Interim Management Statement

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

       for the three months ended 31 March 2013 (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 6 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) board effectiveness and whistle blowing services. We have offices
in London, Sunderland, New York, Delaware, Hong Kong and the Channel 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 10 April 2013 all resolutions
were passed. The final dividend for 2012 of 9.75p was paid on 18 April 2013.
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 20 March 2013

Management fee (based on NAV) 0.30%

Performance fee No

Ongoing charges 0.47%

Trust statistics at 31 March 2013

Gross total assets £542m

NAV per ordinary share (cum income) 427.8p

NAV per ordinary share (ex income) 424.1p

Share price (code LWDB) 464.5p

Premium/(discount) (cum income) 8.6%

NAV (debt at fair value)

NAV per ordinary share (cum income) 421.0p

NAV per ordinary share (ex income) 417.3p

Group gearing - AIC (net) 5%

Group gearing - excluding 0%

fixed interest (net)

Yield 3.1%

Performance to 31 March 2013 3mths 1yr 3yrs 5yrs 10yrs

Share price (total      11.6%  27.9%  70.5% 77.6% 295.8%
return)                                                 
                                                        
Net asset value         12.3%  21.6%  52.2% 70.7% 308.1%
(total return)                                          
                                                        
FTSE All-Share (total   10.3%  16.8%  28.7% 38.5% 175.3%
return)                                                 

Geographic breakdown at 31 March 2013 Sector breakdown at 31 March 2013

UK               69.3%
                      
Europe            8.1%
                      
North America     6.9%
                      
Other Pacific     6.4%
                      
UK Gilts          6.3%
                      
Japan             3.0%
                      
OEICs included        
above:                
                      
Henderson Japan   2.6%
Capital Growth        
                      
Henderson Asia    2.4%
Pacific Capital       
Growth                
                      
Baillie Gifford   2.1%
Pacific               
                      
First State Asia  1.9%
Pacific               

Industrials         23.1%
                         
Financials          12.1%
                         
Consumer Goods      10.3%
                         
Pooled Equity        9.9%
Investments              
                         
Oil & Gas            9.5%
                         
Health Care          7.7%
                         
Consumer Services    7.1%
                         
UK Gilts             6.3%
                         
Basic Materials      4.9%
                         
Utilities            4.2%
                         
Technology           2.9%
                         
Telecommunications   2.0%

The UK Gilts holding is less than 5 years to maturity.

Top Ten Equity Holdings (excluding OEICs and Gilts) at 31 March 2013 as a
percentage of the portfolio

Senior            3.3%
                      
BP                2.5%
                      
GKN               2.3%
                      
GlaxoSmithKline   2.1%
                      
Royal Dutch       2.0%
Shell                 

Amlin                1.9%
                         
HSBC                 1.7%
                         
Interserve           1.5%
                         
Diageo               1.5%
                         
Smith (DS)           1.5%

Contacts

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