Annual Results th April 2012

Caroline Banszky The Managing Director Tim Fullwood Chief Financial Officer The Law Debenture Corporation p.l.c. James Henderson Investment Manager Henderson Global Investors 1

Change % Pence Investment trust Independent fiduciary services Total revenue earnings per share Dividends per share Revenue earning per share 2

% Share price total return (1)(2.9)30.5 NAV total return (1)(1.6)24.8 FT-SE All share total return(3.5)14.5 (1) Source AIC, including reinvestment of dividends Cost of running investment trust0.43 Financial Performance 3

5 years10 years % NAV total return (1) FTSE Actuaries All-share index total return( 1) Share price total return (1) Change in retail price index (1) (1) Source AIC The performance data contained above has been compiled in accordance with AIC recommendations. Total returns assume the reinvestment of dividends. Long Term Performance 4

Change £000 % Revenue UK dividends11,78310, Overseas dividends1,8191, Interest from securities Other ,20212,536 Expenses(1,915)(1,679) 12,28710,857 Interest Debenture interest(2,450) Inter-company interest(116)(115) 9,7218,292 Tax-- Total9,7218, Investment trust 5

6 Investment portfolio Aim to achieve a better return than the FTSE All Share. Stock picking valuation based approach. Overseas holdings bring exposure to opportunities that cannot be found in the UK. The equity portfolio is expected to provide good dividend growth over time.

7 UK portfolio Size breakdown at Total 29Remaining stocks 1234Next 250 stocks 2827Next 80 stocks 5830Top 20 stocks Index % Law Debenture % Size biases

8 Source: AIC, including reinvestment of dividends NAV performance in discrete years

% UK72 Europe8 USA9 Japan3 Far East8 Total100 Equity Gearing0 Total Gearing7 Investment portfolio Asset breakdown as at 30 March 2012

10 UK portfolio Sector breakdown of direct equity holdings at: 30 March 2012 Size Biases Law Debenture % Industrials29 Financials17 Consumer Goods14 Oil & Gas10 Consumer Services9 Health Care7 Basic Materials6 Utilities4 Telecommunications3 Technology1

11 UK portfolio (cont’d) Ten largest holdings at: 30 March Senior3.4% 2BP2.6% 3Royal Dutch Shell2.4% 4GlaxoSmithKline2.2% 5GKN2.0% 6IP Group1.8% 7Smith (DS)1.7% 8Rio Tinto1.7% 9Amlin1.6% 10HSBC1.5%

12 10 Major contributors to performance for 2011

13 10 Major detractors to performance for 2011

14 Source:Datastream as at 06/03/12

15 Portfolio analysis of UK holdings below £1bn market cap Public vs private sales Public13 Private87 Geographical sales analysis UK46 USA19 Europe18 Rest of world17 Source:Estimated by Henderson Global Investors as at 31 January 2012

16 Investment outlook Substantial cash generation by corporates. Balance sheets generally strong. Earnings upgrades coming through. Dividend growth from underlying holdings expected to grow at over 10% Tension between macro economic worries and micro economic performance.

17 UK equities price/earnings (PE) ratio The chart above illustrates the view that, overall, equity valuations are still moderately priced by historical standards. Source:Datastream, FTSE All-Share Index (using 12 month forward earnings)

18 The starting valuation is what matters… Source:Oriel Securities

19 Dividend yield Source:Henderson Global Investors, Datastream, at 30 November 2011

20 Independent fiduciary services

Small improvement in markets, but still not back to pre 2008 levels Cost base still being controlled. Effective tax rate 18.9% (2010:18.8%).Demonstrates value of the structure. Introduction 21

22 To add value for shareholders by enhancing dividend yield through growing profits safely. Enabled Law Debenture to maintain and improve dividend through difficult years. Plan to look for new services to diversify the business:- in 2010 started Board Effectiveness Services. Revenue earning per share

Low levels of activity continues in new corporate bond market, as a result of eurozone problems. New business included new appointments from existing customers: Akzo Nobel, M&S, National Grid, Next, Northern Ireland Electricity and THFC. Also appointed by a number of investment trusts for example: City Natural Resources High Yield. Significant level of special fees from existing trusts following restructurings or ratings downgrades. Increasing levels of work as an escrow agent. Corporate trust 23

High levels of activity continue as pensions funds suffer from complex regulations and difficult markets. New business in 2011 included: The BT Pension Scheme, the UK’s largest private sector scheme. High profile marketing to support growth includes annual debate and chaired by Michael Portillo. Pensions trusts 24

Agent for service of process benefited from a significant increase in transactions as part of the global recovery. Corporate services saw low activity levels in structured finance, but received new appointments from Apollo European Principal Finance and City of Kiev. Corporate Services 25

Corporate trust generated a profit in a difficult market. Corporate services, including Delaware Corporate services, had an excellent year, benefiting from the revival of the global economy, generating record profits. Marketing being increased to support agent for service of process business. United States 26

Structured finance market remains bleak. Other opportunities are available including increased levels of cash escrows, and administration agency roles. Agency Solutions 27

New business has been improving with new appointments including Kazakhmys, Guardian Media Group, Worldpay and Simmonds & Simmonds. Improved number of enquiries and quotes as awareness over Bribery Act becomes more apparent. Safecall 28

29 Growing international concerns about the effectiveness of company boards has resulted in changes in codes of practice Well received, for its independence. Products developed for boards, which focus on decision making and risk management. However, boards are delaying implementation until they have must. Board Effectiveness Services

2011 a very good performance in variable market conditions. Corporate transactions appear to be increasing, but debt and structured finance markets remain quiet. The outlook remains uncertain. We remain focused on cost control whilst looking for new opportunities to diversify and grow revenues. Conclusions and outlook 30

31 Henderson Global Investors 201 Bishopsgate, London EC2M 3AE Tel: Fax:

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