Holding in other UK listed investment companies

Majedie Investments PLC (the 'Company')

In accordance with UKLA Listing Rule 21.20(l)(i), the following list represents
the Company's investments, as at 31st January 2004, in other UK listed
investment companies (including investment trusts) which themselves do not have
a stated investment policy to invest no more than 15% of their gross assets in
other UK listed investment companies (including investment trusts):

Name of company                        Class of share                        
                                                                             
Caledonia Investments                  Ordinary                              

3 February 2004