Interim Results

REA HOLDINGS PLC
22 September 1999

                            R.E.A. Holdings plc
                            Interim Report 1999

                                                   Half year ended
                                                      30 June
                                                -------------------
                                                 1999        1998
                                                 £000        £000
Group turnover                                 12,263      35,580

Divisional profits
 Merchanting                                      143          65
 Agriculture                                      688         787
 Storage                                            -         359
 Other activities                                   9         (69)
 Unallocated                                     (160)       (224)

                                                  680         918
Loss on sale of assets                              -        (314)
                                                  680         604
Taxation                                          (34)        (87)
    
Profit attributable to shareholders on
 ordinary activities                              646         517
Minority                                         (554)       (612)
Preference dividend                              (257)       (209)

Retained profit/(loss)                           (165)       (304)

Loss per ordinary share - basic                   (1.8)p     (3.3)p
                        - fully diluted           (1.3)p     (3.0)p

Results

The results for the year to June 1999 are those for the group as presently
constituted, following the reconstruction at the end of 1998 when most of the
United Kingdom interests were sold to Willington plc.

Merchanting enjoyed satisfactory trading conditions but, in agriculture, lower
prices for tea and sisal coupled with disappointing crops caused by adverse
weather conditions brought about a lower contribution from that division despite
being augmented by an initial profit from Indonesia.

It should be noted that, in accordance with the accounting policies applied in
the 1998 audited accounts, the divisional profits relating to agriculture
include substantial profits attributable to the minority interest (which are
then deducted under Minority).

Millennium compliance

Following an internal review of the group's systems and action to modify those
systems where necessary, the directors believe that the change to the new
millennium will not cause any major disruption, or involve any significant cost
to the group.  In addition the group has asked its major customers and suppliers
to report on any millennium compliance issues which may disrupt the group's
operations and none have been reported.

Prospects

Prospects for the group remain dependent on the group's East Kalimantan oil palm
project.  At an operational level, the outlook is most encouraging.  The first
plantings reached maturity at the beginning of the year and crops, although
still affected by the problems in the recent past of drought and smog, are
growing steadily from month to month.  The new oil mill is operating efficiently
and the project remains on target to become cash positive in 2001.

However, political and economic conditions in Indonesia continue to be uneasy.
The satisfactory conduct of the elections held in June was encouraging but
recent developments in East Timor give cause for concern.  Whilst such
developments have not affected the region in which the group operates, they do
not facilitate financing of future expansion of the East Kalimantan project.  It
must be hoped that the forthcoming presidential election in November will lead
to a recovery in international perceptions of Indonesia.

Following a substantial rights issue by the company's associate, Anglo American
Agriculture PLC ('AAA') in June 1999 (to which the company did not subscribe),
the company has received repayment of all former loans to AAA.  The resultant
improvement in the group's liquidity will assist the group in meeting its share
of the East Kalimantan project's funding requirement up to the point at which
the project becomes self financing.

R M ROBINOW
Chairman

Registered Office:
7 Bedford Square
London WC1V 3RA

Note
This interim report for 1999 incorporates accounting figures for six months to
June 1999 with comparatives for the corresponding period of 1998.  The
accounting figures have not been audited.  The report is not being published in
the press but will be despatched to individual holders of each class of security
of the company and will also available for inspection by the public at the
registered office of the company during normal business hours.