Appointment of a New Director

The Law Debenture Corporation p.l.c.                      

                                  Fifth Floor                                  

                                100 Wood Street                                

                                    London                                     

                                   EC2V 7EX                                    

                         APPOINTMENT OF A NEW DIRECTOR                         

The Corporation is pleased to announce that Professor John Kay has been
appointed a Non-Executive Director of The Law Debenture Corporation p.l.c. with
immediate effect.

The Corporation can also announce that Ken Inglis has decided to retire as a
Non-Executive Director at the conclusion of the next AGM in April 2005 after
ten years on the board.

Notes

John Kay is widely known and respected as a business economist, writer and
broadcaster. He has held academic posts at St. John's College Oxford, The
London Business School and Oxford University's Said Business School, and he is
currently a visiting Professor at the London School of Economics. He worked as
Research Director and Director of the Institute for Fiscal Studies, and in
1986, founded London Economics, which became Britain's largest independent
economic consultancy.

He was a Director of Halifax Plc for nine years during the 1990s, and is a
Director of two other investment trusts and Clear Capital, a newly established
equity research boutique. He also writes a weekly column for the Financial
Times.