FY 2023 Preliminary Results Presentation

Good morning and welcome to the Jardine Mathison 2023 full year results presentation. I'm John Witt, Group Managing Director, and I'm joined by Graham Baker, our Group Finance Director. This is the first time we are hosting this presentation both in person and online for some time and it's good to see so many familiar faces in the room in Hong Kong here this morning. Over the next half hour, I'll update you on progress against our group's strategic priorities. Graham will then take you through the financial performance of the group and our individual businesses. We'll end with the Outlook and the Q&A. For those online, you should be able to see the slides on your screen and the Q&A box at the bottom of your page. submit your questions at any time as we go through the presentation and we'll

answer them at the end. Our workforce portfolio of market leading businesses across geographies and sectors generates strong cash flows and enables us to deliver resilient performance across cycles. This is seen in the large increase and the contribution from Astra from less than 30% four years ago to 44% in 2023. We continue to be focused on our core regions of China and Southeast Asia and over the long term, we expect both China and Southeast Asia to make balanced contributions to our growth and earnings. Contributions from our Southeast Asian businesses have increased to 56 percent, from 42 percent in 2019. Our diversified businesses continue to grow and prosper despite challenging market conditions

across the region. Looking now at progress we have made over the past year on our strategic priorities, with enhancing leadership and entrepreneurialism. The group made several significant senior appointments in 2023 to enhance leadership and drive future growth. These included new chief executives at DFI Retail, Mandarin Oriental, Hong Kong Land and Jardine Pacific. Scott Price succeeded Ian McLeod as group chief executive of DFI Retail, is an experienced senior executive with 25 years international experience, mostly in Asia, spanning retail, logistics, and consumer packaged goods. Since joining in August 2023, Scott has introduced a strategic framework which will support DFI retail's capital allocation priorities

and growth plans over the coming years. Laurent Klytman succeeded James Riley, as Group Chief Executive of Mandarin Oriental. Laurent was President and CEO of Fafan, Christian Dior, and brings many years experience in building iconic consumer brands across the beauty and broader FMCG sectors. and CG sectors. He aims to scale up Mandarin Orientals' management business, further elevating the brand as the reference point in luxury hospitality for both guests and hotel owners. In November 2023, we announced that Michael Smith will succeed Robert Wong as Chief Executive of Hong Kong Land with effect from the 1st of April. Michael brings 30 years of real estate, capital markets, and investment banking experience.

He was most recently regional chief executive officer of Europe and the United States at Maple Tree Investments, a global real estate development, investment, capital, and property management company. Elton Chan, who is currently chief executive of the Jardine Schindler Group, will succeed YK Pang as chief executive of the Jardine Pacific Group of Companies on YK's retirement on the 1st of April. Elton has been with Jardine since 2004 and has worked in a range of senior management roles across the group. During the year we also announced the appointments at Jardine Mathison of two new independent non-executive directors, Jeanine Fung and Caillou Jin. These appointments mean that the board now comprises 50% independent non-executive directors and bring important diversity to the board.

A crucial part of building an entrepreneurial culture is finding, developing, and keeping the right leadership talents, and this is a high priority for us. It is also essential to have the right management structure to support the future development of our portfolio and new growth areas. We continue to invest in developing our leaders and giving them opportunities to advance. We have seen multiple senior management progressions during the period, and we have supplemented our talent planning with group-wide leadership development programs co-designed with world-class institutions. Finally, we are focused on building a diverse and inclusive culture where everyone can succeed. Our inclusion, equity and diversity strategy includes a five-year target with an initial focus on gender representation. Turning to evolving our portfolio, our capital allocation

and portfolio strategy allows us to seize opportunities when they arise to optimize our portfolio and build for future growth. We focus on further strengthening our position in the high potential markets of Asia and in those industries where we can establish a leading position to create long-term value and ensure sustainable growth. In 2023, the group continued to make strategic investments, particularly in Southeast Asia. Astra continued its diversification into non-coal assets as part of its commitment to a just transition with its subsidiary, United Tractors, acquiring interest in the nickel mining and processing businesses of Stargate and Nickel Industries. The United Tractor is also invested into Supreme Energy Shri Rajaya, which owns an operating