Director Shareholding

Derwent Valley Holdings PLC
23 September 2004


                                                    SCHEDULE 11

                            NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1)      Name of company:
         Derwent Valley Holdings PLC

2)      Name of director:
         Paul Malcolm Williams

3)      Please state whether notification indicates that it is in respect of holding of the shareholder named
        in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a
        holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial
        interest:
         Holding of above named director.

4)      Name of the registered holder(s) and, if more than one holder, the number of shares held by each of
        them (if notified):
         Not notified

5)      Please state whether notification relates to a person(s) connected with the Director named in 2 above
        and identify the connected person(s):
        -

6)      Please state the nature of the transaction. For PEP transactions please indicate whether general/single
        co PEP and if discretionary/non discretionary:
         Exercise of share options

7)      Number of shares/amount of stock acquired:
        17,988 shares

8)      Percentage of issued class:
         0.034%

9)      Number of shares/amount of stock disposed:
         17,988 shares

10)     Percentage of issued class:
         0.034%

11)     Class of security:
         5p ordinary shares

12)     Price per share:
         Sale price = £8.98

13)     Date of transaction:
         22nd September 2004

14)     Date company informed:
         22nd September 2004

15)     Total holding following this notification:
         5,622 shares

16)     Total percentage holding of issued class following this notification
         0.01%

        If a director has been granted options by the company please complete the following boxes

17)     Date of grant:


18)     Period during which or date on which exercisable:


19)     Total amount paid (if any) for grant of the option:


20)     Description of shares or debentures involved: class, number:


21)     Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise:


22)     Total number of shares or debentures over which options held following this notification:


23)     Any additional information:


24)     Name of contact and telephone number for queries:
         Mr T J Kite - 020 7659 3000

 25)     Name and signature of authorised company official responsible for making this notification:
         Mr T J Kite

        Date of Notification:                                   23rd September 2004










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