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: caroline.banszky@lawdeb.co.uk tim.fullwood@lawdeb.co.uk Tel: +44 (0)207 606 5451
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