Net Asset Value(s)

Net Asset Value

The Board of The Law Debenture Corporation p.l.c. announces that its Net Asset
Value (NAV Ex Income) at 30 June 2009 was 216.25 pence per share and NAV Cum
Income was 221.82 pence per share. The mid-market price at the close of
business that day was 229.50 pence per share.

The NAV does not include income in respect of 2009 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 30 June 2009
are set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 30 June 2009 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       BP                                                3.61
                                                               
2.       Royal Dutch Shell                                 3.53
                                                               
3.       Henderson Japan Capital Growth                    3.40
                                                               
4.       GlaxoSmithKline                                   3.23
                                                               
5.       HSBC                                              2.93
                                                               
6.       Henderson Asia Pacific Capital Growth             2.78
                                                               
7.       Baillie Gifford Pacific                           2.02
                                                               
8.       British American Tobacco                          2.01
                                                               
9.       First State Asia Pacific                          1.87
                                                               
10.      National Grid 6.125% 15/04/14                     1.86

Geographical Split

Region                           % of portfolio
                                               
UK                               69            
                                               
Europe                           12            
                                               
North America                    4             
                                               
Japan                            5             
                                               
Other Pacific                    8             
                                               
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).