AGM Resolution

Guinness Peat Group PLC
02 May 2003


                            GUINNESS PEAT GROUP PLC

Guinness Peat Group plc announces that at its Annual General Meeting to be held
on 17 June 2003 it will be seeking Shareholders' approval to increase its
authorised share capital and authority to allot relevant securities which may
convert up to £100,000,000 in nominal capital of 5p ordinary shares.  This would
accommodate a further issue of Capital Notes, in substantially the same form as
the existing Capital Notes.

The issue, currently under consideration, would be made in New Zealand in the
second half of 2003.


Richard Russell
Company Secretary

2 May 2003



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