Holding in Company

Law Debenture Corp PLC
15 October 2001


THE LAW DEBENTURE CORPORATION p.l.c. ('the Corporation') was notified on 15 
October 2001 pursuant to Sections 198-202 of the Companies Act 1985 (as  
amended) by MERCHANT NAVY PENSIONS ADMINISTRATION LIMITED of the following 
transaction affecting notifiable interests in the ordinary shares in the 
Corporation held by the Merchant Navy Officers Pension Fund:

12 October 2001:        Sold 25,000 shares

This transaction decreases the Merchant Navy Officers Pension Fund holding to 
1,150,000 shares (all of which are registered in the name of Chase Nominees 
Limited), representing 4.925% of the issued share capital of the Corporation 
(reduced from 5.033%).