Correspondence

30 April 2010

Update on GPG AGM arrangements

Members will have received an earlier notice the GPG AGM would be available to NZ shareholders in the form of an interactive webcast .

Although this announcement was made in good faith, it has proven impossible to deliver. The venue is a very old Private Club which has virtually no modern technology or infrastructure to support such an undertaking. This was not known at the time the announcement was made.

Consequently, we have agreed with GPG that, in the circumstances, a non-interactive live webcast will be acceptable. Until late yesterday, even this possibility was still being tested to ensure it was technically possible.

While disappointing, this is still a considerable improvement on past AGM’s where NZ shareholders had no opportunity to witness the proceedings. The webcast will be available as a streaming video for 7 days after the AGM allowing shareholders to view it at their leisure rather than having to stay up late.

The AGM starts at 9.30 pm NZ time as the UK is on daylight saving at present.

GPG has re-confirmed its commitment to hold a meeting for NZ shareholders in NZ within 12 months attended by several directors. We would prefer a much shorter timeframe and will continue to talk to the company about this.

GPG Announcement to NZX 30 April NZ time

As previously announced, Guinness Peat Group plc ("GPG") will be holding its Annual General Meeting at The Army & Navy Club, 36 Pall Mall, London SW1Y 5JN on 7 May 2010 at 10.30 am (UK time).
For members who are unable to attend the Annual General Meeting in person, the proceedings will also be accessible via a non-interactive live webcast. To connect to the webcast facility, please go to the GPG website, www.gpgplc.com before the Annual General Meeting commences.

The webcast will cover the formal business of the Meeting, including any questions asked from the floor of the Meeting and the answers given thereto.

Following the Meeting, a recording of the webcast will be available to view on GPG's website at www.gpgplc.com. This recording will be available for 7 days following the Annual General Meeting.

NZSA Board

30 April 2010