Change of Credit Rating Agency

Derwent London plc("Derwent London")

Change of Credit Rating Agency

On 29 August 2018, Fitch Ratings assigned Derwent London a long-term issuer default rating of 'A-' and a senior unsecured debt rating of 'A'. Following this, Standard & Poors ("S&P") were requested to withdraw their 'BBB+' long-term and 'A-2' short-term credit ratings and this was announced by S&P on 3 October 2018.

At the same time, the London Merchant Securities Ltd ("LMS") Senior Secured Bonds 2026, which were given a rating of 'A' by S&P up to 3 October 2018, also became unrated. The 'A' rating was two notches above the 'BBB+' corporate rating of its parent company, Derwent London plc. Fitch have been asked to provide a credit rating for the LMS bonds and it is anticipated that they will do so within 7 days.

Enquiries:

D Lawler

Company Secretary

8 October 2018

020 7659 3000

www.derwentlondon.com