Issue of Equity

Guinness Peat Group PLC
17 May 2004



                            GUINNESS PEAT GROUP plc

                              COMPANY ANNOUNCEMENT

                           SCRIP DIVIDEND ALTERNATIVE



Guinness Peat Group plc ("GPG") announces that on Friday 14 May 2004 it allotted
6,632,381 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
14 May 2004





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