Net Asset Value and Portfolio Update

Net Asset Value The Board of The Law Debenture Corporation p.l.c. announces that its Net Asset Value (NAV) at 31st January 2006 was 291.70 pence per share (The NAV is now calculated and published in accordance with International Financial Reporting Standards. All NAV announcements prior to 5 August 2005 were calculated under UK Generally Accepted Accounting Principles). The mid-market price at the close of business that day was 299.50 pence per share. In accordance with listing rule 21.20 (l) (i) and (ii), The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed investment companies. Its top ten holdings, including all holdings with a value greater than 5% of the Corporation's gross assets as at 31st January 2006 are set out below Top 10 Holdings The top 10 holdings in the portfolio as at 31st January 2006 were: Rank Name of Holding % of portfolio (excl. cash) 1. Henderson Pacific Capital Growth 6.85 2. BP 4.54 3. Henderson Japan Capital Growth 3.40 4. Royal Dutch Shell 2.99 5. GlaxoSmithKline 2.71 6. HSBC 2.66 7. Royal Bank of Scotland 1.84 8. Alfred McAlpine 1.77 9. Vodafone 1.68 10. British American Tobacco 1.60 Geographical Split Region % of portfolio UK 71 Europe 9 North America 6 Japan 5 Other Pacific 7 Other - Cash and Fixed Interest 2 TOTAL 100 Released by The Law Debenture Corporation p.l.c., Fifth Floor, 100 Wood Street, London, EC2V 7EX (contact Ian Bowden, Company Secretariat, 020 7696 5285).
UK 100