Interim Management Statement

Majedie Investments PLC Interim Management Statement for the quarter ended 31 December 2009 Quarterly Review Background 2009 has been a dichotomy for global equity markets. In the first quarter, equities went into freefall as investors feared a snowballing bailout programme. Parallels were drawn with the Great Depression and many market participants capitulated. In the subsequent three quarters, investor confidence grew that the coordinated stimulus programme was underpinning an economic recovery and the worst of the recession may now be behind us. During the year, the FTSE100 index rose 22%. In the past quarter, markets were initially weak before ending the year on a high. The market was led by mining stocks as metal prices rose on improving economic data. The economies of China and India reported better-than-expected GDP data rising 8.9% and 7.9% year-on-year in the third quarter. This contrasted with the UK which continued to contract. The banking sector was sold off over concerns of its exposure to Dubai World as it announced that it would be unable to meet its pending debt repayments. Investors were also concerned that new stricter regulation on capital would be implemented meaning another round of equity issuances for banks. This was soon allayed when regulators said it would phase in the new capital requirements over several years. Investments & Performance In 4Q 2009, the Company's NAV and share price rose 7.1% and 4.6% respectively. This compares against a benchmark return of 4.8%. The core investment portfolio continued to outperform during the quarter but the NAV's strong return was also assisted by a special dividend from our associate, Majedie Asset Management. Prospects During the quarter, Majedie Investments appointed Mr Nick Rundle as its Investment Director. He is an experienced investment manager with an excellent track record, who has worked in the City of London for over 20 years in a variety of institutions and positions including Barclays, Morley Fund Management, Gerrard & National and recently Taylor Young Investment Management. For 2010, we remain cautiously optimistic. The UK will have a general election and investors will want reassurance that the government will be able to tackle the budget deficit without jeopardising the nascent recovery. The portfolio continues to invest in high quality, global stocks which provide an attractive and sustainable dividend. Performance Cumulative Total Three One Three Five Return3 to 31 December 2009 Months Year Years Years Share Price 4.6% 32.3% (40.2)% 1.8% NAV 7.1% 18.2% (33.3)% 7.5% Benchmark 4.8% 26.7% (0.4)% 38.8% Portfolio Distribution Geographical Split as at 31 December 20094 Area Percentage UK 65% North America 12% Europe 7% Rest of the World 6% Cash 10% Total 100.0% Sector Split as at 31 December 20094 Sector Percentage Oil & Gas 19% Financials 16% Industrials 10% Basic Materials 8% Consumer Goods 7% Telecommunications 7% Health Care 7% Consumer Services 6% Utilities 4% Technology 4% Equity Investment 2% Instruments Cash 10% Total 100.0% Top 10 Investments as at 31 December 20095 Rank Name % of Gross Assets 1 Majedie Asset Management 18.0% 2 BP 4.7% 3 HSBC 4.7% 4 Royal Dutch Shell 3.3% 5 Vodafone 2.8% 6 GlaxoSmithKline 2.8% 7 BHP Billiton 2.6% 8 Rio Tinto 2.0% 9 Vostok Energy 1.7% 10 Unilever 1.6% 44.2% Key Data at 31 December 2009 Share Price (pence): 198.5 NAV per share1 (pence): 255.7 Discount: 22.4% Dividend Yield2: 5.3% Five Year Dividend Growth: 16.0% Effective Gearing: 14.6% Potential Gearing: 25.4% Number of Stocks: 107 Consolidated Balance Sheet as at 31 December 2009 £'000 Equities 122,452 Cash 14,012 Majedie Asset Management 30,000 Other Assets/(Liabilities) 324 Total Assets 166,788 Less Borrowings (33,767) Net Assets 133,021 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. 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 * Focus on companies with strong balance sheets and the ability to provide a superior, sustainable dividend * Search for companies significantly undervalued by markets * In depth meetings with the management teams from companies across all sectors and markets Portfolio Structure Characteristics * Diversified portfolio with a focus on growth and income 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 1. The NAV is calculated using current period net income. Majedie Asset Management and unlisted investments are valued at fair value and listed investments are valued at their bid price. Debentures are valued at par. 2. Calculated excluding special dividend. 3. Total Shareholder Return is calculated by taking the mid share price at the end of the period, adding net dividends paid during the period, and dividing the total by the mid share price at the beginning of the period. Returns assume net dividends are reinvested. 4. Investment Portfolio excludes 30% stake in Majedie Asset Management. 5. Excludes holding in cash. Sector: Global Growth Fund Type: Investment Trust Listing: London Stock Exchange Ticker: MAJE.LN Investing: Direct, Shareplan, ISA, PEP Contact: Tower 42 25 Old Broad Street London EC2N 1HQ Tel: +44 (0) 207 626 1243 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 20 January 2010. 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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