Disposal

Guinness Peat Group PLC
5 November 2002


                           Guinness Peat Group plc

                           Joe White Maltings Ltd


The Guinness Peat Group ('GPG') announces that it has disposed of part of its
52.4% holding in the shares of Joe White Maltings Ltd ('JWM') in Australia. On 4
November 2002 it sold for cash a parcel of 19.9% of JWM to AusBulk Investments
Pty Ltd ('AusBulk') at a price of A$3.30 per share realising a profit of
approximately £5 million. AusBulk has announced its intention to make a cash
takeover offer at a price of A$3.30 per share for the remainder of JWM. GPG has
advised JWM that, in the absence of a higher offer, it intends to accept the
takeover offer for its remaining 32% shareholding. This offer values JWM at
A$143.8 million. The value of the net assets at 30 June 2002 attributable to JWM
was A$76.6 million (£27.6 million). In the 6 month period to 30 June 2002 
profits were A$6.2 million (£2.2 million).

JWM is an Australian listed company and is Australia's largest malt producers.

GPG is a strategic investment company. The sales proceeds are in the form of 
cash and this will be utilised in GPG's ongoing business.


Contact:     B A Nixon 

Telephone:   [phone]


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