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 31 October 2011 was 328.69 pence per share and NAV Cum
Income was 335.79 pence per share. The mid-market price at the close of
business that day was 358.10 pence per share.

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 31 October 2011
are set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 31 October 2011 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       UK Treasury 4.5% 07/03/13                         4.77
                                                               
2.       UK Treasury 2.25% 07/03/14                        3.50
                                                               
3.       Senior                                            3.10
                                                               
4.       BP                                                2.84
                                                               
5.       Henderson Japan Capital Growth                    2.63
                                                               
6.       Royal Dutch Shell                                 2.59
                                                               
7.       Henderson Asia Pacific Capital Growth             2.55
                                                               
8.       GlaxoSmithKline                                   2.44
                                                               
9.       UK Treasury 5.25% 07/06/12                        2.09
                                                               
10.      GKN                                               2.04

Geographical Split

Region                           % of portfolio
                                               
UK                               64            
                                               
Europe                           8             
                                               
North America                    7             
                                               
Japan                            3             
                                               
Other Pacific                    8             
                                               
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).