AGM Statement

Derwent Valley Holdings PLC
19 May 2005

Derwent Valley Holdings plc ("Derwent Valley" or "the Group") is a commercial
property investor focused on Central London. The Group invests not only in the
West End, but also in improving locations where it perceives future value.



At today's Annual General Meeting, John Ivey, Chairman, made the following
comments:



"In my statement of 15 March included in the Annual Report, I described the
Central London Market, in which we operate, as one where there was a strong
investment market and where tenant demand for office space was improving.
Since then, there has been a further strengthening of investment demand.  We
have taken advantage of this, with three disposals totalling £58.6 million, a
price approximately 10% above last December's book value.    Whilst the letting
market currently does not enjoy the same momentum, it remains encouraging that
we have reduced our level of space available for occupation to 6,000 m2.  Work
progresses on our pipeline of refurbishment and development schemes.  Demolition
has now commenced at Telstar House, Paddington, W2 for a 9,700 m2 office
development and at the 15,900 m2 Johnson Building, Hatton Garden, EC1
construction is at an advanced stage, with completion on target for early next
year.   On the planning front, against a background of protracted bureaucracy,
we have recently been successful in obtaining two further consents:  at Gresse
Street, W1 for 4,455 m2 of offices and at Portobello Dock, W10 for 1,810 m2 of
offices and nine apartments in a separate building.   These properties are
currently income producing and project commencement is scheduled for next year.
With these and other projects to deliver into an improving market, we remain
confident of the company's future."


                                                            19th May 2005

Enquiries:


Derwent Valley Holdings plc                  020 7659 3000
John Burns, Managing Director


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