To: Business Editor 25th February 2011

For immediate release

Jardine Cycle & Carriage Limited 2010 Financial Statements and Dividend Announcement The following announcement was issued today by the Company’s 70%-owned subsidiary, Jardine Cycle & Carriage Limited. For further information, please contact: Jardine Matheson Limited Neil M McNamara (852) 2843 8227 GolinHarris Kennes Young (852) 2501 7987

- more -

25th February 2011

JARDINE CYCLE & CARRIAGE LIMITED 2010 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

Highlights

• Underlying earnings per share up 55% • Record results from Astra • Challenging trading conditions in Singapore and Vietnam • A 69% increase in full-year dividend proposed "Jardine Cycle & Carriage’s main businesses achieved excellent earnings growth in 2010 and the results also benefited from the strengthening of the Indonesian rupiah. While the economic outlook for the Group’s markets in Southeast Asia remains encouraging, the rate of earnings growth is expected to moderate in 2011." Anthony Nightingale, Chairman 25th February 2011 Group Results

Year ended 31st December

2010 US$m

Restated (1)

2009

US$m

Change %

2010 S$m

Revenue 15,680 10,640 47 21,338

Profit after tax 2,244 1,213 85 3,054

Underlying profit attributable to shareholders (2)

812 524 55 1,105

Profit attributable to shareholders 944 512 85 1,285

US¢ US¢ S¢

Underlying earnings (2)

per share 228.34 147.23 55 310.71

Earnings per share 265.48 143.86 85 361.23

Dividend per share (3)

98.0 58.0 69 127.3

US$m US$m S$m

Shareholders’ funds 3,743 2,911 29 4,822

US$ US$ S$

Net asset value per share 10.52 8.18 29 13.56

The exchange rate of US$1=S$1.29 (31st December 2009: US$1=S$1.40) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.36 (31st December 2009: US$1=S$1.45) was used for translating the results for the year. The financial results for the year ended 31st December 2010 have been prepared in accordance with the International Financial Reporting Standards. These results have not been audited or reviewed by the auditors. (1) The accounts have been restated due to the change in accounting policy as disclosed in Note 1. The impact is to

increase the underlying earnings per share by US¢3.29 (2009: US¢2.50) and reduce the net asset value per share by US$0.15 (2009: US$0.17).

(2) The basis for calculating underlying earnings is set out in Note 5 of this report.

(3) The S$ equivalent is an estimate as the actual amount of the final dividend will be determined on Books Closure Date

referred to in Note 14.

Jardine Cycle & Carriage Limited 239 Alexandra Road Singapore 159930 Tel (65) 6473 3122 Fax (65) 6475 7088 corporate.affairs@jcclgroup.com

www.jcclgroup.com

- more -

Page 2

CHAIRMAN’S STATEMENT Overview Jardine Cycle & Carriage achieved a record result in 2010 as most of Astra’s operations benefited from the strength of the Indonesian economy. Performance The Group produced an underlying profit of US$812 million in 2010, an increase of 55%, while underlying earnings per share at US¢228.34 were also 55% higher. Profit attributable to shareholders of US$944 million included a non-trading gain of US$132 million, largely due to the fair value gain attributable to Astra’s oil palm plantations, compared with the non-trading loss of US$12 million in 2009. The Group’s net asset value of US$3.7 billion, or US$10.52 per share, at the end of 2010 was 29% higher than at the end of 2009. Astra’s contribution to the Group’s underlying profit increased by 62% to US$798 million, reflecting a stronger rupiah and improved performances from most of its major businesses. Underlying profit contribution from the Group’s other motor interests was, however, 5% lower at US$56 million, mainly due to reduced earnings in Singapore. Corporate costs and withholding tax on dividends received from Indonesia amounted to US$42 million. The Board is recommending a final one-tier tax exempt dividend of US¢82.00 per share (2009: US¢47.00 per share). This together with the interim dividend will produce a total dividend of US¢98.00 per share, an increase of 69%. Business Activity Astra

Astra enjoyed an excellent year, achieving a record profit with improved performances from all its businesses except contract mining. The wholesale market for motor cars experienced strong growth, with Astra’s Toyota and Daihatsu marques maintaining their market leading positions. The wholesale market for motorcycles also grew strongly, and Astra Honda Motors did well to maintain its leading position amid intense competition. Astra’s consumer finance operations achieved improved profits as they benefited from the growth in their overall loan books, stable interest margins and good liquidity in the banking sector. In December 2010, the group completed the acquisition of the 47% that it did not already own of Astra Sedaya Finance, the largest of the Astra Credit Companies. Bank Permata also reported better results in the positive economic environment. In the last quarter, Bank Permata enhanced its capital adequacy ratio through a rights issue and also completed the acquisition of domestic credit card issuer, GE Finance Indonesia. Astra Agro Lestari saw its profit rise thanks to higher palm oil prices and increased production. United Tractors’ results were largely unchanged despite a significant improvement in Komatsu equipment sales owing to shortfalls from its coal mining subsidiary, Pamapersada Nusantara, which was adversely impacted by poor weather conditions and the weaker US dollar. Other motor interests

The Group’s Singapore motor operations produced a lower profit following a sharp reduction in the government quota for new vehicle sales. While sales of Mercedes-Benz were resilient, they were insufficient to offset the shortfalls in Mitsubishi and Kia.

- more -

Page 3

In Malaysia, Cycle & Carriage Bintang made an improved contribution following an increase in Mercedes-Benz sales. In November 2010, the company announced the conditional acquisition of a small Mercedes-Benz dealership in Penang, Malaysia. In Indonesia, Tunas Ridean also had an excellent year as it benefited from growth in the Indonesian automotive market. Truong Hai Auto Corporation in Vietnam made a lower contribution due to the weaker Vietnam dong, lower margins and higher financing costs, but did well to enhance its market share in difficult trading conditions. People On behalf of the Directors, I wish to thank our 156,000 staff employed across the Group. This excellent set of results would not have been possible without their commitment, dedication and diligence. I would also like to thank our customers, shareholders and business partners for their continuing support. Outlook Jardine Cycle & Carriage’s main businesses achieved excellent earnings growth in 2010 and the results also benefited from the strengthening of the Indonesian rupiah. While the economic outlook for the Group’s markets in Southeast Asia remains encouraging, the rate of earnings growth is expected to moderate in 2011. Anthony Nightingale Chairman 25th February 2011

- more -

Page 4

Group Managing Director’s Review

Overview The Group had an excellent year in 2010, achieving a record set of results with the good growth in its Indonesian businesses further enhanced by the strength of the rupiah. Performance The Group’s revenue increased by 47% to US$15.7 billion in 2010. Underlying profit grew by 55% to a record US$812 million and underlying earnings per share also increased by 55% to US¢228.34. Profit attributable to shareholders at US$944 million included a non-trading gain of US$132 million, due largely to the fair value gain on oil palm plantations arising from the increase in crude palm oil prices assumed. Astra’s contribution to the Group’s underlying profit rose by 62%, reflecting a stronger rupiah and improved performances across almost all its major businesses. The Group’s other motor interests contributed US$56 million, 5% down on the previous year. The Group continued to benefit from healthy operating cashflows and its balance sheet remains strong. Consolidated net debt, excluding borrowings within Astra’s financial services companies, was US$353 million at the end of 2010, compared to net cash of US$64 million at the end of 2009. This was due mainly to the purchase of an additional 47% interest in Astra Sedaya Finance, participation in Bank Permata’s rights issue and the purchase of mining equipment and rental vehicles by Astra’s mining and car rental businesses, respectively. The net debt within Astra’s financial services companies at US$2.4 billion was US$868 million higher than at the previous year end following an increase in volume financed. Parent company net cash was US$7 million at the year end. Group Review Astra The Indonesian economy grew by 6% in 2010, supported by a continuation of robust consumer demand, net foreign investment inflows and the availability of consumer finance at attractive interest rates. Astra achieved a record net profit equivalent to US$1.6 billion under Indonesian accounting standards, 43% up on the previous year. Automotive The wholesale motor vehicle market grew by 57% to 765,000 units, while Astra’s motor vehicle sales rose by 52% to 426,000 units leading to a decline in its market share from 58% to 56%. The wholesale motorcycle market increased by 26% to 7.4 million units. Motorcycle sales by Astra Honda Motor grew by 26% to 3.4 million units, enabling it to maintain a 46% market share. Astra Otoparts, the group’s component manufacturing operation, benefited from the growth of the Indonesian automotive market and reported a profit of US$126 million, 49% higher than the previous year.

Financial Services Earnings in the group’s consumer finance activities improved, reflecting growth in their loan books, stable net interest margins and good liquidity in the local banking sector. The amount financed through Federal International Finance, the Astra Credit Companies and Toyota Astra Financial Services grew by 39% to US$4.8 billion, excluding balances financed through joint financing without recourse.

- more -

Page 5

Group insurance company, Asuransi Astra Buana, generated higher earnings from retail and commercial premiums and investment income. Bank Permata, which is 45%-owned, reported profit of US$110 million, twice the previous year as it benefited from the positive economic conditions. Agribusiness Astra Agro Lestari, the group’s 80%-owned subsidiary, reported a profit of US$222 million, an increase of 21% over 2009. Crude palm oil prices achieved were on average 13% higher than the previous year, while palm oil production was up 3% at 1.1 million tonnes. Heavy Equipment and Mining The group’s 60%-owned heavy equipment and mining subsidiary, United Tractors, reported a profit which was relatively flat at US$427 million. The Komatsu heavy equipment business posted strong results with equipment sales growing by 74% to 5,400 units. This was, however, largely offset by a lower contribution from its mining subsidiary, Pamapersada Nusantara, which was affected by higher costs due to adverse weather conditions and the weaker US dollar, despite a 14% increase in coal production to 78 million tonnes and a 9% increase in overburden removed to 651 million bcm. Infrastructure and Logistics Astra’s infrastructure and logistics businesses saw profits rise 34% to US$39 million. Sales volume of 49%-held PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, increased by 7% to 147 million cubic metres. Marga Mandalasakti, the 79%-owned toll road operator, reported a 7% increase in traffic volume to 29.4 million vehicles on higher average tariffs. Serasi Autoraya’s improved profit was supported by higher sales of rental vehicles. Information Technology The group’s 77%-held Astra Graphia, which is the sole distributor of Fuji Xerox equipment in Indonesia and active in information technology, reported a 77% rise in profit to US$13 million. Other Motor Interests Underlying profit from the Group’s other motor interests at US$56 million, fell by 5% compared with the previous year. Singapore The Singapore motor operations had a challenging year with their contribution declining by 23% to US$28 million. The market for passenger cars fell by 32% to 47,000 units following a significant reduction in the government quota for new vehicles, which in turn drove up the prices of vehicle certificates of entitlement. While the Group’s sales of passenger cars fell by 24% to 8,400 units, its market share rose from 16% to 18%. Sales of Mercedes-Benz passenger cars proved resilient, increasing by 11%, but Kia sales fell by 31% and Mitsubishi by 62%. Malaysia In Malaysia, Cycle & Carriage Bintang’s contribution of US$5 million was 13% up on the previous year. Sales of Mercedes-Benz passenger cars were 25% higher, supported by strong demand for the new E-Class launched in late 2009.

- more -

Page 6

Indonesia In Indonesia, Tunas Ridean also had an excellent year, contributing a profit of US$14 million, up 89%. Sales of motor vehicles and motorcycles were 52% and 40% higher, respectively. New lending volume by Mandiri Tunas Finance more than doubled to US$501 million, producing higher income despite lower net interest margins. Vietnam Truong Hai Automotive Corporation (“Thaco”) contributed a profit of US$9 million, 13% down on the previous year due to the weaker Vietnam dong, lower margins and higher financing costs. The motor vehicle market in Vietnam fell by 5% to 113,000 units in 2010. Thaco did well to grow its sales by 21%, achieving an improved market share of 23%, up from 18% in the previous year. Outlook The Group performed well, particularly Astra, to deliver a record set of results. The outlook for 2011 is positive although earnings growth is expected to moderate and challenges remain in its motor operations in Singapore and Vietnam. Ben Keswick Group Managing Director 25th February 2011

- more -

Page 7

Jardine Cycle & Carriage Limited

Consolidated Profit and Loss Account for the year ended 31st December

Restated

2010 2009 Change

Note US$m US$m %

Revenue 3 15,680.2 10,640.4 47

Net operating costs 2 (13,431.2) (9,315.0) 44

Operating profit 2 2,249.0 1,325.4 70

Financing income 55.9 54.2 3

Financing charges (55.4) (48.4) 14

Net financing income 0.5 5.8 -91

Share of associates’ and joint ventures’ results after tax

577.9

278.9 107

Profit before tax 2,827.4 1,610.1 76

Tax (583.2) (397.5) 47

Profit after tax 3 2,244.2 1,212.6 85

Profit attributable to:

Shareholders of the Company 944.3 511.7 85

Minority interests 1,299.9 700.9 85

2,244.2 1,212.6 85

US¢ US¢

Earnings per share 5 265.48 143.86 85

- more -

Page 8 Jardine Cycle & Carriage Limited

Consolidated Statement of Comprehensive Income for the year ended 31st December

Restated 2010 2009 US$m US$m Profit for the year 2,244.2 1,212.6 Translation differences - gains arising during the year 290.2 798.0 Available-for-sale investments - gains arising during the year 35.5 48.6 - transfer to profit and loss (13.2) (8.4) Cash flow hedges - gains/(losses) arising during the year 12.1 (17.3) - transfer to profit and loss (0.2) - Defined benefit pension plans - actuarial gains/(losses) arising during the year 19.6 (6.3) Share of other comprehensive income of associates and joint ventures, net of tax

6.1

(5.2)

Tax relating to components of other comprehensive income (8.1) 5.3

Other comprehensive income for the year 342.0 814.7 Total comprehensive income for the year 2,586.2 2,027.3

Attributable to: Shareholders of the Company 1,098.8 868.5 Minority interests 1,487.4 1,158.8 2,586.2 2,027.3

- more -

Page 9

Jardine Cycle & Carriage Limited

Consolidated Balance Sheet at 31st December

Restated Restated Note 2010 2009 2008 US$m US$m US$m

Non-current assets Intangible assets 693.6 634.7 531.2 Leasehold land use rights 448.0 414.4 347.8 Property, plant and equipment 2,521.1 2,026.0 1,497.4 Investment properties 25.0 23.1 17.4 Plantations 953.8 425.4 352.7 Interests in associates and joint ventures 2,211.8 1,692.2 1,339.8 Non-current investments 410.3 309.1 179.7 Non-current debtors 1,708.9 1,196.7 893.4 Deferred tax assets 80.2 73.1 64.6 9,052.7 6,794.7 5,224.0

Current assets Current investments 5.7 2.3 3.7 Stocks 1,310.4 895.7 921.4 Current debtors 3,199.8 2,222.2 1,690.3 Current tax assets 128.5 66.8 40.8 Bank balances and other liquid funds - non-financial services companies 662.1 805.3 656.1 - financial services companies 175.9 156.2 183.5

838.0 961.5 839.6 5,482.4 4,148.5 3,495.8

Non-current assets classified as held for sale - - 0.1 5,482.4 4148.5 3,495.9 Total assets 14,535.1 10,943.2 8,719.9

Non-current liabilities Non-current creditors 83.7 74.4 93.5 Provisions 61.0 41.2 30.9 Long-term borrowings 7 - non-financial services companies 421.9 417.2 400.7 - financial services companies 1,128.0 717.6 563.1 1,549.9 1,134.8 963.8 Deferred tax liabilities 330.0 227.0 205.0 Pension liabilities 106.9 101.5 67.0 2,131.5 1,578.9 1,360.2

Current liabilities Current creditors 2,222.5 1,654.8 1,254.9 Provisions 34.2 34.0 24.8 Current borrowings 7 - non-financial services companies 595.2 324.6 413.2 - financial services companies 1,402.7 918.3 798.5 1,997.9 1,242.9 1,211.7 Current tax liabilities 91.7 115.8 141.9 4,346.3 3,047.5 2,633.3

Total liabilities 6,477.8 4,626.4 3,993.5

Net assets 8,057.3 6,316.8 4,726.4

Equity Share capital 8 632.3 632.3 632.3 Revenue reserve 9 2,604.0 1,916.0 1,574.8 Other reserves 10 506.8 362.6 4.7 Shareholders' funds 3,743.1 2,910.9 2,211.8 Minority interests 11 4,314.2 3,405.9 2,514.6 Total equity 8,057.3 6,316.8 4,726.4

- more -

Page 10

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the year ended 31st December

Attributable to shareholders of the Company Asset Fair value Attributable Share Revenue revaluation Translation and other to minority Total capital reserve reserve reserve reserves Total interests equity US$m US$m US$m US$m US$m US$m US$m US$m 2010 Balance at 1st January as previously reported

632.3

1,885.3

406.7

31.7

15.2

2,971.2

3,460.1

6,431.3

Change in accounting policy - 30.7 (88.9) (2.1) - (60.3) (54.2) (114.5)

Balance at 1st January as restated 632.3 1,916.0 317.8 29.6 15.2 2,910.9 3,405.9 6,316.8 Total comprehensive income - 954.6 - 128.0 16.2 1,098.8 1,487.4 2,586.2 Issue of shares to minority shareholders - - - - - - 0.4 0.4 Dividends paid by the Company - (228.0) - - - (228.0) - (228.0) Dividends paid to minority shareholders - - - - - - (416.5) (416.5) Change in shareholding - (38.4) - - - (38.4) (153.9) (192.3) Disposal of subsidiaries - - - - - - (8.9) (8.9) Other - (0.2) - - - (0.2) (0.2) (0.4) Balance at 31st December 632.3 2,604.0 317.8 157.6 31.4 3,743.1 4,314.2 8,057.3

2009 Balance at 1st January as previously reported

632.3

1,552.4

397.7

(323.0)

3.3

2,262.7

2,559.8

4,822.5

Change in accounting policy - 22.4 (78.0) 4.7 - (50.9) (45.2) (96.1) Balance at 1st January as restated 632.3 1,574.8 319.7 (318.3) 3.3 2,211.8 2,514.6 4,726.4 Total comprehensive income - 510.6 (1.9) 347.9 11.9 868.5 1,158.8 2,027.3 Dividends paid by the Company - (171.1) - - - (171.1) - (171.1) Dividends paid to minority shareholders - - - - - - (258.1) (258.1) Change in shareholding - 1.7 - - - 1.7 (16.0) (14.3) Disposal of subsidiaries - - - - - - 6.6 6.6 Balance at 31st December 632.3 1,916.0 317.8 29.6 15.2 2,910.9 3,405.9 6,316.8

- more -

Page 11 Jardine Cycle & Carriage Limited

Company Balance Sheet at 31st December

Note

2010

2009 US$m US$m Non-current assets Property, plant and equipment 29.3 0.5 Interests in subsidiaries 1,373.2 1,260.1 Interests in associates 173.7 146.9 Non-current investment 8.0 7.6 1,584.2 1,415.1

Current assets Current debtors 0.7 0.8 Bank balances and other liquid funds 6.9 1.1 7.6 1.9 Total assets 1,591.8 1,417.0 Non-current liabilities Deferred tax liabilities 0.4 0.4 0.4 0.4 Current liabilities Current creditors 31.2 30.5 Current tax liabilities 0.8 0.9 32.0 31.4 Total liabilities 32.4 31.8 Net assets 1,559.4 1,385.2

Equity Share capital 8 632.3 632.3 Revenue reserve 9 540.3 492.1 Other reserves 10 386.8 260.8 Total equity 1,559.4 1,385.2

Net asset value per share US$4.38 US$3.89

- more -

Page 12 Jardine Cycle & Carriage Limited

Company Statement of Comprehensive Income for the year ended 31st December

2010 2009 US$m US$m Profit for the year 276.2 199.7 Translation difference - gains arising during the year 126.3 34.7 Available-for-sale investment - gain/(loss) arising during the year (0.3) 0.6 Other comprehensive income for the year 126.0 35.3 Total comprehensive income for the year 402.2 235.0

- more -

Page 13 Jardine Cycle & Carriage Limited

Company Statement of Changes in Equity for the year ended 31st December

Share

capital

Revenue reserve

Translation

reserve

Fair value and other reserves

Total equity

US$m US$m US$m US$m US$m 2010 Balance at 1st January 632.3 492.1 259.6 1.2 1,385.2 Total comprehensive income - 276.2 126.3 (0.3) 402.2 Dividends paid - (228.0) - - (228.0)

Balance at 31st December 632.3 540.3 385.9 0.9 1,559.4

2009 Balance at 1st January 632.3 463.5 224.9 0.6 1,321.3 Total comprehensive income - 199.7 34.7 0.6 235.0 Dividends paid - (171.1) - - (171.1) Balance at 31st

December 632.3 492.1 259.6 1.2 1,385.2

- more -

Page 14 Jardine Cycle & Carriage Limited

Consolidated Statement of Cash Flows for the year ended 31st December

Restated

2010 2009

Note US$m US$m

Cash flows from operating activities

Cash generated from operations 12 932.7 1,536.5

Interest paid (45.4) (46.1)

Interest received 56.3 54.3

Other finance costs paid (7.2) (3.6)

Income tax paid (598.7) (462.6)

(595.0) (458.0)

Net cash flows from operating activities 337.7 1,078.5

Cash flows from investing activities

Sale of leasehold land use rights 2.0 1.7

Sale of property, plant and equipment 12.1 15.7

Sale of investment properties - 1.2

Sale of plantations 0.7 0.4

Sale of subsidiaries, net of cash disposed 19.4 (1.7)

Sale of shares in associates and joint ventures - 0.1

Sale of investments 55.3 52.0

Purchase of intangible assets (58.1) (38.8)

Purchase of leasehold land use rights (60.3) (20.2)

Purchase of property, plant and equipment (569.3) (418.6)

Additions to plantations (87.2) (77.4)

Purchase of subsidiaries, net of cash acquired 2.8 -

Purchase of shares in associates and joint ventures (142.2) (46.2)

Purchase of investments (163.3) (105.1)

Capital repayment of investments 54.3 3.9

Repayment by/(advances to) associates 10.5 (60.0)

Dividends received from associates and joint ventures (net) 296.3 184.7

Net cash flows used in investing activities (627.0) (508.3)

Cash flows from financing activities

Drawdown of loans 3,549.1 1,745.9

Repayment of loans (2,569.4) (1,860.2)

Changes in controlling interests in subsidiaries (192.3) (14.3)

Investments by minority shareholders 0.4 9.7

Dividends paid to minority interests (416.5) (258.1)

Dividends paid by the Company (228.0) (171.1)

Net cash flows from/(used in) financing activities 143.3 (548.1)

Net change in cash and cash equivalents (146.0) 22.1

Cash and cash equivalents at the beginning of the year 962.1 839.1

Effect of exchange rate changes 31.7 100.9

Cash and cash equivalents at the end of the year 847.8 962.1

- more -

Page 15 Jardine Cycle & Carriage Limited

Notes

1 Basis of preparation

The financial statements are consistent with those set out in the 2009 audited accounts which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). There have been no changes to the accounting policies described in the 2009 audited accounts except for the change in accounting policy on the Group’s owner-occupied freehold land and buildings, and the building component of owner-occupied leasehold properties, and the adoption of the amendments and interpretations described in the paragraphs below. Previously, the Group’s owner-occupied freehold land and buildings, and the building component of owner-occupied leasehold properties were stated at valuation. Independent valuations were performed every three years on an open market basis, and in the case of the building component of leasehold properties, on the basis of depreciated replacement cost. In the intervening years, the directors reviewed the carrying values and adjustments were made where there were material changes. Revaluation surpluses and deficits were recognised in other comprehensive income and accumulated in equity under asset revaluation reserves except for movements on individual properties below depreciated cost which were recognised in the consolidated profit and loss account. Leasehold land was carried at amortised cost. With effect from 1st January 2010, the Group revised its accounting policy in respect of its owner-occupied freehold land and buildings, and the building component of owner-occupied leasehold properties to the cost model, under which these assets are carried at cost less any accumulated depreciation and impairment. This change harmonises the treatment of land and buildings, both freehold and leasehold, and aligns the Group’s accounting policy with industry practice, enhancing the comparability of the Group’s financial statements with those of its international peers. The Directors believe that the new policy provides reliable and more relevant financial information to the users of the financial statements. This change in accounting policy has been accounted for retrospectively, and the comparative financial statements have been restated. (i) Effects of change in accounting policy on the consolidated profit and loss account for the year ended

31st December:

2010 2009 US$m US$m Decrease in net operating costs 22.9 18.7 Increase in share of results of associates and joint ventures 6.1 4.4 Increase in tax (4.7) (4.1) Increase in profit after tax 24.3 19.0

Attributable to: Shareholders of the Company 11.7 8.9 Minority interests 12.6 10.1 24.3 19.0

Increase in underlying earnings per share (US¢) – basic and diluted

3.29

2.50

Increase in earnings per share (US¢) – basic and diluted 3.29 2.50

(ii) Effects of change in accounting policy on the consolidated balance sheet as at 31st December:

2010 2009 2008 US$m US$m US$m Decrease in property, plant and equipment (97.3) (114.4) (101.8) Decrease in associates and joint ventures (18.2) (23.2) (15.8) Increase in deferred tax assets 13.6 3.8 7.2 Decrease in deferred tax liabilities 5.9 19.3 14.3 Decrease in net assets (96.0) (114.5) (96.1) Decrease in revenue and other reserves (51.9) (60.3) (50.9) Decrease in minority interests (44.1) (54.2) (45.2) Decrease in total equity (96.0) (114.5) (96.1) Decrease in net asset value per share (US$) (0.15) (0.17) (0.14)

- more -

Page 16

1 Basis of preparation (continued) The following amendments and interpretations to existing standards which are effective in the current accounting period and relevant to the Group’s operations were adopted in 2010: Amendments to IFRS 2 Group Cash-settled Share-based Payment Transactions Amendment to IAS 17 Leases Amendment to IAS 39 Eligible Hedged Items IFRIC 17 Distributions of Non-cash Assets to Owners IFRIC 18 Transfers of Assets from Customers Improvements to IFRSs (2009) The Group also early adopted the following amendment which is relevant to its operations: Amendment to IAS 12 Deferred Tax: Recovery of Underlying Assets The change in accounting policy and the adoption of the amendments and interpretations did not have a material impact on the results of the Group. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. Estimates and judgments used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.2883 (2009:US$1=S$1.4032), US$1=RM3.0705 (2009:US$1=RM3.4218), US$1=IDR8,991 (2009:US$1=IDR 9,400) and US$1=VND19,499 (2009:US$1=VND18,479).

The exchange rates used for translating the results for the year are US$1=S$1.3608 (2009: US$1=S$1.4527), US$1=RM3.2159 (2009:US$1=RM3.5238), US$1=IDR9,078 (2009:US$1=IDR 10,359) and US$1=VND19,183 (2009:US$1=VND17,810).

2 Net operating costs and operating profit Group

2010 2009 Change

US$m US$m %

Cost of sales (12,578.1) (8,304.8) 51

Other operating income (1)

644.8 131.2 391

Selling and distribution expenses (754.7) (517.4) 46

Administrative expenses (707.3) (549.4) 29

Other operating expenses (1)

(35.9) (74.6) -52

Net operating costs (13,431.2) (9,315.0) 44

Operating profit is determined after including:

Depreciation of property, plant and equipment (469.0) (330.6) 42

Amortisation of leasehold land use rights and intangible assets (48.4) (36.9) 31

Fair value changes of plantations 421.5 (63.5) nm

Profits/(losses) on disposal of:

- leasehold land use rights 0.9 (1.2) nm

- property, plant and equipment 2.8 9.0 -69

- plantations (3.7) - 100

- subsidiaries 13.9 (2.4) nm

- repossessed assets (2)

(63.2) (37.6) 68

- investments 13.0 8.0 63

Dividend and interest income from investments (3)

31.1 14.5 114

(Write-down)/reversal of write-down of stocks (9.2) 0.6 nm

- more -

Page 17 2 Net operating costs and operating profit (continued) Group

2010 2009 Change

US$m US$m %

Operating profit is determined after including:

(Impairment)/reversal of impairment of:

- debtors (2)

(105.5) (63.0) 67

- leasehold land use rights - 4.8 -100

Fair value changes of derivatives not qualified as hedges (6.7) (9.9) -32

Net exchange gain/(loss) (1.2) 14.9 nm

nm: not meaningful

(1) Changes due mainly to fair value gain of US$421.5m on plantations in 2010 (2009: fair value loss of US$63.5m) (2) Increase due mainly to higher financing activities (3) Increase due mainly to additional investments

3 Revenue and Profit after tax

Group

2010 2009 Change

US$m US$m %

Revenue:

- 1st half 7,410.6 4,615.1 61

- 2nd half 8,269.6 6,025.3 37

15,680.2 10,640.4 47

Profit after tax:

- 1st half 848.3 516.8 64

- 2nd half 1,395.9 695.8 101

2,244.2 1,212.6 85

4 Dividends

Group and Company 2010 2009 US$m US$m Dividends paid: - Final one-tier tax exempt dividend in respect of previous year of US¢47.00 per share (2009: in respect of 2008 of US¢36.00)

171.5

132.2

- Interim one-tier tax exempt dividend in respect of current year of US¢16.00 per share (2009: US¢11.00)

56.5

38.9

228.0 171.1

The Board is recommending a final dividend of US¢82.00 per share which, together with the interim dividend, will give a total dividend for the year of US¢98.00 per share.

- more -

Page 18 5 Earnings per share

Group 2010 2009 US$m US$m Basic earnings per share Profit attributable to shareholders 944.3 511.7 Weighted average number of ordinary shares in issue (millions) 355.7 355.7

Basic earnings per share US¢265.48 US¢143.86

Diluted earnings per share Profit attributable to shareholders 944.3 511.7 Weighted average number of ordinary shares in issue (millions) 355.7 355.7 Adjustment for assumed conversion of share options (millions) - * - * Weighted average number of ordinary shares for diluted earnings per share (millions)

355.7

355.7

Diluted earnings per share US¢265.48 US¢143.86

Underlying earnings per share Underlying profit attributable to shareholders 812.2 523.7 Basic underlying earnings per share US¢228.34 US¢147.23

Diluted underlying earnings per share US¢228.34 US¢147.23

* less than 0.1 million

A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows: Group 2010 2009 US$m US$m Profit attributable to shareholders 944.3 511.7 Less: Non-trading items (net of tax and minority interests) Fair value changes of: - plantations 123.4 (18.8) - investment properties - 1.0 Profits on disposal/acquisition of : - subsidiaries and associates 8.7 1.0 - subsidiary of an associate - 4.1

Restructuring of operations - 0.7

132.1 (12.0) Underlying profit attributable to shareholders 812.2 523.7

The underlying profit attributable to shareholders by business is shown below:

2010 2009 Change

US$m US$m %

Astra

Automotive 398.3 213.6 86

Financial services 150.2 88.2 70

Agribusiness 96.2 64.6 49

Heavy equipment and mining 128.7 111.1 16

Infrastructure and logistics 19.7 13.2 49

Information technology 5.0 2.5 100

798.1 493.2 62

Other motor interests

Singapore 28.1 36.4 -23

Malaysia 5.1 4.5 13

Indonesia (Tunas Ridean) 13.6 7.2 89

Vietnam 9.4 10.8 -13

56.2 58.9 -5

Corporate costs and withholding tax

Corporate costs (13.4) (11.2) 20

Withholding tax on dividends from Indonesia (28.7) (17.2) 67

(42.1) (28.4) 48

Underlying profit attributable to shareholders 812.2 523.7 55

- more -

Page 19 6 Segment information

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. Set out below is an analysis of the segment information:

Other Corporate motor and other Astra interests costs Group US$m US$m US$m US$m

2010 Revenue 14,360.4 1,319.8 - 15,680.2 Net operating costs (12,147.6) (1,270.7) (12.9) (13,431.2)

Operating profit 2,212.8 49.1 (12.9) 2,249.0 Financing income 55.6 0.3 - 55.9 Financing charges (53.4) (0.9) (1.1) (55.4)

Net financing income/(charges) 2.2 (0.6) (1.1) 0.5 Share of associates’ and joint ventures’ results after tax 554.9 23.0 - 577.9 Profit before tax 2,769.9 71.5 (14.0) 2,827.4 Tax (545.5) (9.6) (28.1) (583.2)

Profit after tax 2,224.4 61.9 (42.1) 2,244.2 Minority interests (1,294.2) (5.7) - (1,299.9) Profit attributable to shareholders 930.2 56.2 (42.1) 944.3

Non-trading items (132.1) - - (132.1)

Underlying profit attributable to shareholders 798.1 56.2 (42.1) 812.2

Net cash/(debt) (excluding net debt of financial services companies)

(393.5)

34.0

7.0

(352.5)

Total equity 7,664.3 363.9 29.1 8,057.3

2009 Revenue 9,537.3 1,103.1 - 10,640.4 Net operating costs (8,258.4) (1,046.9) (9.7) (9,315.0) Operating profit 1,278.9 56.2 (9.7) 1,325.4 Financing income 53.8 0.4 - 54.2 Financing charges (46.8) (0.8) (0.8) (48.4) Net financing income/(charges) 7.0 (0.4) (0.8) 5.8

Share of associates’ and joint ventures’ results after tax 256.8 22.1 - 278.9 Profit before tax 1,542.7 77.9 (10.5) 1,610.1 Tax (370.1) (10.2) (17.2) (397.5) Profit after tax 1,172.6 67.7 (27.7) 1,212.6

Minority interests (696.2) (4.7) - (700.9)

Profit attributable to shareholders 476.4 63.0 (27.7) 511.7

Non-trading items 16.8 (4.1) (0.7) 12.0

Underlying profit attributable to shareholders 493.2 58.9 (28.4) 523.7

Net cash/(debt) (excluding net debt of financial services companies)

77.6

(14.8)

1.6

64.4

Total equity 6,008.8 314.4 (6.4) 6,316.8

- more -

Page 20 7 Borrowings

Group

2010 2009 US$m US$m

Long-term borrowings: - secured 1,299.0 920.1 - unsecured 250.9 214.7 1,549.9 1,134.8 Current borrowings: - secured 1,554.7 969.9 - unsecured 443.2 273.0 1,997.9 1,242.9 Total borrowings 3,547.8 2,377.7

Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial

institutions. The value of assets pledged was US$2,016.1 million (31st December 2009: US$1,369.9 million).

8 Share capital Company

2010 2009 US$m US$m

Issued and fully paid: Balance at 1st January – 355,678,660 (2009: 355,677,660) ordinary shares 632.3 632.3 Issue of 1,000 (2009: 1,000) ordinary shares under the CCL Executives’ Share Option Scheme -* -* Balance at 31st December – 355,679,660 (2009: 355,678,660) ordinary shares 632.3 632.3

* less than 0.1 million

The Company did not hold any treasury shares as at 31st December 2010 (31st December 2009: Nil). The number of shares that may be issued on conversion of all outstanding options granted pursuant to the

CCL Executives’ Share Option Scheme amounted to 33,000 as at 31st December 2010 (31st December 2009: 34,000).

Except for those mentioned above, there were no other rights, bonus or equity issues during the financial year. 9 Revenue reserve

Group Company 2010 2009 2010 2009

US$m US$m US$m US$m Movements: Balance at 1st January as previously reported 1,885.3 1,552.4 492.1 463.5 Change in accounting policy 30.7 22.4 - - Balance at 1st January as restated 1,916.0 1,574.8 492.1 463.5 Asset revaluation reserve realised on disposal of land and buildings

-

1.9

-

-

Defined benefit pension plans - actuarial gain/(loss) 9.5 (1.5) - - - deferred tax (2.2) 0.4 - -

Share of associates’ and joint ventures’ actuarial gain/(loss) on defined benefit pension plans, net of tax

3.0

(1.9)

-

- Profit attributable to shareholders 944.3 511.7 276.2 199.7 Dividends paid by the Company (228.0) (171.1) (228.0) (171.1) Change in shareholding (38.4) 1.7 - - Other (0.2) - - - Balance at 31st December 2,604.0 1,916.0 540.3 492.1

- more -

Page 21 10 Other reserves

Group Company

2010 2009 2010 2009

US$m US$m US$m US$m Composition: Asset revaluation reserve 317.8 317.8 - -

Translation reserve 157.6 29.6 385.9 259.6

Fair value reserve 28.8 16.4 0.6 0.9

Hedging reserve (1.0) (4.8) - -

Share option reserve 0.3 0.3 0.3 0.3

Other reserve 3.3 3.3 - -

Balance at 31st December 506.8 362.6 386.8 260.8

Movements: Asset revaluation reserve Balance at 1st January as previously reported 406.7 397.7 - - Change in accounting policy (88.9) (78.0) - - Balance at 1st January as restated 317.8 319.7 - - Transfer to revenue reserve on disposal of assets - (1.9) - - Balance at 31st December 317.8 317.8 - -

Translation reserve Balance at 1st January as previously reported 31.7 (323.0) 259.6 224.9 Change in accounting policy (2.1) 4.7 - - Balance at 1st January as restated 29.6 (318.3) 259.6 224.9 Translation difference 128.0 347.9 126.3 34.7 Balance at 31st December 157.6 29.6 385.9 259.6

Fair value reserve Balance at 1st January 16.4 (3.0) 0.9 0.3 Available-for-sale investments

- fair value changes 19.6 21.9 (0.3) 0.6 - deferred tax (0.3) (0.3) - - - transfer to profit and loss (6.4) (4.0) - -

Share of associates’ and joint ventures’ fair value changes of available-for-sale investments, net of tax

(0.5)

1.8

-

- Balance at 31st December 28.8 16.4 0.6 0.9

Hedging reserve Balance at 1st January (4.8) 2.7 - - Cash flow hedges - -

- fair value changes 4.4 (6.7) - - - deferred tax (1.0) 1.7 - - - transfer to profit and loss (0.1) - - -

Share of associates’ and joint ventures’ fair value changes of cash flow hedges, net of tax

0.5

(2.5)

-

-

Balance at 31st December (1.0) (4.8) - -

Share option reserve

Balance at 1st January and 31st December 0.3 0.3 0.3 0.3

Other reserve Balance at 1st January and 31st December 3.3 3.3 - -

- more -

Page 22 11 Minority interests

Group 2010 2009 US$m US$m Balance at 1st January as previously reported 3,460.1 2,559.8 Change in accounting policy (54.2) (45.2) Balance at 1st January as restated 3,405.9 2,514.6 Available-for-sale investments - fair value changes 15.9 26.7 - deferred tax (0.3) (0.3) - transfer to profit and loss (6.8) (4.4) Share of associates’ and joint ventures’ fair value changes of

available-for-sale investments, net of tax

(0.5)

1.8 Cash flow hedges - fair value changes 7.7 (10.6) - deferred tax (1.9) 2.6 - transfer to profit and loss (0.1) - Share of associates’ and joint ventures’ fair value changes of cash

flow hedges, net of tax

0.5

(2.5) Defined benefit pension plans - actuarial gain/(loss) 10.1 (4.8) - deferred tax (2.4) 1.2 Share of associates’ and joint ventures’ actuarial gain/(loss) on

defined benefit pension plans, net of tax

3.1

(1.9) Translation difference 162.2 450.1 Profit for the year 1,299.9 700.9 Issue of shares 0.4 - Dividends paid (416.5) (258.1) Change in shareholding (153.9) (16.0) Disposal of subsidiaries (8.9) 6.6 Other (0.2) - Balance at 31st December 4,314.2 3,405.9

- more -

Page 23

12 Cash flows from operating activities

Group 2010 2009 US$m US$m Profit before tax 2,827.4 1,610.1 Adjustments for: Financing income (55.9) (54.2) Financing charges 55.4 48.4 Share of associates’ and joint ventures’ results after tax (577.9) (278.9) Depreciation of property, plant and equipment 469.0 330.6 Amortisation of leasehold land use rights and intangible assets 48.4 36.9 Fair value changes of: - plantations (421.5) 63.5 - investment properties (0.1) (2.4) Impairment/(reversal of impairment) of: - debtors 105.5 63.0 - leasehold land use rights - (4.8) - property, plant and equipment 0.2 0.3 - intangible assets - 0.6 - goodwill 1.1 - (Profits)/losses on disposal of: - leasehold land use rights (0.9) 1.2 - property, plant and equipment (2.8) (9.0) - intangible assets 0.4 0.3 - investment properties - 0.1 - plantations 3.7 - - subsidiaries (13.9) 2.4 - repossessed assets 63.2 37.6 - investments (13.0) (8.0) (Reversal of write-down)/write-down of stocks 9.2 (0.6) Changes in provisions 24.9 17.6 Foreign exchange (gain)/loss 11.9 (9.0) (293.1) 235.6 Operating profit before working capital changes 2,534.3 1,845.7 Changes in working capital:

Stocks (1)

(585.5) 54.2

Financing debtors (2)

(1,117.3) (341.7)

Debtors (3)

(372.0) (212.9)

Creditors (4)

451.5 175.6

Pensions 21.7 15.6 (1,601.6) (309.2) Cash flows from operating activities 932.7 1,536.5

(1) Increase to support higher sales activities (2) Increase due to higher financing activities (3) Increase due to higher sales activities and prepayments (4) Increase due to higher purchases, accrual for expenses and deposits from customers

- more -

Page 24 13 Interested person transactions

Name of interested person

Aggregate value of all

interested person transactions (excluding transactions less than

S$100,000 and transactions conducted

under shareholders’ mandate pursuant to

Rule 920)

Aggregate value of all

interested person transactions

conducted under shareholders’

mandate pursuant to Rule 920 (excluding

transactions less than S$100,000)

US$m US$m Three months ended 31st December 2010

Jardine Matheson Limited - management support services

-

1.3

Jardine OneSolution (2001) Pte Ltd

- information technology support services - 0.1 - 1.4

Year ended 31st December 2010

Jardine Matheson Limited

- management support services - 3.9

Jardine Matheson (Singapore) Ltd

- sale of a motor vehicle - 0.2 - purchase of a used motor vehicle - 0.1 - rental of premises - 0.1 Jardine Engineering (Singapore) Pte Ltd - maintenance of air-conditioning equipment - 0.1

Jardine OneSolution (2001) Pte Ltd

- information technology support services - 0.1 Hongkong Land (Singapore) Pte Ltd - sale of a motor vehicle - 0.2

Jardine Lloyd Thompson Asia Pte Ltd - sale of a motor vehicle - 0.2

- 4.9

14 Closure of books

NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members will be closed from 5.00 pm on

Tuesday, 10th May 2011 to Wednesday, 11th May 2011 for the purpose of determining shareholders’ entitlement to the final dividend.

Duly completed transfers received by Jardine Cycle & Carriage Limited’s Share Registrar, M & C Services

Private Limited at 138 Robinson Road #17-00, The Corporate Office, Singapore 068906 up to 5.00 p.m. on Tuesday, 10th May 2011 (“Books Closure Date”) will be registered before entitlements to the final dividend are determined. Shareholders whose securities accounts with The Central Depository (Pte) Limited (“CDP”) are credited with shares as at the Books Closure Date will be entitled to the final dividend. The final dividend will be paid on or about Monday, 20th June 2011. Shareholders will have the option to receive the dividend in Singapore dollars and in the absence of any election, the dividend will be paid in US dollars. Details on this elective will be furnished to shareholders in due course.

Page 25 15 Others

The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event

of a material or unusual nature other than the non-trading items shown in Note 5 of this report. No significant event or transaction has occurred between 1st January 2011 and the date of this report, except that

on 28th January 2011, the Company increased its interest in Truong Hai Auto Corporation from 28.05% to 29.05% for a consideration of approximately US$5.8 million.

- end -

For further information, please contact:

Jardine Cycle & Carriage Limited

Ho Yeng Tat Tel: 65 64708108

The full text of the Financial Statements and Dividend Announcement for the year ended 31st December 2010 can be

accessed through the internet at ‘www.jcclgroup.com’.

Corporate Profile Jardine Cycle & Carriage (“JC&C”) is a leading Singapore-listed company and a member of the Jardine Matheson group. It has an interest of just over 50% in Astra, a major listed Indonesian conglomerate, and other motor interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs some 156,000 people across Indonesia, Malaysia, Singapore and Vietnam. Astra is the largest independent automotive group in Southeast Asia, with additional interests in financial services, agribusiness, heavy equipment and mining, information technology and infrastructure. JC&C has directly-held subsidiaries operating in Singapore and Malaysia under the Cycle & Carriage banner, and associates, Tunas Ridean in Indonesia and Truong Hai Auto Corporation in Vietnam. The JC&C Group represents some of the world’s leading motoring marques including Mercedes-Benz, Honda and Toyota.