Purchase of shares by subsidiary undertaking

The Law Debenture Corporation p.l.c.

Fifth Floor

100 Wood Street

London

EC2V 7EX

1 March 2004

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 27 February and 1
March 2004, The Law Debenture Trust Corporation (Channel Islands) Limited,
purchased 168,789 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.

50,000 of the 168,789 shares were purchased by the trustee for £2.25 each on 27
February 2004 and the remaining 118,789 were purchased at £2.27 each on 1 March
2004. The purchases were in connection with a grant of executive share options.

The Corporation was advised of both transactions today, 1 March 2004.

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