AGM Statement

Anglo-Eastern Plantations PLC
11 June 2003


                         ANGLO-EASTERN PLANTATIONS PLC


                            Chairman's AGM statement


At the Annual General Meeting in London today of the Company, which has over
23,000 ha of oil palm plantations, mainly in Indonesia, the chairman commented
as follows:


'In our announcement on 10 April 2003 of last year's results, we indicated that
the current year had started well. That pattern has continued.


FFB (fresh fruit bunch) production for the Group as a whole for the five months
to May continues 35% up on the same period last year and in Indonesia is
significantly ahead of our expectations. I am also pleased to report that our
Malaysian estates, which have disappointed for several years, have achieved
their targets so far this year.


It is reasonable to expect in Indonesia some slowing down to normally expected
crop levels in the next few months. Reports from the estates of a sharp dry
spell and of changing flowering patterns reinforce this. If the dry spell is not
prolonged, we still look forward to a good production result for the current
year.


After starting the year at $450 per tonne, the palm oil price fell in March to
around $400, where it has remained until firming recently to about $415. Our
average price to-date is about $430, which compares to $400 for 2002 as a whole.


The rupiah has strengthened 10% against the US dollar since the beginning of the
year. This has a corresponding adverse effect on selling prices received in
local currency and therefore on cash; it has a slight adverse effect on reported
dollar profits.


In the preliminary announcement, we mentioned we were considering construction
of another mill, our third in the group, on Blankahan, one of our small estates
in North Sumatra. This mill will also process production from our two other
nearby small estates (Sungei Musam and Rambung). Work on it has just started,
with completion expected at the end of 2004. Capital cost will be around $3
million, funded from our own resources.


After the low level of 350 ha last year, we have decided to increase the rate of
new planting in Bengkulu, in South Sumatra. We aim to plant another 2,000 ha
over the next 12 to 18 months, bringing the planted area in Bengkulu to around
11,500 ha.


In summary, crops so far this year have been positive and prices have been
favourable. As usual, our result for the year as a whole will depend on the
level of the palm oil price for the rest of the year.'


Note for editors:

On 10 April 2003, the Company announced its 2002 results. In sterling terms,
turnover increased by 75% to £20.6m, profit before tax by 243% to £8.0m and EPS
by 203% to 10.9p.

Enquiries:

Anglo-Eastern Plantations plc                                    020-7236 2838

Rollo Barnes (Financial Director)


Bankside Consultants Limited                                     020-7444 4166

Charles Ponsonby








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