Final Results - Year Ended 31 December 1999

Law Debenture Corp PLC
23 February 2000


The Law Debenture Corporation plc
Preliminary announcement of group results 
for the year ended 31 December 1999 (unaudited)

The directors recommend a final dividend of 20.50p on the ordinary 
shares for the year ended 31 December 1999; this, together with the
interim dividend of 12.50p paid in September 1999, makes a total of
33.00p (1998: 31.00p) for the year, an increase of 6.5% compared 
with 1998.

Consolidated statement of total return
(incorporating the revenue account)

                          Year to 31 December 1999  Year to 31 December 1998
                          Revenue  Capital   Total  Revenue   Capital   Total

                           £000     £000     £000    £000      £000      £000

Total capital gains from
investments...                -   36,396   36,396       -    15,631    15,631

Income from investments and 
deposits...               9,673        -    9,673   8,681         -     8,681

Trustee and other 
fees...                   9,120        -    9,120   8,052         -     8,052

Underwriting commission 
and other income...          33        -       33      44         -        44

Gross revenue and capital
gains...                 18,826   36,396   55,222  16,777    15,631    32,408

Administrative
expenses...              (7,521)       -   (7,521) (6,292)        -    (6,292)

Return, including profit 
on ordinary activities 
before interest payable and 
taxation...              11,305   36,396   47,701  10,485    15,631    26,116

Interest
payable...                 (793)       -     (793)   (522)        -      (522)

Return, including profit 
on ordinary activities 
before taxation...       10,512   36,396   46,908   9,963    15,631    25,594


Taxation...              (1,512)       -   (1,512) (1,389)        -    (1,389)

Return, including profit 
on ordinary activities after 
taxation...               9,000   36,396   45,396   8,574    15,361    24,205

Dividends on preference 
shares...                   (17)       -      (17)    (13)        -       (13)

Return, including profit 
attributable to ordinary 
shareholders...           8,983   36,396   45,379   8,561    15,631    24,192

Dividends on ordinary 
shares...                (7,701)       -   (7,701) (7,231)        -    (7,231)

Transfer to 
reserves...               1,282   36,396   37,678   1,330    15,631    16,961

Return per ordinary share  
(pence)...               38.50p  156.01p   194.51p  36.74p   67.07p    103.81p

Diluted return per 
ordinary share
(pence)                  37.65p  153.46p   191.11p  36.66p   66.93p    103.59p

The revenue columns of this statement represent the revenue accounts 
of the Group.



Net asset value
Based on the group balance sheet as at 31 December 1999 and valuing
quoted investments at middle market prices and unquoted investments
at directors' valuations, the net asset value of each ordinary share
was 1,232.4p (1998: 1,071.1p) an increase of 15.1% compared with
31 December 1998.


Dividends                                                      1999    1998
                                                               £000    £000

5.5% (1998: 3.85%) cumulative preference shares of £1 each       17      13
Ordinary shares:
Interim of 12.50p (1998: 11.75p)                              2,917   2,741
Proposed final of 20.50p (1998: 19.25p)                       4,784   4,490
Total 33.00p (1998: 31.00p)                                   7,701   7,231


Geographical distribution of the portfolio
The geographical distribution of the portfolio of investments at 
31 December 1999 (excluding bank deposits) was as follows:-

                           1999     1998
                              %        %
UK                         64.6     67.5
USA                         8.5     13.7
Europe                     17.1     12.5
Pacific                     9.8      6.3
                          100.0    100.0

Chairman

The Chairman, John Kennedy, having reached 65, has indicated he will retire at
the conclusion of the Annual General Meeting.  The Board has elected Douglas
McDougall as his successor.

Prospects

We remain committed to the maintenance of a quality portfolio which will add
value in the long term.  The funds raised last year by the long term borrowing
are available for further equity investment when suitable opportunities arise.

The trustee services business enjoyed a record year in terms of income, profits
and new business generation. We believe that our ability to provide professional
independent trustee services is unmatched and that the opportunities exist for
continued expansion.

Subject to the recommended final dividend of 20.50p per ordinary share being
approved at the Annual General Meeting to be held at Draper's Hall, Throgmorton
Avenue, London EC2N 2DQ on Tuesday 28 March 2000, dividend warrants will be
posted on 4 April 2000 to ordinary shareholders on the register on 10 March
2000.

By order of the board 23 February 2000
Peter Skeggs
Secretary

Copies of this announcement are available from the Corporation's 
Registered Office
Princes House
95 Gresham Street
London 
EC2V 7LY
Tel: [phone]
Fax: [phone]