Issue of Debt

Guinness Peat Group PLC
23 May 2003


               PROPOSED ISSUE OF CAPITAL NOTES IN NEW ZEALAND BY

                            GUINNESS PEAT GROUP PLC


Guinness Peat Group plc "GPG" announces it has appointed JBWere (NZ) Limited as
Lead Manager in relation to a proposed issue of capital notes to New Zealand
investors.  It is envisaged that the issue will be for a minimum of NZ$200
million.  GPG expects to release full details of the issue in early June.

Chairman of GPG, SIR RON BRIERLEY said, "The new capital note issue will be a
useful complement to GPG's existing capital resources when considering
prospective investment opportunities.  Historically GPG has been active in a
range of investments in its core investment markets of New Zealand, Australia,
the United States and the United Kingdom.  GPG believes there is strong
potential for further successful investment in these markets".

The new issue will have a similar structure to GPG's previous issue of capital
notes, undertaken in 2001.  GPG's previous issue of $250 million of capital
notes was strongly sought by investors and closed significantly over-subscribed.
"The issue will provide New Zealand investors another opportunity to invest in
GPG following on from our first highly successful capital notes issue" Sir Ron
said.

GPG shareholders have been asked to approve, at the GPG Annual General Meeting
to be held in London on 17 June 2003, the necessary increases in authorised
capital to allow the allotment of capital notes.

END


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