Interim Management Statement

Majedie Investments PLC

Interim Management Statement
for quarter ending 31 December 2007

Quarterly Review

Background

For 2007 consensus estimates are for the global economy to have grown at over
2% for the developed economies, with the emerging economies of China and India
continuing to grow strongly at over 8%.

Investments & Performance

Over the three month period to 31 December 2007 the portfolio underperformed
the benchmark by 3.06%. This excludes a 2.3% (10.7p) dividend to be paid in
January 2008, which received shareholder approval at our AGM.

Prospects

The portfolio has been structured in anticipation of future interest rate cuts
which are now emerging. In addition, prospects for resources companies remain
strong given the long term outlook of high growth from both China and India. It
is expected that the US economy will slow as the year progresses. However, as
US inflation has remained relatively benign, the Federal Reserve Chairman
should be able to continue to ease monetary policy to stimulate growth later in
the year. Interest rates are also expected to be cut further in the UK as 2008
progresses. Since 31 December 2007 the net asset value and share price have
reduced somewhat in line with the recent falls in stock market values around
the world.

Performance

Cumulative Total Return Performance over periods to 31 December 2007

                Three     Six       One    Three     Five  
               Months  Months      Year    Years    Years  
                                                         
Share Price   (11.9%)  (22.4%)   (2.6%)    66.4%   132.4%
                                                         
NAV            (3.2%)  (10.9%)     8.3%    67.5%   113.8%
                                                         
Benchmark      (0.1%)   (0.8%)     6.6%    48.5%    99.9%

Basis: NAV - bid to bid, net dividends reinvested

Share Price - mid to mid, net dividends reinvested

Portfolio Distribution

Geographical Split as at 31 December 2007

Area                          Percentage
                                        
UK                                 71.9%
                                        
North America                      11.7%
                                        
Europe                              1.8%
                                        
Pacific Basin                      13.3%
                                        
Cash                                1.3%
                                        
Total                             100.0%

Sector Split as at 31 December 2007

Sector                        Percentage
                                      
Financials                         27.2%
                                      
Oil & Gas                          12.2%
                                      
Utilities                           6.0%
                                      
Technology                          6.9%
                                      
Consumer Goods                      2.6%
                                      
Telecoms                            4.3%
                                      
Consumer Services                   5.3%
                                      
Industrials                        10.9%
                                      
Basic Materials                    20.1%
                                      
Health Care                         3.2%
                                      
Cash                                1.3%
                                      
Total                             100.0%



Top 10 Investments as at 31 December 2007

Rank    Name                                        
                                                    
1       Phorm                                       
                                                    
2       1st Quantum Minerals                        
                                                    
3       MEO Australia                               
                                                    
4       Accsys Technologies                         
                                                    
5       HSBC Holdings                               
                                                    
6       United Utilities                            
                                                    
7       Barclays                                    
                                                    
8       Majedie Asset Management UK Opportunities   
        Fund                                        
                                                    
9       Vodafone Group                              
                                                    
10      International Ferro Metals                  


Key Facts as at 31 December 2007

Total Assets: £267.2m

NAV: 439.33p

Share Price: 364.00p

Discount at par: 17.1%

Dividend Yield: 2.7%

Five Year Dividend Growth: 22.7%

Effective Gearing: 10.8%

Potential Gearing: 14.4%

Number of Stocks: 223


Consolidated Balance Sheet as at 31 December 2007

                                             £000

Equities                                  256,270

Associate                                   3,198

Cash                                        8,626

Other Assets/(Liabilities)                  (889)

Total Assets                              267,205

Less Borrowings                          (33,733)

Net Assets                                233,472



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 over £4bn.

Investment Policy

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 z 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 s subject to review and
    approval by the Board
   
Contact

1 Minster Court,

Mincing Lane,

London

EC3R 7ZZ

Tel [phone]

Fax [phone]

Email [e-mail]

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 31 January 2008. Since 31 December
2007 the net asset value and share price have reduced somewhat in line with the
recent 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.