Interim Management Statement

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

     for the nine months ended 30 September 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

On 23 July 2013 the Corporation replaced a $50 million guarantee provided by a
subsidiary company to the group's US trust company with capital raised through
a bank facility. Details were provided in the half yearly management report.

The interim dividend for 2013 of 4.5p was paid on 12 September 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                  14 August 2013

Management fee (based on NAV)              0.30%

Performance fee                               No

Ongoing charges                            0.45%


Trust statistics at 30 September 2013

Gross total assets                        £596m

NAV per ordinary share (cum income)      449.8p

NAV per ordinary share (ex income)       442.6p

Share price (code LWDB)                  497.6p

Premium/(discount) (cum income)           10.6%

NAV (debt at fair value)

NAV per ordinary share (cum income)      444.4p

NAV per ordinary share (ex income)       437.2p

Group gearing - AIC (net)                    5%

Group gearing - excluding                    1%

fixed interest (net)

Yield                                      2.9%

Performance to 30 September 2013   9mths      1yr    3yrs    5yrs   10yrs

Share price (total                 20.7%    28.7%   74.2%   122.3%  234.5%
return)                                                           
                                                                  
Net asset value (total             19.8%    24.9%   57.3%   111.8%  239.9%
return)                                                           
                                                                  
FTSE All-Share (total         14.6%    18.9%   33.4%  66.2% 140.2%
return)                                                           


Geographic breakdown at 30 September 2013 

UK                   72.3%
                          
North America         7.5%
                          
Europe                7.1%
                          
Other Pacific         5.8%
                          
UK Gilts              4.3%
                          
Japan                 3.0%
                          
OEICs included            
above:                    
                          
Henderson Japan       2.6%
Capital Growth            
                          
Henderson Asia        2.2%
Pacific Capital           
Growth                    
                          
Baillie Gifford       1.9%
Pacific                   
                          
First State Asia      1.7%
Pacific                   


Sector breakdown at 30 September 2013

Industrials              24.4%
                              
Financials               12.6%
                              
Consumer Goods           10.3%
                              
Pooled Equity            10.3%
Investments                   
                              
Oil & Gas                 9.3%
                              
Consumer Services         8.4%
                              
Health Care               8.0%
                              
Basic Materials           6.2%
                              
UK Gilts                  4.3%
                              
Utilities                 3.2%
                              
Technology                2.5%
                              
Telecommunications        0.5%

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


Top Ten Equity Holdings (excluding OEICs and Gilts) at 30 September 2013 as a
percentage of the portfolio

Senior                2.8%
                          
GKN                   2.8%
                          
BP                    2.3%
                          
GlaxoSmithKline       2.1%
                          
Royal Dutch Shell     1.9%


HSBC                  1.8%
                              
Amlin                 1.8%
                              
Rio Tinto             1.8%
                              
Smith (DS)            1.7%
                              
Interserve            1.6%

Contacts

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