Interim Management Statement

Majedie Investments PLC Interim Management Statement for quarter ending 30 June 2008 Quarterly Review Background The rise in the oil price, fears on inflation and the continuing strains from the credit crunch have led to very volatile markets. Global growth expectations have declined for developed markets with concerns about a potential recession. Investments & Performance Over the nine month period to 30 June 2008 the portfolio underperformed the benchmark by 2.89%. This was mainly due to the declines in some of the portfolio's holdings in small and mid cap companies and some of its UK bank holdings. Prospects The portfolio has been structured with a balance of companies like utilities for defensive purposes and growth stocks which possess a particularly strong intellectual property to enable them to grow over the long term outside the business cycle. In order to tackle the current economic problems interest rates have been cut aggressively in the US and to some degree in the UK. The Federal Reserve has stated its concern on the growth outlook and remains ready to take whatever steps are needed to ease any problems which may arise. However, for China and India growth is expected to remain robust. Since 30 June 2008 the net asset value and share price have reduced in line with the further falls in stock market values around the world. Performance Cumulative Total Return Performance over periods to 30 June 2008 Nine One Year Three Five Months Years Years Share Price (17.5%) (27.3%) 34.1% 99.9% NAV (13.8%) (19.1%) 46.3% 89.0% Benchmark (10.9%) (11.6%) 22.7% 66.3% Basis: NAV - bid to bid, net dividends reinvested. Includes MAM at fair value and from 31 May 2008 current period net income Share Price - mid to mid, net dividends reinvested Portfolio Distribution Geographical Split as at 30 June 2008 Area Percentage UK 73.4% North America 9.8% Europe 1.9% Pacific Basin 13.0% Cash 1.9% Total 100.0% Sector Split as at 30 June 2008 Sector Percentage Financials 24.3% Oil & Gas 11.8% Utilities 7.0% Technology 5.9% Consumer Goods 2.4% Telecoms 5.2% Consumer Services 4.7% Industrials 11.4% Basic Materials 22.5% Health Care 2.9% Cash 1.9% Total 100.0% Top 10 Investments as at 30 June 2008 Rank Name 1 HSBC Holdings 2 Accsys Technologies 3 United Utilities 4 First Quantum Minerals 5 Phorm Inc 6 Hydrodec Group 7 BT Group 8 Barclays 9 International Ferro Metals 10 Vodafone Group Key Facts as at 30 June 2008 Total Assets: £239.7m NAV: 400.30p* Share Price: 327.00p Discount at par: 18.3% Dividend Yield: 3.1% Five Year Dividend Growth: 22.7% Effective Gearing: 14.3% Potential Gearing: 16.3% Number of Stocks: 218 *Including MAM at fair value and current period net income Consolidated Balance Sheet as at 30 June 2008 £000 Equities 235,209 Cash 6,037 Other Assets/(Liabilities) (1,505) Total Assets 239,741 Less Borrowings (33.741) Net Assets 206,000 Objective Majedie Investments PLC is a UK listed, self managed Investment Trust. Our objective is to maximise total shareholder return over the long term while increasing dividends by more than the rate of inflation. The benchmark is 70% FTSE All-Share index + 30% FTSE World ex.UK index. The company has a 30% shareholding in a specialist UK equities fund management company - Majedie Asset Management Limited, which has assets under management of about £4bn. Investment Policy * The Company invests principally in securities of publicly quoted companies worldwide though it may invest in unquoted securities up to levels set periodically by the Board. Overall Approach * analysis of global economies and sector trends * focus on companies and sectors likely to deliver strong growth over the long term * search for companies significantly undervalued by markets * in depth meetings with the management teams from companies across all sectors and markets * inclination to identify investments independent of economic cycle Portfolio Structure Characteristics * diversified portfolio with a focus on growth * flexibility to take long term views in specific stocks away from the benchmark * focus on investing at an early stage in the development cycle of investee companies Risk Management * the overall investment objective is to maximise total shareholder return over the long term * absolute risk in relation to net asset value is assessed in combination with benchmark relative risk within the investment portfolio * portfolio risk relative to the benchmark is monitored using standard portfolio risk parameters * holdings are monitored with reference to a detailed structure of investment limits which include a degree of flexibility subject to review and approval by the Board Contact 1 Minster Court, Mincing Lane, London EC3R 7ZZ Tel: +44 (0) 207 626 1243 Fax: +44 (0) 207 929 0904 Email: majedie@majedie.co.uk Web: www.majedie.co.uk IMPORTANT NOTICE This Interim Management Statement has been issued by Majedie Investments PLC; a self managed investment trust company, on 8 August 2008. Since 30 June 2008 the net asset value and share price have reduced somewhat in line with the further falls in stock market values around the world. The news, information, and data in this statement should not be deemed as a financial promotion or recommendation. Majedie Investments PLC is not authorised to give financial advice.

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