Director Retirement

The Law Debenture Corporation p.l.c.

Fifth Floor

100 Wood Street

London

EC2V 7EX

Retirement of a Director

The Law Debenture Corporation p.l.c. announces that one of its non-executive
directors, Mr John Edwards, has informed the company that he does not wish to
stand for re-election at the Corporation's Annual General Meeting, to be held
on 15 April 2003.

John Edwards was first appointed to the Board in March 1997 and is required to
retire by rotation under the `three year rule' at the Corporation's 2003 Annual
General Meeting.

John Edwards will also stand down at that time as a non-executive director and
the Chairman of LDC Trust Management Limited, the principal management company
overseeing Law Debenture's trustee and related businesses. Armel Cates will
take over as Chairman of LDC Trust Management Limited. Armel is already a
non-executive director of both the Corporation and its subsidiary.

Stephen Adamson will be joining the Board of LDC Trust Management Limited in
February. Stephen is an insolvency and restructuring expert, and was until June
2002 a partner of the London insolvency department of Ernst & Young. His
experience and expertise will be a welcome addition to the Trust Management
Board.

Enquiries should be addressed to Ian Bowden, Head of Company Secretariat at the
above address, or by telephone on 020 7696 5285.

28 January 2003