Proposed Loan Note Timetable

Guinness Peat Group PLC
3 May 2001


                          GUINNESS PEAT GROUP plc
                          ('CPG' or 'the Company')
          PROPOSED TIMETABLE 2001 FOR CONVERSION/REDEMPTION OF 8%
            SUBORDINATED CONVERTIBLE LOAN NOTES ('LOAN NOTES')

Election Notices posted out (*1)                            Fri 18 May 2001

Loan Notes marked ex-conversion and redemption
rights (Australia)                                         Mon 25 June 2001

Record Date for Loan Notes for ASX trading
purposes                                                   Fri 29 June 2001

Date on which exchange rate set for redemptions (*2)   Mon 2 July 2001 (*3)

Loan Notes marked ex-conversion and redemption
rights (UK & NZ)                                           Mon 2 July 2001

Election Date for conversion of Loan Notes                 Mon 2 July 2001

Return date for Election Notices            3:00pm         Mon 2 July 2001

Return date for notifying bank account
details                                     5:0Opm         Mon 2 July 2001

Allotment of Conversion Shares (UK time)    5:0Opm         Fri 6 July 2001

Payment despatched to Noteholders for redemption
and fractional entitlements (if any)                       Mon 9 July 2001

Update of UK CREST accounts (UK time)       5:00am         Mon 9 July 2001


Dealings commence in Conversion Shares
(LSE and NZSE)                                             Mon 9 July 2001

Post out certificates (Conversion Shares and
residual Loan Notes) (UK)                                  Mon 9 July 2001

Post out allotment certificates
(Conversion Shares and residual Loan
Notes) (Australia)                                         Mon 9 July 2001

Dispatch of FASTER mailings notifying NZ holders
of the change and holdings following the
conversion allotment                                       Mon 9 July 2001

Dealings commence in Conversion Shares (ASX)             Tues 10 July 2001


Notes:

* 1.  Events take place in London, Australia and New Zealand on the same date   
      unless otherwise indicated.

* 2.  Loan Note holders who wish to receive their Redemption Amount in other    
      than the currency of the Register where their Loan Notes are held will be 
      given the opportunity to elect for one of the other two GPG currencies.

* 3.  Being 5 business days before the payment due date Of 9 July 2001

4.    Loan Notes will automatically be redeemed in respect of Loan Note holders 
      who do not return a valid Conversion Election form.