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 December 2003, 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 5 January 2004
UK 100

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