Proposed Redemption Timetable

Guinness Peat Group PLC
21 June 2002



                            GUINNESS PEAT GROUP plc 
                           ('GPG' or 'the Company') 
            PROPOSED TIMETABLE 2002 FOR CONVERSION/REDEMPTION OF 8%
               SUBORDINATED CONVERTIBLE LOAN NOTES ('LOAN NOTES')


Loan Notes marked ex-conversion and                            Tues 25 June 2002 
redemption rights (Australia)

Record Date for Loan Notes for ASX trading                      Fri 28 June 2002 
purposes

Date on which exchange rate set for                         Mon 1 July 2002 (*3)
redemptions (*2)

Loan Notes marked ex-conversion and redemption                   Mon 1 July 2002 
rights (UK & NZ)

Election Date for conversion of Loan Notes                       Mon 1 July 2002 

Return date for Election Notices                  3:00pm         Mon 1 July 2002 

Return date for notifying bank account details    5:00pm         Mon 1 July 2002 

Allotment of Conversion Shares (UK time)          5:00pm         Fri 5 July 2002

Payment despatched to Noteholders for redemption                 Mon 8 July 2002 
and fractional entitlements (if any)

Update of UK CREST accounts (UK time)             5:00am         Mon 8 July 2002

Dealings commence in Conversion Shares (LSE and                  Mon 8 July 2002 
NZSE)

Post out certificates (Conversion Shares and                     Mon 8 July 2002 
residual Loan Notes) (UK)

Post out allotment certificates (Conversion Shares               Mon 8 July 2002 
and residual Loan Notes) (Australia)

Dispatch of FASTER mailings notifying NZ holders                 Mon 8 July 2002
of the change in holdings following the conversion
allotment

Dealings commence in Conversion Shares (ASX)                    Tues 9 July 2002



Notes:

1.   Events take place in London, Australia and New Zealand on the same date 
     unless otherwise indicated.
     
2.   Loan Note holders who wish to receive their Redemption Amount in other than 
     the currency of the Register where their Loan Notes are held will be given 
     the opportunity to elect for one of the other two GPG currencies.

3.   Being 5 business days before the payment due date of 8 July 2002.

4.   Loan Notes will automatically be redeemed in respect of Loan Notes holders 
     who do not return a valid Conversion Election form.

5.   Ranking of Conversion Shares: In accordance with paragraph 5.11 of the 
     Trust Deed constituting the CLNs the Ordinary Shares allotted and issued on 
     Conversion are fully paid and rank pari passu in all respects with other
     issued Ordinary Shares, except that they do not rank for any dividends or 
     other distributions declared or paid or made either in respect of financial 
     periods of parts of financial periods that have ended on or prior to the 
     relevant Conversion Date.

     In practice this means that the Conversion Shares do not have a right to 
     receive any interim dividend that relates to the period prior to 1 July 
     2002, should one be declared.

     After the payment of any such interim dividend, or if there is no dividend 
     declared for that interim period, they will then rank equally with the 
     other fully paid Ordinary Shares.

     It should be noted that no decision has been made or will be made in 
     respect of the declaration of any interim dividend until GPG makes public 
     its interim results in the usual way at the end of August.

     The London Stock Exchange ('LSE') has provided the Conversion Shares with 
     an ISIN number GB0030646276.

6.   Treatment by the three Exchanges on which GPG's Ordinary Shares are listed:
     There is a slight difference to the way that the LSE, the Australian Stock 
     Exchange ('ASX') and the New Zealand Stock Exchange ('NZSE') will treat the 
     Conversion Shares:

   * The LSE has indicated that it will show the Conversion Shares as separate 
     line of stock. The Conversion Shares will continue to operate as a separate 
     class until GPG confirms it is unlikely that any dividends or distributions 
     are likely to be declared in respect of a period prior to 1 July 2002.
     
   * The ASX has advised that it will show the Conversion Shares as a separate 
     line of Ordinary Shares which will rank pari passu in all respects with 
     other issued Ordinary Shares, except that the Conversion Shares will not 
     rank for any dividends or other distributions declared or paid or made in 
     respect of financial periods of parts of financial periods that have ended 
     on or prior to 30 June 2002.

   * The NZSE has advised that it will quote the Conversion Shares as a separate 
     class of securities. The Conversion Shares will operate under the 
     description of 'new ordinary shares' with a security code of GPGNB. The 
     Conversion Shares will continue to operate as a separate class until GPG 
     confirms it is unlikely that any dividends or distributions are likely to 
     be declared in respect of a period prior to 1 July 2002.

Terms used in this announcement but not defined in it bear the same meanings 
given to them in the Trust Deed constituting the CLNs dated 18 April 2000.



                      This information is provided by RNS
            The company news service from the London Stock Exchange