Directors' Dealings

GUINNESS PEAT GROUP PLC
3 September 1999


                           Guiness Peat Group plc

                          Directors' Share Options

Guiness Peat Group plc announces that Share Options were granted on 2 September
1999 over the Ordinary Shares of 10p each of the Company to Directors of the
Company under the 1992 Share Option Scheme at an exercise price of 48.5p per
share as follows:

TJN Beyer             250,000
Al Gibbs            1,550,000
BA Nixon            1,550,000
Dr GH Weiss         1,750,000

No payment was made for the options.

All options are Super Options and are exercisable between 2 September 2004 and
1 September 2009.

Following this notification the Directors will hold options over the following
numbers of shares:

TJN Beyer             947,358
Al Gibbs            5,278,818
BA Nixon            6,045,158
Dr GH Weiss         7,427,394