Re Convertible Loan Note

Guinness Peat Group PLC
6 June 2002


                           GUINNESS PEAT GROUP plc 
                           ('GPG' or 'the Company')

Guinness Peat Group plc advises that the next interest payment of 1.6p per 8%
Convertible Loan Note (2005) ('CLNs') (being the interest payment it for the 
first half of 2002) falls due for payment on Monday, 1 July 2002. The consequent
timetable is as follows, in accordance with the Trust Deed. 

Record Date                              Friday, 14 June 2002 
Exchange rate date*                      Monday, 24 June 2002 
Payment date                             Monday,  1 July 2002


* The interest is payable in £ sterling, converted into NZ or Australian dollars
as appropriate for CLN holders on the NZ or Australian registers at exchange
rate ruling on 24 June 2002. As was the case with the December 2001 payment, CLN
holders on the UK, Australian and NZ register may elect to receive their
interest in the currencies of one of the other two registers. Elections must be
made in respect of complete holdings only and must be received by the Registrar
by close of business on 24 June 2002; no partial elections can be accepted.

Note that the payment of interest on the CLNs should not be confused with the
second redemption and conversion election in respect of the second tranche of
CLNs which takes place also as at 1 July 2002. 

Richard Russell 
Company Secretary



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