Holding in Company

Derwent Valley Holdings PLC
23 May 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     DERWENT VALLEY HOLDINGS PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     CGNU PLC

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



4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

     BNY NORWICH UNION NOMINEES LTD                  375,502
     CHASE GA GROUP NOMINEES LTD                     769,218
     CUIM NOMINEE LTD                                434,431
     RBSTB NOMINEES LTD                               17,000
                                                   ---------
                                                   1,596,151

5)   Number of shares/amount of stock acquired.

     N/A

6)   ( - %) of issued Class

7)   Number of shares/amount of stock disposed

     N/A

8)   ( - %) of issued Class

9)   Class of security

     5P ORDINARY SHARES

10)  Date of transaction

     N/A

11)  Date company informed

     MAY 22, 2001

12)  Total holding following this notification

     1,596,151
               
13)  Total percentage holding of issued class following this notification

     3.00%

14)  Any additional information



15)  Name of contact and telephone number for queries

     T.J. KITE         020 7659 3000

16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification ....MAY 23, 2001....................