Corporate Action

Guinness Peat Group PLC
26 June 2001

PARTIAL REDEMPTION/CONVERSION
SECURITY TITLE
*8% Subord Cnv Uns Ln Notes 2005
MNEMONIC CODE           *GPGC
SEDOL CODE              *237-789
TERMS                   *Shareholders can elect to:
                         - Convert 10p nominal of each Loan Note into
                           Ordinary Shares on the basis of 1 Ordinary
                           Share for every 45.5p nominal of Loan Notes
                           or
                         - Redeem 10p of each Loan Note
                           or
                         - Convert come of the election amount at a conversion
                           price of 45.5p per share and redeem the balance.
PROVISIONAL EX DATE     *02-07-01
NOTES *