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Law Debenture Corp PLC

01 May 2025

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 April 2025

The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business¹ on 30 April 2025 was 846.72 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 881.14 pence per share (cum income). The mid-market price at the close of business on 30 April 2025 was 893.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	833.19	846.72
NAV with debt at fair value	867.61	881.14

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)²	1.9	8.6	18.7	87.0	110.9
NAV total return (with debt at fair value)²	2.1	8.8	25.8	108.2	125.2
FTSE Actuaries All-Share Index Total Return³	4.2	7.5	22.6	67.9	75.9
Share price total return³	1.1	8.7	26.2	119.9	158.8
Change in Retail Price Index⁴	0.8	2.7	22.2	35.1	53.2

¹ The fair value of the IPS business has been calculated as at 31 December 2024.

² NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including fair value of IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value.

³ Share Price source: Refinitiv.

⁴ Source: Office for National Statistics, subject to latest published RPI, March 2025.

Geographical Split of investment portfolio

Region	% of portfolio 30 April 2025	% of portfolio 31 December 2024
UK	88.7	87.6
Europe	5.6	5.5
North America	4.6	5.6
Japan	1.1	1.3
Other	0	0
Other Pacific	0	0
TOTAL	100	100

Full Portfolio Listing

As at 30 April 2025 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
HSBC	UK	Financials	Banks	36,050	3.37
Barclays	UK	Financials	Banks	34,411	3.22
Shell	UK	Oil & Gas	Oil & gas producers	30,500	2.86
Rolls Royce	UK	Industrials	Aerospace & defence	26,774	2.51
Flutter Entertainment	UK	Consumer Services	Travel & leisure	25,130	2.35
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	24,329	2.27
BP	UK	Oil & Gas	Oil & gas producers	19,967	1.86
Tesco	UK	Consumer Goods	Food & Drug Retailers	18,725	1.75
National Grid	UK	Utilities	Gas, water & multiutilities	18,314	1.71
Rio Tinto	UK	Basic Materials	Mining	16,673	1.56
Standard Chartered	UK	Financials	Banks	16,517	1.54
Kingfisher	UK	Consumer Goods	Household goods & home construction	15,905	1.48
Marks & Spencer	UK	Consumer Services	General retailers	15,552	1.45
Babcock	UK	Industrials	Aerospace & defence	15,483	1.44
BT Group	UK	Telecommunications	Fixed Line Telecommunications	15,177	1.42
Aviva	UK	Financials	Life insurance/assurance	14,386	1.34
J Sainsbury	UK	Consumer Services	General retailers	14,252	1.33
Lloyds Banking Group	UK	Financials	Banks	13,919	1.30
NatWest	UK	Financials	Banks	13,623	1.27
BAE Systems	UK	Industrials	Aerospace & defence	13,009	1.21
Boku	UK	Industrials	Support services	12,946	1.21
Land Securities	UK	Financials	Real estate investment trusts	12,868	1.20
Balfour Beatty	UK	Industrials	Construction & materials	12,644	1.18
Shaftesbury Capital	UK	Financials	Real estate investment trusts	12,543	1.17
Kier	UK	Industrials	Construction & materials	12,523	1.17
Senior	UK	Industrials	Aerospace & defence	12,500	1.17
M & G	UK	Financials	Financial services	12,438	1.16
Cranswick	UK	Consumer Goods	Food producers	12,354	1.15
IMI	UK	Industrials	Industrial engineering	12,148	1.13
Prudential	UK	Financials	Life insurance/assurance	12,143	1.13
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,137	1.13
Herald Investment Trust	UK	Financials	Equity investment instruments	12,000	1.12
Marshalls	UK	Industrials	Construction & materials	11,930	1.11
Hill & Smith	UK	Industrials	Industrial engineering	11,901	1.11
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,802	1.10
ITV	UK	Consumer Services	Media	11,793	1.10
Greencoat UK Wind	UK	Utilities	Electricity	11,500	1.07
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	11,408	1.06
Anglo American	UK	Basic Materials	Mining	11,160	1.04
Cummins	USA	Industrials	Industrial engineering	10,357	0.97
Schroders	UK	Financials	Equity investment instruments	10,174	0.95
Ibstock	UK	Industrials	Construction & materials	10,152	0.95
Hiscox	UK	Financials	Nonlife insurance	9,932	0.93
Johnson Service Group	UK	Industrials	Support services	9,225	0.86
Dunelm	UK	Consumer Services	General retailers	9,130	0.85
Scottish Oriental Smaller Companies Trust	UK	Financials	Equity investment instruments	9,066	0.85
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	8,938	0.83
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	8,758	0.82
Smith & Nephew	UK	Health Care	Health care equipment & services	8,635	0.81
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	8,449	0.79
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	8,358	0.78
HICL Infrastructure	UK	Financials	Equity investment instruments	8,092	0.76
Vodafone	UK	Telecommunications	Mobile telecommunications	8,052	0.75
IP Group	UK	Financials	Financial services	7,964	0.74
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,524	0.70
Beazley	UK	Financials	Nonlife insurance	7,510	0.70
VH Global Energy Infrastructure	UK	Other	Sustainable Energy	7,476	0.70
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	7,361	0.69
Sabre Insurance Group	UK	Financials	Nonlife insurance	7,234	0.67
Associated British Foods	UK	Consumer Goods	Food producers	7,224	0.67
International Personal Finance	UK	Financials	Financial services	7,179	0.67
Hammerson	UK	Financials	Real estate investment trusts	6,786	0.63
SSE	UK	Utilities	Electricity	6,768	0.63
Whitbread	Canada	Consumer Services	Travel & leisure	6,739	0.63
Weir Group	UK	Industrials	Industrial engineering	6,738	0.63
General Motors	USA	Consumer Goods	Automobiles & parts	6,442	0.60
Johnson Matthey	UK	Other	Sustainable Energy	6,425	0.60
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,209	0.58
SigmaRoc	UK	Industrials	Construction & materials	5,772	0.54
Elementis	UK	Basic Materials	Chemicals	5,646	0.53
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,475	0.51
Freeport-McMoran	USA	Basic Materials	Mining	5,400	0.50
Chesnara	UK	Financials	Life insurance/assurance	5,363	0.50
Standard Life Aberdeen	UK	Financials	Financial services	5,159	0.48
Segro	UK	Financials	Real estate investment trusts	5,105	0.48
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,078	0.47
AFC Energy	UK	Oil & Gas	Alternative Energy	5,048	0.47
Inchcape	UK	Industrials	Support services	5,036	0.47
Halfords	UK	Consumer Services	General retailers	5,034	0.47
Infineon Technologies	Germany	Industrials	Electronic & electrical equipment	4,959	0.46
Epwin Group	UK	Consumer Goods	Household goods & home construction	4,798	0.45
Spectris	UK	Industrials	Electronic & electrical equipment	4,748	0.44
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,600	0.43
Workspace Group	UK	Financials	Real estate investment trusts	4,440	0.41
Bellway	UK	Consumer Goods	Household goods & home construction	4,425	0.41
Zigup	UK	Industrials	Support services	4,422	0.41
Reach	UK	Consumer Services	Media	4,387	0.41
Renold	UK	Industrials	Industrial engineering	4,297	0.40
Vanquis Banking Group	UK	Financials	Financial services	4,287	0.40
Accsys Technologies	UK	Industrials	Construction & materials	4,229	0.39
Vertu Motors	UK	Consumer Services	General retailers	4,225	0.39
Castings	UK	Industrials	Construction & materials	3,926	0.37
Convatec Group	UK	Health Care	Health care equipment & services	3,894	0.36
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,429	0.32
Ondine Biomedical	Canada	Health Care	Pharmaceuticals & biotechnology	3,234	0.30
SAP	Germany	Technology	Software & computer services	3,200	0.30
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	3,145	0.29
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	3,106	0.29
Great Portland Estates	UK	Financials	Real estate investments & services	3,095	0.29
Croda	UK	Basic Materials	Chemicals	2,951	0.28
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	2,885	0.27
Deutsche Boerse	Germany	Financials	Financial services	2,816	0.26
Siemens	Germany	Technology	Software & computer services	2,725	0.25
Next Fifteen Communications Group	UK	Consumer Services	Media	2,585	0.24
Ilika	UK	Oil & Gas	Alternative Energy	2,576	0.24
TT Electronics	UK	Industrials	Electronic & electrical equipment	2,496	0.23
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,489	0.23
Safran	France	Industrials	Aerospace & defence	2,430	0.23
Jubilee Metals Group	UK	Basic Materials	Mining	2,377	0.22
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,297	0.21
DVS	Denmark	Industrials	Industrial transportation	2,229	0.21
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,223	0.21
Bawag	Austria	Financials	Banks	2,095	0.20
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	2,023	0.19
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	1,963	0.18
XP Power	UK	Technology	Technology hardware & equipment	1,910	0.18
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,910	0.18
Hercules Site Services	UK	Industrials	Construction & materials	1,859	0.17
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	1,842	0.17
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,747	0.16
SGS	Switzerland	Industrials	Support services	1,702	0.16
ASML	Netherlands	Technology	Technology hardware & equipment	1,600	0.15
Danone	France	Consumer Goods	Food producers	1,588	0.15
Nestle	Switzerland	Consumer Goods	Food producers	1,565	0.15
Windar Photonics	UK	Industrials	Waste & Environ Svcs & Equip	1,397	0.13
Gelion	UK	Other	Sustainable Energy	1,389	0.13
Marstons	UK	Consumer Services	Travel & leisure	1,330	0.12
DSM-Firmenich	Netherlands	Basic Materials	Chemicals	1,220	0.11
Aena	Spain	Consumer Services	Travel & leisure	1,211	0.11
LVMH	France	Consumer Goods	Leisure Goods	1,172	0.11
Arbuthnot Banking Group	UK	Financials	Financial services	1,094	0.10
Kone	Finland	Industrials	Electronic & electrical equipment	1,032	0.10
Logistics Development Group	UK	Industrials	Industrial transportation	995	0.09
Seascape Energy Asia	UK	Oil & Gas	Oil & gas producers	870	0.08
ASM International	Netherlands	Industrials	Electronic & electrical equipment	794	0.07
First Tin	UK	Basic Materials	Mining	660	0.06
Kistos	UK	Oil & Gas	Oil & gas producers	576	0.05
Gran Tierra Energy	Canada	Oil & Gas	Oil & gas producers	487	0.05
Carclo	UK	Basic Materials	Chemicals	427	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	397	0.04
Surface Transforms	UK	Consumer Goods	Automobiles & parts	304	0.03
Indus Gas	UK	Oil & Gas	Oil & gas producers	91	0.01
LDIC Investments	UK	Financials	Financial services	88	0.01
Deltic Energy	UK	Oil & Gas	Oil & gas producers	79	0.01

In accordance with UK listing rule 11.7.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed closed-ended investment funds that require to be disclosed.

Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Nicola Lambourne, Company Secretariat, 020 7606 5451).

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

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