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Further to our announcement on 17 December 2014 in relation to the early redemption of the 2.75% convertible bonds due 2016 (the “Bonds”), we have now received notices from 100% of the Bondholders confirming that they will be taking up their options to convert in full. This will lead to the cancellation of the Bonds and the issue of 7,875,776 new 5p ordinary shares in Derwent London. The first 585,057 new 5p ordinary shares were issued on 26 January 2015. Further notices regarding the issue of the additional 5p ordinary shares will be issued as required over the next few days.