GPG Finance plc Capital Notes 2001 & 2003.

Between 2 August 2001 and 11 September 2001, the Group issued NZ$250 million of unsecured, subordinated Capital Notes (“the 2001 Notes”), bearing a fixed rate of interest of 9.0% per annum, payable on a quarterly basis.

The 2001 Notes have an initial election date of 15 November 2006, prior to which GPG Finance plc, being the issuing subsidiary, will provide terms and conditions on which noteholders may elect to rollover their 2001 Notes. Noteholders may then elect to retain some or all of their 2001 Notes for a further period on the new terms and conditions and/or convert some or all of their 2001 Notes into Ordinary Shares.

These elections are subject to GPG’s over-riding right (at its option) to purchase for cash some or all of the 2001 Notes for their principal amount, together with any accrued interest and unpaid interest.

Between 1 August 2003 and 4 September 2003, the Group issued a further NZ$215 million of unsecured, subordinated Capital Notes (“the 2003 Notes”), which bear an interest at a fixed rate of 8.7% per annum, payable on a quarterly basis.

These 2003 Notes have an initial election date of 15 December 2008, prior to which GPG Finance plc, being the issuing subsidiary, will provide terms and conditions on which noteholders may elect to rollover their 2003 Notes. Noteholders may then elect to retain some or all of their 2003 Notes for a further period on the new terms and conditions and/or to convert some or all of their 2003 Notes into Ordinary Shares.

These elections are subject to GPG’s over-riding right (at its option) to purchase for cash some or all of the 2003 Notes for their principal amount, together with any accrued interest and unpaid interest.

Further information on the 2001 and 2003 Notes can be found in the Notes section of the latest GPG report and accounts and in the relevant circulars to be found on the page in this Stock Events section entitled “Stock Event Circulars”.