Share Allotment

Guinness Peat Group PLC
22 May 2001

Guinness Peat Group plc
Share Allotment

                 GUINNESS PEAT GROUP plc


Guinness  Peat Group plc has allotted 48,646,468 ordinary

shares  in  the  Company pursuant to  the  Capitalisation

Issue,  the  terms of which were set out in the  Circular

dated  11  April  2001  sent to all shareholders  of  the

Company ('the Circular').



In addition, the Company has allotted an additional 3,714

ordinary  shares  in the Company pursuant  to  the  Scrip

Dividend Alternative, the terms of which were set out  in

the Circular.