Adjustment to Conversion Price

Derwent London plc

NOTICE TO THE HOLDERS OF DERWENT LONDON CAPITAL NO. 2 (JERSEY) LIMITED (the "Issuer") £150,000,000 1.125 PER CENT. GUARANTEED CONVERTIBLE BONDS DUE 2019 (the "Bonds") GUARANTEED BY DERWENT LONDON PLC (the "Guarantor") (ISIN: XS0954745351)

Pursuant to Article 2.4.5(F) of the Articles of the Issuer and Condition 17 of the terms and conditions of the Bonds (the "Conditions"), as set out in the Trust Deed dated 24 July 2013 between the Issuer, the Guarantor and BNY Mellon Corporate Trustee Services Limited and constituting the Bonds, notice is hereby given to Bondholders that, as a result of the Guarantor's final dividend of 42.4p per Ordinary Share and special dividend of 75p per Ordinary Share, payable on 8 June 2018 to holders of record on 4 May 2018, the Exchange Price of the Bonds is to be adjusted from GBP 32.7342p per Ordinary Share to GBP 31.7764p per Ordinary Share with effect from 3 May 2018.

Words and expressions defined in the Conditions shall have the same meaning when used in this notice.

3 May 2018

For further information, please contact:

Derwent London plc

Damian Wisniewski, Finance Director

Jay Joshi, Treasurer

Tel +44 (0)20 7659 3000

investors@derwentlondon.com