AGM Statement

Anglo-Eastern Plantations PLC
27 May 2004

Thursday 27 May 2004

                         ANGLO-EASTERN PLANTATIONS PLC

                                 AGM Statement

At the Annual General Meeting in London this morning of Anglo-Eastern, which
owns approximately 30,000 ha of plantations (mainly oil palm in Indonesia), Mr
Peter O'Connor, senior independent non-executive director, who acted as
chairman, commented as follows:

'Crops for 2004 continue slightly ahead of budget and slightly ahead of last
year, as was stated in our announcement of the 2003 results.

Production in 2003 was unusually biased towards the first half, while this year
looks to be reverting to a more normal pattern where peak production occurs in
August/September; hence, total production of FFB is at present only 2.5% ahead
of the same period in 2003, but we expect this improvement to increase as the
year progresses. In fact, crops from our Malaysian estate have been
disappointing so far in 2004, but that shortfall has been more than offset by
the increasing production from our Bengkulu estates in south Sumatra.

Bought in crops at both our mills are at record levels.

In common with other vegetable oil prices, the palm oil price remained very
strong for the first four months of 2004, averaging about $530/mt, compared to
$420 for the first half of 2003 and $440 for 2003 as a whole. Spot prices have
weakened recently to around $500, and forward prices to $450, but we still
expect the group's result for the first half of 2004 to be a substantial
improvement on 2003.

It is now two months since we acquired Bina Pitri, a neglected 4,000 ha oil palm
estate in Riau in central Sumatra. We are very pleased both with what we have
found and with the progress in clearing up the property. There is still a lot to
do and, as we anticipated, about 500 ha will have to be replanted and 500 ha
will require extensive infilling. We expect this estate to become a significant
profit contributor in three to four years' time.

Construction of our 20mt/hr mill on Blankahan in North Sumatra is well advanced,
with completion expected before the year end.

The extension of our mill at Puding Mas in Bengkulu to 60mt/hr from 40mt/hr is
in hand and should be in operation by September. Given record bought in crops,
on top of ever increasing production from our own estates in Bengkulu, this
increased capacity is much needed.

New planting in Bengkulu continues towards our plan for 1,600 ha in 2004,
bringing the total planted area there to about 13,000 ha.

In summary, crops for the group as a whole are on target, palm oil prices have
been very favourable but, 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.'


Enquiries:
Anglo-Eastern Plantations plc                                    020-7236 2838
Rollo Barnes (Financial Director)

Bankside Consultants Limited                                     020-7444 4166
Charles Ponsonby


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