Net Asset Value and monthly portfolio announcement

Net Asset Value

The Board of The Law Debenture Corporation p.l.c. announces that its Net Asset
Value (NAV) at 31st July 2005 was 260.27 pence per share (NAV based on UK
Generally Accepted Accounting Principles). The mid-market price at the close of
business that day was 274.75 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 31st July 2005 are set
out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 31st July 2005 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       Henderson Pacific Capital Growth                  6.76
                                                               
2.       BP                                                4.78
                                                               
3.       HSBC                                              2.97
                                                               
4.       Royal Dutch Shell                                 2.93
                                                               
5.       GlaxoSmithKline                                   2.86
                                                               
6.       Henderson Japan Capital Growth                    2.81
                                                               
7.       Royal Bank of Scotland                            2.03
                                                               
8.       Alfred McAlpine                                   1.67
                                                               
9.       British American Tobacco                          1.63
                                                               
10.      Barclays                                          1.63

Geographical Split

Region                           % of portfolio
                                               
UK                                           72
                                               
Europe                                       10
                                               
North America                                 7
                                               
Japan                                         3
                                               
Other Pacific                                 7
                                               
Other                                         -
                                               
Cash and Fixed Interest                       1
                                               
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).