Dividend Declaration

R.E.A.Hldgs PLC
15 November 1999

                              R.E.A. HOLDINGS PLC

LETTER TO: COMPANY ANNOUNCEMENTS OFFICE

At a board meeting held today payment of interest and dividend due for the
period ending 31 December 1999 was authorised in respect of the undermentioned
loan stock/shares of this company.

                 12% unsecured loan stock 2000
                  9% cumulative preference shares

Payment will be made on 31 December 1999 to holders of preference shares and
loan stock on the register at the close of business on 26 November.

LETTER FROM: P E HAYLOCK, R.E.A. SECRETARIES LIMITED 
TEL: [phone]