Statement re Possible Offer

Derwent Valley Holdings PLC
24 November 2003



                          DERWENT VALLEY HOLDINGS PLC

                          Statement re. Possible Offer


On 21 November 2003 the board of Derwent Valley Holdings plc ("Derwent Valley")
received a further proposal from Winten Limited ("Winten") to acquire the issued
share capital of Derwent Valley.  This proposal is at 771p per share, which
compares to the original proposal of 760p.  The board of Derwent Valley has
concluded that the proposal fails to recognise the potential and value inherent
in Derwent Valley and has therefore rejected it.

The board has also concluded that Winten's current approach cannot form the
basis of negotiations and the board will not be pursuing further discussions
with Winten unless there is a material improvement in its proposal.

John Burns, Managing Director of Derwent Valley comments: "Our management team
has an established track record of delivering value for shareholders.  There are
clear signs of a recovery in the West End market where we have 75% of our
portfolio; our shareholders will benefit from this recovery, particularly as it
gains momentum."


Enquiries:

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

UBS Investment Bank                                       Tel: [phone]
Tim Guest
Edmund Craston

College Hill                                              Tel: [phone]
Alex Sandberg
Gareth David



UBS is acting for Derwent Valley in connection with the possible offer and
no-one else and will not be responsible to anyone other than Derwent Valley for
providing the protections afforded to clients of UBS or for providing advice in
relation to the possible offer.



Notes for Editors:

Derwent Valley is a highly focused UK listed property company (Reuters: DWV.L,
Bloomberg: DWV LN) specialising in refurbishing and investing in commercial
property in central London. The West End, where demand is showing signs of
recovery, represents approximately 75% of the investment portfolio. The company
has a reputation for the high quality of its schemes and has won a number of
architectural awards.

The group currently has a number of refurbishment and development opportunities
within its portfolio, which together with its existing portfolio, puts Derwent
Valley in a strong position to take advantage of the anticipated recovery in the
central London commercial property market.

As at 30 June 2003, the company had a net asset value per share of 906p as
reported in the interim accounts.

www.derwentvalley.co.uk


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