Net Asset Value(s)

MAJEDIE INVESTMENTS PLC

The unaudited consolidated net asset value of the Ordinary shares of the
Company at the close of business on 12 May 2006 was as follows:

With debentures at par value: 414.07 pence per share

With debentures at fair value: 399.39 pence per share

The fair value of the debentures has been estimated using information supplied
by FT Interactive Data.

The above net asset values have been calculated on the basis of the fair value
of investment assets as defined by the International Financial Reporting
Standards.