Office letting

Derwent Valley Holdings PLC
23 September 2003

                          DERWENT VALLEY HOLDINGS PLC

                          City Borders Office Letting

Derwent Valley Holdings Plc, the Central London property investor, has, through
a subsidiary company, let 25,084 ft(2) (2,330 m(2)) of office space at Oliver's
Yard, EC2.  Sage Publications Limited has leased the entire third floor at a
rent of £606,016 per annum (£24 per sq. ft) on a 10-year lease.  They will
receive a fifteen month rent free period, with an option to break at the end of
the fifth year.

John Burns, Managing Director of Derwent Valley, comments:

"Following the letting successes reported at the half year, we are pleased to
announce further progress with the conclusion of this transaction, in what is an
undeniably tough market.  Whilst a recovery in the City Borders is likely to lag
the West End, this letting is an endorsement that well designed space will
attract tenants even in difficult markets.  Terms have been agreed on a further
42,800 ft(2) (3,976 m(2)) at Oliver's Yard, leaving 48,600 ft(2) (4,515 m(2))
available in this 187,000 ft(2) (17,400 m(2)) building."


John Burns
020 7659 3000

                                                             23rd September 2003


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