Pancreatic microsomes were isolated from fasted and pilocarpine-injected rats and the microsomal phosphatidylinositol radiolabelled with myo-[2-3H]inositol by isotopic exchange. A standard reaction mixture was established in which partially purified rat liver phosphatidylinositol exchange proteins sustain a maximal rate of phosphatidylinositol transfer from rat pancreatic microsomes to liposomes. Determination of the transfer kinetics shows (1) that pancreatic microsomal phosphatidylinositol is partitioned approximately equally between a non-exchangeable and a single exchangeable pool and (2) that cholinergic stimulation does not significantly change the relative sizes of the two pools nor the exchange half-life of the latter pool.