Transaction in Shares by a subsidiary

The Law Debenture Corporation p.l.c.

Fifth Floor

100 Wood Street

London

EC2V 7EX

16 May 2005

The Law Debenture Corporation p.l.c.

Purchase of shares by subsidiary undertaking

The Law Debenture Corporation p.l.c. has been advised that on 13 May 2005, The
Law Debenture Trust Corporation (Channel Islands) Limited, purchased 14,375
ordinary shares of 5 pence each in The Law Debenture Corporation p.l.c.

Under the terms of a Trust Deed dated 23 April 2002, The Law Debenture Trust
Corporation (Channel Islands) Limited was appointed trustee of The Law
Debenture Corporation p.l.c. Employee Share Ownership Trust.

The shares were purchased by the trustee for £2.50 each on 13 May 2005. The
purchases were in connection with a deferred bonus arrangement for senior staff
of the Corporation.

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