Result of Equity Issue

Guinness Peat Group PLC
27 May 2003



                            GUINNESS PEAT GROUP plc

                              COMPANY ANNOUNCEMENT

                           2003 CAPITALISATION ISSUE


Guinness Peat Group plc ("GPG") announces that on Tuesday 27 May 2003 it
allotted 63,301,316 Ordinary shares of 5p each in respect of its 2003
Capitalisation Issue to shareholders on the UK, Australian and New Zealand share
registers.


Richard Russell
Company Secretary
27 May 2003


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