Final Results - Year Ended 31 December 1999

Rowe Evans Investments PLC
5 May 2000



             OIL PALM AND RUBBER PLANTATIONS IN INDONESIA

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

           Preliminary announcement of unaudited results
               for the year ended 31 December 1999


Highlights  from the chairman's statement and preliminary announcement
as follows:-


*    dividend maintained at 4.25p

*    profit before tax £5,375,000 (1998 £6,331,000) - 1998 included
     exchange gains and 'one-off' interest received

*    continuing problems in Indonesia but signs of a return to modest
     economic growth

*    sharply increased crop of oil palm fresh fruit bunches in 1999

*    lower palm oil prices in 1999

*    Indonesian Rupiah strengthened - 1999 average £1 = Rp12,672 (1998
     Rp16,939)

*    share of associates' higher, mainly due to PT Agro Muko (30.43%
     owned) reporting improved operating profit after crop increase and
     absence of 1998's overseas loan related, unrealised exchange losses

*    palm oil prices weakened in early 2000 but have since improved

*    associated companies with Malaysian interests have announced
     discussions which may lead to an amalgamation


EXTRACT FROM CHAIRMAN'S STATEMENT

The   profit  before  tax  for  1999  was  £5,375,000,  compared  with
£6,331,000  in  1998. The Group's estates produced higher  crops,  but
lower  palm  oil prices and a stronger Rupiah resulted  in  an  estate
profit  12.5% lower than last year. Improved results were reported  by
the  associated  companies  but 1998's exchange  gains  and  'one-off'
interest  receivable were not repeated to the same extent.  The  board
recommends that the dividend is maintained at 4.25p per share.

As  has  been  widely  reported in the press,  social,  political  and
economic problems continued in Indonesia during 1999. However,  it  is
pleasing  to  report  that  democratic  elections  for  the  house  of
representatives passed off without the disruption many had feared  and
a new president, Mr Abdurrahman Wahid, was duly elected. Problems with
regard  to the banking sector and corporate debt remain but there  are
grounds  for  cautious optimism that a gradual  return  to  growth  is
appearing  after  the  dramatic  decline  of  gross  domestic  product
experienced in 1998.


REVIEW OF THE YEAR
The Indonesian estates
Crops

Following  the downturn in  crops in 1998 resulting from the  El Nino-
induced  drought of the previous year, production of  oil  palm  fresh
fruit bunches ('f.f.b.') rebounded, as expected, in 1999. I am pleased
to  report that nearly 124,000 tonnes were harvested in the year which
was  much  in  line  with expectations and compares with  last  year's
105,000 tonnes.


Commodity prices

The  price of palm oil, which had been very strong during 1998 because
of  low world stocks and lack of supply in the market, weakened  quite
sharply  with  two,  short-lived rallies. The weakening  of  palm  oil
prices  relieved the pressure on local cooking oil prices in Indonesia
and  the export levy was progressively reduced from its high point  of
60% to the current effective level of approximately 3%.


Exchange rates

The  Rupiah  fluctuated within the range of £1 = Rp10,000 to  Rp15,000
during  1999. The Rupiah in this range was somewhat stronger  than  in
1998 during which its low point was some Rp27,000. Towards the end  of
1999  and in early 2000, the Rupiah settled into a narrow range around
Rp11,000  although  in  the last few weeks it has  weakened  again  to
around Rp12,500.


Estate operations
Pangkatan Estate

Although  the estate's f.f.b. crop was ahead of last year,  it  was  a
little disappointing when compared with the original estimate. The age
profile  of the estate is on the old side and the crops are likely  to
be  slightly  lower  than  in previous years until  the  recent  large
plantings mature and increase their yields.


Simpang Kiri Estate

I  am  pleased to report that the yields on the two divisions  of  the
estate showed a marked improvement in 1999 being some 40% higher  than
last  year and also slightly ahead of estimate. The trough period that
the  estate,  and its neighbours, have experienced for some  time  now
seems to have come to an end for the moment and it is hoped that  this
improvement will be sustained.


Bilah Estate

The  estate's  soils  consist largely of  peat  which  makes  it  more
difficult to manage than mineral soils. It is in a low-lying area  and
has  had  to  be  protected from outside flooding by  bunds.  However,
notwithstanding  the  problems associated with  peat  management,  the
estate  has consistently achieved respectable yields and 1999  was  no
exception.  The  crop  was  ahead  of  last  year  and  in  line  with
expectations.


Estate profit

As  a  result of all of the above, the Group's estate profit for  1999
amounted to £2,611,000 compared with £2,985,000 last year.


ASSOCIATED COMPANIES

The Group's share of the profit before tax of the associated companies
was  £2,790,000,  including the share of associates' gains  on  fixed-
asset disposals. This compares with £2,480,000 in 1998.


Indonesia
PT Agro Muko (30.43% owned)

As  with  the Group's majority-owned estates, PT Agro Muko recorded  a
substantial increase in its f.f.b. crop from 125,000 tonnes in 1998 to
over  160,000  tonnes this year. This increasing trend  of  production
will  continue  as the young areas mature and further  new  areas  are
planted  over the next three years or so. The increased crop  and  the
movement of the exchange rate, notwithstanding lower palm oil  prices,
resulted  in  a  slightly improved operating profit in Sterling  terms
aided  by the absence of the unrealised exchange losses of 1998  which
related to the company's US-Dollar and Deutschmark loans.


PT Kerasaan Indonesia (36% owned)

The  f.f.b. crop on Kerasaan Estate fell back particularly sharply  in
1998  and the recovery was similarly robust in 1999. As a result,  the
company's  profit  in Sterling terms showed a marked improvement  over
the previous year. Kerasaan continues to be a very well managed, first-
class  oil palm estate with above average yields and low costs. It  is
on flat terrain with good volcanic soils.


Malaysia
Bertam Holdings PLC (33.39% owned)

The  plantation operations of Bertam Holdings PLC were less profitable
in  1999  than  the previous year. 1998 had experienced  exceptionally
high  selling prices and, unlike Indonesia, these were not  offset  by
any  significant export taxes. 1999 prices were much lower. Crops were
higher in 1999 after the drought-affected crops of the previous year.

Bertam  Holdings PLC's 40% property associate, Bertam Properties  Sdn.
Berhad,  reported  a slightly improved performance over  the  previous
year.  Generally, there were signs of a slow recovery in the Malaysian
property  market and activity picked up. The land continues  to  be  a
very  valuable piece of real estate, located in an ideal position next
to the North South Highway with easy access to Penang Island. There is
therefore enormous potential to be realised in the forthcoming years.


Other Malaysian associates

The  three small Malaysian associated companies, Beradin Holdings  PLC
(19.75%  owned),  Padang Senang Holdings PLC (29.37%  owned)  and  The
Singapore  Para Rubber Estates, PLC (42.03% owned) all reported  lower
profits  for  the  same  reasons  that  applied  to  the  Group's  own
Indonesian estates, namely higher crops but lower commodity prices.


Lendu Holdings PLC (35.11% owned)

Lendu  Holdings  PLC's Australian cotton operations  for  the  1998/99
season  proved  to be somewhat more difficult than the previous  year.
Despite  plentiful water in the farm's storages, there  was  too  much
rain at the time of planting the cotton, which prevented adequate land
preparation.  In  addition to this, there was  unusually  high  insect
pressure   the  combating  of  which  increased  costs  substantially.
Although  the cotton price was reasonably strong during the year,  the
results reported were lower than the previous year.

The  operations  for  the 1999/2000 season have progressed  well  with
adequate  water  and  significantly  less  insect  problems  than  the
previous season. However, the cotton price has not been as strong  and
the Australian Dollar has weakened markedly against Sterling.


Interest

Interest  receivable for the year amounted to £260,000  compared  with
£1,020,000 last year. 1998 included interest on loans to the  minority
shareholders  in  PT Simpang Kiri Plantation Indonesia  and  PT  Bilah
Plantindo.   This  was  dealt  with  on  a  'received'   rather   than
'receivable'  basis  due  to  the  uncertainty  over  the  timing   of
repayments.  During  1998,  the loans and  accumulated  interest  were
repaid and, as a result, several years' interest amounting to £689,000
was credited in the profit and loss account in that year.


CURRENT TRADING

The  estimated  crops for the Group in 2000 are approximately  133,000
tonnes  of f.f.b. and 890,000 kg of rubber. Crops have so far in  2000
been  ahead of last year and this trend has also been apparent on  the
estates  of  the  associated companies. The  palm  oil  price  dropped
sharply in February to as low as US$280 per tonne but fortunately  has
recovered to the current level of around US$365. The Rupiah  has  been
under  pressure in the early part of 2000 as the Indonesian government
and  the  World  Bank continue negotiations with  regard  to  the  re-
financing  of  the banking sector. The current level is  around  £1  =
Rp12,500, having been at Rp11,390 at the end of 1999.


BERTAM HOLDINGS PLC

It  was  announced on 28 February 2000 that the Group had  acquired  a
further 600,000 shares in Bertam Holdings PLC at a price of £1.50  per
share.  This increased the Group's holding from 33.39% to  36.23%.  It
was  announced at the same time that the Group had subscribed for  its
pro  rata entitlement under a rights issue by Sungkai Holdings Limited
at  a  cost of £767,000. The proceeds of the Sungkai Holdings  Limited
rights issue were applied towards the purchase of 1,960,000 shares  in
Bertam Holdings PLC. Your board regarded this as a good opportunity to
acquire,  at  a discount to asset value, a sizeable parcel  of  shares
both  directly,  and indirectly through associates, in  a  company  in
which a substantial stake is already held.


FUTURE STRATEGY

This  is  my first statement in the annual report since I was honoured
to  be invited to take on the post of executive chairman. Taking  over
as  chairman seems an appropriate time to take stock of where and what
the Group is and where it is going.

The  Group  directly  owns a majority stake in  plantation  assets  in
Indonesia  and,  through  its associated companies,  agricultural  and
property  assets  in  Malaysia, Indonesia  and  Australia.  First  the
directly-held  assets.  The three estates  are  now  virtually  mature
producing  healthy profits and positive cash flows.  There  have  been
many difficulties and problems in Indonesia over the past two or three
years  and foreign investment has dropped sharply. However, your board
regards  this  as  an  opportunity to  acquire  plantation  assets  at
favourable  prices. This is not easy to achieve but  your  board  will
endeavour  to  make plantation investments when suitable opportunities
arise.

Your board has confidence that investment in palm oil production is  a
sound  one.  The  consumption  of  vegetable/cooking  oil  is  rising,
particularly  in  the emerging economies of Asia  such  as  India  and
China. These are already huge markets with great potential for further
growth  and  demand  for  cooking oil  is  rising  rapidly.  In  world
production  terms, palm oil is the second largest  with  soya  oil  in
first  place but palm oil is not only the most traded oil  it  is  the
cheapest  to  produce, with a yield per hectare far in excess  of  its
rivals.   Indonesia is one of the most suitable countries in which  to
grow  oil palm from both a climatic and soil point of view. It is also
economically suitable with relatively low labour costs. Oil palms  can
only  be grown between latitudes of approximately 100 north and  south
of the equator at altitudes from sea level up to 500 metres with well-
distributed  rainfall. Malaysia is the biggest palm oil producer  with
Indonesia  second  and these two countries account for  80%  of  world
production.  It is anticipated that Indonesia will become the  number-
one producer during the next decade or so.

With regard to the associated companies, the boards of Bertam Holdings
PLC,  Beradin  Holdings  PLC,  Padang  Senang  Holdings  PLC  and  The
Singapore  Para  Rubber Estates, PLC have announced that  they  intend
entering  into negotiations which may lead to proposals to amalgamate.
These  four  companies operate in Malaysia and,  given  the  level  of
common  shareholdings, it seems to make sense to put  them  under  one
roof  providing, of course, that acceptable terms can be agreed.  Your
board supports the idea of an amalgamation.

The  investments in the associated companies are backed by substantial
assets and there are particularly exciting prospects for those estates
in  Malaysia with property-development potential. It is the  intention
not  only to realise this underlying potential at the most appropriate
and  profitable  time but also to encourage the market  to  appreciate
this  value so that it is more fairly reflected in the price at  which
the shares are traded on the Stock Exchange.


P A Fletcher
Chairman



PRELIMINARY RESULTS (UNAUDITED)

The  board  announces  the following unaudited  results  and  proposed
dividend for the year ended 31 December 1999.

                                          1999                 1998
                                £'000    £'000       £'000    £'000

Turnover                                 4,756                4,201
Cost of sales                           (2,145)              (1,216)
                                        ------               ------
Estate profit                            2,611                2,985
Administrative expenses                   (362)                (370)
Exchange gains                              39                  266
                                        ------               ------
Group operating profit                   2,288                2,881
Share of operating
 profit in associates                    2,644                2,480
                                        ------              -------
Total operating profit                   4,932                5,361
Gain on sale of fixed assets               167                    -
                                        ------              -------
Profit on ordinary
 activities before interest              5,099                5,361
Interest receivable
 and similar income               276                1,037
Interest payable and
 similar charges                    -                  (67)
                               ------              -------
                                           276                  970
                                        ------              -------
Profit on ordinary
 activities before taxation              5,375                6,331
Tax on profit on ordinary
 activities (note 2)                    (1,364)              (1,519)
                                        ------              -------
Profit on ordinary
 activities after taxation               4,011                4,812
Equity minority interests                 (379)                (499)
                                        ------              -------
Profit on ordinary activities
 attributable to the members
 of Rowe Evans Investments PLC           3,632                4,313
Equity dividend proposed (note 1)       (2,057)              (2,048)
                                        ------              -------
Profit retained for the
 financial year                          1,575                2,265
                                        ======               ======

Earnings per 10p
 share - pence  (note 3)                  7.53                 8.91
Diluted earnings per 10p
 share - pence (note 3)                   7.53                 8.91
                                        ======               ======

All operations are classed as continuing.


The  financial  information  set out  in  the  announcement  does  not
constitute  the  Company's statutory accounts for the years  ended  31
December 1999 or 1998. The financial information for the year ended 31
December  1998  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 1999  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 following the Company's annual general
meeting.

The  financial  information  set out  in  the  announcement  has  been
prepared  on  the basis of the accounting policies as  stated  in  the
previous year's financial statements.


Statement of total recognised gains and losses
                                              1999             1998
                                             £'000            £'000
Profit attributable to the
 members of the Company                      3,632            4,313
Unrealised share of associated
 undertakings' reserves                        560            2,376
Exchange differences on foreign-
 currency net investments                      106             (930)
                                            ------           ------
Total recognised gains and
 losses for the year                         4,298            5,759
                                            ======           ======


NOTES

1    Equity dividend proposed

The board recommends a dividend of 4.25p per share (1998 - 4.25p)

                                              1999             1998
Amount per 10p share                          4.25p            4.25p
Cost                                    £2,057,000       £2,048,000
Payable on or after                       01/08/00         02/08/99
Record date                               19/05/00         10/05/99
Ex-dividend date                          15/05/00         04/05/99


2    Taxation
                                              1999             1998
                                             £'000            £'000
United Kingdom corporation tax at
 30.25% (1998 - 31%)                           319              804
Double taxation relief                        (319)            (803)
                                             -----           ------
                                                 -                1
Overseas taxation                              829            1,008
Advance corporation tax                          2               (1)
Consortium relief                               (2)               -
                                            ------           ------
                                               829            1,008
Adjustment in respect of prior year              4                1
                                            ------           ------
                                               833            1,009
Associated undertakings' taxation              531              510
                                            ------           ------
                                             1,364            1,519
                                            ======           ======


3    Earnings per share

The  calculation  of  earnings per 10p share is based  on  profits  of
£3,632,000  and on 48,210,278 shares which was the average  number  of
shares  in  issue during  the year.  The calculation of  earnings  per
share  in  1998  was based on profits of £4,313,000 and on  48,386,114
shares  which  was  the average number of shares in issue  during  the
year.

The  calculation of diluted earnings per 10p share is based on profits
of £3,632,000 and on 48,220,256 shares which was the average number of
shares  in issue during the year.  The calculation of diluted earnings
per share in 1998 was based on profits of £4,313,000 and on 48,402,180
shares  which  was  the average number of shares in issue  during  the
year.  The  additional  shares  used in  the  calculation  of  diluted
earnings  per  share represent an adjustment made for  the  number  of
shares under option.

4.   Millennium compliance

Following their initial review, the directors continue to be alert  to
the potential risks and uncertainties surrounding the year 2000 issue.
As  at  the  date of this report, the directors are not aware  of  any
significant  factors which have arisen or that may arise,  which  will
affect the activities of the business; however, the situation is still
being monitored. Any future costs associated with this issue cannot be
quantified but are not expected to be significant.


5.   Timetable

The report and financial statements will be despatched to shareholders
on  Friday 12 May 2000 and the annual general meeting will be held  on
Monday 12 June 2000.


6.   Accounts

Copies of the full report and financial statements for the year  ended
31  December  1999 will be available from M.P. Evans (UK)  Limited,  3
Clanricarde Gardens, Tunbridge Wells, Kent TN1 1HQ on and after 12 May
2000.


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

5 May 2000


Enquiries:     Mr P E Hadsley-Chaplin
               Telephone:   [phone]
               Fax:         [phone]
               E-mail:      [e-mail]