TR-1 Notification Holding(s) in Company

For filings with the FSA include the annex  
For filings with issuer exclude the annex   

TR-1: Notifications of Major Interests in Shares                               

1. Identity of the issuer or the underlying issuer of existing                 
shares to which voting rights are attached:                                    
                                                                               
THE LAW DEBENTURE CORPORATION p.l.c.                                           
                                                                               
2. Reason for notification                                        [Yes/No]     
                                                                               
An acquisition or disposal of voting rights                       DISPOSAL     
                                                                               
An acquisition or disposal of financial instruments which                      
may result in the                                                              
acquisition of shares already issued to which voting rights                    
are attached                                                                   
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify):                                                        
                                                                               
3. Full name of person(s) subject to     1. AVI Value Fund 832,327             
notification                                                                   
obligation:                              2. British Empire 2,427,237           
                                                                               
                                         3. CF AVI Global Fund 466,582         
                                                                               
                                         4. Segregated Accounts 835,088        
                                                                               
4. Full name of shareholder(s) (if       1. State Street Nominees              
different from 3):                                                             
                                         2. Chase Nominees                     
                                                                               
                                         3. BoNY Nominees                      
                                                                               
5. Date of transaction (and date on      11 May 2009                           
which the                                                                      
threshold is crossed or reached if                                             
different):                                                                    
                                                                               
6. Date on which issuer notified:        12 May 2009                           
                                                                               
7. Threshold(s) that is/are crossed or   4%                                    
reached:                                                                       

8: Notified Details                                                            
                                                                               
A: Voting rights attached to shares                                            

Class/type of Situation previous to          Resulting situation after          
shares           the triggering              the triggering transaction         
                   transaction                                                  
                                                                                
If possible   Number of  Number of  Number of     Number of       Percentage of 
use             shares     voting    shares     voting rights     voting rights 
ISIN code                  rights                                               
                                                                                
                                               Direct   Indirect Direct Indirect
                                                                                
GB0031429219   5,157,224  4,980,473 4,723,052 4,561,234        0  3.87%       0%
                                                                                
Ordinary                                                                        
Shares                                                                          
                                                                                

B: Financial Instruments                                                       
                                                                               
Resulting situation after the triggering transaction                           

Type of          Expiration      Exercise/      No. of voting    Percentage of 
financial           date        conversion    rights that may be voting rights 
instrument                      period/date    acquired (if the                
                                                  instrument                   
                                                  exercised/                   
                                                  converted)                   
                                                                               
N/A                                                                            
                                                                               

Total (A+B)                                                                    

Number of voting rights                 Percentage of voting rights            
                                                                               
4,561,234                               3.87%                                  

9. Chain of controlled undertakings through which the voting rights and /or the
financial instruments are effectively held, if applicable:                     
                                                                               
State Street Nominees acts as custodian for the AVI Value Fund LLC             
                                                                               
JP Morgan Chase Nominees acts as custodian for British Empire Securities       
                                                                               
Bank of New York Nominees acts as custodian for the CF AVI Global Fund         

Proxy Voting:                                                                  
                                                                               
10. Name of proxy holder:           N/A                                        
                                                                               
11. Number of voting rights proxy   N/A                                        
holder will cease to hold:                                                     
                                                                               
12. Date on which proxy holder will N/A                                        
cease to hold voting rights:                                                   

13. Additional information:         Asset Value Investors acts as discretionary
                                    manager for all funds mentioned in 3.      
                                                                               
14 Contact name:                    Asset Value Investors Limited              
                                                                               
                                    Daniel Sadler                              
                                                                               
15. Contact telephone name:         020 7647 2919                              

For notes on how to complete form TR-1 please see the FSA website.

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in shares                               

A: Identity of the persons or legal entity subject to the notification         
obligation                                                                     

Full name                                                                      
(including legal form of legal                                                 
entities)                                                                      
                                                                               
Contact address                                                                
(registered office for legal                                                   
entities)                                                                      
                                                                               
Phone number & email                                                           
                                                                               
Other useful information                                                       
(at least legal representative                                                 
for legal persons)                                                             

B: Identity of the notifier, if applicable                                     

Full name                                                                      
                                                                               
Contact address                                                                
                                                                               
Phone number & email                                                           
                                                                               
Other useful information                                                       
                                                                               
(e.g. functional relationship                                                  
with the                                                                       
person or legal entity subject                                                 
to the                                                                         
notification obligation)                                                       

C: Additional information