Annual Information Update

PROSPECTUS DIRECTIVE REQUIREMENT TO PROVIDE                  

                           ANNUAL INFORMATION UPDATE                           

This announcement is made in compliance with the requirements of the UK Listing
Authority's rule PR 5.2, which requires an issuer to prepare a document at
least annually that refers to or contains all information that has been
published or made available to the public over the previous 12 months. The
information below relates to the period of 8 March 2008 to 9 March 2009, this
latter date being the date that the Corporation's annual financial statements
were published.

Below is a list of announcements made through the regulatory information
services during the above mentioned period, in compliance with requirements in
the UK Listing Authority rules, the Companies Acts 1985 and 2006 and the
Application of International Accounting Standards. The Corporation has not made
any announcements in connection with requirements under laws and rules of other
EEA states.

Directors' Dealings

A total of 13 notifications were made about directors' dealings. These were all
acquisitions.

Change of auditor

An announcement was made on 5 November 2008 confirming the resignation as the
Corporation's auditor of PKF (UK) LLP and the appointment following an audit
tender of BDO Stoy Hayward LLP.

Notifications of movements in significant shareholdings (greater than 3%) and 
notification of major interests in shares

Three announcements were made (one in November and two in December 2008) under
the Disclosure and Transparency Rules ("DTR") about notification of major
interest in shares.

Purchase of shares by a subsidiary

One announcement was made, on 4 March 2009. The announcement concerned the
acquisition of Law Debenture shares by a subsidiary pursuant to awards made in
accordance with the Corporation's deferred share bonus plan.

Results - Disclosures under DTR 4 (Periodic Financial Reporting)

The following announcements were made under reporting requirements that came
into effect in 2008:

  * Interim management statement for the first quarter of 2008 (announced 6
    June 2008);
   
  * Half yearly (Interim) report for the first six months of 2008 (announced 24
    July 2008);
   
  * Interim management statement for the third quarter of 2008 (announced 28
    October 2008);
   
  * Annual financial report for 2008 (announced 27 February 2009).
   
As required, separate announcements were made confirming that the periodic
financial reports were available for examination at the UKLA's document viewing
facility.

Results of Annual General Meeting ("AGM") - proxies received

Immediately after the 2008 AGM, on 15 April, the Corporation announced the
results of its AGM including the numbers of proxy votes received in respect of
each resolution proposed at the AGM.

Annual Information Update

The Corporation's Annual Information Update was published on 1 April 2008.

Total Voting Rights

As required under DTR, the Corporation announced changes to its total voting
rights figure on 29 August and 30 September 2008.

Net Asset Value

The Corporation made a weekly announcement (typically each Monday) of its Net
Asset Value as at close of play the preceding Friday.

Monthly Portfolio Information

The Corporation announced within two business days of the end of each month
(UKLA Rule 15.6.8 requires this information to be published only quarterly) a
list of all investments in other listed investment companies and listed
investment trusts which themselves did not have stated investment policies to
invest no more than 15% of the total assets in other listed investment
companies or listed investment trusts (in practice there are none of these),
and the ten largest investments in the portfolio.

Block listing six monthly return

The Corporation submitted block listing notifications in accordance with UK
Listing Authority rules in respect of the Corporation's Executive Share Option
Scheme and the Save As You Earn scheme.

Inside Information

The Corporation confirms that it has made no announcements in the last 12
months containing inside information.

Compliance with the Model Code

As an investment trust, the Corporation is able to take advantage of the
provisions of Listing Rule 15.5.1 (4), which permits dealing in shares during a
close period so long as an announcement is made that all inside information
which the directors and the Corporation may have had has previously been
disclosed. Such an announcements were made on 1 July 2008 and 6 January 2009.

Board changes

On 23 February 2009, the Corporation announced the appointment of a new
director (Christopher Smith) and the intention of an existing director (Robert
Williams) not to seek re-election at the 2009 AGM.

Miscellaneous

On 20 June 2008, the Corporation announced that it had written to shareholders
warning them that a third party was making unsolicited telephone calls
suggesting that the Corporation was in discussions with the FSA on an important
issue ahead of an announcement in the near future. These claims were false and
the Corporation sought to reassure shareholders to that effect.

Copies of all of the above announcements can be obtained from the Company
Secretary, The Law Debenture Corporation p.l.c., Fifth Floor, 100 Wood Street,
London, EC2V 7EX (telephone [phone]).

The information contained in the majority of the above announcements is now
historical and therefore out of date.

Copies of this Annual Information Update have been filed with the UKLA Document
Viewing Facility.

                     The Law Debenture Corporation p.l.c.