M. P. Evans Group - Indonesian Export Tax Update

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, notes the recent announcement by the Indonesian government regarding changes to its palm-oil export levy, which are effective immediately. The first revision, effective until 31 August 2022, eliminates the export levy completely, leaving only the export tax, as shown in table 1 in the Annex. This results in a reduced tax burden of between US$55 and US$240 per tonne depending on the date and reference price used. The Indonesian government will continue to charge the US$200 per tonne export tariff until 31 July 2022.

From 1 September 2022, the Indonesian government has published a new levy structure, as shown in table 2 in the Annex. The updated levy varies with the CPO price, reducing from the previously published structure by up to US$90 per tonne when the CPO reference price is between US$1,201 and US$1,250 per tonne.

Management will continue to monitor the situation closely as the new arrangements come into force.

19 July 2022

Enquiries:

M.P. Evans Group PLC	Telephone: 01892 516333
Peter Hadsley-Chaplin - chairman
Matthew Coulson - chief executive

Peel Hunt LLP (Nomad and joint broker)	Telephone: 020 7418 8900
Dan Webster, Andrew Clark, Lalit Bose

finnCap (Joint broker)	Telephone: 020 7220 0500
Tim Redfern, Harriet Ward

Hudson Sandler (Financial PR)	Telephone: 020 7796 4133
Charlie Jack, Francis Kerrigan

ANNEX

Table 1 - updated structure to 31 August 2022

Reference price					Net price at top of	Net price under prior
From	To	Levy	Tax	Total	band	structure*
0	750	-		-	750	695
751	800	-	3	3	797	722
801	850	-	18	18	832	737
851	900	-	33	33	867	752
901	950	-	52	52	898	763
951	1,000	-	74	74	926	781
1,001	1,050	-	124	124	926	776
1,051	1,100	-	148	148	952	797
1,101	1,150	-	178	178	972	812
1,151	1,200	-	201	201	999	834
1,201	1,250	-	220	220	1,030	860
1,251	1,300	-	240	240	1,060	885
1,301	1,350	-	250	250	1,100	920
1,351	1,400	-	260	260	1,140	955
1,401	1,450	-	270	270	1,180	990
1,451	1,500	-	280	280	1,220	1,025
1,501	and above	-	288	288

Table 2 - updated structure from 1 September 2022

Reference price					Net price at top of	Net price under prior
From	To	Levy	Tax	Total	band	structure
0	750	55		55	695	695
751	800	65	3	68	732	722
801	850	75	18	93	757	737
851	900	85	33	118	782	752
901	950	90	52	142	808	763
951	1,000	95	74	169	831	776
1,001	1,050	100	124	224	826	761
1,051	1,100	105	148	253	847	772
1,101	1,150	110	178	288	862	782
1,151	1,200	115	201	316	884	799
1,201	1,250	120	220	340	910	820
1,251	1,300	140	240	380	920	845
1,301	1,350	160	250	410	940	880
1,351	1,400	180	260	440	960	915
1,401	1,450	200	270	470	980	950
1,451	1,500	220	280	500	1,000	985
1,501	and above	240	288	528

*Based on the prior structure effective to the end of July 2022.