Interim Management Statement

The Law Debenture Corporation p.l.c. Interim Management Statement       

     for the nine months ended 30 September 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 provider of independent fiduciary services. Our
activities are corporate trusts, treasury management, pension trusts, corporate
services (including agent for service of process), structured finance
administration and whistle blowing services. 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

The interim dividend for 2008 of 4.2p was paid on 10 September 2008. The impact
of the market instability in recent times is reflected in the performance
figures below. 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                    06 August 2008

Management fee                               0.25%

Performance fee                                 No

Total expense ratio (TER)                    0.47%


Trust statistics at 30 September 2008

Gross total asset                            £341m

NAV per ordinary share (cum income)         257.2p

NAV per ordinary share (ex income)          250.5p

Share price (code LWDB)                     272.5p

Premium/discount (cum income)                 5.9%

Group gearing (net)                           111%

Gearing - AIC (gross)                         113%

Yield                                         4.7%


Performance to 30 September 2008:  9mths    1yr   3yrs   5yrs  10yrs

Share price (total return)        -20.1% -22.4%   7.7%  50.5%  89.5%
                                                        
Net asset value (total return)    -22.8% -23.6%   5.0%  56.6%  90.2%
                                                        
FTSE All-Share (total return)     -22.0% -22.3%   0.0%  44.5%  43.3%
                                               

Geographic breakdown at 30 September 2008      Sector breakdown at 30 September 2008

UK                          72.8%              Financials              24.8%
                         
Europe                      12.9%              Industrials             18.2%   
                         
Other Pacific                5.8%              Consumer goods          12.4%
                         
Japan                        4.5%              Oil & gas               10.3% 
                         
North America                4.0%              Health care              9.6%
                         
OEIC included                                  Pooled equity            9.4%
above:                                         investments
                         
Henderson Asia Pacific       5.8%              Consumer services        7.5%
Capital Growth (Pacific)                
                                               Telecommunications       3.4%
Henderson Japan Capital      2.9%      
Growth (Japan)                                 Utilities                2.5%       
                         
                                               Basic materials          1.4%
                         
                                               Technology               0.5%


Top Ten Holdings (excluding OEICs) at 30 September 2008 as a percentage of the
portfolio

HSBC                        3.90%
                       
BP                          3.40%
                       
Royal Dutch Shell           3.30%
                       
GlaxoSmithKline             2.90%
                        
Royal Bank of Scotland      2.70%
                       
Senior                      2.50%
                       
British American Tobacco    2.20%
                       
Barclays                    1.90%
                       
AstraZeneca                 1.50%
                       
Tesco                       1.40%

Contacts

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