Director Shareholding

The Law Debenture Corporation p.l.c.

Fifth Floor

100 Wood Street

London

EC2V 7EX

24 May 2005

The Law Debenture Corporation p.l.c.

Grant of shares to Managing Director

The Managing Director, Mrs Caroline Banszky, has today been awarded 9,632
ordinary shares in The Law Debenture Corporation p.l.c. under a deferred bonus
scheme. The shares will be held in trust by The Law Debenture Trust Corporation
(Channel Islands) Limited, and will be released to Mrs Banszky on 16 May 2008
if she remains an employee (and has not given or received notice of
termination) of the Corporation on that date. The shares are priced at 249.1
pence.

Law Debenture Corporate Services Limited

Company Secretary

Contact: Ian Bowden 020 7696 5285

The Law Debenture Corporation p.l.c. is registered in England at the above
address, company registration number 30397