Interim Management Statement

Majedie Investments PLC                            

Interim Management Statement

The Board of Majedie Investments PLC announces its second Interim Management
Statement for the year ending 30 September 2012, as required by the UK Listing
Authority's Disclosure and Transparency Rules. This Statement is in respect of
the period from 1 April 2012.

Description

Majedie Investments PLC is an investment trust listed on the London Stock
Exchange. The original company was established in 1910 and owned several rubber
estates in Malaysia. It evolved into an investment company and obtained
investment trust status in 1985.

The Company owns a significant stake in the asset management boutique, Majedie
Asset Management Limited, and in 2010 it established a new asset management
business, Javelin Capital LLP, to manage the Company's assets as well as
external funds.

Investment Objective

To maximise total shareholder return whilst increasing dividends by more than
the rate of inflation over the long term.


Key Facts at 30 June 2012

Share Price                           148.0p
                                            
NAV per Share (debt at par)           216.1p
                                            
Discount                               31.5%
                                            
Dividend Yield (excluding               7.1%
special)                                    
                                            
Five Year Dividend Growth              12.2%
                                            
Net Gearing                            26.4%
                                            
Net Assets                           £112.5m
                                            
Market Capitalisation                 £78.0m
                                            
Total Assets                         £146.3m
                                            
Sector                         Global Growth
                                            
Ticker                               MAJE.LN



% Performance to 30 June 2012

Total Return            3 Months to    Calendar Year  Fiscal Year 
                        30 June 2012       2012          2012                  
                                                                  
Net Asset Value             -0.5%          0.4%          5.7%     
                                                                  
Share Price                 -5.2%          -1.8%         13.6%    
                                                                  
Core Portfolio              -1.1%          4.4%          13.3%    



Balance Sheet at 30 June 2012

                  £ Mil  % Total  Notes                                        
                          Assets                                               
                                                                               
   Core Portfolio  67.1    46%    Long-only equity portfolio invested in       
                                  mainstream global stocks with a focus on     
                                  dividends. Its benchmark is 70% FTSE         
                                  All-Share & 30% FTSE World ex. UK Index      
                                  (sterling) on a total return basis.          
                                                                               
  Javelin Capital  19.8    14%    An absolute return, emerging markets equity  
    Global Equity                 market neutral fund.                         
  Strategies Fund                                                              
                                                                               
  Javelin Capital  15.0    10%    A UCITS absolute return, emerging markets    
 Emerging Markets                 equity market neutral fund.                  
       Alpha Fund                                                              
                                                                               
         Non Core  4.0      3%    Investments in private equity and listed     
        Portfolio                 equities with low liquidity.                 
                                                                               
   Total Equities 105.9    72%                                                 
                                                                               
    Majedie Asset  38.7    26%    30% stake in an unlisted asset management    
       Management                 company.                                     
                                                                               
  Javelin Capital  1.9      1%    75% stake in an unlisted asset management    
              LLP                 partnership.                                 
                                                                               
     Other Assets  -0.2     0%                                                 
                                                                               
     Total Assets 146.3   100%                                                
                                                                               
       Debentures (33.8)                                                       
                                                                               
       Net Assets 112.5                                                        



Top Ten Investments at 30 June 2012

Majedie Asset Management                   26.4%
                                                
Javelin Capital Global Equity              13.6%
Strategies Fund                                 
                                                
Javelin Capital Emerging Markets Alpha     10.3%
Fund                                            
                                                
Royal Dutch Shell                           3.0%
                                                
BP                                          2.2%
                                                
HSBC                                        2.2%
                                                
Vodafone                                    2.0%
                                                
GlaxoSmithKline                             1.9%
                                                
Rio Tinto                                   1.4%
                                                
BHP Billiton                                1.4%
                                                
                                           64.4%
                                                
Figures are % of total assets                   



Regional Allocation in Core Portfolio at 30 June 2012

UK                 66.2%
                        
North America      15.5%
                        
Europe ex UK        8.4%
                        
Rest of World       7.2%
                        
Cash                2.7%



Sector Allocation in Core Portfolio at 30 June 2012

Basic Materials                  11%
                                    
Consumer Goods                    8%
                                    
Consumer Services                10%
                                    
Equity Investment                 0%
Instruments                         
                                    
Financials                       18%
                                    
Health Care                       7%
                                    
Industrials                      13%
                                    
Oil & Gas                        17%
                                    
Technology                        1%
                                    
Telecommunications                8%
                                    
Utilities                         4%
                                    
Cash                              3%



Material Events or transactions

Equity markets globally were weak in Q2 2012. In sterling terms, the best
performing major markets were in the US, which was down by 1.2% and the UK
which fell by 2.6%. Continued concerns over the financial system within the
Eurozone caused a fall of nearly 7% in the Europe ex-UK markets. In the Far
East, Japan was down by 5.6% and the Pacific Rim area by 4.6%. Within markets,
there was generally a flight towards more defensively orientated sectors such
as Healthcare, Telecoms and Utilities whilst Basic Materials, led by Miners,
was the worst performing area, not helped by worries over a slowdown in the
Chinese economy. Financials, too, gave up some ground after a strong relative
showing in the earlier part of the year. The lack of risk appetite amongst UK
investors was well illustrated by the fact that the UK gilt market, already
considered to be substantially overvalued by a number of commentators, rose by
3.8% over the quarter.

Despite the election of new governments in both Greece and France, together
with a series of Euro-summits, bond markets in peripheral European countries
continued to fret over the lack of progress being made in tackling the
substantial debt issues afflicting the Eurozone. Some glimmer of light appeared
in late June as a more decisive step was taken towards recapitalising weak
banks in Spain but nevertheless huge outstanding issues still remain. The US
economy appears to have stalled somewhat in the past months and job creation in
a key election year has been very disappointing. Merger and acquisition
activity continued at low recent levels as uncertainty over the global
macroeconomic climate encouraged companies to hoard cash and await
developments. Japan and the Far East fared a little better but even here the
Chinese government has eased monetary policy in the light of softening growth
numbers.

In Q2 2012, the Company's NAV and share price returned -0.5% and -5.2%
respectively. The Core Portfolio returned -1.1%, around 1.8% ahead of its
benchmark, with its performance mainly driven by utilities, telecoms and
pharmaceutical stocks. The Company's investments in the Javelin Capital Global
Equity Strategies Fund and the Javelin Capital Emerging Markets Alpha Fund were
up by around 1.5% and 1.8% respectively over the quarter.

Majedie Asset Management Limited paid an interim 2012 dividend to the Company
of £0.9 million in May 2012.

There have been no other material events or transactions that have taken place
between 31 March 2012 and the date of publication of this statement.



Disclaimer


This Interim Management Statement has been issued by MajedieInvestments PLC on
19 July 2012. 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