Proposed Offer

Guinness Peat Group PLC
6 April 2000

                            GUINNESS PEAT GROUP PLC

                         BRICKWORKS LIMITED (AUSTRALIA)

Guinness  Peat  Group plc ('GPG') and its subsidiary companies announce  that
they  intend to make a takeover offer for Brickworks Limited ('Brickworks')
('the proposed  offer').  GPC currently  holds  1,335,649  ordinary  shares   in
Brickworks representing 10.14 % of the issued capital.

Brickworks owns 42.9% of the issued share capital in Washington H Soul Pattinson
&   Co.   Limited  ('Soul  Pattinson'),  an  Australian  listed   company.   The
consideration  for the proposed offer would be on the basis of 4 Soul  Pattinson
shares (which will be sourced from Brickworks itself) plus A$100 cash for  every
5  shares  in  Brickworks. The proposed offer would value Brickworks  at  A$632
million (£241 million).

The  value  of  the  net  assets attributable to Brickworks  were  A$446m  (£170
million) in the year to 30 June 1999 and the profits were A$38.7 million  (£14.8
million).

Brickworks is the market leader in the brick industry in New South Wales and  a
substantial  player  in  the South East Queensland market  with  its  position
recently  enhanced by the acquisition of Pioneer International Ltd's  Queensland
brick business.

Brickworks  also  has  significant land holdings  located  in  both  Sydney  and
Brisbane and a sizeable investment portfolio.

GPG  is a strategic investment company. It is expected that a successful outcome
to  the  proposed offer (which, when made, would be subject to various 
conditions including approval by GPG's shareholders) would enhance GPG's growth
prospects.

J R Russell
Company Secretary