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 Ex Income) at 28 February 2011 was 343.20 pence per share and NAV
Cum Income was 353.44 pence per share, which includes the proposed 2010 final
dividend of 8.50p. The mid-market price at the close of business that day was 3
44.90 pence per share. The final dividend will be paid, subject to shareholder
approval, on 20 April 2011 to holders on the register at the record date of 18
March 2011.

In accordance with listing rule 15.6.8, The Law Debenture Corporation p.l.c.
announces that it has no investments in other UK listed investment companies
that require to be disclosed. Its top ten holdings, including all holdings with
a value greater than 5% of the Corporation's gross assets as at 28 February
2011 are set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 28 February 2011 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       Royal Dutch Shell                                 3.40
                                                               
2.       BP                                                3.21
                                                               
3.       Senior                                            3.17
                                                               
4.       Henderson Japan Capital Growth                    2.78
                                                               
5.       HSBC                                              2.73
                                                               
6.       Henderson Asia Pacific Capital Growth             2.61
                                                               
7.       GKN                                               2.17
                                                               
8.       GlaxoSmithKline                                   2.12
                                                               
9.       Baillie Gifford Pacific                           1.96
                                                               
10.      British American Tobacco                          1.93

Geographical Split

Region                           % of portfolio
                                               
UK                               71            
                                               
Europe                           9             
                                               
North America                    7             
                                               
Japan                            4             
                                               
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).