Offer Update

Guinness Peat Group PLC
02 June 2003



                          GUINNESS PEAT GROUP PLC



          Buyback Offer and issue of Further Convertible Loan Notes



GPG announces that following the Closing Date for the Buyback Offer on 30 May
2003 it had received tenders for a total of 10,438,523 Ordinary Shares.



Subject to approval by Shareholders at the Annual General Meeting of GPG to be
held in London on 17 June 2003 and to satisfaction of the Buyback Conditions set
out in the prospectus relating to the Buyback Offer and issue of Further CLNs
dated 12 May 2003 (the "Prospectus"), Qualifying Shareholders who made valid
tenders will have the number of Ordinary Shares which they specified, or which
was deemed to be specified, on their Buyback Form repurchased without any
scaling down and will be issued five Further CLNs for every two Ordinary Shares
repurchased in accordance with the terms and conditions of the Buyback Offer.



It is anticipated that the buyback will become effective on 7 July 2003 and that
dealings will commence in the Further CLNs on 8 July 2003.



Capitalised terms used in this announcement have the same meanings as in the
Prospectus.







2 June 2003


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