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 March 2014 was 479.34 pence per share and NAV Cum
Income was 483.13 pence per share, which excludes the proposed 2013 final
dividend of 10.50p. With the Corporation's long term debt stated at fair value,
the NAV is reduced by 5.90 pence per share. The mid-market price at the close
of business on 31 March 2014 was 527.50 pence per share. The final dividend
will be paid, subject to shareholder approval, on 17 April 2014 to holders on
the register at the record date of 21 March 2014.

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 March 2014
are set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 31 March 2014 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       Senior                                            2.94
                                                               
2.       GKN                                               2.94
                                                               
3.       BP                                                2.79
                                                               
4.       Rio Tinto                                         2.36
                                                               
5.       Royal Dutch Shell                                 2.34
                                                               
6.       Henderson Japan Capital Growth                    2.23
                                                               
7.       Henderson Asia Pacific Capital Growth             2.05
                                                               
8.       GlaxoSmithKline                                   1.98
                                                               
9.       Amlin                                             1.97
                                                               
10.      HSBC                                              1.87


Geographical Split

Region                           % of portfolio
                                               
UK                               73            
                                               
Europe                           6             
                                               
North America                    8             
                                               
Japan                            3             
                                               
Other Pacific                    5             
                                               
Other                            -             
                                               
Cash and Fixed Interest          5             
                                               
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).