Offer Update

Guinness Peat Group PLC
17 April 2002

For immediate release



Not for release, publication or distribution in whole or in part, in or into the
                   United States, Canada, Australia or Japan



                                                                  17 April, 2002



                            Guinness Peat Group plc

                                      and

                     J O Hambro Capital Management Limited



             Response to Nationwide Accident Repair Services plc's

         ('Nationwide' or the 'Company') announcement of 16 April 2002



The Directors of the Offerors note the response by Nationwide to our Response
Document, in particular the conspicuous absence of responses to the most
fundamental issues we raised. We are astounded by the Nationwide Board's claim
that its shareholders backed the Group's strategy at the time of the disposal of
the motor division whereas the vote was in respect of the disposal itself, about
which little choice was offered given the health warning in the disposal
circular issued on 9 March 2001 that:



'in the event that the disposal is not completed.....the Group may be required
to seek the renegotiation of its banking covenants'



It appears the Nationwide Board has been reduced to appealing to the clemency of
its shareholders.



At the request of the Panel on Takeovers and Mergers, we have today dispatched a
supplementary graph restating to zero the NAV graph as displayed on page 3 of
the Response Document.  We would draw Nationwide Shareholders' attention to the
fact that the underlying successive diminution in Nationwide's net asset value
between 30 June 2000 and 31 December 2001 remains unchanged in the reproduced
graph at 31% over the period.



Nationwide Shareholders will no doubt assess yesterday's statement by the
Nationwide Board in light of the detailed points raised in the Response
Document.



Enquiries:


Guinness Peat Group                                    Tel: [phone]
(Representing the Offerors)
Blake Nixon                                            UK Executive Director

Strand Partners Limited                                Tel: [phone]
(Financial Adviser to GPG and JOHCM)
Simon Raggett                                          Director
Warren Pearce                                          Manager



Definitions used in the Offer Document and the Response Document have the same
meanings when used in this announcement, unless the context requires otherwise.



Strand Partners, which is authorised in the United Kingdom by The Financial
Services Authority, is acting for GPG and JOHCM and no one else in connection
with the Offer and will not be responsible to anyone other than GPG and JOHCM
for providing the protections afforded to customers of Strand Partners, nor for
giving advice in relation to the Offer.



The Offer is not being made, directly or indirectly, in or into, and may not be
accepted in or from, the United States, Canada, Australia or Japan. Accordingly,
copies of this announcement are not being, and must not be, mailed or otherwise
distributed or sent in or into or from the United States, Canada, Australia or
Japan.



Strand Partners has approved the contents of this announcement solely for the
purpose of section 21 of the Financial Services and Markets Act 2000.  The
principal place of business of Strand Partners is 110 Park Street, London, W1K
6NX.



The GPG Directors and the JOHCM Directors accept responsibility for the
information contained in this announcement save that the only responsibility
accepted by them in respect of such information as relates to Nationwide (which
has been compiled from public records) has been to ensure that such information
has been correctly and fairly reproduced and presented. Subject as aforesaid, to
the best of the knowledge and belief of the GPG Directors and the JOHCM
Directors (who have taken all reasonable care to ensure that such is the case),
such information is in accordance with the facts and does not omit anything
likely to affect the import of such information.



This announcement does not constitute, or form part of, an offer or an
invitation to purchase any securities.




END





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