Holdings in other UK listed 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 March 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