Law Debenture : Net Asset Value and Portfolio Update

Net Asset Value

The Law Debenture Corporation p.l.c. announces that its Net Asset Value ('NAV') with borrowings at par and including fair value of IPS businesses on 30 September 2018was 687.44pence per share (ex income) and 697.25pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 671.96pence per share (ex income) and 681.78pence per share (cum income). The mid-market price at the close of business on 30 September 2018was 610.00pence per share.

In accordance with listing rule 15.6.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed investment companies that require to be disclosed. Its top ten holdings, including all holdings with a value greater than 5% of the Corporation's gross assets as at 30 September 2018are set out below.

Top 10 Holdings

The top 10 holdings in the investment portfolio as at 30 September 2018were:

Rank	Name of Holding	% of portfolio (excl. cash)
1.	Royal Dutch Shell	4.51
2.	BP	2.53
3.	Senior	2.41
4.	GlaxoSmithKline	2.37
5.	HSBC	2.37
6.	Stewart Investors Pacific	2.28
7.	Rolls Royce	2.19
8.	Rio Tinto	1.95
9.	Smith (DS)	1.81
10.	Microsoft (USA)	1.76

Geographical Split of investment portfolio

Region	% of portfolio
UK	64
Europe	8
North America	9
Japan	1
Other Pacific	4
Other	1
Cash and Fixed Interest	13
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).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21