Re: Merger Discussions

Great Portland Estates PLC
14 November 2006



Merger Discussions


14 November 2006


The Board of Great Portland Estates plc ('GPE') notes the proposed merger
between Derwent Valley Holdings plc and London Merchant Securities plc ('LMS').

GPE was only interested in a transaction which would have been value enhancing
for GPE's shareholders and accordingly is no longer considering a possible offer
for LMS.


Enquiries etc:

Great Portland Estates plc                              020 7647 3000
Toby Courtauld, Chief Executive
Timon Drakesmith, Finance Director

Finsbury Group                                          020 7251 3801
James Murgatroyd
Gordon Simpson


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