Issue of Equity

RNS Number:2608V
Charter Pan-European Trust plc
29 April 2002



The issuer advises that the following replaces the "Issue of Equity"announcement
released today, 29th April 2002, at 7.00am under RNS Number 1987V. The
conversion rate for shareholders of Charter European who elected for the Cash
Option should read 423.1487 pence per share held- not 423.1847 pence per share
as previously stated.

All other details remain unchanged. The full amended text appears below:



Charter Pan-European Trust plc ("the Company") and Charter European Trust plc
(in members voluntary liquidation)

Following the scheme of reconstruction of Charter European plc ("Charter
European"), 52,701,805 ordinary shares in the Company have been issued to those
shareholders in Charter European that have rolled over into the Company. The
basis of allotment was 2.74048372 new ordinary shares for every one share in
Charter European.

As previously announced, 865,100 ordinary shares have been issued pursuant to
the offer for subscription. As such, the issued share capital of the Company
upon admission will be 53,566,905.

The initial net asset value per ordinary share in the Company, based on values
as at the close of business on 26 April 2002, is estimated to be 149.8p.

Shareholders of Charter European who elected for the Cash Option have now been
allotted one share in Charter Cash Fund Limited for each share in Charter
European in respect of which the election was made. Charter Cash Fund Limited
itself is now in liquidation and it is anticipated that distributions in respect
of this will be despatched at the rate of 423.1487 pence per share held.



Enquiries

Peter Ingram Tel: [phone]

Charter Pan-European Trust plc



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