Corporate Action

R.E.A.Hldgs PLC
12 April 2001

CAPITAL REORGANISATION
SECURITY TITLE
*Ord Shs
MNEMONIC CODE   *RE.
SEDOL CODE      *234-906
TERMS           *Subdivision of each Ordinary Share of GBP1 into 1 New Ordinary 
                 Share of 25p and 1 New Ordinary Share of 75p. 

                 Each Ordinary Share of 75p will be converted into a            
                 deferred share.
PROVISIONAL EFFECTIVE DATE *08-05-01
NOTES *The effective date for the Capital Reorganisation is subject to approval 
       at the EGM.