Statement re investing in listed investment compan

THE LAW DEBENTURE CORPORATION P.L.C.                      

Fifth Floor

100 Wood Street

London

EC2V 7EX

21 October 2003

Policy on investing in other listed investment companies

The FSA has recently announced a new rule which comes into effect on 1 November
2003 requiring that listed investment companies may not hold more than 10% in
aggregate of gross assets in other UK listed investment companies. The
restriction does not apply, however, to investments in listed investment
companies which themselves have stated investment policies to invest no more
than 15% of their gross assets in other listed investment companies.

The Board of The Law Debenture Corporation p.l.c. announces that:

  * It is the Board's policy not to invest more than 15% of the gross assets of
    The Law Debenture Corporation portfolio in other listed investment
    companies.
   
Any enquiries about this notice should be referred to Ian Bowden, Head of
Company Secretariat, The Law Debenture Corporation p.l.c. (telephone [phone]
5285).