Issue of Equity

Guinness Peat Group PLC
16 May 2003


                            GUINNESS PEAT GROUP plc

                              COMPANY ANNOUNCEMENT

                           SCRIP DIVIDEND ALTERNATIVE


Guinness Peat Group plc ("GPG") announces that on Friday 16 May 2003 it allotted
8,211,461 Ordinary shares of 5p each in respect of its Scrip Dividend
Alternative to shareholders on the UK, Australian and New Zealand share
registers.

Richard Russell
Company Secretary
19 May 1003


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