Prospective Shareholders / Key Information Document

Prospective Shareholders

We are required to make available to retail investors a Key Information Document ('KID'). The KID provides key information about Law Debenture's shares as an investment product. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. It is not marketing material and nothing in the KID is an inducement to buy or sell Law Debenture shares. Cost, performance and risk calculations in the KID use methodologies prescribed by EU rules. The KID will be updated periodically and published on this website and via various share dealing platforms and third party hosts.

The FCA has stated that: "Where a PRIIP manufacturer [for these purposes, Law Debenture is a PRIIP manufacturer] is concerned that performance scenarios in their KID are too optimistic, such that they may mislead investors, we are comfortable with them providing explanatory materials to put the calculation in context and to set out their concerns for investors to consider." The board of Law Debenture believes that the performance scenarios in its KID are indeed too optimistic. The scenarios have been calculated solely on the basis of past performance (as the EU rules stipulate must be the case), which somewhat goes against the mantra of recent decades (that past performance is not a guide to future performance, nor a reliable indicator of future results or performance). This is especially of concern at the present time, since the calculation is being performed at a point when the past performance period includes the second longest bull run in post-WWII history, which some commentators consider may be about to end. Readers of the KID are therefore advised to exercise appropriate judgement when considering the forward looking performance scenarios and to understand that these are most definitely not predictions or promises.