Interim Management Statement

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

     for the nine months ended 30 September 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 and structured finance
administration, pension trusts, corporate services (including agent for service
of process) 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 2009 of 4.2p was paid on 9 September 2009. 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 August 2009

Management fee                           0.25%

Performance fee                             No

Total expense ratio (TER)                0.39%



Trust statistics at 30 September 2009

Gross total assets                       £367m

NAV per ordinary share (cum income)     279.7p

NAV per ordinary share (ex income)      275.0p

Share price (code LWDB)                 275.5p

Premium/(discount) (cum income)          -1.5%

Group gearing (net)                       108%

Gearing - AIC (gross)                     112%

Yield                                     4.4%



Performance to 30 September 2009       9mths    1yr   3yrs   5yrs   10yrs

Share price (total                     30.1%   6.7%  -2.6%  50.7%   76.3%
return)                                                 
                                                        
Net asset value                        33.1%  16.2%   3.2%  58.7%   80.1%
(total return)                                          
                                                        
FTSE All-Share (total                  23.4%  10.8%  -3.4%  38.4%   28.5%
return)                                                 



Geographic breakdown at 30 September 2009   Sector breakdown at 30 September 2009

UK            71.4%                         Financials          19.6%  
                         
Europe        11.5%                         Industrials         17.7%   
                         
Other Pacific  7.5%                         Consumer goods      13.7%    
                         
North America  4.9%                         Pooled equity       11.2%
                                            investments              
                        
Japan          4.7%                         Oil & gas           10.0%
                         
OEICs                                       Consumer services    9.5%       
included                 
above:                                      Health care          8.0%
                         
Henderson      3.0%                         Utilities            4.0%
Japan Capital            
Growth                                      Basic materials      3.4%
(Japan)                  
                                            Telecommunications   2.9%
Henderson      2.7%      
Asia Pacific             
Capital                  
Growth                   
(Pacific)                
                         
Baillie        2.0%      
Gifford                  
Pacific                  
                         
First State    1.8%      
Asia Pacific             
                         
                         

Top Ten Equity Holdings (excluding OEICs) at 30 September 2009 as a percentage
of the portfolio

HSBC            3.3%                        Senior               1.6% 
                         
BP              3.3%                        Hill & Smith         1.5% 
                         
Royal Dutch     3.2%                        Vodafone             1.5%
Shell                    
                         
GlaxoSmithKline 3.1%                        Bellway              1.4%
                         
British         1.9%                        Tesco                1.3%
American Tobacco                  
                         


(Corporate bonds include National Grid 6.125% 15/04/14: 1.6% and Imperial
Tobacco 6.875% 13/06/12: 1.3%)

Contacts

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