Interim Management Statement

Majedie Investments PLC

Interim Management Statement

for quarter ending 30 June 2009

Quarterly Review

Background

Equity markets continued to rally from the low points of mid-March, catalysed
by the news that Citigroup and Bank of America were profitable in the first two
months of 2009 which indicated that the worst effects of the credit crunch had
passed. Overseas markets did provide stronger returns than the UK in local
currency terms but the recovery in sterling meant UK equities outperformed in
this period. The stress-testing of banks did provide much needed clarity and
has underpinned an increase in risk appetite. Consequently, references towards
the Great Depression were replaced with "green shoots" as a recovery in global
purchasing managers' indices, an indicator of future manufacturing production,
turned upwards. Similarly, consumer confidence improved from very low levels,
commodity prices rebounded sharply and bond prices retreated. However,
unemployment persisted in creeping upwards and towards the end of the period,
markets began to level out.

Investments & Performance

Over the quarter, the Company's net asset value (NAV) increased 7.2% and the
share price by 18.6%, as compared to the benchmark investment return of +9.4%.
The portfolio has continued to reduce its large overweight position in the UK
equities and is redeploying the proceeds in mainstream overseas stocks.
Progress also continues to be made in selling the portfolio's legacy holdings
of small-cap, pre-revenue stocks, the impact of which have been the main
contributory factor to recent underperformance. The portfolio is now much more
reflective of mainstream equity indices and of its benchmark.

Prospects

The optimism of economic recovery that was evident in March and April had now
waned with the realisation that the global economy is only stabilising and that
the recovery phase will be more protracted than earlier hoped. The initial
upturn in economic activity appears to have been driven by inventory restocking
and we await signs of a sustained improvement in aggregate demand. The
economically sensitive sectors such as banks and autos which had started to
discount a V-shaped recovery have begun to underperform again as risk tolerance
levels fall and investors switch back into more defensively-oriented sectors.
Although a strong recovery in earnings is not imminent, confidence levels have
improved overall and, against that background, we continue to believe that a
strategy which is defensively-oriented but focused on picking global winners
will be appropriate for this environment.

Performance

Cumulative Total Return Performance over periods to 30 June 2009

              Nine    One Year  Three    Five   
              Months            Years    Years  
                                                
Share Price   (30.9%)  (47.2%)  (45.2%)   (9.1%)
                                                
NAV           (29.4%)  (47.7%)  (41.3%)  (12.4%)
                                                
Benchmark      (8.9%)  (18.1%)  (14.9%)    17.4%

Basis: NAV - bid to bid, net dividends reinvested. Includes MAM at fair value
and from 31 May 2008 current period net income

Share Price - mid to mid, net dividends reinvested

Portfolio Distribution

Geographical Split as at 30 June 2009

Area                          Percentage
                                        
UK                                 73.8%
                                        
North America                       8.4%
                                        
Europe                              4.2%
                                        
Rest of the World                   6.7%
                                        
Cash                                6.9%
                                        
Total                             100.0%

Sector Split as at 30 June 2009

Sector                      Percentage
                                      
Oil & Gas                        23.6%
                                      
Financials                       14.7%
                                      
Industrials                      10.8%
                                      
Telecoms                          7.8%
                                      
Basic Materials                   6.4%
                                      
Consumer Goods                    6.3%
                                      
Health Care                       6.2%
                                      
Utilities                         5.7%
                                      
Consumer Services                 5.6%
                                      
Technology                        3.2%
                                      
Equity Investment                 2.8%
Instruments                           
                                      
Cash                              6.9%
                                      
Total                           100.0%

Top 10 Investments as at 30 June 2009*

Rank    Name                                        
                                                    
1       BP                                          
                                                    
2       HSBC Holdings                               
                                                    
3       Vodafone                                    
                                                    
4       Royal Dutch Shell                           
                                                    
5       GlaxoSmithKiine                             
                                                    
6       BHP Billiton                                
                                                    
7       Vostok Energy Ltd                           
                                                    
8       Aviva                                       
                                                    
9       BG Group                                    
                                                    
10      Rolls Royce                                 

* Excludes MAM

Key Facts as at 30 June 2009

Total Assets               £136.8m   
                                     
NAV                       197.94p*   
                                     
Share Price                160.50p   
                                     
Discount with debt at        18.9%   
par                                  
                                     
Core Dividend Yield           5.3%   
                                     
Five Year Dividend           24.3%   
Growth                               
                                     
Effective Gearing            25.0%   
                                     
Potential Gearing            32.7%   
                                     
Number of Stocks               117   
                                     
*Including MAM at fair value and     
current period net income            

Consolidated Balance Sheet as at 30 June 2009

                                      £000
                                          
Equities                          128,795 
                                          
Cash                                7,422 
                                          
Other Assets/(Liabilities)            632 
                                          
Total Assets                      136,849 
                                          
Less Borrowings                   (33,757)
                                          
Net Assets                        103,092 

Objective

Majedie Investments PLC is a UK listed, self managed Investment Trust. Our
objective is to maximise total shareholder return over the long term while
increasing dividends by more than the rate of inflation. The benchmark is 70%
FTSE All-Share index + 30% FTSE World ex.UK index. The company has a 30%
shareholding in a specialist UK equities fund management company - Majedie
Asset Management Limited (MAM).

Investment Policy

  * The Company invests principally in securities of publicly quoted companies
    worldwide though it may invest in unquoted securities up to levels set
    periodically by the Board.
   
Overall Approach 

  * analysis of global economies and sector trends
   
  * focus on companies and sectors likely to deliver strong growth over the
    long term
   
  * search for companies significantly undervalued by markets
   
  * in depth meetings with the management teams from companies across all
    sectors and markets
   
  * inclination to identify investments independent of economic cycle
   
Portfolio Structure Characteristics

  * diversified portfolio with a focus on growth
   
  * flexibility to take long term views in specific stocks away from the
    benchmark
   
  * focus on investing at an early stage in the development cycle of investee
    companies
   
Risk Management

  * the overall investment objective is to maximise total shareholder return
    over the long term
   
  * absolute risk in relation to net asset value is assessed in combination
    with benchmark relative risk within the investment portfolio
   
  * portfolio risk relative to the benchmark is monitored using standard
    portfolio risk parameters
   
  * holdings are monitored with reference to a detailed structure of investment
    limits which include a degree of flexibility subject to review and approval
    by the Board
   
Contact

Tower 42

25 Old Broad Street

London EC2N 1HQ

Tel: [phone]

Fax: [phone]

Email: [e-mail]

Web: www.majedie.co.uk

IMPORTANT NOTICE

This Interim Management Statement has been issued by Majedie Investments PLC; a
self managed investment trust company, on 23 July 2009 and there has been no
material change in the Company's results since 30 June 2009. 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.