Rule 8 - Derwent Valley.

RNS Number:1468T
ISIS Asset Management PLC
11 December 2003


                                  Date of Disclosure      11TH DECEMBER 2003

                    DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 
                       OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing     10TH DECEMBER 2003

Dealing in      DERWENT VALLEY        (name of company)

1)  Class of securities (eg ordinary shares)     ORDINARY 5P SHARES

2)  Amount bought      Amount sold      Price per unit

                         1,675*             0*

    *THIS TRANSACTION WAS A TRANSFER OF STOCK TO CLIENT, NOT A MARKET TRADE, AND
    AS SUCH REFLECTS A PRICE PER UNIT OF ZERO

3)  Resultant total of the same class owned or controlled 
    (and percentage of class)    2,685,773             (5.052%)


4) Party making disclosure  ISIS ASSET MANAGEMENT PLC


5)  EITHER (a) Name of purchaser/vendor (Note 1)    
    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation

               ISIS ASSET MANAGEMENT

6)  Reason for disclosure (Note 2)                                     
    (a) associate of (i) offeror (Note 3)                           NO
                    (ii) offeree company                            YES

Specify which category or categories of associate (1-8 overleaf)    6

If category (8), explain

     (b)  Rule 8.3 (ie disclosure because of ownership or control of 1% 
          or more of the class of relevant securities dealt in)     YES

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory)    DOUGLAS STEWART

Telephone and extension number    0131 465 1263  NEIL ANDERSON


Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also 
         identify controller of owner, eg where an owner normally acts on 
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all 
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company 
         or which an associate of any offeror or of the offeree company 
         in relation to relevant securities, details of such arrangement must 
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularly when disclosing derivative 
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

Note 7.  The resultant total percentage holding of the class of relevant
         security is to be calculated by reference to the percentage held and 
         in issue outside treasury.

For full details of disclosure requirements, see Rule 8 of the Code.  If in 
doubt, contact the Panel on Takeovers and Mergers, Tel No: 020 7382 9026



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