Interim Results

Law Debenture Corp PLC
26 July 2000


PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 2000 (unaudited)

The directors recommend an interim dividend of 13.00p on the ordinary shares
for the six months to 30 June 2000.  The unaudited results for the period 
were as follows:-

Group Statement of total return
For the six months to 30 June 2000 (unaudited)

                                  Six months to                 Six months to 
                                   30 June 2000                  30 June 1999

                       Revenue  Capital   Total         Revenue Capital   Total
                        £'000     £'000   £'000           £'000   £'000   £'000
                       ______    ______  ______          ______  ______  ______
Total capital gains 
from investments          -       5,551   5,551              -   24,030  24,030
                       ______   _______   _______        ______  ______  ______

Franked dividends       3,056      -       3,056          2,762      -    2,762
Foreign income dividends    -      -           -            116      -      116
Special dividends          19      -          19            472      -      472
                       ______   _______   ______         ______  ______  ______
      Total UK          3,075      -       3,075          3,350      -    3,350

Overseas dividends      1,368      -       1,368          1,293      -    1,293
                        ______   ______   ______         ______          ______
      Total              4,443     -       4,443          4,643      -    4,643

Unfranked deposit 
interest                 1,330     -       1,330            451      -      451
Trustee and other fees   4,666     -       4,666          4,308      -    4,308
Other income                26     -          26             13      -       13
                         _____   ______   ______         ______  ______  ______
Gross revenue and
        capital gains   10,465    5,551   16,016          9,415  24,030  33,445

Administration expenses (3,950)    -     (3,950)        (3,585)      -  (3,585)
Interest payable        (1,250)    -     (1,250)          (153)      -    (153)
                        ______    _____  _______         ______  ______ ______

Return, including profit
on ordinary activities 
before taxation          5,265    5,551   10,816           5,677 24,030  29,707
Taxation                 (716)      -      (716)           (722)     -    (722)
                        ______   ______    _____         ______  ______  ______

Return, including 
profit on ordinary
activities after 
taxation                 4,549    5,551   10,100          4,955  24,030  28,985
Preference dividends                                        (7)       -     (7)
                         ______  ______   ______         ______   ______ ______

Return, including profit attributable
to ordinary shareholders  4,549   5,551   10,100          4,948  24,030  28,978
Dividends on 
  ordinary shares       (3,032)       -  (3,032)        (2,917)       - (2,917)
                        ______    ______ ______          ______  ______ ______
Transfer to reserves     1,517    5,551   7,068          2,031   24,030 26,061
                        ______   ______   _____          ______  ______ ______

Return per 
ordinary share 
                         19.5p    23.8p   43.3p          21.2p   103.0p 124.2p



Net Asset Value

Based on the group balance sheet as at 30 June 2000, and valuing quoted
investments at mid-market prices and unquoted investments at directors'
valuations, the net asset value of each ordinary share was 1,262.6p 
(31 December 1999: 1,232.4p) an increase of 2.5%.


Analysis of the Investment Portfolio (excluding cash)

By Geographical Location

                Valuation   Purchases   Sales    Appreciation/    Valuation
                31 Dec 1999            Proceeds  (Depreciation)   30 June 2000
                   £000         £000       £000           £000      £000      %

United Kingdom    185,006     29,265    (16,241)         1,425    199,455  64.0

North America      24,123     32,147    (26,914)         3,758     33,114  10.6

Europe             48,944      3,886     (2,718)         4,548     54,660  17.6

Pacific            28,035        344          -        (4,031)     24,348   7.8

                  286,108     65,642    (45,873)         5,700    311,577 100.0


By sector                   As at             As at
                      30 June 2000        31 Dec 1999
                              %                  %

Resources                    11.0               11.6
Basic industries              4.9                6.1
General industrials          10.6               11.6
Cyclical consumer goods       1.0                1.0
Non-cyclical consumer goods  15.0               11.0
Cyclical services            15.1               15.9
Non-cyclical services        10.2               12.5
Utilities                     3.8                3.3
Information technology        3.2                1.3
Financials                   25.2               25.7

                            100.0              100.0


The interim dividend will be paid on 11 September 2000 to ordinary shareholders
on the share register at 11 August 2000.

By order of the board                                              25 July 2000


Peter Skeggs
Secretary