Half Yearly Report

29 September 2011

Asian Plantations Limited

("APL" or the "Company")

Interim Results for the Six Months ended 30 June 2011 &

Proposed Acquisition

Asian Plantations Limited (LSE: PALM), a palm oil plantation company with operations in Malaysia, is pleased to announce its unaudited interim results for the six month period ending 30 June 2011.

Highlights

·; Sale of 1,233 tonnes fresh fruit bunches ("FFB") sold at an average price of RM671 (circa. US$221) per tonne.

·; Fundraise of £16 million (circa. US$25 million) on 28 February 2011, via an institutional placing at 220 pence per share, representing a premium of 193 per cent. to the Company's admission price of 75 pence per share on 30 November 2009.

·; Subsequent to the end of the period under review, on 17 August 2011, the Company raised an additional US$2.1 million, via the issuance of a convertible bond with an effective conversion price of 309 pence per share based on current exchange rates.

·; On 25 August 2011, the announcement of the acquisition of the partly developed 5,000 hectare Dulit estate adjacent to the Company's existing Incosetia estate. The Dulit estate is expected to generate in excess of 22,000 tonnes of FFB in 2012. This acquisition brings the Company's total land resource to 20,645 hectares, in line with its growth objectives stated at admission.

·; Aggressive planting programme remains on track and the Company expects its current land resource, including that of the Dulit estate, to be fully planted by early 2014.

·; The Company's mill is currently under construction and the requisite state approvals have been secured. The mill is expected to be operational in 4Q 2012.

Tan Sri Datuk Linggi, Non-Executive Chairman of APL, commented:

"We are now into our fourth year of significant investment and land development. Based on the current planting schedule and pro forma for the closing of the recently announced Dulit acquisition, we expect to harvest approximately 50,000 tonnes of FFB in 2012, with an eventual target of over 500,000 tonnes per annum, as all four existing fields fully mature in the years ahead.

"The recently announced Dulit acquisition achieves our previously stated strategy to achieve a land resource of titled, Malaysian agricultural land in excess of 20,000 hectares by November 2011, two years following the Company's admission to AIM. Further, we anticipate that at the time the Dulit acquisition successfully completes, three of the Company's four estates will be revenue producing.

"All indicators point to increased scarcity for Malaysian titled land, a relative tightness in global edible oil inventories and rising global awareness about the importance of palm oil in the global food supply chain. Coupling these trends with a healthy edible oil price environment, the board of APL (the "Board") believes that its strategy of assembling properly titled, land parcels in Malaysia, an investment grade rated country, will generate long term substantial value for the Company's shareholders."

Proposed Acquisition

In addition, the Board announces that a subsidiary of the Company has recently entered into a conditional agreement for the proposed acquisition of a Malaysian company (the "Proposed Target") for a total maximum consideration of up to US$22 million. The Proposed Target holds a 60 per cent. equity interest in a joint venture company that will have ownership over two distinct land parcels in Sarawak, Malaysia (the "Proposed Acquisition"). The land parcels, the size of which remains subject to a land survey but which the Board estimates to aggregate up to approximately 20,000 hectares, are to be jointly developed pursuant to a joint venture agreement between the Proposed Target and a Sarawak Government-linked entity. In respect of the Proposed Acquisition, the completion of which remains subject to Board approval, the Company has paid a refundable deposit of RRM7.9 million (US$2.5 million) to the Proposed Target until completion of APL's due diligence exercise, expected to be within two to three months, at which point the Board will decide whether to further pursue the opportunity. In the event that the Board decides to pursue the Proposed Acquisition, APL will seek to secure the required funding via a combination of an equity fundraise and/or a new debt facility. A further announcement will be made in due course.

For further information contact:

Interim Condensed Consolidated Income Statement

for the six-month period ended 30 June 2011

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Interim Condensed Consolidated Statement of Comprehensive Income

for the six-month period ended 30 June 2011

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Interim Condensed Consolidated Statement of Financial Position as at 30 June 2011

Interim Condensed Consolidated Statement of Financial Position as at 30 June 2011 (cont'd)

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Interim Condensed Consolidated Statement of Changes in Equity

for the six-month period ended 30 June 2011

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Interim Condensed Consolidated Statement of Cash Flows

for the six-month period ended 30 June 2011

Interim Condensed Consolidated Statement of Cash Flows

for the six-month period ended 30 June 2011 (cont'd)

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

1. General Information

(a) Corporate information

Asian Plantations Limited (the "Company") is a limited liability company incorporated and domiciled in the Republic of Singapore and listed on the Alternative Investment Market ("AIM") of the London Stock Exchange.

The registered office of the Company is located at No.14 Ann Siang Road, #02-01, Singapore 069694.

The principal activity of the Company is that of investment holding. The principal activities of the subsidiaries are development of oil palm plantation.

(b) Subsidiaries

As disclosed in the Group's annual financial statements as at 31 December 2010, the Group acquired Fortune Plantation Sdn. Bhd on 31 December 2010. The goodwill on acquisition of USD2,712,000 continues to be determined on a provisional basis as the purchase price allocation has not been completed by the date the interim financial statements was authorised for issue.

During the financial period, the Company acquired two new subsidiaries. The two new subsidiaries are dormant companies and therefore do not have a material effect on the financial results and financial position of the Group. There is no acquisition related expenses arising from the acquisition of these subsidiaries.

2. Basis of preparation and changes to the Group's accounting policies

Basis of preparation

The interim condensed consolidated financial statements for the six months ended 30 June 2011 are unaudited and do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2010.

The interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The accounting policies, presentation and methods of computation have been followed in these unaudited financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2010.

The financial statements are presented in United States Dollars ("USD") to facilitate the comparison of financial results with companies in the oil-palm industry and all values are rounded to the nearest thousand ("USD'000") except when otherwise indicated.

The interim condensed consolidated financial statements for the six months ended 30 June 2011 was approved by the Directors on 30 September 2011.

2. Basis of preparation and changes to the Group's accounting policies (cont'd)

New standards, interpretations and amendments thereof, adopted by the Group

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2010, except for the adoption of new standards and interpretations as of 1 January 2011, noted below:

IAS 24 Related Party Transactions (Amendment)

The IASB has issued an amendment to IAS 24 that clarifies the definitions of a related party. The new definitions emphasise a symmetrical view of related party transactions as well as clarifying in which circumstances persons and key management personnel affect related party relationships of an entity. Secondly, the amendment introduces an exemption from the general related party disclosure requirements for transactions with a government and entities that are controlled, jointly controlled or significantly influenced by the same government as the reporting entity. The adoption of the amendment did not have any impact on the financial position or performance of the Group.

IAS 32 Financial Instruments: Presentation (Amendment)

The amendment alters the definition of a financial liability in IAS 32 to enable entities to classify rights issues and certain options or warrants as equity instruments. The amendment is applicable if the rights are given pro rate to all the existing owners of the same class of an entity's non-derivative equity instruments, to acquire a fixed number of the entity's own equity instruments for a fixed amount in any currency. The amendment has no effect on the financial position or performance of the Group.

IFRIC 14 Prepayments of a Minimum Funding Requirements (Amendment)

The amendment removes an unintended consequence when an entity is subject to minimum funding requirements ("MFR") and makes an early payment of contributions to cover such requirements. The amendment permits a prepayment of future service cost by the entity to be recognised as pension asset. The Group is not subject to minimum funding requirements in the Republic of Singapore. The amendment to the interpretation therefore had no effect on the financial position or performance of the Group.

Improvements to IFRS (issued May 2010)

In May 2010, the IASB issued its third omnibus of amendments to its standards, primarily with a view to removing inconsistencies and clarifying wording. There are separate transitional provisions for each standard. The adoption of the following amendments resulted in changes to accounting policies, but did not have any impact on the financial position or performance of the Group.

IFRS 3 Business combinations: The measurement options available for non-controlling interest ("NCI") have been amended. Only components of NCI that constitute a present ownership interest that entitles their holder to a proportionate share of the entity's net assets in the event of liquidation shall be measured at either fair value or at the present ownership instruments' proportionate share of the acquiree's identifiable net assets. All other components are to be measured at their acquisition date fair value.

2. Basis of preparation and changes to the Group's accounting policies (cont'd)

New standards, interpretations and amendments thereof, adopted by the Group (cont'd)

IFRS 7 Financial Instruments - Disclosures: The amendment was intended to simplify the disclosures provided by reducing the volume of disclosures around collateral held and improving disclosures by requiring qualitative information to put the quantitative information in context.

IAS 1 Presentation of Financial Statements: The amendment clarifies that an option to present an analysis of each component of other comprehensive income may be included either in the statement of changes in equity or in the notes to the financial statements.

IAS 34 Interim Financial Statements: The amendment requires additional disclosures for fair values and changes in classification of financial assets, as well as changes to contingent assets and liabilities in interim condensed financial statements.

Other amendments resulting from improvements to IFRS to the following standards did not have any impact on the accounting policies, financial position or performance of the Group:

IFRS 3 Business Combinations - Clarification that contingent consideration arising from business combination prior to adoption of IFRS 3 (as revised in 2008) are accounted for in accordance with IFRS 3 (2005).

IFRS 3 Business Combinations - Unreplaced and voluntarily replaced share-based payment awards and its accounting treatment within a business combination.

IAS 27 Consolidated and Separate Financial Statements - applying the IAS 27 (as revised in 2008) transition requirements to consequentially amended standards.

IFRIC 13 Customer Loyalty Programmes - in determining the fair value of award credits, an entity shall consider discounts and incentives that would otherwise be offered to customers not participating in the loyalty programme.

Standards, interpretation or amendment issued but not yet effective

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

3. Significant accounting judgements and estimates

The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future period.

3. Significant accounting judgements and estimates (cont'd)

3.1 Judgements made in applying accounting policies

In the process of applying the Group's accounting policies, management has made the following judgements, apart from those involving estimations, which has the most significant effect on the amounts recognised in the consolidated financial statements:

(a) Determination of functional currency

The Group continues to determine its functional currencies to be RM based on management's assessment of the economic environment in which the entities operate and the entities' process of determining sales prices.

(b) Fair value of biological assets (immature plantation)

Biological assets are stated at fair value. Management maintain the judgement that cost approximates fair value of the biological asset for immature plantation because it involved a new oil palm plantation and that little biological transformation has taken place since its initial cost incurrence. The carrying amount of the immature plantation as at 30 June 2011 is USD12,278,000 (31 December 2010: USD8,927,000).

3.2 Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of each reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(a) Biological assets (mature plantation)

The Group continues to measure its mature plantation included in the biological assets at fair value less estimated costs to sell, based on discounted cash flow model. The carrying amount of the mature plantation as at 30 June 2011 is USD960,000 (31 December 2010: USD940,000). Further details of the key assumptions used are disclosed in Note 13.

(b) Useful lives of property, plant and equipment

There are no changes to the estimated economic useful life of property, plant and equipment of within 5 to 25 years.

(c) Impairment of non-financial assets

Goodwill arising from business combinations is allocated to the cash-generating unit, namely the plantation estate, for the purpose of impairment testing. Management continues to assess for impairment based on value-in-use calculations using cash flow projections, covering a period of 25 productive years of oil palms, based on financial budgets approved by management. Based on management's analysis, goodwill is not impaired as at 30 June 2011.

4. Seasonality of operations

The Group's plantation operations are affected by seasonal crop production, weather conditions and fluctuating commodity prices. As a result, the comparison of half-year to half-year results may not be a good indicator of the overall trend of the Group's plantation operations or of the results for the whole of the financial period.

5. Operating segment information

The Group continues to be organised as one segment and the Chief Operating Decision Makers review the profit or loss of the entity as a whole, which is the plantation segment and in one geographical location, Malaysia.

6. Other income

7. Administrative expenses

Included in administrative expenses are audit, tax, legal and other professional fees amounting to USD345,000 (six months ended 30.6.2010: USD464,000).

8. Other expenses

9. Finance expenses

10. Income tax expense

The major components of income tax expense in the interim consolidated income statement are:

11. Loss per share

Basic loss per share are calculated by dividing loss, net of tax, attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period.

The following tables reflect the loss and share data used in the computation of basic loss per share for the respective periods:

11. Loss per share (cont'd)

* The weighted average number of ordinary shares takes into account the weighted average

effect of changes in ordinary shares transactions during the period.

The unsecured convertible bonds of USD1 million issued during the period have not been included in the calculation of diluted earnings per share because they are anti-dilutive.

12. Property, plant and equipment