Change of a Director's Designation

The Law Debenture Corporation p.l.c.                      

                                  Fifth Floor                                  

                                100 Wood Street                                

                                    London                                     

                                   EC2V 7EX                                    

                       CHANGE OF DIRECTOR'S DESIGNATION                        

The Corporation announces that Robert Williams, currently an executive
director, will from 1 January 2005 cease his executive responsibilities. He
will remain on the board as a non-executive director.

Enquiries about this announcement should be referred to Ian Bowden, Head of
Company Secretariat, The Law Debenture Corporation p.l.c. (telephone [phone]
5285).