Issue of Equity

Guinness Peat Group PLC
20 May 2002


                         CAPITALISATION ISSUE 2002


Guinness Peat Group plc ('GPG') announces that on Monday 20 May 2002 it allotted
55,122,742 Ordinary shares of 10p each in respect of its Capitalisation Issue
2002 to shareholders on the UK, Australian and New Zealand share registers.



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