Interim Results

ROWE EVANS INVESTMENTS PLC
12 October 1999


                          ROWE EVANS INVESTMENTS PLC

                 OIL PALM AND RUBBER PLANTATIONS IN INDONESIA

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

                    PRELIMINARY ANNOUNCEMENT OF UNAUDITED
             INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 1999


Highlights from the chairman's statement and unaudited interim results as
follows: -

*    profit before taxation £2,779,000 (1998 £2,374,000)

*    markedly higher crop of oil palm fresh fruit bunches
     partly offset by lower selling prices

*    improved results from associates

     - Indonesian plantation companies improved through higher
       crops and substantial unrealised exchange losses in 1998
       not repeated

     - Malaysian plantation companies lower as a result of lower
       palm oil prices.  Property market still depressed but
       improved from 1998

*    political tensions and economic difficulties continue in Indonesia
     but, so far, palm oil industry largely unaffected

*    Indonesian export tax on palm oil reduced to 10% mid-year

*    palm oil prices fell to low levels mid-year but have since improved

*    Rupiah, having strengthened in the first half, has weakened again
     following political tensions in Indonesia



                             CHAIRMAN'S STATEMENT

                                       
I  am  pleased  to  report an improvement in the profit before  taxation  to
£2,779,000 for the first half of 1999 which compares with £2,374,000 for the
same  period last year. This improvement was largely due to a sharp increase
in the crop of oil palm fresh fruit bunches, partly offset by lower palm oil
prices.

INDONESIA
Political tensions and economic difficulties continue in Indonesia. With the
parliamentary elections having been peacefully completed in June, it remains
for the president to be chosen in November by an electoral college. Although
there  are still many problems, particularly in the banking sector,  a  slow
improvement  in  the country's economic circumstances has  been  discernible
over  the last year or so, evidenced by the strengthening of the Rupiah from
around  £1  = Rp25,000 in mid-1998 to around Rp11,000 in mid-1999,  although
the  recent conflict in East Timor has unnerved the currency markets and the
Rupiah has fallen back to some Rp13,000 currently.

One  of  the  Group's plantations, Simpang Kiri Estate, is  located  in  the
province  of  Aceh  which, as has been widely reported  in  the  press,  has
experienced armed conflict, mainly in the northern part of the province. Our
estate is right in the south-east corner, on the North Sumatra border and, I
am pleased to say, has so far been free of any serious problems.

INDONESIAN PLANTATION OPERATIONS
Crops  and  sales  details  for  the six months  ended  30  June  1999  with
comparatives for the same period in 1998 and for the whole of 1998  were  as
follows: -

                                          6 months     6 months         Year
                                             ended        ended        ended
                                           30 June      30 June  31 December
                                              1999         1998         1998

OIL PALM - fresh fruit bunches ('f.f.b.')
Crop for the period - tonnes                56,000       39,600      104,750
Average sales price per tonne - Rp'000         500          600          613

RUBBER
Crop for the period - tonnes                   405          375          853
Average sales price per tonne - Rp'000       5,339        5,620        6,668

EXCHANGE RATES
£1 = Indonesian Rupiah - average            13,519       16,707       16,939
                       - period end         10,859       24,694       13,227

Palm oil
Fortunately, the palm oil sector has managed to continue largely  unaffected
by  the  problems currently being experienced in Indonesia. Indeed a welcome
boost  was  received  in  the  first half of the  year  with  the  hoped-for
reductions  of  the  export tax, eventually to 10%. Last  year  the  Group's
estates, along with all plantations in the region, suffered a sharp fall  in
f.f.b. crops which was as a result of the widespread drought experienced  in
1997.  However,  the  return to a more normal weather  pattern  during  1998
allowed  the palms to recover so that crops showed a substantial improvement
during the first half of 1999. I am particularly glad to report the recovery
of Simpang Kiri Estate from an unusually extended trough period.

Following  the  general increase in the world supply of palm  oil  resulting
from  the  recovery in crops in both Indonesia and Malaysia, the price  fell
steadily   throughout  the  period,  finally  reaching  the  low  level   of
approximately  US$300 per tonne in July 1999. As referred to  later,  prices
have subsequently improved.

Rubber
The rubber crop for the first half of the year was in line with expectations
and slightly ahead of last year. Unfortunately, rubber prices have continued
at very lacklustre levels, although it is still a profitable crop.

ASSOCIATED COMPANIES
Malaysian  plantations benefited in 1998 from the high palm oil  prices  and
from  a  weak exchange rate but did not suffer the swingeing level of export
tax  imposed  in Indonesia. The Malaysian exchange rate has been  fixed  and
higher  crops  in  the first half of 1999 have been more than  offset  by  a
reduction  in the selling price. Accordingly, the associated companies  with
Malaysian  plantation  operations have in general  reported  lower  Sterling
profits  than last year. The property market continues to be unexciting  but
Bertam  Properties Sdn. Bhd., the 40% associate of Bertam Holdings PLC,  has
managed  to  trade  at a profit, whereas a loss was recorded  for  the  same
period  last year. This year's profit arose from the completion  of  housing
developments and the sale of a piece of land.

The Indonesian associates have reported improved profits from last year.  It
will  be  recalled that the 30.43%-owned PT Agro Muko recorded a substantial
loss  for the first half of last year, mainly because of unrealised exchange
losses  relating  to  its US-Dollar and Deutshemark  loans.  The  Indonesian
Rupiah  was at its weakest in the middle of 1998. The company's net loss  at
the  halfway point in 1998 was turned round into a profit for the  whole  of
that  year  as the Rupiah strengthened. As with other Indonesian plantations
PT  Agro  Muko recorded a substantially increased f.f.b. crop in  the  first
half of 1999 and, in addition, the Rupiah strengthened further. Accordingly,
the company recorded a healthy profit for the period, compared with the loss
in  the first half of 1998. PT Kerasaan Indonesia's (32% owned) f.f.b.  crop
has  also  recovered strongly from the acute downturn experienced last  year
and its profits improved accordingly.

The 35.12%-owned Australian cotton producer, Lendu Holdings PLC, reported  a
profitable  year but not as profitable as the previous year.  There  was  an
abundance of rainfall for the 1998/99 season - in fact, too much - and  this
caused difficulties at the time of planting. Although a reasonably good crop
was  picked,  it  was not as high as the previous year and  insecticide  and
herbicide costs were also markedly higher.

CURRENT TRADING
As  referred to above, the Indonesian government reduced the palm oil export
tax  in the middle of the year to 10%. Palm oil prices weakened until August
to  the very low level of around US$300 per tonne, before recovering and are
currently  trading at around US$400. There has been heavy demand from  India
and China, which is supporting the price.

The rate at which the Group's 1999 f.f.b. crops have been exceeding those of
1998  is  beginning to fall off a little. However, the original estimate  of
127,000 tonnes is expected to be approximately achieved which compares  with
104,750  tonnes for 1998. As referred to earlier, the Rupiah, after reaching
its  peak  level  against Sterling around the middle of the year  has  since
weakened  again. The results for the year will therefore, as  usual,  depend
largely upon the interplay of crops, palm oil prices and exchange rates.



                        UNAUDITED INTERIM RESULTS

The board announces the following unaudited results

                                          6 months     6 months         Year
                                             ended        ended        ended
                                           30 June      30 June  31 December
                                              1999         1998         1998
                                             £'000        £'000        £'000

Turnover                                     2,215        1,558        4,201
Cost of sales                                 (936)        (412)      (1,216)
                                             -----        -----        -----
Estate profit                                1,279        1,146        2,985
Administrative expenses                       (184)        (172)        (370)
Exchange gains                                   8          779          266
                                             -----        -----        -----
Group operating profit                       1,103        1,753        2,881
Share of associated undertakings' profits    1,527          238        2,480
                                             -----        -----        -----
Total operating profit                       2,630        1,991        5,361
Interest receivable and similar income         149          419        1,037
Interest payable and similar charges             -          (36)         (67)
                                             -----        -----        -----
Profit on ordinary activities before
taxation                                     2,779        2,374        6,331
Tax on profit on ordinary activities          (692)        (767)      (1,519)
                                             -----        -----        -----
Profit on ordinary activities after
taxation                                     2,087        1,607        4,812
Equity minority interests                     (236)        (320)        (499)
                                             -----        -----        -----
Profit on ordinary activities
attributable to the members of
Rowe Evans Investments PLC                   1,851        1,287        4,313
Equity dividend proposed                         -            -       (2,048)
                                             -----        -----        -----
Profit retained for the financial period     1,851        1,287        2,265
                                             -----        -----        -----

Basic and diluted earnings per 10p share     3.83p        2.66p        8.91p
                                             -----        -----        -----

All operations are classed as continuing.


NOTES

1.Statutory information
The  financial information for the six-month periods ended 30 June 1999  and
1998  has been neither audited nor reviewed by the Group's auditors and does
not  constitute accounts within the meaning of section 240 of the  Companies
Act 1985.  The financial information for the year ended 31 December 1998  is
abridged  from  the statutory accounts which have been reported  on  by  the
Group's  auditors,  Deloitte & Touche, and which have been  filed  with  the
Registrar  of Companies.  The report of the auditors thereon was unqualified
and did not contain a statement under section 237(2) or (3) of the Companies
Act 1985.

2. Accounting policies
These  interim  accounts  have been prepared  on  the  basis  of  accounting
policies as set out in the annual financial statements at 31 December 1998.

3. Millennium compliance
The  Group is currently reviewing its date-sensitive equipment and  computer
systems  in order to be millennium compliant. This exercise is not  expected
to involve the Group in any significant cost.


The Company will be circulating its interim report to shareholders forthwith
and  copies  may  be  obtained from M.P.Evans (UK)  Limited,  3  Clanricarde
Gardens, Tunbridge Wells, Kent TN1 1HQ.


M.P.Evans (UK) Limited
Secretaries
12 October 1999


Enquiries: Mr P A Fletcher

           Telephone:  [phone]
           Fax:        [phone]
           E-mail:     [e-mail]