Interim Management Statement

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

       for the three months ended 31 March 2012 (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 24 April 2012 all resolutions
were passed. The final dividend for 2011 of 9.0p was paid on 27 April 2012.
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 28 March 2012

Management fee (based on NAV) 0.30%

Performance fee No

Total expense ratio (TER) 0.49%

Trust statistics at 31 March 2012

Gross total assets £461m

NAV per ordinary share (cum income) 358.5p

NAV per ordinary share (ex income) 355.1p

Share price (code LWDB) 374.9p

Premium/(discount) (cum income) 4.6%

Group gearing - AIC (net) 107%

Group gearing - excluding 100%

fixed interest (net)

Yield 3.7%

Performance to 31 March 2012 3mths 1yr 3yrs 5yrs 10yrs

Share price (total      15.1%  12.7% 108.5% 24.7% 112.6%
return)                                                 
                                                        
Net asset value         10.5%   7.7% 105.9% 30.9% 124.1%
(total return)                                          
                                                        
FTSE All-Share (total    6.1%   1.4%  67.9%  9.5%  65.5%
return)                                                 

Geographic breakdown at 31 March 2012 Sector breakdown at 31 March 2012

UK            64.6%      
                         
UK Gilts       9.4%      
                         
North America  7.9%      
                         
Other Pacific  7.7%      
                         
Europe         7.4%      
                         
Japan          3.0%      
                         
OEICs                    
included                 
above:                   
                         
Henderson      2.6%      
Japan Capital            
Growth                   
                         
Henderson      2.4%      
Asia Pacific             
Capital                  
Growth                   
                         
Baillie        2.0%      
Gifford                  
Pacific                  
                         
First State    1.8%      
Asia Pacific             
                         
Industrials         22.8%
                         
Pooled Equity       11.2%
Investments              
                         
Financials          10.9%
                         
Consumer Goods      10.6%
                         
Oil & Gas            9.5%
                         
UK Gilts             9.4%
                         
Health Care          7.5%
                         
Consumer Services    5.6%
                         
Utilities            4.3%
                         
Basic Materials      3.9%
                         
Technology           2.4%
                         
Telecommunications   1.9%

The UK Gilts holdings are all less than 5 years to maturity.

Top Ten Equity Holdings (excluding OEICs and Gilts) at 31 March 2012 as a
percentage of the portfolio

Senior          3.4%     
                         
BP              2.6%     
                         
Royal Dutch     2.4%     
Shell                    
                         
GlaxoSmithKline 2.2%     
                         
GKN             2.0%     
                         
IP Group             1.8%
                         
Smith (DS)           1.7%
                         
Rio Tinto            1.7%
                         
Amlin                1.6%
                         
HSBC                 1.5%

Contacts

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