Interim Management Statement

The Law Debenture Corporation p.l.c. Interim Management Statement
      for the three months ended 31 March 2008 (including subsidiaries)

Company history

From its origins in 1889, Law Debenture has diversified to become a group with
a unique range of activities in the financial services sector. The group
divides into two distinct complementary areas of business.

Firstly, we are a global investment trust, listed on the London Stock
Exchange. Our portfolio of investments is managed by Henderson Global
Investors Limited under a contract terminable by either side on 12 months'
notice.

Secondly, we are a leading independent provider of professional whistle
blowing, trustee, fiduciary and related services (including structured finance
administration, corporate services and agent for service of process) to the
wholesale markets and to occupational pension schemes. We have offices in
London, Sunderland, New York, Delaware, Hong Kong, the Channel Islands and the
Cayman Islands.

Fund objective

Our objective is to achieve long term capital growth in real terms and
steadily increasing income. The aim is to achieve a higher rate of total
return than the FTSE All-Share Index through investing in a portfolio
diversified both geographically and by industry.

Company Information

At the Annual General Meeting of the Company on 15 April 2008 all resolutions
were passed. The final dividend for 2007 of 8.0p was paid on 23 April 2008.
There are no other material events or transactions to report.

Trust information

Sector                             Global Growth

Benchmark                   FTSE All-Share index

Trust type                   Conventional (Ords)

Launch date                        December 1889

Financial year end                   31 December

Dividend payment                April, September

Last ex div date                   12 March 2008

Management fee                             0.25%

Performance fee                               No

Total expense ratio (TER)                  0.51%



Trust statistics at 31 March 2008

Gross total asset                          £398m

NAV per ordinary share                    306.5p

Share price (code LWDB)                   320.0p

Premium/discount                            4.4%

Group gearing (net)                         113%

Gearing - AIC (gross)                       111%

Yield                                       4.0%



Performance to 31 March 2008:   3mths        1yr     3yrs      5yrs    10yrs

Share price (total              -7.5%     -10.2%    41.9%    122.9%    75.8%
return)
Net asset value (total          -9.1%      -5.1%    44.1%    139.1%    91.7%
return)
FTSE All-Share (total           -9.9%      -7.7%    31.3%     98.7%    41.4%
return)



Geographic breakdown at 31 March 2008      Sector breakdown at 31 March 2008

UK                         71.8%           Financials              24.9%
Europe                     15.2%           Industrials             20.0%
Other Pacific               5.9%           Consumer goods          13.0%
Japan                       3.8%           Oil & gas               10.3%
North America               3.3%           Pooled equity            8.9%
                                           investments
 
OEIC included                              Health care              7.6%
above:
Henderson Asia                             Consumer services        7.3%
Pacific Capital
Growth (Pacific)            5.9%           Telecommunications       3.9%
Henderson Japan                            Utilities                2.6%
Capital Growth
(Japan)                     2.4%           Basic materials          1.1%
                                           Technology               0.4%


Top Ten Holdings (excluding OEICs) at 31 March 2008 as a percentage of the
portfolio

BP                          3.5%
HSBC                        2.9%
Royal Dutch Shell           2.8%
Royal Bank of               2.5%
Scotland
Senior                      2.3%
British American            2.2%
Tobacco
GlaxoSmithKline             2.1%
Vodafone                    1.8%
BG                          1.4%
Bellway                     1.4%


Contacts

Caroline Banszky                           Tim Fullwood
Managing Director                          Chief Financial Officer
Email: [e-mail]       Email: [e-mail]
Tel: [phone]