REG-Law Debenture Corp: Interim Management Statement

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

for the three months ended 31 March 2009 (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 12 months' notice.

Secondly, we are a leading provider of independent fiduciary services. Our
activities are corporate trusts, treasury management, pension trusts, corporate
services (including agent for service of process), structured finance
administration and whistle blowing services. We have offices in London,
Sunderland, New York, Delaware, Hong Kong, the Channel Islands and the Cayman
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 1 March 2009, Mr C. Smith was appointed a director of the Company. On 7
April 2009, Mr R. J. Williams ceased to be a director of the Company. At the
Annual General Meeting of the Company on 7 April 2009 all resolutions were
passed. The final dividend for 2008 of 8.0p was paid on 22 April 2009. During
the three months, the Company has invested £15 million of its cash resources in
corporate bonds with maturities in 3 to 5 years and average yield to maturity
of 6%. 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 11 March 2009

Management fee 0.25%

Performance fee No

Total expense ratio (TER) 0.47%

Trust statistics at 31 March 2009

Gross total assets £269m

NAV per ordinary share (cum income) 196.0p

NAV per ordinary share (ex income) 193.1p

Share price (code LWDB) 202.0p

Premium/(discount) (cum income) 3.1%

Group gearing (net) 107%

Gearing - AIC (gross) 117%

Yield 6.0%

Performance to 31 March 2009 3mths 1yr 3yrs 5yrs 10yrs

Share price (total -38.4% -33.4% -29.8% 12.7% 22.0%
return)

Net asset value -38.1% -33.4% -28.6% 14.6% 22.9%
(total return)

FTSE All-Share (total -36.3% -29.3% -27.5% 7.2% -6.4%
return)

Geographic breakdown at 31 March 2009 Sector breakdown at 31 March 2009

UK 70.4%

Europe 13.9%

Other Pacific 6.3%

Japan 5.3%

North America 4.1%

OEICs
included
above:

Henderson 4.3%
Asia Pacific
Capital
Growth
(Pacific)

Henderson 3.6%
Japan Capital
Growth
(Japan)

Baillie 2.0%
Gifford
Pacific

Industrials 16.3%

Financials 14.9%

Consumer goods 13.3%

Oil & gas 12.1%

Pooled equity 11.4%
investments

Consumer services 10.1%

Health care 9.5%

Utilities 5.3%

Telecommunications 3.8%

Basic materials 3.3%

Top Ten Equity Holdings (excluding OEICs) at 31 March 2009 as a percentage of
the portfolio

BP 4.0%

Royal Dutch 4.0%
Shell

GlaxoSmithKline 3.3%

British 2.2%
American
Tobacco

HSBC 1.8%

Bellway 1.6%

Amlin 1.6%

Vodafone 1.6%

Tesco 1.6%

Applied Materials 1.5%
(USA)

(Corporate bonds include National Grid 6.125% 15/04/14: 2.1% and Imperial
Tobacco 6.875% 13/06/12: 1.7%)

Contacts

Caroline Banszky Tim Fullwood

Managing Director Chief Financial Officer

Email: Email:
caroline.banszky@lawdeb.co.uk tim.fullwood@lawdeb.co.uk

Tel: +44 (0)207 606 5451

END