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 31st January 2009 was 201.60 pence per share and NAV
Cum Income was 212.01 pence per share. The mid-market price at the close of
business that day was 208.00 pence per share.

The NAV does not include income in respect of 2008 and 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.

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 31st January
2009 are set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 31st January 2009 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       Henderson Asia Pacific Capital Growth             5.81
                                                               
2.       Royal Dutch Shell                                 4.31
                                                               
3.       BP                                                4.20
                                                               
4.       Henderson Japan Capital Growth                    4.03
                                                               
5.       GlaxoSmithKline                                   3.67
                                                               
6.       British American Tobacco                          2.57
                                                               
7.       HSBC                                              2.52
                                                               
8.       Amlin                                             1.78
                                                               
9.       Tesco                                             1.66
                                                               
10.      Vodafone                                          1.66

Geographical Split

Region                           % of portfolio
                                               
UK                               64            
                                               
Europe                           13            
                                               
North America                    3             
                                               
Japan                            5             
                                               
Other Pacific                    5             
                                               
Other                            -             
                                               
Cash and Fixed Interest          10            
                                               
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).