Net Asset Value

The Law Debenture Corporation p.l.c.

Fifth Floor

100 Wood Street

London EC2V 7EX

Tel: [phone]

15 August 2005

Net Asset Value - The Law Debenture Corporation p.l.c.

The Law Debenture Corporation p.l.c. announces that its Net Asset Value ('NAV')
at 12 August 2005 was 255.16 pence per share. The mid-market price at the close
of business that day was 271.25 pence per share.

Important Note:

The NAV 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.

Ian Bowden

Company Secretary