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: +44 (0) 207 626 1243 Fax: +44 (0) 207 374 4854 Email: majedie@majedie.co.uk 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.

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