Interim Results

THE LAW DEBENTURE CORPORATION PLC
28 July 1999


PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 1999 (unaudited)

The directors recommend an interim dividend of 12.50p on the ordinary shares
for the six months to 30 June 1999.  The unaudited results for the period
were as follows:-

Group Statement of total return
For the six months to 30 June 1999 (unaudited)

                                  Six months to                    Six months to
                                   30 June 1999                    30 June 1998

                       Revenue  Capital Total           Revenue  Capital Total
                        £'000   £'000   £'000           £'000   £'000   £'000
                                            
Total capital gains
from investments           -    24,030  24,030             -    23,235   23,235
                                         
Franked dividends          2,997      -     2,997        1,973      -     1,973
Foreign income dividends     116      -       116        1,003      -     1,003
Special dividends            590      -       590          553      -       553
                                           
      Total UK             3,703      -     3,703        3,529      -     3,529
Overseas dividends         1,293      -     1,293        1,202      -     1,202
                                                 
      Total                4,996      -     4,996        4,731      -     4,731
Unfranked deposit interest   451      -       451          582      -       582
Trustee and other fees     4,308            4,308        4,083      -     4,083
Other income                  13      -        13           30      -        30
                                            
Gross revenue and
        capital gains    9,768    24,030   33,798       9,426    23,235  32,661

Administration expenses (3,585)       -    (3,585)     (3,277)     -     (3,277)
Interest payable          (153)       -      (153)       (263)     -       (263)
                                              
Return, including profit
on ordinary activities
before taxation           6,030    24,030   30,060       5,886    23,235  29,121
Taxation                 (1,075)     -      (1,075)     (1,228)     -    (1,228)
                                             
Return, including
profit on ordinary
activities after taxation  4,955   24,030   28,985       4,658   23,235   27,893

Preference dividends         (7)    -        (7)             (7)      -      (7)

Return, including profit 
attributable to ordinary
shareholders               4,948   24,030  28,978     4,651    23,235   27,886
Dividends on
  ordinary shares         (2,917)      -   (2,917)   (2,738)    -       (2,738)
                                            
Transfer to reserves       2,031   24,030  26,061     1,913    23,235   25,148
                                             
Return per
ordinary share
                            21.2p   103.0p   124.2p    20.0p     99.7p   119.7p

Net Asset Value

Based on the group balance sheet as at 30 June 1999, and valuing quoted
investments at mid-market prices and unquoted investments at directors'
valuations, the net asset value of each ordinary share was
1,182.6p (31 December 1998: 1,071.1p) an increase of 10.4%.

Analysis of the Investment Portfolio (excluding cash)

By Geographical Location

                Valuation   Purchases   Sales   Appreciation/     Valuation
                31 Dec 1998            Proceeds  (Depreciation)   30 June 1999
                   £000         £000       £000           £000      £000      %

United Kingdom    165,831     18,392     (17,823)       13,009    179,409   66.4

North America      33,560      7,728      (7,493)        4,072     37,867   14.0

Europe             30,544        370        (133)        1,491     32,272   12.0

Japan & Far East   12,430      1,217      (1,200)        4,111     16,558    6.1

Australia           2,983        282           -           808      4,073    1.5

                  245,348     27,989      (26,649)      23,491    270,179  100.0

By sector                   As at             As at
                      30 June 1999        31 Dec 1998
                              %                  %

Resources                    12.3                 8.8
Basic industries              7.9                 7.7
General industrials           9.9                 9.5
Cyclical consumer goods       1.3                 1.2
Non-cyclical consumer goods  13.6                14.9
Cyclical services            15.4                16.0
Non-cyclical services         7.7                 7.5
Utilities                     4.1                 4.6
Financials                   27.8                29.8

                             100.0              100.0

The interim dividend will be paid on 14 September 1999 to ordinary shareholders
on the share register at 13 August 1999.

By order of the board                                              28 July 1999

Peter Skeggs
Secretary