Fund manager to retire in June 2003

The Law Debenture Corporation p.l.c.

Fifth Floor

100 Wood Street

London

EC2V 7EX

17 May 2002

Fund Manager to retire in June 2003

Shareholders are advised that Henderson Global Investors Limited has today
announced that Michael Moule will retire in just over a year's time, at the end
of June 2003. Michael Moule has managed Law Debenture's portfolio of
investments since 1987. Responsibility for management of the Law Debenture
investment portfolio will transfer to James Henderson of Henderson Global
Investors on Michael's retirement.

Ian Bowden

Head, Company Secretariat

Tel: [phone]

Email: [e-mail]