Re Directorate

Law Debenture Corp PLC
4 April 2001

It is announced that in accordance with the company's Articles of Association,
Mr Ewen Macpherson was required to retire from the Board by rotation at the
company's Annual General Meeting held yesterday, 3 April 2001.  Since he did not
wish to seek re-election, then with effect from the conclusion of the company's
AGM Ewen Macpherson stands down as a director of the company.

Also at the AGM, Mr Armel Cates was elected as a director.  He was appointed by
the Board as a non-executive director of the company with effect from 27
February 2001.  In accordance with the company's Articles of Association, he was
required to retire and seek election at the next AGM.

If you have any queries regarding this announcement please contact Sharon Tyson
on 020 7696 5233.