09:09     PANORAMA INT'L<08173> - Announcement                                

                                                                              
    The Stock Exchange of Hong Kong Limited takes no responsibility for the   
    contents of this announcement, makes no representation as to its          
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon the    
    whole or any part of the contents of this announcement.                   
                                                                              
    PANORAMA INTERNATIONAL HOLDINGS LIMITED                                   
    (Incorporated in the Cayman Islands with limited liability)               
    (Stock Code: 8173)                                                        
                                                                              
    CONTINUING CONNECTED TRANSACTION                                          
    AND                                                                       
    CHANGE OF HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS                     
                                                                              
    The directors of Panorama International Holdings Limited announced that   
    Panorama Distributions Company Limited, a wholly owned subsidiary of the  
    Company, as tenant entered into four tenancy agreements with Players      
    Pictures Company Limited, Metropolis Communications Limited, Brilliant    
    Business Limited and Sunny Fancy Limited, as landlords in respect of the  
    leasing of the principal place of business of the Company for one year    
    commencing from 1 April, 2005 to 31 March, 2006 with total aggregate      
    annual value HK$1,176,000. The amounts payable in the financial year      
    ending 31 March, 2006 is HK$1,176,000.                                    
                                                                              
    The entering into by Panorama Distributions Company Limited of the        
    Tenancy Agreements constitutes continuing connected transaction for the   
    Company under Chapter 20 of the GEM Listing Rules.                        
                                                                              
    As the aggregate amount of the annual rentals under the Tenancy           
    Agreements is HK$1,176,000 and is less than 25 per cent of the            
    applicable percentage ratios of the Company as specified in rule 19.07    
    of the GEM Listing Rules and less than HK$10,000,000, under rule 20.34    
    of the GEM Listing Rules, the transaction is therefore subject to the     
    reporting and announcement requirement set out in rules 20.45 to 20.47    
    of the GEM Listing Rules and is exempted from the independent             
    shareholders' approval requirements. The Company is required to publish   
    this announcement and include the details of the Tenancy Agreements in    
    the next published annual report and accounts of the Company.             
                                                                              
    The Tenancy Agreements would be subject to annual review requirements     
    set out in rules 20.37 to 20.40 of the GEM Listing Rules.                 
                                                                              
    By Order of the Board                                                     
    Panorama International Holdings Limited                                   
    Fung Yu Hing, Allan                                                       
    Chairman                                                                  
                                                                              
    14 April, 2005, Hong Kong                                                 
                                                                              
    This announcement, for which the directors of the Company (the            
    "Directors") collectively and individually accept full responsibility,    
    includes particulars given in compliance with the Rules Governing the     
    Listing of Securities on the Growth Enterprise Market of The Stock        
    Exchange of Hong Kong Limited for the purpose of giving information with  
    regard to the Company. The Directors, having made all reasonable          
    enquiries, confirm that, to the best of their knowledge and belief: (1)   
    the information contained in this announcement is accurate and complete   
    in all material respects and not misleading; (2) there are no other       
    matters the omission of which would make any statement in this            
    announcement misleading; and (3) all opinions expressed in this           
    announcement have been arrived at after due and careful consideration     
    and are founded on bases and assumptions that are fair and reasonable.    
                                                                              
    The above announcement is a summary only. For the full version of this    
    announcement, please refer to the "Latest Company Announcements" page on  
    the GEM website of http://www.hkgem.com.