Disposal of Shares

Guinness Peat Group PLC
18 March 2005


                            Guinness Peat Group plc


Guinness Peat Group plc ("GPG") announce that it has sold 12,250,000 shares in
Turners & Growers Ltd ("T&G") at NZ$2.75 (£1.06) per share.  The total
consideration is NZ$33.7m (£13.0m).

The sale of these shares reduces GPG's holding in T&G from 78.5% to 61.3%, and
is in line with the commitment made last June when T&G became a listed company
in New Zealand for GPG to reduce its holding in T&G.


Richard Russell
Company Secretary
18 March 2005


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