Interim Management Statement

Majedie Investments PLC Interim Management Statement for quarter ending 31 December 2008 Quarterly Review Background 2008 has been a year of huge turmoil in the global economy with the effects of the credit crunch pushing many countries into recession. In a concerted attempt to limit the length and depth of the downturn, governments worldwide have reacted by recapitalising financial institutions, announcing fiscal stimulus plans and significant cutting of interest rates. Investments & Performance During the quarter the portfolio continued to underperform, falling by 22.8% compared to the benchmark falling by 7.9%. Much of this occurred in October and November, particularly due to declines in certain small-cap and mid-cap holdings. Additionally, the portfolio's underweight position in US dollar, Yen and Euro denominated equities also contributed to the underperformance as Sterling has weakened considerably against these currencies. Prospects As previously announced, Gill Leates stepped down as Investment Director during the quarter and Bill Baker has now taken over the supervision of the portfolio. Bill is a highly experienced investment manager, having built his reputation at both Mercury Asset Management and Schroders where he occupied senior positions. Initially he will assist the Board with a review of the investment policy, portfolio and the fund's objectives. The Board is conscious of the need to produce more consistent returns, and reduce volatility. Performance Cumulative Total Return Performance over periods to 31 December 2008 Three One Three Five Months Year Years Years Share Price (35.4%) (54.7%) (45.5%) (14.0%) NAV (22.8%) (49.8%) (28.7%) 0.25% Benchmark (7.9%) (26.2%) (10.8%) 22.0% 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 31 December 2008 Area Percentage UK 72.0% North America 5.4% Europe 1.9% Pacific Basin 7.0% Cash 13.7% Total 100.0% Sector Split as at 31 December 2008 Sector Percentage Financials 22.9% Oil & Gas 17.4% Utilities 5.3% Technology 3.4% Consumer Goods 1.8% Telecoms 9.4% Consumer Services 2.0% Industrials 10.3% Basic Materials 9.3% Health Care 4.5% Cash 13.7% Total 100.0% Top 10 Investments as at 31 December 2008* Rank Name 1 BP 2 Vodafone Group 3 HSBC Holdings 4 Accsys Technologies 5 Royal Dutch Shell 6 BT Group 7 Aviva plc 8 Vostok Energy Ltd 9 GlaxoSmithKline 10 Hydrodec Group * Excludes MAM Key Facts as at 31 December 2008 Total Assets: £152.8m NAV: 228.81p* Share Price: 161.50p Discount with debt at par: 29.4% Core Dividend Yield: 6.5% Five Year Dividend Growth: 24.3% Effective Gearing: 13.5% Potential Gearing: 28.5% Number of Stocks: 136 * Including MAM at fair value and current period net income Consolidated Balance Sheet as at 31 December 2008 £000 Equities 134,863 Cash 17,869 Other Assets/(Liabilities) 48 Total Assets 152,780 Less Borrowings (33,749) Net Assets 119,031 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. Investment Policy * The Company invests principally in securities of publicly quoted companies worldwide through 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 z 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 s subject to review and approval by the Board Contact 1 Minster Court, Mincing Lane, London EC3R 7AA Tel +44 (0) 207 626 1243 Fax +44 (0) 207 929 0904 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 19 January 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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