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Jardine Strategic Holdings Limited

To : Business Editor For immediate release

NET ASSETS PER SHARE

11th March 1997 - Jardine Strategic Holdings Limited announces that as at 28th February 1997 the net assets per ordinary share of the Company, on a fully diluted basis, were US$5.69, before any proposed final dividend on the ordinary shares for 1996.

Of the unaudited net assets per share of US$5.69, US$4.81 is attributable to the Company's interests in directly held businesses, other than Jardine Matheson, based on market price. The remainder is attributable to the Company's effective holdings in Jardine Matheson's businesses based on market price and adjusted to exclude its share of the market value of Jardine Strategic's businesses.

These calculations are based on unaudited information and assume conversion of all the outstanding 600,807 convertible cumulative preference shares and exercise of all the outstanding 117.3 million warrants in the Company into 314.2 million ordinary shares. This results in a fully diluted share capital of 1,036.0 million ordinary shares (excluding the cross-holding of 264.0 million shares held by Jardine Matheson Holdings Limited and a further 58.7 million shares which are held by a wholly-owned subsidiary of the Company).

On an undiluted basis, the unaudited net assets per ordinary share would have been US$6.30 per share, based on share capital of 773.9 million ordinary shares.

Jardine Matheson is interested in 59.7% of the share capital of the Company. On a fully diluted basis its interest would be reduced to 56.4%.

Note

The Company has changed the method of calculation of net assets per ordinary share as follows:

The Company's interests in Jardine Matheson are valued based on their implied market value; this value is calculated by reference to the market price of Jardine Matheson's shares, after deducting the market value of its interest in the Company.

Previously the valuation of the Company's interests in Jardine Matheson was calculated based on the market price and the number of shares held by the Company.

In calculating net asset value per share the number of shares in issue is adjusted to exclude shares in the Company held by Jardine Matheson. This is consistent with the Company's earnings per share calculation.

Attached are the monthly Net Asset Value calculations for the past 5 years on the revised basis.
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For further information, please contact:

Jardine Matheson Limited
C I Cowan Tel: (852) 2843 8388
Ludgate Asia Limited
May Hung Tel: (852) 2543 5413

JARDINE STRATEGIC HOLDINGS LIMITED
Monthly Net Asset Value (fully diluted)
Revised Basis

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Jardine Matheson Limited C I Cowan	Tel: (852) 2843 8388
Ludgate Asia Limited May Hung	Tel: (852) 2543 5413