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 29 February 2012 was 354.86 pence per share and NAV
Cum Income was 367.10 pence per share. The mid-market price at the close of
business that day was 382.20 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 29 February
2012 are set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 29 February 2012 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       UK Treasury 4.5% 07/03/13                         4.35
                                                               
2.       Senior                                            3.37
                                                               
3.       UK Treasury 2.25% 07/03/14                        3.22
                                                               
4.       BP                                                2.80
                                                               
5.       Henderson Japan Capital Growth                    2.56
                                                               
6.       Henderson Asia Pacific Capital Growth             2.53
                                                               
7.       Royal Dutch Shell                                 2.50
                                                               
8.       GlaxoSmithKline                                   2.23
                                                               
9.       GKN                                               2.17
                                                               
10.      Baillie Gifford Pacific                           2.04

Geographical Split

Region                           % of portfolio
                                               
UK                               65            
                                               
Europe                           7             
                                               
North America                    8             
                                               
Japan                            3             
                                               
Other Pacific                    8             
                                               
Other                            -             
                                               
Cash and Fixed Interest          9             
                                               
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).