Final Results

ROWE EVANS INVESTMENTS PLC

OIL PALM AND RUBBER PLANTATIONS IN INDONESIA

ASSOCIATED COMPANIES WITH PLANTATION AND PROPERTY-DEVELOPMENT
INTERESTS IN MALAYSIA AND COTTON AND BEEF-CATTLE FARMING IN AUSTRALIA


Preliminary announcement of unaudited results
for the year ended 31 December 2003



Highlights from the chairman's statement and preliminary announcement
for the year ended 31 December 2003 are as follows:-


*  profit before tax £8,358,000 (2002 £6,698,000), an increase of 25%

*  net operating cash inflows £3,555,000 (2002 £2,751,000)

*  continuation of strong palm oil prices and higher crops of oil palm
   fresh fruit bunches ("f.f.b.") primarily responsible for improved results

*  share of associates' profits before tax £4,431,000 (2002 £3,540,000),
   an increase of 25%

   - plantation-based associates' results sharply improved due to
     strong palm price and higher crops

   - property-based associates' results slightly lower. Improved
     development profits but fewer land sales than 2002

   - Australian cotton activities suffered from drought conditions for
     second year running resulting in operating loss, partly offset by
     gains on sale of investments

*  Pangkatan new palm oil mill progressing well - expected to be
   commissioned before the end of 2004

*  continued firmness of palm oil and rubber prices so far in 2004

*  f.f.b. crops to date in 2004 similar to same period last year

*  35% associate, Lendu Holdings PLC, in course of selling its cotton
   interests in Australia to concentrate on beef-cattle fattening



Extract from the chairman's statement

INTRODUCTION

Results and dividend
I am pleased to report a profit before taxation of £8,358,000, a 25%
increase over 2002's £6,698,000. 2003 was marked by the continuation
of firm palm oil prices and improved crops, offset by the
strengthening of the Indonesian Rupiah against both Sterling and
the US Dollar. The Group generated net operating cash inflows of
£3,555,000 (2002 £2,751,000). Your board recommends that the
dividend is increased by 16% to 5.50p per share, compared with
2002's 4.75p.


REVIEW OF THE YEAR

The palm oil market
During 2003 continuing strong worldwide demand and generally low stock levels,
combined with a lower-than-expected soya bean harvest in the US, resulted in
upward pressure on vegetable oil prices. Palm oil was no exception to this.
With the cif Rotterdam price starting the year at US$460 per tonne it gradually
weakened in the first half to around US$415 but then it strengthened to around
US$500 or above for the last quarter. As referred to later under "Current
trading" the price has remained strong since the year end and is currently
around US$540.

Exchange rates
2003 was a year in which the US Dollar (in which palm oil is traded and to which
part of the revenue costs are related) weakened against most currencies. The
Indonesian Rupiah was quite robust in the first half of the year strengthening
against both the US Dollar and Sterling although in the second half it weakened
against Sterling whilst remaining steady against the US Dollar. The Rupiah
strength impacted negatively on the Sterling results.

Results for the year
Estate profit
The estate profit for the year amounted to £4,209,000 compared with £3,339,000
in 2002. This improvement was as a result of the continued firmness of palm oil
prices and improved crops, offset by the strengthening of the Rupiah. The
anticipated upturn in the yield cycle occurred and the crop of oil palm fresh
fruit bunches ("f.f.b."), although slightly below original expectations, showed,
at over 147,000 tonnes, a pleasing improvement over the 133,000 tonnes last
year.

With regard to rubber, not only was the crop comfortably ahead of the original
estimate and only slightly behind last year, but 2002's improvement in the price
continued. As referred to later, the rubber on both Pangkatan and Sennah Estates
is being phased out and replanted with oil palms in order to obtain the maximum
throughput for the new Pangkatan palm oil mill.

Associated companies
The Group's share of the operating profits before exceptional items and taxation
of the associated companies was £4,431,000 compared with £3,540,000 in 2002, an
increase of 25%.

Indonesia

PT Agro Muko (31.53% owned)
F.f.b. crops were in line with expectations and were some 23% ahead of last year
as the young areas increase in maturity. This, combined with the continued
strength of palm oil prices referred to above, resulted in the Group's share
of the company's profit before taxation increasing to £2,021,000 compared with
£1,264,000 in 2002. During the year the Group's shareholding in PT Agro Muko
increased from 30.43 to 31.53% following the company's buy back of 3.48% of its
own shares. In 2003 a programme of dividend payments commenced and during the
year the Group received £1,120,000 by way of such dividends (net of
Indonesian withholding tax).

PT Kerasaan Indonesia (36.00% owned)
F.f.b. crops in line with expectations and ahead of last year, combined with the
continued strength of palm oil prices, resulted in the Group's share of the
company's profit before taxation increasing to £670,000 compared with £552,000
last year. During the year the Group received £360,000 by way of dividends
from the company (net of Indonesian withholding tax).

Malaysia - Bertam Holdings PLC (48.34% owned)
The Bertam Holdings PLC Group reported sharply improved plantation profits
following a 22% increase in f.f.b. crops and the continued firmness of palm oil
prices. Rubber manufacturing activities at its Thai factory also benefited from
the strength of rubber prices. The group's associated companies overall reported
marginally lower profits with those companies with plantation interests showing
an increase whilst the 40% property associate, Bertam Properties Sdn. Bhd.,
showed a reduction. Bertam Properties Sdn. Bhd. reported improved results
from its own property development and residual plantation activities but did not
complete land sales to the same degree as achieved in previous years. Overall,
the Group's share of Bertam Holdings PLC's profit before tax and exceptional
items amounted to £1,606,000 compared with £1,189,000 in 2002. The group again
registered gains (treated as exceptional items) from the disposal of
investments. This programme has now largely been completed.

During the year Bertam Holdings PLC continued its policy of buying in its own
shares. As a result, the Group's holding increased to 48.34% compared with
46.46% as at the end of 2002.

Australia - Lendu Holdings PLC (35.11% owned)
The Group's share of the loss before taxation and exceptional items of Lendu
Holdings PLC amounted to £239,000 compared with last year's profit of £189,000.
Having achieved a record crop in the 2001/02 season of 18,350 bales, the 2002/03
season proved much more difficult for the Australian irrigated cotton farm owned
by Lendu Holdings PLC, as the eastern states of Australia suffered one of the
worst droughts in living memory. As a result, only 9,700 bales were able to be
grown and a loss was incurred, although this was more than offset by profits
from the cattle operations and arising from investment disposals, the latter
being treated as exceptional items. Unfortunately, the 2003/04 season has
proved no better, again due to the drought which eventually broke but too late
for the cotton planting. As referred to in more detail below under "Review of
operating activities" the board of Lendu Holdings PLC has declared its
intention to dispose of its cotton properties and to concentrate on beef-cattle
fattening.


Review of operating activities
Group companies

Pangkatan Estate
The construction of the palm oil mill is on schedule and within budget. The mill
is expected to be in operation before the end of 2004. We are hoping for an
early benefit both in terms of processing costs and of the variety of markets
into which our crude palm oil will be able to be sold.

Due to the firmness of the palm oil price referred to above, operational cash
flows have been stronger than anticipated when the feasibility study for the
mill was undertaken. Consequently, no loans have yet been drawn down from DEG
with whom a US$3 million loan facility has been agreed. However, the delivery
of the major pieces of machinery such as the boiler, diesel generators,
sterilisers, screw presses etc. and progress in completing civil works, housing
and infrastructure over the next three or so months are likely to result in part
or all of the loan being drawn down during that period.

On the ground, the f.f.b. crop improved compared with 2002 although it was
behind original expectations. Rubber, on the other hand, did very well.
Despite some 200 hectares being replanted with oil palms during the year the
crop was similar to that of 2002 and significantly ahead of the budget, albeit
that the percentage of lower grades was higher than expected. As I have
referred to in my previous reports the difficult decision has had to be taken
to institute a programme of replanting the rubber areas with oil palms in order
to maximise the throughput in the new palm oil mill currently under
construction. It is sad to see well-planted young rubber being uprooted,
in many cases well before its prime, and even sadder that this has to be done
during a rare period of good prices. However, some solace can be taken from
the fact that the trees have been intensively tapped prior to replanting to
give high yields which have benefited from these high prices.

220 hectares of oil palms were planted in 2003. During 2004 it is planned that
295 hectares will be replanted, of which 107 are ex-rubber. This will leave some
384 hectares which will be phased out over the next couple of years.

Simpang Kiri Estate
Security problems continue in the province of Aceh in which the Simpang Kiri and
Sekundur divisions are located although, to date, most of these problems have
occurred well north of the estate. There have been no specific incidents on
the estate but the authorities will still not allow senior Medan head office
personnel to visit, let alone UK directors. Notwithstanding these difficult
circumstances, the management and workforce on the estate did well to increase
the f.f.b. crop by some 5% over that achieved in 2002. Visits are undertaken by
more junior Medan head office staff and as much support and as close supervision
of the estate as possible in the circumstances is maintained.

During 2003 71 hectares of oil palms were planted and the programme for 2004 is
85 hectares. These areas are being replanted a little earlier than normal but we
have deemed it appropriate to do this to regularise some of the early plantings
and maximise yields in the future.

Bilah Estate
The management, staff and workforce of Bilah Estate did well to increase the
f.f.b. crop by over 12.5% from 2002 although this was still slightly below
budget. The estate is now fully planted, but consideration is being given to
replanting some 125 hectares of mature oil palms which are in a particularly
low-lying part of the estate and whose yields are less than satisfactory. The
only viable way of carrying out this planting is to build platforms and to
plant the palms on top but this is expensive and the planting density is
markedly lower than normal plantings on flat, or even hilly, land.
The viability of this is still being evaluated.

Sennah Estate
Of the programme for 2003 of replanting 295 hectares of poor quality rubber with
oil palms, only some 105 hectares were able to be fully completed during the
year but the balance will be finished in early 2004. The 2004 programme is 225
hectares after which nearly all of the old rubber will have been dealt with and
consideration will be given to tackling some of the oil palm areas, bearing in
mind that it is better, if possible, to have straight, symmetrical areas to
assist easy harvesting in the future.

Associated companies
Indonesia

PT Agro Muko
With some 130 hectares of oil palms planted in 2003, some 550 scheduled for
2004 and 530 for 2005 this will complete the plantings of the company's
various divisions, bringing the total planted area to around 18,500 hectares.
The second palm oil mill, at Bunga Tanjung, will be expanded from the present
30 tonnes/hour to 60 during 2006 in readiness for the increased throughput from
the maturing young areas. A bulking installation is in the process of
construction at Teluk Bayur port at Padang, West Sumatra. This will give the
company greater flexibility with regard to the marketing of its palm oil and
kernels and indeed extra capacity is being installed and will be rented out to
third parties as a useful added source of income. The company is generating
strong cash flows and, as referred to above under "Results for the year -
associated companies", instituted in 2003 a programme of dividend payments.

In accordance with its policy of community development, the company had
undertaken 21 smallholder oil palm schemes as at 31 December 2003 next to
surrounding villages. These projects generally consist of 15 to 20 hectares
each which are planted by the company using labour from the village. The cost
of planting is provided by way of an interest-free loan which is repaid in
instalments from the proceeds of the sale of f.f.b. to the company's mills.

PT Kerasaan Indonesia
Kerasaan Estate is a well-established, mature oil palm estate which continues
to produce good yields with the result that the company generates strong
profits and cash flows and pays regular dividends. The routine replanting
cycle continues with 100 hectares replanted in 2003 and approximately the
same scheduled for 2004.

Malaysia - Bertam Holdings PLC
Bertam Holdings PLC has a portfolio of Malaysian plantation assets and
investments each of which, in varying degrees, possesses development value
over and above the pure agricultural value, in some cases by a considerable
margin. The board of the company has, over the years, declared its intention
to dispose of some of these pieces of land at an appropriate time and to
reinvest in other agri-business activities in South East Asia and Australasia.
Consideration will also be given to the distribution of part of the proceeds of
such sales by way of special dividends. Whilst this strategy is unfolding, the
continuing strength of the palm oil price has provided acceptable operating
profits and cash flows. In the meantime, Malaysia is benefiting from an improved
economic outlook which should, in turn, assist the property market and also from
a smooth transition of power to a new prime minister.

Australia - Lendu Holdings PLC
The board of Lendu Holdings PLC recently announced its intention to sell its
irrigated-cotton properties and to concentrate on cattle fattening, using its
existing property, Woodlands, as a base.  The cotton properties have been
developed over the years to a very high standard and, in view of the
considerable rise in the value of water licences recently, the board believes
that it is now an appropriate time to capitalise on these high values.
The board believes that greater long-term potential lies in the beef-cattle
sector of Australia with a growing market for beef lying on its doorstep in
Asia. Australia enjoys an important geographic advantage in this market over
other beef producers such as the USA and South America.


CURRENT TRADING

F.f.b. crops so far this year have been at similar levels to the same period
last year whilst rubber crops are lower due to the areas at Pangkatan and
Sennah Estates being replanted with oil palms. Palm oil prices, currently
around US$540 per tonne, have improved further so far in 2004 and rubber,
after an initial dip, is back to the end-2003 levels. Sterling has
strengthened a little since the end of the year against the Rupiah. The
US Dollar weakened markedly against Sterling during the first quarter but
has since returned to the year-end level.


EDWIN HADSLEY-CHAPLIN

It is with great sadness that I have to report to you the untimely and
unexpected death, aged 81, of my predecessor, Edwin Hadsley-Chaplin, just
before Christmas. As most of you will know, he was instrumental in the
flotation of the company in 1982 and served with distinction first as executive,
and latterly as non-executive, chairman until his retirement in 1999. He had a
long career in the group dating back to 1947 and led the various companies whose
operations were brought together to form Rowe Evans Investments PLC as well as
what are now the associated companies, Bertam Holdings PLC and Lendu Holdings
PLC. He was intimately involved with the expansion of all of these three groups.
He will be sadly missed by his family and his many friends in the plantation
business around the world.


PHILIP FLETCHER
Chairman




CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2003

                                                         2003              2002

                                                        £'000             £'000

Turnover*                                               7,599             6,399
Cost of sales                                          (3,390)           (3,060)
                                                      -------           -------
Estate profit                                           4,209             3,339
                                                      -------           -------

Foreign-exchange losses                                   (88)              (60)
Other administrative expenses                            (539)             (557)
                                                      -------           -------
Total administrative expenses                            (627)             (617)
                                                      -------           -------

Group operating profit*                                 3,582             2,722
Share of operating profit in associates                 4,431             3,540
                                                      -------           -------
Total operating profit                                  8,013             6,262
Exceptional items:  (note 3)
Net gains on sale of fixed assets                         256               316
Fundamental reorganisation of
associated undertaking                                      -                34
                                                      -------           -------
Profit on ordinary activities before interest           8,269             6,612

Interest receivable and similar income                     89                86
                                                      -------           -------
Profit on ordinary activities before taxation           8,358             6,698

Tax charge on profit on ordinary activities (note 2)   (2,644)           (1,887)
                                                      -------           -------
Profit on ordinary activities after taxation            5,714             4,811

Equity minority interests                                (619)             (535)
                                                      -------           -------
Profit on ordinary activities attributable to
the members of Rowe Evans Investments PLC               5,095             4,276

Equity dividend proposed (note 1)                      (2,644)           (2,284)
                                                      -------           -------
Profit retained for the financial year                  2,451             1,992
                                                      =======           =======

Basic earnings per 10p share - pence (note 4)           10.59              8.84
                                                      =======           =======
Diluted earnings per 10p share - pence (note 4)         10.49              8.80
                                                      =======           =======
*    All operations are classed as continuing



CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2003

                                                         2003              2002
                                               £'000    £'000    £'000    £'000

Fixed assets
Tangible assets                               12,950             12,717
Investments                                   34,199             35,262
                                             -------            -------
                                                       47,149            47,979
Current assets
Stocks                                            221               175
Debtors                                           759               647
Investments                                     2,826             2,494
Cash at bank and in hand                        1,039               153
                                              -------           -------
                                                4,845             3,469

Creditors - amounts falling due within
one year                                       (3,416)           (2,967)
                                              -------           -------
Net current assets                                      1,429               502
                                                      -------           -------
Total assets less current liabilities                  48,578            48,481

Provisions for liabilities and charges                   (742)             (790)

Equity minority interests                              (2,930)           (2,795)
                                                      -------           -------
Net assets                                             44,906            44,896
                                                      =======           =======
Capital and reserves
Called-up share capital                                 4,807             4,822
Share premium account                                   5,108             5,108
Capital redemption reserve                                 60                45
Share of associated companies' reserves                19,086            20,153
Profit and loss account                                15,845            14,768
                                                      -------           -------
Total equity shareholders' funds                       44,906            44,896
                                                      =======           =======


CONSOLIDATED CASH-FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2003

                                                         2003              2002
                                                        £'000             £'000

Net cash inflow from operating activities               3,555             2,751

Dividends from associated undertakings                  2,486             1,544

Returns on investments and servicing of finance          (235)               86

Taxation                                               (1,278)             (276)

Capital expenditure and financial investment             (727)             (458)

Acquisitions and disposals                                  -            (2,397)

Equity dividend paid                                   (2,284)           (2,057)
                                                      -------           -------
Net cash inflow/(outflow) before management
of liquid resources and financing                       1,517              (807)

Management of liquid resources                           (442)              931

Financing                                                (181)              (55)
                                                      -------           -------
Increase in cash                                          894                69
                                                      =======           =======

RECONCILIATION OF OPERATING PROFIT TO NET                2003              2002
CASH INFLOW FROM OPERATING ACTIVITIES                   £'000             £'000

Total operating profit                                  8,013             6,262
Foreign-exchange differences                             (186)             (157)
Depreciation                                              299               276
Share of associated undertakings' profits              (4,431)           (3,540)
Increase in stocks                                        (46)              (37)
Increase in debtors                                      (118)             (380)
Increase in creditors                                      24               327
                                                      -------           -------
Net cash inflow from operating activities               3,555             2,751
                                                      =======           =======


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2003

                                                         2003              2002
                                                        £'000             £'000

Profit attributable to the members of the Company       5,095             4,276
Unrealised share of associated undertakings'
reserves                                               (1,730)           (3,300)
Exchange differences on foreign-currency net
investments                                              (530)           (3,000)
                                                      -------           -------
Total recognised gains and losses for the year          2,835            (2,024)
                                                      =======           =======


NOTES

1)   Equity dividend proposed
The board recommends a dividend of 5.50p per 10p share (2002 - 4.75p)

                                                         2003              2002

Amount per 10p share                                     5.50p             4.75p
Cost                                               £2,644,000        £2,284,000
Payable on or after                                08-06-2004        10-06-2003
Record date                                        14-05-2004        09-05-2003
Ex-dividend date                                   12-05-2004        07-05-2003


2)   Taxation
                                                         2003              2002
                                                        £'000             £'000

United Kingdom corporation tax charge for the year      1,325               206
Relief for overseas taxation                           (1,325)             (206)
                                                      -------           -------
                                                            -                 -
Overseas taxation                                       1,379             1,018
Adjustments in respect of prior periods                    28                 2
                                                      -------           -------
                                                        1,407             1,020
Share of associated undertakings' taxation              1,237               915
                                                      -------           -------
Total current tax                                       2,644             1,935
Deferred taxation - reversal of timing differences          -               (48)
                                                      -------           -------
                                                        2,644             1,887
                                                      =======           =======

Unrelieved losses of £3,707,000 (2002 £3,143,000) remain available to offset
future taxable profits of Group companies.


3)   Exceptional items
                                                         2003              2002
                                                        £'000             £'000

Net gain on sale of tangible fixed assets
Share of associated undertakings' net gains
on sale of fixed-asset investments                        293               307
Group (loss)/gain on sale of tangible fixed assets        (51)                6
Share of associated undertakings' net gains
on sale of tangible fixed assets                           14                 3
                                                      -------           -------
                                                          256               316
Fundamental reorganisation of associated undertaking
Group share of Bertam Holdings PLC merger credit            -                34
                                                      -------           -------
Total net exceptional credits                             256               350
                                                      =======           =======


4)   Basic and diluted earnings per share
The calculation of basic earnings per 10p share in 2003 is based on profits of
£5,095,000 and on 48,106,854 shares, which was the average number of shares in
issue during the year. The calculation of basic earnings per share in 2002 was
based on profits of £4,276,000 and on 48,378,553 shares, which was the average
number of shares in issue during that year.

The calculation of diluted earnings per 10p share in 2003 is based on profits
of £5,095,000 and on 48,567,059 shares, which was the diluted average number
of shares in issue during the year. The calculation of diluted earnings per
share in 2002 is based on profits of £4,276,000 and on 48,607,150 shares, which
was the diluted average number of shares in issue during that year. The
additional shares used in the calculations of the 2003 and 2002 diluted
earnings per share represent adjustments made for shares under option.

5)   Financial information
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 31 December 2003 or 2002. The
financial information for the year ended 31 December 2002 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was unqualified
and did not contain a statement under section 237(2)or (3) of the Companies Act
1985. The statutory accounts for the year ended 31 December 2003 will be
finalised on the basis of the financial information presented by the directors
in this preliminary announcement and will be delivered to the Registrar of
Companies.

6)   Timetable
The report and financial statements will be despatched to shareholders on 7 May
2004 and the annual general meeting will be held on 7 June 2004.

7)   Distribution
Copies of the full report and financial statements for the year ended 31
December 2003 will be available from M.P. Evans (UK) Limited, 3 Clanricarde
Gardens, Tunbridge Wells, Kent TN1 1HQ on and after 7 May 2004.



By order of the board
M. P. Evans (UK) Limited
Secretaries

29 April 2004


Enquires:       Philip Fletcher
                Peter Hadsley-Chaplin
                Telephone:    [phone]
                Fax:          [phone]
                E-mail:       [e-mail]