AGM Statement

Derwent Valley Holdings PLC
17 May 2001





                         DERWENT VALLEY HOLDINGS PLC

                            AGM trading statement



At today's Annual General Meeting of Derwent Valley Holdings plc ('Derwent
Valley'), John Ivey, Chairman, made the following comments:

'Since the announcement of the group's results in March, three important
transactions have been concluded that will contribute to its future growth.


'We have acquired a further property in the improving Paddington area for £
22.2m, sold the refurbished Hythe House, in Hammersmith for £21.725m, (a
surplus of £1.0m over the year end value) and pre-let our refurbishment scheme
at 21 Grosvenor Place, SW1 to Enron, an international energy group, at £55 per
square foot, a record for this area.


'This activity, together with the reversionary nature of Derwent Valley's
portfolio and its location in Central London, where there remains a shortage
of good quality office space, enables me to confirm the comments I made at the
year end for the prospects for 2001.'


                                                                   17 May 2001





ENQUIRIES:

Derwent Valley Holdings plc                                  Tel: [phone]
John Burns, Managing Director

College Hill                                                 Tel: [phone]
Gareth David                                Email: [e-mail]
Lisa Pearson                                Email: [e-mail]