Statement re top 10 holdings

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 31st October 2003 are
set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 31st October 2003 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       Henderson Pacific Capital Growth                  7.03
                                                               
2.       BP                                                3.99
                                                               
3.       HSBC                                              3.65
                                                               
4.       GlaxoSmithKline                                   3.45
                                                               
5.       Henderson Japan Capital Growth                    3.43
                                                               
6.       Shell Transport & Trading                         2.76
                                                               
7.       Royal Bank of Scotland                            2.43
                                                               
8.       Barclays                                          1.86
                                                               
9.       Vodafone                                          1.86
                                                               
10.      HBOS                                              1.59

Geographical Split

Region                           % of portfolio
                                               
UK                                           70
                                               
Europe                                       12
                                               
North America                                 6
                                               
Japan                                         3
                                               
Other Pacific                                 7
                                               
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 Sharon Tyson, Company Secretariat, 020 7696 5285).