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 30th November 2005 was 267.64 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 278.50 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 30th November 2005 are
set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 30th November 2005 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       Henderson Pacific Capital Growth                  6.55
                                                               
2.       BP                                                4.50
                                                               
3.       Henderson Japan Capital Growth                    3.26
                                                               
4.       Royal Dutch Shell                                 2.93
                                                               
5.       GlaxoSmithKline                                   2.85
                                                               
6.       HSBC                                              2.79
                                                               
7.       Royal Bank of Scotland                            1.85
                                                               
8.       British American Tobacco                          1.69
                                                               
9.       Barclays                                          1.61
                                                               
10.      Alfred McAlpine                                   1.59

Geographical Split

Region                           % of portfolio
                                               
UK                                           72
                                               
Europe                                       10
                                               
North America                                 6
                                               
Japan                                         5
                                               
Other Pacific                                 7
                                               
Other                                         -
                                               
Cash and Fixed Interest                       -
                                               
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).