M.P. EVANS GROUP PLC

("the Group" or "M.P.Evans")

INDONESIAN GOVERNMENT ANNOUNCES REVISIONS TO EXPORT LEVY

M.P.Evans Group PLC, a producer of sustainable Indonesian palm oil, announces revisions made by the Indonesian government to its palm-oil export levy following the recent record-high prices. These will take immediate effect (see Annex) and result in an increase in the export levy of up to US$200 per tonne, dependent on the reference price of crude palm oil ("CPO") used, which is closely linked to the cif Rotterdam price. The Indonesian government had recently introduced a domestic market obligation ("DMO") to subsidise local palm-oil supplies, but this is being withdrawn and replaced with the revised levy.

It is not entirely clear to what extent the DMO had already resulted in downward pressure on mill-gate prices. However, following its withdrawal and the introduction of the revised levy, the Group continues to receive strong pricing for its CPO. US$1,080 per tonne was achieved for a tender today, similar to pricing achieved just before the levy's introduction and significantly higher than the 2021 average of US$810 per tonne. Management continues to monitor the situation closely.

The Group will be announcing its 2021 results on Tuesday 22 March.

18 March 2022

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ANNEX