Issue of Equity

Guinness Peat Group PLC
23 May 2005


                            GUINNESS PEAT GROUP plc

                              COMPANY ANNOUNCEMENT

                           2005 CAPITALISATION ISSUE



Guinness Peat Group plc ("GPG") announces that on Monday 23 May 2005 it allotted
87,681,654 Ordinary shares of 5p each in respect of its 2005 Capitalisation
Issue to shareholders on the UK, Australian and New Zealand share registers.  Of
this number 15,487,707 shares will initially be registered on the Australian
register in the form of CDIs.



GPG now has 964,624,992 shares in issue.





Richard Russell

Company Secretary

23 May 2005






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