Director Shareholding

SCHEDULE 11                                  

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

All relevant boxes should be completed in block capital letters.

1. Name of company                   2. Name of director                       
                                                                               
   THE LAW DEBENTURE CORPORATION        CAROLINE BANSZKY                       
   p.l.c.                                                                      

3. Please state whether notification 4. Name of the registered holder(s) and,  
   indicates that it is in respect      if more than one holder, the number of 
   of holding of the shareholder        shares held by each of them (if        
   named in 2 above or in respect of    notified)                              
   a non-beneficial interest or in                                             
   the case of an individual holder     ALLIANCE TRUST SAVINGS LIMITED         
   if it is a holding of that                                                  
   person's spouse or children under                                           
   the age of 18 or in respect of an                                           
   non-beneficial interest                                                     
                                                                               
   SHAREHOLDER IN 2                                                            

5. Please state whether notification 6. Please state the nature of the         
   relates to a person(s) connected     transaction. For PEP transactions      
   with the director named in 2         please indicate whether general/single 
   above and identify the connected     co PEP and if discretionary/non        
   person(s)                            discretionary /non discretionary       
                                                                               
   N/A                                  INVESTMENT IN MONTHLY SAVINGS PLAN     

7. Number of      8. Percentage of  9. Number of shares 10. Percentage of     
   shares/amount     issued class      /amount of stock     issued class      
   of stock                            disposed                               
   acquired          0.00037%                               N/A               
                                       Nil                                    
   436                                                                        

11. Class of       12. Price per      13. Date of         14. Date company     
    security           share              transaction         informed         
                                                                               
    ORDINARY           226.75 PENCE       20 December         20 DECEMBER 2004 
                                          2004                                 

15. Total holding following this     16. Total percentage holding of issued    
    notification                         class following this notification     
                                                                               
    19,770                               0.016%                                

If a director has been granted options by the company please complete the
following boxes.

17. Date of grant                    18. Period during which or date on which  
                                         exercisable                           

19. Total amount paid (if any) for   20. Description of shares or debentures   
    grant of the option                  involved: class, number               

21. Exercise price (if fixed at time 22. Total number of shares or debentures  
    of grant) or indication that         over which options held following this
    price is to be fixed at time of      notification                          
    exercise                                                                   

23. Any additional information       24. Name of contact and telephone number  
                                         for queries                           
                                                                               
                                         SHARON TYSON                          
                                                                               
                                         020 7696 5233                         

25. Name and signature of authorised company official responsible for making   
    this notification                                                          
                                                                               
    SHARON TYSON                                                               
                                                                               
Date of notification 20 DECEMBER 2004