Holding(s) in Company

The Law Debenture Corporation p.l.c.

Fifth Floor

100 Wood Street

London

EC2V 7EX

16 June 2004

THE LAW DEBENTURE CORPORATION p.l.c. ('the Corporation') was notified on 16
June 2004 pursuant to Sections 198-202 of the Companies Act 1985 (as amended)
by MERCHANT INVESTORS ASSURANCE COMPANY LIMITED of the following transaction
affecting notifiable interests in the ordinary shares in the Corporation held
by Merchant Investors Assurance Company Limited:

16 June 2004: Sold 100,000 shares

This transaction decreases Merchant Investors Assurance Company Limited's
holding to 3,489,709 shares (all of which are registered in the name of The
Bank of New York (Nominees) Limited, representing 2.969% of the issued share
capital of the Corporation

S E Tyson

Deputy Company Secretary

Tel: [phone]