Offer Update

Guinness Peat Group PLC 29 September 2000 Guinness Peat Group plc Recommended Cash Offer Facility for Staveley Industries plc Guinness Peat Group plc ('GPG') announces that, as at 3.00 p.m. on 28 September 2000, following the closure of the Basic Offer, GPG owned or controlled or had received valid acceptances pursuant to the Offer for a total of 97,604,105 Staveley Shares representing approximately 83.9 per cent. of Staveley's issued ordinary share capital (including the 33,774,700 Staveley Shares owned by GPG prior to the announcement of the Offer). The Alternative will remain open for acceptance until further notice. Staveley Shareholders should be aware that, as the percentage of Staveley Shares in the hands of the public has now fallen to significantly below 25 per cent., it is likely that the listing of Staveley Shares will in due course be cancelled pursuant to the listing rules of the UK Listing Authority. Staveley Shareholders who have not yet accepted the Offer and who wish to do so should complete and return the Form of Acceptance by post or by hand as soon as possible to Computershare Services PLC at P.O. Box 859, The Pavilions, Bridgwater Road, Bristol BS99 1XZ or (during normal business hours) by hand only to Computershare Services PLC at 7th Floor, Jupiter House, Triton Court, 14 Finsbury Square, London EC2A 1BR. Enquiries: GPG Blake Nixon 020 7236 0336 Deloitte & Touche Corporate Finance Robin Binks 020 7303 6720 Square Mile Communications Limited Kevin Smith 020 7601 1000 Unless the context otherwise requires, the definitions set out in the offer document dated 23 August 2000 relating to the Offer apply in this announcement. Deloitte & Touche of Stonecutter Court, 1 Stonecutter Street, London EC4A 4TR is authorised by the Institute of Chartered Accountants in England and Wales to carry on investment business. Deloitte & Touche Corporate Finance, a division of Deloitte & Touche, is acting exclusively for GPG and GPG Acquisitions No. 3 plc and no one else in connection with the Offer and will not be responsible to anyone other than GPG and GPG Acquisitions No. 3 plc for providing the protections afforded to clients of Deloitte & Touche Corporate Finance nor for providing advice in relation to the Offer. Deloitte & Touche Corporate Finance has approved this announcement as an investment advertisement solely for the purpose of section 57 of the Financial Services Act 1986.


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