Interim Management Statement

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

       for the three months ended 31 March 2014 (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, agency solutions, pension trusts, corporate
services (including agent for service of process) whistle blowing services and
governance 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 Corporation on 9 April 2014 all
resolutions were passed. The final dividend for 2013 of 10.5p was paid on 17
April 2014. 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                   19 March 2014

Management fee (based on NAV)              0.30%

Performance fee                               No

Ongoing charges                            0.45%

Trust statistics at 31 March 2014

Gross total assets                         £635m

NAV per ordinary share (cum income)       483.1p

NAV per ordinary share (ex income)        479.3p

Share price (code LWDB)                   527.5p

Premium/(discount) (cum income)             9.2%

NAV (debt at fair value)

NAV per ordinary share (cum income)      477.2p

NAV per ordinary share (ex income)       473.4p

Group gearing - AIC (net)                    4%

Group gearing - excluding                    6%

fixed interest (net)

Yield                                      2.8%


Performance to 31 March 2014   3mths    1yr     3yrs   5yrs    10yrs

Share price (total return)      1.7%    16.9%   68.6%  211.9%  251.3%
                                                           
                                                                  
Net asset value (total return)  2.2%    17.1%   53.3%  193.1%  243.0%
                                                           
                                                                  
FTSE All-Share (total return)  -0.6%     8.8%   28.8%  113.3%  128.7%
                                                           

Geographic breakdown at 31 March 2014 

UK                   76.4%
                          
North America         8.9%
                          
Europe                6.6%
                          
Other Pacific         5.5%
                          
Japan                 2.6%
                          
OEICs included            
above:                    
                          
Henderson Japan       2.2%
Capital Growth            
                          
Henderson Asia        2.1%
Pacific Capital           
Growth                    
                          
Baillie Gifford       1.9%
Pacific                   
                          
First State Asia      1.6%
Pacific                   

Sector breakdown at 31 March 2014                          

Industrials          25.0%
                              
Financials           12.5%
                              
Consumer Goods       11.1%
                              
Oil & Gas            10.6%
                              
Pooled Equity        10.1%
Investments                   
                              
Health Care           9.2%
                              
Consumer Services     8.7%
                              
Basic Materials       7.1%
                              
Utilities             2.9%
                              
Technology            2.4%
                              
Telecommunications    0.4%
                              

Top Ten Equity Holdings (excluding OEICs and Gilts) at 31 March 2014 as a
percentage of the portfolio

Senior                2.9%
                          
GKN                   2.9%
                          
BP                    2.8%
                          
Rio Tinto             2.4%
                          
Royal Dutch Shell     2.3%

GlaxoSmithKline       2.0%
                              
Amlin                 2.0%
                              
HSBC                  1.9%
                              
Smith (DS)            1.6%
                              
AstraZeneca           1.6%

Contacts

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