Director Shareholding

Law Debenture Corp PLC
23 October 2001


                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    THE LAW DEBENTURE CORPORATION P.L.C.

2)  NAME OF DIRECTOR

    ARMEL CATES

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

    MRS. PAMELA SUSAN CATES (SPOUSE)

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

     NATWEST PEP NOMINEES LIMITED

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

     SPOUSE

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

     SINGLE COMPANY ISA

7)  Number of shares/amount of
    stock acquired

    627

8)   (0.00269%)
    of issued Class



9)  Number of shares/amount
    of stock disposed

       -

10)  ( N/A %)
    of issued Class



11) Class of security

    ORDINARY 25 SHARES

12) Price per share

    £11.10

13) Date of transaction

    22/10/01

14) Date company informed

     23/10/01

15) Total holding following this notification

     12.27

16) Total percentage holding of issued class following this notification

     0.00526%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information



24) Name of contact and telephone number for queries

     SHARON TYSON   020 7696 5233

25) Name and signature of authorised company official responsible for
    making this notification     S.E. TYSON

    Date of Notification      22/10/2001