Offer for Rubicon

Guinness Peat Group PLC
27 September 2002


RUBICON LTD

The Guinness Peat Group ('GPG') announces that it is making a partial and
conditional takeover offer in respect of fully paid ordinary shares in Rubicon
Limited ('Rubicon') which it does not already hold ('the Outstanding Rubicon
Shares').

The specified percentage of the Outstanding Rubicon Shares for which the Offer
is made is 40% of the Outstanding Rubicon Shares. The consideration offered is
NZ$0.75 in cash for each Outstanding Rubicon Share. The offer is conditional on
achieving acceptances which would leave GPG holding more than 50% of Rubicon.

This Offer would value Rubicon at NZ$209 million.   GPG currently holds
approximately 55.8 million shares (19.99% of Rubicon's issued capital).  Full
acceptance of the Offer would result in GPG holding a total of approximately 52%
of Rubicon's issued capital.

The value of the net assets at 31 March 2002 attributable to Rubicon were NZ$247
million. In the period to 31 March 2002 the profits were NZ$30.4 million.

Rubicon is a New Zealand listed company. It has investments in the New Zealand
forestry industry including timber. Achieving a significant interest in Rubicon
will provide a platform - through Rubicon's shareholding in Fletcher Challenge
Forests Limited - from which to launch GPG's strategic vision for the New
Zealand Forestry industry.



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