Purchase of Own Securities

Guinness Peat Group PLC
14 April 2003


NOT FOR RELEASE IN OR DISTRIBUTION INTO THE UNITED STATES, CANADA, THE REPUBLIC
OF IRELAND OR JAPAN.


                    ANNOUNCEMENT BY GUINNESS PEAT GROUP PLC



Buyback offer for approximately 62.5 million ordinary shares to be satisfied by
  the issue by GPG (UK) Holdings plc of approximately 156.25 million listed 8%
    Convertible Subordinated Unsecured Loan Notes of 20 pence each due 2005





As announced by the Chairman on 14 March 2003 in his statement accompanying the
preliminary results for the year ended 31 December 2002, Guinness Peat Group plc
("GPG") intends to make an off market tender offer to repurchase up to 10 per
cent. of each shareholder's ordinary shares on the basis of five 8% convertible
subordinated unsecured loan notes of 20 pence each to be issued by GPG (UK)
Holdings plc ("GPGUK"), (the "Further CLNs") for every two ordinary shares
bought back (the "Buyback Offer").  The Further CLNs will rank pari passu, and
will be fully fungible, with the existing CLNs of GPGUK with their principal
repayable in two equal annual instalments with the option to convert back to
ordinary shares in the capital of GPG on 30 June 2004 and 2005.



Approval will be sought from shareholders at the Annual General Meeting of GPG
for the repurchase of ordinary shares from those shareholders who have submitted
and have had accepted valid tenders under the Buyback Offer.  A contract will
then be entered into between GPG and the Company Secretary on behalf of all such
tendering shareholders.



The record dates for entitlements in respect of the proposed Buyback Offer are
as follows:


For holders of ordinary shares on the New Zealand branch register                                  2 May 2003
For holders of ordinary shares on the UK register or the Australian branch                         6 May 2003
register



Further details in respect of the Buyback Offer will be announced in due course.



14 April 2003





Enquiries:                      Richard Russell  (Company Secretary)

                                    020 7484 3370


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