Interim Management Statement

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

       for the three months ended 31 March 2009 (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

On 1 March 2009, Mr C. Smith was appointed a director of the Company. On 7
April 2009, Mr R. J. Williams ceased to be a director of the Company. At the
Annual General Meeting of the Company on 7 April 2009 all resolutions were
passed. The final dividend for 2008 of 8.0p was paid on 22 April 2009. During
the three months, the Company has invested £15 million of its cash resources in
corporate bonds with maturities in 3 to 5 years and average yield to maturity
of 6%. 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 11 March 2009

Management fee 0.25%

Performance fee No

Total expense ratio (TER) 0.47%

Trust statistics at 31 March 2009

Gross total assets £269m

NAV per ordinary share (cum income) 196.0p

NAV per ordinary share (ex income) 193.1p

Share price (code LWDB) 202.0p

Premium/(discount) (cum income) 3.1%

Group gearing (net) 107%

Gearing - AIC (gross) 117%

Yield 6.0%

Performance to 31 March 2009 3mths 1yr 3yrs 5yrs 10yrs

Share price (total      -38.4% -33.4% -29.8% 12.7% 22.0%
return)                                                 
                                                        
Net asset value         -38.1% -33.4% -28.6% 14.6% 22.9%
(total return)                                          
                                                        
FTSE All-Share (total   -36.3% -29.3% -27.5%  7.2% -6.4%
return)                                                 

Geographic breakdown at 31 March 2009 Sector breakdown at 31 March 2009

UK                 70.4%      
                         
Europe             13.9%      
                         
Other Pacific       6.3%      
                         
Japan               5.3%      
                         
North America       4.1%      
                         
OEICs                    
included                 
above:                   
                         
Henderson           4.3%      
Asia Pacific             
Capital                  
Growth                   
(Pacific)                
                         
Henderson           3.6%      
Japan Capital            
Growth                   
(Japan)                  
                         
Baillie             2.0%      
Gifford                  
Pacific                  
                         
Industrials         16.3%
                         
Financials          14.9%
                         
Consumer goods      13.3%
                         
Oil & gas           12.1%
                         
Pooled equity       11.4%
investments              
                         
Consumer services   10.1%
                         
Health care          9.5%
                         
Utilities            5.3%
                         
Telecommunications   3.8%
                         
Basic materials      3.3%
                         

Top Ten Equity Holdings (excluding OEICs) at 31 March 2009 as a percentage of
the portfolio

BP                   4.0%     
                         
Royal Dutch          4.0%     
Shell                    
                         
GlaxoSmithKline      3.3%     
                         
British              2.2%     
American                 
Tobacco                  
                         
HSBC                 1.8%     
                         
Bellway              1.6%
                         
Amlin                1.6%
                         
Vodafone             1.6%
                         
Tesco                1.6%
                         
Applied Materials    1.5%
(USA)                    

(Corporate bonds include National Grid 6.125% 15/04/14: 2.1% and Imperial
Tobacco 6.875% 13/06/12: 1.7%)

Contacts

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