Offer for Newbury

Guinness Peat Group PLC
19 December 2007


 Not for release, publication or distribution, in whole or in part, in, into or
   from the US, Canada or Australia or any jurisdiction where to do so would
            constitute a violation of the laws of such jurisdiction.


                         GPG Acquisitions No. 5 Limited

             (a wholly owned subsidiary of Guinness Peat Group plc)

               FURTHER RE: CASH OFFER FOR NEWBURY RACECOURSE PLC


19 December 2007


GPG Acquisitions notes the defence circular posted yesterday by Newbury
Racecourse and which, in its view, is long on rhetoric and innuendo but
glaringly fails to address the key issues critical to Shareholders.

In particular, the defence circular fails to provide:-

- any assurance that 2007 will NOT be the fifth successive year of operating
  losses* for Newbury Racecourse;

- any real comfort as to the Newbury Board's ability to execute successfully its
  proposed transformation of the Company into a leisure, entertainment and 
  events business;

- any assurance that the net returns from the proposed partnership, in respect
  of the Company's substantial surplus land, will, in today's monetary terms, be
  in excess of £7 per Newbury Racecourse Share.

*before exceptional items

GPG remains convinced that its premium offer of £11 cash per Newbury Racecourse
Share provides an attractive alternative to an uncertain future under the
stewardship of the current Newbury Board and has no hesitation in recommending
it to Shareholders for their serious and immediate consideration.

A further communication will be made to Shareholders in due course.


ENQUIRIES

GPG Acquisitions No. 5 Limited                   Tel: [phone]
Blake Nixon, Director

Strand Partners Limited                          Tel: [phone]
Simon Raggett

Citigate Dewe Rogerson                           Tel: [phone]
Kevin Smith


OTHER INFORMATION

Terms defined in the document posted to Shareholders on 7 December 2007
containing the formal Offer for Newbury Racecourse have the same meaning in this
announcement.

Copies of the Offer Document and the Form of Acceptance remain available (during
normal business hours) from Strand Partners at 26 Mount Row, London W1K 3SQ and
from the offices of Computershare Investor Services PLC, The Pavilions,
Bridgwater Road, Bristol BS99 7NH throughout the period during which the Offer
remains open for acceptance.

Strand Partners, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for GPG Acquisitions and no
one else in connection with the Offer and Strand Partners will not regard any
other person as a client in relation to the Offer and will not be responsible to
anyone other than GPG Acquisitions for providing the protections afforded
exclusively to its clients or for providing advice in relation to the Offer, the
contents of this announcement or any transaction or arrangement referred to
herein.

The availability of the Offer to persons not resident in and citizens of the
United Kingdom may be affected by laws of the relevant jurisdictions in which they 
are citizens or in which they are resident. Such Overseas Shareholders should inform 
themselves about, and observe, any applicable legal or regulatory requirements of any such
relevant jurisdiction. In particular, the Offer is not being made, directly or
indirectly, in, into or from or by the use of the mails of or any means or
instrumentality (including, without limitation, by means of facsimile
transmission, telex, telephone, internet or other forms of electronic
communication) of interstate or foreign commerce of, or by any facility of a
national, state or other securities exchange of, the United States, or in, into
or from Canada or Australia or any other jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction, and the Offer
will not be capable of acceptance by any such use, means, instrumentality or
facility from or within the United States, Canada or Australia or any other
jurisdiction where to do so would constitute a breach of any relevant securities
laws of that jurisdiction. Accordingly, copies of this announcement and the
Offer Document are not being, and must not be, mailed or otherwise distributed
or sent in or into or from the United States, Canada or Australia.

This announcement does not constitute, or form part of, an offer to sell or
purchase or an invitation to purchase or subscribe for any securities or the
solicitation of an offer to sell, purchase or subscribe for any securities,
pursuant to the Offer or otherwise. The Offer will be made solely by way of the
Offer Document and the related Form of Acceptance, contain the full terms and
conditions of the Offer.


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