Interim Results

Law Debenture Corp PLC
25 July 2001


PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 2001 (unaudited)

The directors recommend an interim dividend of 13.3p on the ordinary shares for
the six months to 30 June 2001.  The unaudited results for the period 
were as follows:-

Group Statement of total return
For the six months to 30 June 2001 (unaudited)


                                 Six months to                  Six months to 
                                 30 June 2001                   30 June 2000

                       Revenue  Capital Total           Revenue  Capital Total
                        £'000   £'000   £'000           £'000   £'000   £'000
                       ______   ______  ______          ______  ______  ______
Total capital gains/(losses) 
from investments          -     (9,763)  (9,763)           -     5,551   5,551
                       ______   ______  _______         ______   _____  _______

UK dividends            3,758     -        3,758         3,056      -     3,056
Special dividends          -      -           -             19      -        19
Overseas dividends      1,123     -        1,123         1,368      -     1,368
Interest from securities   96     -           96            -                -
                        ______   ______   ______        ______   ______  _______
      Total             4,977     -        4,977         4,443      -     4,443

Bank deposit interest     470     -          470         1,330      -     1,330
Trustee and other fees  5,156     -        5,156         4,666      -     4,666
Other income               28     -           28            26      -        26
                        ______   ______   ______         ______          ______
Gross revenue and 
capital gains/(losses)  10,631    (9,763)     868        10,465    5,551  16,016
Administrative
     Expenses          (5,011)    -       (5,011)       (3,950)     -    (3,950)
Interest payable       (1,235)    -       (1,235)       (1,250)     -    (1,250)
                        ______   ______   ______         ______          ______

Return, including profit
  on ordinary activities
   before taxation      4,385    (9,763)  (5,378)        5,265    5,551  10,816
Taxation                 (231)    -         (231)         (716)      -     (716)
Return, including profit
  on ordinary activities
  after taxation        4,154    (9,763)  (5,609)        4,549    5,551  10,100
                        ______   ______   ______        ______           ______
Dividends               (3,105)     -     (3,105)       (3,032)       -  (3,032)
                        ______   ______   ______        ______   ______  ______
Transfer to reserves     1,049   (9,763)  (8,714)        1,517    5,551   7,068
                        ______   ______   ______        ______   ______  ______
Return per ordinary share  17.8p  (41.8)p  (24.0)p        19.5p   23.8p   43.3p


Net Asset Value

Based on the group balance sheet as at 30 June 2001 and valuing quoted
investments at mid-market prices and unquoted investments at directors'
valuations, the net asset value of each ordinary share was
1,225.2p (31 December 2000: 1,262.6p) a decrease of 3.0%.

Analysis of the Investment Portfolio (excluding cash)



By Geographical Location

                Valuation   Purchases   Sales   Appreciation/     Valuation
                31 Dec 2000            Proceeds  (Depreciation)   30 June 2001
                   £000         £000       £000           £000      £000      %

United Kingdom    210,691     17,656     (14,354)       (1,770)   212,223   66.2

North America      31,376      4,158      (3,403)       (1,372)    30,759    9.6

Europe             56,623      7,397      (1,990)       (6,939)    55,091   17.2

Japan              10,474         -          -           1,292     11,766    3.7

Pacific            12,097         -         (452)       (1,002)    10,643    3.3


                  321,261     29,211      (20,199)      (9,791)   320,482  100.0



By sector                   As at             As at
                      30 June 2001        31 Dec 2000
                              %                  %

Resources                    11.7               10.3
Basic industries              5.2                4.8
General industrials           6.7                7.3
Cyclical consumer goods       0.4                0.4
Non-cyclical consumer goods  16.5               16.2
Cyclical services            17.1               14.4
Non-cyclical services         6.1                8.5
Utilities                     3.8                4.2
Information technology        1.8                2.7
Financials                   30.7               31.2

                            100.0              100.0




The interim dividend will be paid on 11 September 2001 to ordinary shareholders
on the share register at 10 August 2001.


By order of the board                                              24 July 2001


Law Debenture Corporate Services
Secretary