As well as enabling a significant return to shareholders in the form of a special dividend, simplifying the portfolio is a key enabler to prioritising future focus on high margin, growth businesses and initiatives. At Astra, Toyota invested $120 million for a 40% interest in Astra Digital Mobile, which owns OLX Mobi, Astra's leading Indonesian online to offline used car business.

The partnership will expand OLX Mobi's business by leveraging Toyota's dealership network across Indonesia. In the mining business, United Tractors acquired a further stake in Supreme Energy for $31 million, taking its ownership of Supreme's geothermal project in South Sumatra to 40.4%. In July, Astra also signed a conditional agreement to acquire 83.7% of mega-Manangal property, a Jakarta-listed industrial and logistics developer, as part of their strategy to serve Indonesia's rapidly growing demand for industrial and logistics infrastructure. Finally, following resilient performance over the past few years, Astra's management has commenced a comprehensive portfolio review to identify and assess initiatives to enable the continued delivery of future growth and value in changing market conditions. The output from this review is expected in the first half of 2026.