Final Results - Part 1

Jardine Matheson Hldgs Ld
29 February 2000


Part 1

JARDINE MATHESON HOLDINGS LIMITED
1999 PRELIMINARY ANNOUNCEMENT OF RESULTS

*  Improving trend in Asian markets
*  Dairy Farm and Jardine International Motors performance
   impacts results
*  Good performance from Robert Fleming
*  Strong cash flows support continued investment in core
   businesses

Results

------------------------------------------------------------

                            Year ended 31st December
                                   1999       1998    Change
                                   US$m       US$m         %
------------------------------------------------------------
  Revenue                        10,675     11,244        -5
  Net profit excluding
   non-recurring items              176        191        -8
  Net profit                        207        51       +311
------------------------------------------------------------
                                    USc        USc         %
------------------------------------------------------------
  Earnings per share              34.26      8.49       +304

  Earnings per share excluding
   non-recurring items            29.07     32.11         -9
  Dividends per share             25.00     21.60        +16
------------------------------------------------------------

'I am confident that the Jardine Matheson Group has the skills
and   strategy   to  compete  successfully  in  its   changing
marketplace  and that we will see continued opportunities  for
growth in our core businesses.'

Henry Keswick, Chairman

'An  increasing  sense of optimism is  evident  in  Asia.   In
particular, the financial markets have rebounded strongly, and
commercial  property  values and  rentals  in  Hong  Kong  are
beginning  to  recover.  Despite these improvements,  consumer
spending remains fragile and this will be a key issue  in  the
performance of the Group in the short term.

'Considerable  progress  has been made  in  the  reshaping  of
Jardines  and the building of our businesses into  strong  and
profitable market leaders.  From this excellent foundation  we
shall  take  the  Group forward into the  next  phase  of  its
development.'

Percy Weatherall, Managing Director
29th February 2000

The  final  dividend of USc17.20 per share will be payable  on
7th  June  2000,  subject to approval at  the  Annual  General
Meeting  to be held on 1st June 2000, to shareholders  on  the
register  of  members at the close of business on  24th  March
2000  and  will be available in cash with a scrip alternative.
The ex-dividend date will be on 22nd March 2000, and the share
registers  will  be  closed  from 27th  to  31st  March  2000,
inclusive.

JARDINE MATHESON HOLDINGS LIMITED

PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 31ST DECEMBER 1999

PERFORMANCE
Jardine  Matheson  Holdings Limited today announced  that  the
improving  trend the Group saw in Asian markets in  the  first
half  of  1999  continued for the remainder of the  year.   As
expected,  however,  this  improvement  was  not  sufficiently
broadly-based  to support a return to profit growth  in  1999,
and  the  underlying  profit for the  year  fell  slightly  to
US$176 million, a decline of 8%.

This  result  reflected  competitive  market  conditions   and
disappointing performance in the Group's Dairy Farm businesses
in  Hong Kong and Australia and in the UK motors business,  in
addition to the effect of negative rent reversions in Hongkong
Land.  However, buoyant financial markets, especially in Asia,
led  to a much improved result from Robert Fleming, while  the
Group's strategy of greater focus at Jardine Pacific began  to
show positive results.

Including    non-recurring   items,   net   profit   increased
substantially  to US$207 million, as the Group  achieved  good
profits  on  the  sale  of Central Registration  and  Matheson
Investment  and  did not suffer from the level  of  provisions
required  in  1998  for  asset  impairment  or  reduction   in
valuation.

Earnings  per  share were USc34.26 compared  with  USc8.49  in
1998.   Excluding  non-recurring  items,  earnings  per  share
declined by 9%.  Net asset value per share benefited from  the
firming  of  the  Hong Kong property market  and  rose  5%  to
US$5.09.

The  Board  is  recommending an increased  final  dividend  of
USc17.20  per share, which, together with the interim dividend
of  USc7.80 per share, gives a dividend for the full  year  of
USc25.00 per share compared with USc21.60 in 1998.

DEVELOPMENTS
The intrinsic financial strength of the Group is reflected  in
the   continuing  high  level  of  cash  flow  from  operating
activities.  This enabled it to pursue two key objectives.  It
strengthened   its   core  businesses  through   complementary
acquisitions  and  by continued investment  in  upgrading  its
infrastructure.  At the same time the Group has increased  its
ownership in a number of these businesses.

While the Group's operations will continue to benefit from the
long-standing reputation and relationships which it enjoys  in
Asia   Pacific,  it  is  also  measuring  and  rewarding  more
efficient  use  of capital, divesting non-core activities  and
reducing  costs  wherever possible to  ensure  its  long  term
competitiveness and to enhance shareholder value.

LOOKING AHEAD
In  conclusion, Henry Keswick said, 'The overall mood  in  our
markets  in Asia is one of greater optimism than we have  seen
for  a  number  of  years.  There are  signs  that  the  Asian
consumer  is  regaining confidence, although we will  have  to
wait  for the second half of 2000 to see if this is sustained.
Looking  forward, the environment in which we operate presents
new  competitive  challenges and is likely  to  be  shaped  by
further  advances  in  technology.  I am  confident  that  the
Jardine  Matheson Group has the skills and strategy to compete
successfully in this changing marketplace and that we will see
continued opportunities for growth in our core businesses.'

MANAGING DIRECTOR'S REVIEW

The  process of reshaping the Jardine Matheson Group  advanced
steadily  in 1999.  While remaining a diversified  Group,  the
focus   continues   to  be  narrowed  onto  businesses   where
profitable  leadership  can  be achieved  in  clearly  defined
market areas.  At the same time, our centre of gravity remains
in  the  Asia-Pacific region, where each business is  able  to
benefit  from  the  weight  and reach  of  the  wider  Jardine
Matheson Group.

As  the  Group's  businesses are adapted  to  today's  rapidly
changing environment, we are driven by five key objectives:
*  Developing our Core Businesses
*  Creating Shareholder Value
*  Commitment to Financial Strength
*  Harnessing Technology
*  Having the Right People

Developing our Core Businesses
The  reshaping  of Jardines has involved the restructuring  of
the  business  portfolio to concentrate on  larger  operations
with  good  growth potential, primarily in Asia Pacific.   The
need for this was intensified by the fundamental shift in  the
business   environment   caused   by   the   trends    towards
globalisation and, more recently, the growth of e-business.

Matheson  Investment in the UK and Jardine Pacific's stake  in
Central  Registration in Hong Kong were sold in  1999.   These
were  two  businesses  where there  was  little  prospect  for
material growth as stand-alone operations, but where value was
delivered for shareholders upon disposal.  The Jardine Pacific
group  will continue to pursue its strategy of building fewer,
larger  businesses  that  have  the  potential  to  be  market
leaders.

Acquisitions  were made to expand several of the Group's  core
businesses.   Dairy Farm acquired Giant and Tops  supermarkets
in  Malaysia  and  Singapore and JOS Technology  enlarged  its
business in Southeast Asia.

Mandarin  Oriental, already recognised as one  of  Asia's  top
luxury  hotel  groups, has also expanded as it  rises  to  the
challenge of globalisation.  Mandarin Oriental has set out its
vision  of doubling rooms under management to 10,000 in  major
business  centres  and key leisure destinations.   Plans  have
been  announced for a 250-room Mandarin Oriental New  York  to
open  in 2003.  The group has launched a US$150 million rights
issue  of shares and convertible bonds to enable it to  pursue
further   expansion  opportunities,  including  the   possible
acquisition of The Rafael Group.

As  the  natural  evolution  of  a  highly-successful  30-year
relationship,  Jardine  Fleming was consolidated  into  Robert
Fleming.  The new global business continues to trade  in  Asia
under  the  Jardine Fleming name to leverage the  considerable
value  in  that brand.  This restructuring was in response  to
clients' needs for an integrated, global approach to financial
services and advice.

Over recent years the Group has also restructured the majority
of  its  more traditional distribution businesses.   The  most
significant of these is the current renegotiation  by  Jardine
International  Motors  of  its distribution  arrangements  for
Mercedes-Benz   vehicles   in  Hong   Kong.    While   Jardine
International  Motors' unique expertise in  this  sector  will
ensure the continuation of a profitable business, returns will
inevitably be reduced.  Cycle & Carriage, which had a  similar
distribution  arrangement in Singapore, has already  finalised
new terms with DaimlerChrysler.

Creating Shareholder Value
Last  year  the introduction of value added measurement  tools
was  reported  on.  The implementation of this  programme  has
helped  the  Group's managers to focus on  the  true  cost  of
capital  so  as  to  achieve the returns necessary  to  create
shareholder value.

In  order  to  optimise  resources,  reduce  costs  and  allow
businesses  to concentrate on their core skills, a  number  of
shared services initiatives have been implemented.  The  first
of  these  was  the  creation of OneResource  Group,  a  joint
venture  between Dairy Farm and Ernst & Young, to combine  the
back  office  functions of Dairy Farm's Hong Kong  operations.
Similar initiatives are being taken by Dairy Farm in Australia
and Jardine International Motors in the UK.

Elsewhere,  the drive for efficiency was demonstrated  by  the
further  de-layering of management at Jardine  Pacific.   This
has  enabled  central overheads to be reduced and the  support
functions to be combined with Jardine Matheson.

Commitment to Financial Strength
Throughout  this period of change, the Group has retained  its
commitment to financial strength.  The strong cash flows  have
supported  a  continued  high  level  of  investment  in   the
businesses, while maintaining a prudent gearing level of 14%.

Capital expenditure to strengthen existing businesses totalled
some US$383 million in 1999, excluding the expenditure on  Y2K
remediation.  Investment to expand the businesses amounted  to
some  US$225  million,  and the Group's interests  in  Jardine
Strategic,  Dairy  Farm, Hongkong Land and  Mandarin  Oriental
were also increased.

Each  of  the Group's businesses is structured to ensure  that
its   funding  matches  its  strategic  goals  but   that   it
nevertheless operates with an efficient capital base.  As part
of  this  process, Dairy Farm returned some US$180 million  to
shareholders by way of a special dividend in the  second  half
of  1999, while Mandarin Oriental is raising funds through its
rights issue.

Harnessing Technology
Developments  in  technology  are  driving  rapid  change   in
business worldwide.  The Group is working to ensure that  each
of its businesses is positioned to exploit the benefits of the
internet and e-business.  There are a wide range of e-business
initiatives  in  train across the Group designed  to  increase
revenues,  improve  customer  service  and  rationalise   cost
structures.

Dairy  Farm,  the  leading food retailer in  the  Asia-Pacific
region, has already introduced internet shopping in Hong Kong,
New  Zealand and Singapore.  Jardine Fleming, in joint venture
with Cable & Wireless HKT, are creating Hong Kong's first pan-
Asian on-line share trading service.

Mandarin  Oriental's  internet  reservation  system  is  being
upgraded,  while  Hongkong Land is evaluating alternative  on-
line value added services it can make available throughout its
substantial property portfolio.

Jardine  Pacific's  JOS Technology, which already  retails  IT
products  across  the net, is building  up  its  range  of  e-
business  support  services.   Pacific  Finance,  the  Group's
instalment  finance business in Hong Kong, has also introduced
an internet application facility.

These  individual  initiatives are being undertaken  within  a
Group  framework which will enable the expertise and  services
to be applied more widely.

Having the Right People
The  structural  changes faced by the Group's businesses  have
created  new  challenges at a time when the  economic  trading
environment,  particularly in Asia, has been  harsh.   Yet  we
have  been  demanding more from our people.  We have  expected
our  staff at all levels to be responsive to the new  business
environment, and they have met this challenge well.

Our  people provide a mix of international business skills and
local  expertise across all the countries in which we operate,
and  we  will continue to assist them in achieving their  full
potential   with   our  extensive  training   and   management
development programmes.

THE FUTURE
Looking  forward,  the  Group  is  already  building  on   the
significant progress which has been achieved.  The key  issues
for 2000 are:
*  A  return  to  profit growth in Dairy Farm, which  requires
   recovery  from  the setback in the long-term turnaround  of
   Franklins  and  a further abating of the supermarket  price
   war in Hong Kong.
*  A   turnaround  in  the  UK  motor  operations  of  Jardine
   International  Motors.  Initiatives are in hand  to  tackle
   the  problem  dealerships and to introduce shared  services
   to produce significant cost benefits.
*  Continued strengthening of our core businesses.
*  Making  e-commerce  a more integral part  of  our  business
   processes.

An  increasing  sense  of optimism is  evident  in  Asia.   In
particular, the financial markets have rebounded strongly, and
commercial  property  values and  rentals  in  Hong  Kong  are
beginning  to  recover.  Despite these improvements,  consumer
spending remains fragile and this will be a key issue  in  the
performance of the Group in the short term.

Considerable  progress  has been  made  in  the  reshaping  of
Jardines  and the building of our businesses into  strong  and
profitable  market leaders. From this excellent foundation  we
shall  take  the  Group forward into the  next  phase  of  its
development.


Percy Weatherall
Managing Director
29th February 2000


OPERATING REVIEW

Jardine Pacific
Improvements in the operating conditions for most  of  Jardine
Pacific's businesses during the last quarter enabled the group
to  achieve  a  profit  from ongoing operations  for  1999  of
US$54 million, an increase of 8%.  The net profit for the year
was  US$63  million  and included a profit  arising  from  the
disposal of an interest in Central Registration in Hong  Kong.
This  compares  with a net profit of US$75  million  in  1998,
which also included exceptional gains from disposals.

Shareholders'  funds stood at US$630 million  at  the  end  of
1999,  a  reduction of 8% due to the payment of US$122 million
in  dividends  to the parent company during the  period.   The
return  on  average capital employed, excluding  non-recurring
items, rose to 8%, up from 7% in 1998.  Net borrowings at  the
end  of the year stood at US$189 million, giving a gearing  of
29%.

Considerable  progress  was made during  1999  in  introducing
value-based   management  techniques  to   Jardine   Pacific's
decision-making  and  financial  reporting  processes  and  to
incentive  structures.  These systems are designed to  enhance
the group's performance in the years to come.

The  generally improving market conditions, together with  the
benefits  of  a streamlined management structure  and  reduced
central overheads, make the outlook for Jardine Pacific better
than it has been for some time.

*  Marketing & Distribution
  Increased investment and a slow down in sales of IT  systems
  in  the  run  up  to  Year  2000 impacted  JOS  Technology's
  profitability.  JOS is building on its position as a leading
  provider  of  IT  products to offer a broader  range  of  IT
  support activities.
  
  Restaurants had a difficult year as Pizza Hut suffered  from
  weak  demand and very competitive environments in both  Hong
  Kong  and  Taiwan.  Costs incurred in closing  Ruby  Tuesday
  outlets  in  both  these markets also had  a  major  adverse
  impact  on the results.  The restaurant operations in Hawaii
  performed steadily, while the Pizza Hut operations in  China
  achieved profitability for the first time.
  Wines   &   Spirits  generated  improved  returns  in   most
  countries.  The Hong Kong IKEA operation returned to  profit
  with a strong trading performance in the latter part of  the
  year,  but  the  Taipei  operations  were  impacted  by  the
  earthquake  in  September.   In  the  Philippines,   Jardine
  Davies'  sugar  operations had another very difficult  year,
  with  adverse weather conditions and lower than  anticipated
  prices.

*  Engineering & Construction
  Improved  performances  by  its Caterpillar  dealerships  in
  Hawaii  and  Taiwan  and  its Trane  air-conditioning  joint
  ventures enabled Jardine Engineering Corporation to  produce
  a  58%  increase  in  its  profit  contribution.   JEC  also
  benefited  from the elimination of losses on the contracting
  side of its business.

  Gammon   Construction's  profit  increased   by   39%   with
  improvements  in  most  of its areas of  activity,  the  one
  exception being its civil division where there were problems
  with  a  joint  venture  tunneling contract  in  Hong  Kong.
  Jardine   Schindler  had  a  satisfactory   year,   although
  profitability  was  down  marginally.   Its  new  lift   and
  escalator  factory  in Malaysia suffered  from  weak  demand
  brought about by the Asian economic downturn.

* Aviation & Shipping Services
  Following  a  difficult first half, HACTL began  to  benefit
  from  improved  operating efficiencies and to  experience  a
  rapid  increase in trading volumes.  As a result,  its  full
  year  contribution was only slightly down on 1998.   Jardine
  Pacific's  other  aviation & shipping interests  achieved  a
  small  improvement  in profits, with the  shipping  services
  business being the main contributor.

* Property & Financial Services
  The  Hong  Kong residential property portfolio saw a  slight
  fall  in  its  earnings as rental reversions  tended  to  be
  negative for much of the year.  The yield from the portfolio
  remains  at a little under 5%.  Pacific Finance had  a  very
  much  better  year  as  the  level of  non-performing  loans
  remained steady, and earnings benefited accordingly.  During
  the   year,   the  group  sold  its  interest   in   Central
  Registration and reduced its stake in UMF Singapore to 20%.
  
Jardine International Motors
The  group, including its associates and joint ventures,  sold
and  delivered  some 161,000 new and used  motor  vehicles  in
1999,  representing  an increase of 22% over  1998.   Revenue,
excluding associates and joint ventures, was US$2,807 million,
a  reduction of 9% on a like-for-like basis.  Operating profit
for  1999  was  US$45 million, a decrease of 43%  compared  to
1998.   The  consolidated net profit for the  year  was  US$14
million,  a  decrease  of 64% over the comparable  figure  for
1998.   Excluding the non-recurring items in both  years,  the
decline was 40%.

Jardine  International Motors' Hong Kong  operations  held  up
well in a challenging market with strong demand for new models
helping it to maintain its market leadership.  The company has
continued to manage costs tightly.

Preliminary  discussions have taken place with DaimlerChrysler
regarding their participation in the distribution of Mercedes-
Benz vehicles in Hong Kong.  The group expects to arrive at  a
mutually satisfactory arrangement, with Zung Fu continuing  to
play  the  leading role in sales and after-sales of  Mercedes-
Benz  vehicles  in  Hong  Kong in long-term  partnership  with
DaimlerChrysler,  although there will be an impact  on  future
profitability.

The  UK business has suffered both from problem franchises and
from  adverse  market sentiment arising from  the  controversy
over  new car pricing.  This has reduced new car revenues  and
margins  and  led to a fall in residual values of  used  cars,
affecting  both  the dealership and contract hire  operations.
The  group  has  implemented strict cost control  and  working
capital  management.  In the short term additional  costs  are
being  incurred  in the reorganisation of the retail  network,
including  the  cost  of  closing underperforming  operations.
Combined  with  the poor trading results these charges,  which
included lease provisions, have produced a significant loss in
1999.

Elsewhere  in  the  group  the  businesses  are  making   good
progress, including a shared services initiative in the UK and
the  development of e-commerce initiatives, which are  led  by
the French operations.

Jardine Lloyd Thompson
Jardine   Lloyd  Thompson  performed  well  in  the  face   of
challenging  market conditions, increasing profit  before  tax
and exceptional items by 9% to £63 million.  A good growth  in
revenues to £251 million was achieved, increasing 8% on a like
for  like  basis.  JLT's focus on managing costs has  improved
trading  profit by 27%, more than offsetting fall in  interest
earnings.

JLT's  recent reorganisation into three core businesses:  Risk
Solutions, Corporate Risks and Services, has proved to  be  an
effective  method  of  managing  the  group.   Risk  Solutions
comprises   the   London-based  insurance,   reinsurance   and
alternative   risk   finance  businesses   together   with   a
reinsurance  business  in  America,  captive  management   and
specialty   broking   businesses.   Risk  Solutions   achieved
excellent  brokerage growth of 12%, generated  by  strong  new
business  development  and,  in particular,  by  the  sale  of
alternative risk finance products, a field in which JLT  is  a
market leader and which has scope for considerable growth.

JLT's  Corporate Risks businesses in the UK, Ireland,  Canada,
Australia and Brazil all achieved satisfactory growth, but its
Asian operations suffered from the region's economic problems.
Overall, Corporate Risks' brokerage grew marginally by  2%  to
£70  million.   SIACI, the French associate  operating  within
this  business  group, enjoyed another  successful  year.   In
Services,  JLT's  Affinity Group Marketing  business  achieved
modest  growth in America and maintained its position  in  the
UK. There were good performances from Employee Benefits in the
UK  and  from  Claims  and  Insurance Fund  Administration  in
Australasia,  Canada and the UK.  Overall, Services  brokerage
grew by 8% to £64 million - a creditable performance overall.

Being  the  only  significant  quoted  UK  broker  is  proving
beneficial  for  JLT  in  terms  of  new  business   achieved.
Insurance  rates  are also rising in certain sections  of  the
market,  although  it is too early to predict  the  effect  on
JLT's  business.  Overall, JLT is continuing to  experience  a
very  high  level of activity, and its unique position  should
enable it to produce continued growth.

Robert Fleming
The successful integration of Jardine Fleming and Fleming Martin
has  helped create a much stronger and more competitive Flemings
group over the last twelve months.  This, together with a return
to normal levels of market activity, particularly in Asia in mid
1999,  contributed to sharply improved pre-tax profits  for  the
twelve-month period ended 30th September 1999 which rose 142% to
£159 million.

In  asset  management, the integration of  Jardine  Fleming  has
enabled  the  group  to  continue  the  globalisation   of   its
businesses and management structures under the banner of Fleming
Asset Management.  Swift progress is being made with introducing
global  systems, standards and procedures which will  provide  a
solid platform for further expansion and growth.

The creation of a global investment banking operation comprising
securities,  corporate finance, capital markets and banking  has
enabled  the group to develop a comprehensive and more efficient
business  platform, and enhance its services to  clients.   With
improved  trading  conditions in Asia and Africa,  good  banking
profits  and  strong deal flow in corporate finance and  capital
markets, investment banking recorded a satisfactory result.

A  high level of activity continued across the group in the last
quarter  of  1999.   Funds  under management  grew  from  US$116
billion  at the end of September to some US$140 billion  at  the
end  of  December  1999.  The group has also been  active  in  a
number  of significant transactions including the launch of  the
Hong  Kong  Tracker Fund, the Government of India's  sale  of  a
16  per cent shareholding in the Gas Authority of India, and the
merger  of  Aerospatiale Matra with DASA to create  the  leading
European aerospace and defence company.

Jardine Strategic
The  company  recorded  a  profit  for  1999,  excluding  non-
recurring  items, of US$140 million, a decrease  of  37%  from
1998.  The overall result benefited from gains arising on  the
disposal  of  non-core businesses in Jardine Matheson.   After
non-recurring items, a profit of US$157 million was  recorded,
compared  with  a  loss of US$32 million  in  1998  which  had
suffered  from provisions for asset impairment and  reductions
in property values.

Excluding  non-recurring  items in both  years,  earnings  per
share declined 36% to USc15.68. Including non-recurring items,
earnings  per share were USc17.52, compared with  a  loss  per
share of USc3.56 in 1998.

The  net  asset value per share, based on the market price  of
the company's holdings, recorded an increase of 24% to US$3.99
in 1999.

The  trading environment of Edaran Otomobil Nasional, in which
the  Group  holds  19%, showed a significant improvement  over
1998.   The Malaysian car market rebounded and EON's  new  car
sales  increased  by  67% in 1999 to over 110,000,  while  its
financial services business also saw much better conditions.

The  performance of Connaught Investors, which is held 45%  by
the company, 45% by Hongkong Land and 10% by Jardine Matheson,
has shown further improvement, with its indirect investment in
LVMH posting significant gains.  At the year end the value  of
its  investments was up 91% at US$1,033 million.  Some  8%  of
its  portfolio consisted of interests in Group companies,  70%
was  invested in other companies and 22% was held in  cash  or
equivalent.

Tata Industries, in which the Group has a 20% interest, is the
principal  investment  vehicle  of  the  Tata  Group  for  new
ventures in India.  Tata Industries' investments are mainly in
the areas of telecommunications and auto-components.

Dairy Farm
The  economic  upturn  in  Asia Pacific  remains  uneven,  and
lacklustre consumer spending in Hong Kong has led to deflation
which  was compounded by a severe price war in the supermarket
sector.  For Dairy Farm, this and a setback in the recovery of
Franklins in Australia in the second half have had a  material
effect  on results.  The retail businesses in New Zealand  and
Southeast  Asia and drug and convenience stores in  Hong  Kong
all  performed  well,  however, and the  new  shared  services
initiative in Hong Kong has also contributed positively.

Dairy  Farm's sales from its subsidiaries of US$5,918 million,
were  up 3%, with growth in Australia, Southeast Asia and  New
Zealand offset only in part by the decline in Hong Kong.   The
group's recurring EBITDA of US$205 million was 26% below  last
year,  and  its  consolidated net  profit  was  US$37  million
compared  to US$157 million in 1998. In November,  Dairy  Farm
returned  US$178 million to shareholders by special  dividend.
The  resulting year-end gearing ratio of 24% has enhanced  the
efficiency of the balance sheet.

In  1999  the group continued its investment programme opening
194  new  stores,  principally in  Hong  Kong,  Australia  and
Singapore,   and  refurbishing  others.   Capital  investment,
including  acquisitions,  amounted  to  US$407  million,   and
further investment of US$300 million is planned for 2000.

Dairy  Farm, now market leader in food retailing in  the  fast
growing Asia-Pacific region, made several acquisitions in 1999
in  Malaysia,  Singapore  and India,  and  further  investment
opportunities are being actively considered.

Dairy  Farm's  earnings will continue to be  affected  by  the
trading  environment  in Hong Kong and  by  the  rate  of  the
recovery   at   Franklins,  which  remains  management's   top
priority.   In the meantime, Dairy Farm intends to pursue  its
strategy  of  increasing  fresh  food  sales,  developing  new
formats and improving efficiency and retail execution.

Hongkong Land
The group's key market began showing signs of recovery in 1999
as  most of the excess capacity of new Grade 'A' office  space
in  Hong Kong's Central business district had been let by mid-
year  and  rents  stabilised.  The improved outlook  for  Hong
Kong's  economy by the end of the year was also  reflected  in
modestly  rising  commercial property  values.   Strengthening
business  conditions elsewhere in the region  has  led  to  an
improved outlook for Hongkong Land's other investments.

Hongkong  Land's net profit for the year excluding exceptional
items  declined by 28% to US$265 million, mainly  due  to  the
effect  of negative rent reversions.  The annual valuation  of
the group's investment properties produced a surplus of US$160
million, and shareholders' funds at the year end were up 3% at
US$5,226 million.  The gearing level rose from 9% at  the  end
of 1998 to 12%.

The  redevelopment  of 11 Chater Road, at  the  heart  of  the
group's  Central  portfolio, continued  satisfactorily  during
1999  and  completion is expected in mid-2002.   A  number  of
initiatives were also undertaken to upgrade the fabric of  its
portfolio and keep it fully competitive.  Importantly, overall
occupancy  was maintained above 95% throughout the year.   The
group's  development properties at One Raffles Link, Singapore
and 1063 King's Road, Hong Kong were completed and are letting
well.

Hongkong   Land's   progress  on   the   development   of   an
infrastructure portfolio was slow, but its investment in  Hong
Kong's  Container Port has moved forward and  construction  of
the new terminal will commence shortly.

In  the near term Hongkong Land's earnings will continue to be
adversely affected by negative rental reversions in  its  Hong
Kong  portfolio.  It is, however, encouraging  to  note  that,
notwithstanding the recent recession, Hong Kong  continues  to
develop  its  role  as  a  regional  financial  centre.    Its
financial heart, Central, is where the group intends to  focus
its investment in order to maximise returns.

Mandarin Oriental
Mandarin  Oriental  has  responded  well  to  the  challenging
trading  environment in Asia and most group hotels  maintained
or  enhanced their competitive position.  Occupancies improved
in  some regional markets, particularly in the latter part  of
1999, although price competition remained intense.

Mandarin  Oriental's profit before interest and tax  for  1999
was  US$43  million, down 11%, excluding non-recurring  items.
The  decline  was primarily due to lower room  rates  in  Hong
Kong,  the  cost  of  the  renovation  in  London  and  higher
infrastructure  costs  to  support  an  expansion   programme.
Reduced  interest and tax charges led to a smaller decline  in
net  profit  excluding non-recurring items  of  10%  at  US$17
million.   Net  asset  value per share rose  21%  to  US$1.17,
reflecting improved values of its Hong Kong properties.

The  group is pursuing its goal to be recognised as one of the
top  global  luxury hotel groups, building  on  its  acclaimed
reputation  for  outstanding service.  It  has  announced  the
development of a new luxury hotel in New York, which will open
in  2003, in line with its strategy of doubling to 10,000  its
number of rooms in selected international cities in the United
States,   Europe  and  Asia.   A  US$150  million  share   and
convertible bonds rights issue has been launched  to  fund  an
accelerated  development  programme.   In  this  regard,   the
company   is  currently  in  negotiations  for  the   possible
acquisition of The Rafael Group.

The  group's flagship hotel in London, Mandarin Oriental  Hyde
Park,  has been temporarily closed for the last phase  of  its
renovation and when it reopens in the spring, it is set to  be
one  of  the  city's  most luxurious hotels.   The  associated
costs,  however, are affecting the results of the  group,  and
the returns from the refurbishment programme will only be seen
in full from 2001.

Recovery  in  Mandarin Oriental's principal markets  in  Asia,
particularly Hong Kong, is expected to continue, but the scale
of  recovery,  particularly in room  rates,  is  difficult  to
predict.   The  group's strategy of expansion is  expected  to
gain  momentum  in 2000, and while the associated  costs  will
impact  the  profitability of the group in the short-term,  it
will lay the foundation for long-term growth.

Cycle & Carriage
Cycle  &  Carriage's profit for 1999, excluding  non-recurring
items,  was  S$98  million,  down 8%  on  the  previous  year.
Earnings  from motor operations increased 196%  in  1999  with
improved  performances by all major activities, but underlying
property  earnings  declined  57%  due  to  fewer  development
projects.   The  net profit increased significantly  to  S$113
million  with  the  writeback  of  S$10  million  of  property
provisions  and  an extraordinary profit of S$5  million  from
disposals.

In  the  motor  sector  Cycle & Carriage  benefited  from  the
encouraging improvements in the Singapore car market,  despite
increased  competition.  There was also  a  good  recovery  in
Malaysia  in 1999 with the non-national passenger car  segment
growing  by some 50%.  In Australia, Astre Investments,  which
is  now wholly-owned, produced a strong turnaround, countering
a 6% decline in the market.  Following successful negotiations
with  DaimlerChrysler AG in respect of the sale  of  Mercedes-
Benz vehicles in Singapore, from January 2001 Cycle & Carriage
will continue as the exclusive dealer for the retail sales and
the  after  sales aspects while DaimlerChrysler will undertake
the wholesale activities.

The  economic  recovery experienced in the Cycle &  Carriage's
major  markets  in 1999 is expected to continue,  and  further
growth  in  the passenger car market is forecast in Singapore,
although  margins will remain under pressure.   The  Malaysian
car  market  should  also  remain strong  in  2000.   The  new
relationship  with Mercedes-Benz will not affect  the  current
year's result.

The  recovery in Singapore's residential property sector  will
benefit  60%-owned  MCL  Land's current development  projects.
CCL  Group Properties' final development project was completed
in  March 1999, and future profits will come only from its two
commercial properties in Malaysia.

Other Interests
During  the  year  Matheson  Financial  Holdings  realised   a
significant  profit  with the sale of Matheson  Investment,  a
small UK based fund management and stockbroking business.  The
performance  of  the  other  businesses  in  this  group   was
disappointing, largely due to non-recurring costs.

--------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Profit and Loss Account
for the year ended 31st December 1999
--------------------------------------------------------------
                                               1999       1998
                                               US$m       US$m
--------------------------------------------------------------

Revenue (note 2)                           10,674.8   11,243.9
Cost of sales                              (8,039.7)  (8,587.6)
                                           --------   --------
Gross profit                                2,635.1    2,656.3
Other operating income                         88.2      117.7
Selling and distribution costs             (1,823.1)  (1,708.6)
Administration expenses                      (676.7)    (678.8)
Other operating expenses                      (61.2)     (85.2)
Impairment of investment                           -    (128.6)
                                            --------  --------

Operating profit (note 3)                     162.3      172.8
Net financing charges                         (61.9)     (68.3)
Share of results of associates
  and joint ventures                          286.4      130.1
                                           --------   --------

Profit before tax                             386.8      234.6
Tax (note 4)                                  (92.2)    (116.6)
                                           --------   --------

Profit after tax                              294.6      118.0
Outside interests                             (87.2)     (67.5)
                                           --------   --------

Net profit (note 5)                           207.4       50.5
                                           ========   ========

--------------------------------------------------------------
                                                USc        USc
--------------------------------------------------------------

Earnings per share (note 7)
- basic                                       34.26       8.49
- diluted                                     34.22       8.49

Earnings per share excluding non-recurring
   items (note 7)
- basic                                       29.07      32.11
- diluted                                     29.04      32.09

Dividends per share
- interim                                      7.80       7.80
- proposed final                              17.20      13.80
--------------------------------------------------------------


--------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Balance Sheet
at 31st December 1999
--------------------------------------------------------------

                                               1999       1998
                                               US$m       US$m
--------------------------------------------------------------
Net operating assets

Goodwill                                      114.1       27.4
Tangible assets                             2,742.4    2,424.4
Associates and joint ventures               2,975.4    2,833.4
Other investments                             398.6      485.8
Deferred tax assets                            26.3       34.6
Pension assets                                 81.1       87.8
                                           --------   --------

Non-current assets                          6,337.9    5,893.4
Stocks and work in progress                 1,111.5    1,050.5
Debtors and prepayments                       878.7      868.0
Bank balances and other liquid funds        1,601.4    1,770.6
                                           --------   --------
Current assets                              3,591.6    3,689.1
                                           --------   --------
Creditors and accruals                     (2,320.6)  (2,061.0)
Borrowings                                   (555.6)    (787.4)
Current tax liabilities                       (30.9)     (35.1)
Provisions                                    (43.9)     (34.2)
                                            --------   --------
Current liabilities                        (2,951.0)  (2,917.7)
                                            --------   --------
Net current assets                            640.6      771.4
Long-term borrowings                       (1,553.7)  (1,271.1)
Deferred tax liabilities                      (77.1)     (96.5)
Pension liabilities                           (14.2)     (12.6)
Other non-current liabilities                  (9.5)     (18.8)
                                           --------   --------
                                            5,324.0    5,265.8
                                           ========   ========
Capital employed

Share capital                                 199.3      194.1
Share premium and contributed surplus         345.1      349.2
Revenue and other reserves                  3,051.2    2,820.7
Own shares held                              (489.6)    (432.4)
                                           --------   --------

Shareholders' funds                         3,106.0    2,931.6
Outside interests                           2,218.0    2,334.2
                                           --------   --------
                                            5,324.0    5,265.8
                                           ========   ========
--------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Statement of Changes in Shareholders' Funds
for the year ended 31st December 1999
--------------------------------------------------------------
                                               1999       1998
                                               US$m       US$m
--------------------------------------------------------------

At 1st January
- as previously reported                    2,799.0    3,728.6
- change in accounting policies (note 1)      132.6      149.7
                                           --------   --------
- as restated                               2,931.6    3,878.3

Property revaluation                           78.0     (936.3)
Deferred tax on property revaluation           (2.8)       9.6
Net exchange translation differences
- amount arising in year                      (13.5)      (7.5)
- disposal of subsidiary undertakings,
   associates and joint ventures                0.6       26.2
Other                                           0.4          -

Net gains/(losses) not recognised in
  consolidated profit and loss account         62.7     (908.0)
Net profit                                    207.4       50.5
Dividends (note 8)                           (130.6)    (147.5)
Exercise of share options                       1.1        0.4
Scrip issued in lieu of dividends              88.8       95.9
Change in attributable interests                2.2        0.8
Increase in own shares held                   (57.2)     (38.8)
                                           --------   --------
At 31st December                            3,106.0    2,931.6
                                           ========   ========
--------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Cash Flow Statement
for the year ended 31st December 1999
--------------------------------------------------------------
                                               1999       1998
                                               US$m       US$m
--------------------------------------------------------------
Operating activities

Operating profit                              162.3      172.8
Depreciation and amortisation                 236.8      209.3
Other non-cash items                          (22.9)      83.9
Decrease/(increase) in working capital        124.0     (161.6)
Interest received                              87.5      139.9
Interest and other financing charges paid    (142.5)    (205.0)
Tax paid                                      (46.7)     (54.2)
                                           --------   --------
                                              398.5      185.1
Dividends from associates and
  joint ventures                              177.2      204.1
Cash flows from operating activities          575.7      389.2
Investing activities
Purchase of subsidiary
  undertakings (note 9)                      (218.6)     (31.0)
Purchase of associates and joint
  ventures (note 9)                          (115.0)    (120.7)
Purchase of other investments                 (35.6)     (71.6)
Purchase of tangible assets                  (382.4)    (345.8)
Sale of subsidiary undertakings                40.1      177.8
Sale of associates and joint
  ventures (note 9)                           138.7      345.4
Sale of other investments                      17.0       41.6
Sale of tangible assets                        58.5       82.1
Cash flows from investing activities         (497.3)      77.8
Financing activities
Issue of shares                                 1.1        0.4
Capital contribution from outside
  shareholders                                  3.3       14.3
Repurchase and redemption of preference
  shares                                          -     (113.6)
Drawdown of borrowings                      6,114.1    7,503.4
Repayment of borrowings                    (6,046.9)  (7,617.9)
Dividends paid by the Company                 (76.7)     (88.4)
Dividends paid to outside shareholders       (208.3)    (143.2)
Cash flows from financing activities         (213.4)    (445.0)
Effect of exchange rate changes                 2.2       (7.7)
                                           --------   --------
Net (decrease)/increase in cash
  and cash equivalents                       (132.8)      14.3
Cash and cash equivalents at 1st January    1,681.1    1,666.8
                                           --------   --------
Cash and cash equivalents at 31st December  1,548.3    1,681.1
                                           ========   ========

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