Net Asset Value and Portfolio Update

Net Asset Value

The Board of The Law Debenture Corporation p.l.c. announces that its Net Asset
Value (NAV) at 30th November 2006 was 313.28 pence per share. The mid-market
price at the close of business that day was 336.50 pence per share.

The NAV does not include income 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 15.4.11, 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 30th November 2006 are set out below

Top 10 Holdings

The top 10 holdings in the portfolio as at 30th November 2006 were:

Rank     Name of Holding                         % of portfolio
                                                   (excl. cash)
                                                               
1.       Henderson Asia Pacific Capital Growth             7.93
                                                               
2.       BP                                                4.02
                                                               
3.       Henderson Japan Capital Growth                    3.30
                                                               
4.       HSBC                                              3.15
                                                               
5.       Royal Dutch Shell                                 2.92
                                                               
6.       GlaxoSmithKline                                   2.76
                                                               
7.       Royal Bank of Scotland                            2.37
                                                               
8.       Alfred McAlpine                                   2.16
                                                               
9.       British American Tobacco                          1.87
                                                               
10.      Barclays                                          1.86

Geographical Split

Region                           % of portfolio
                                               
UK                                           65
                                               
Europe                                       12
                                               
North America                                 -
                                               
Japan                                         4
                                               
Other Pacific                                 7
                                               
Other                                         -
                                               
Cash and Fixed Interest                      12
                                               
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).