Interim Management Statement

Majedie Investments PLC

Interim Management Statement

for the quarter ended 31 December 2009

Quarterly Review

Background

2009 has been a dichotomy for global equity markets. In the first quarter,
equities went into freefall as investors feared a snowballing bailout
programme. Parallels were drawn with the Great Depression and many market
participants capitulated. In the subsequent three quarters, investor confidence
grew that the coordinated stimulus programme was underpinning an economic
recovery and the worst of the recession may now be behind us. During the year,
the FTSE100 index rose 22%.

In the past quarter, markets were initially weak before ending the year on a
high. The market was led by mining stocks as metal prices rose on improving
economic data. The economies of China and India reported better-than-expected
GDP data rising 8.9% and 7.9% year-on-year in the third quarter. This
contrasted with the UK which continued to contract. The banking sector was sold
off over concerns of its exposure to Dubai World as it announced that it would
be unable to meet its pending debt repayments. Investors were also concerned
that new stricter regulation on capital would be implemented meaning another
round of equity issuances for banks. This was soon allayed when regulators said
it would phase in the new capital requirements over several years.

Investments & Performance

In 4Q 2009, the Company's NAV and share price rose 7.1% and 4.6% respectively.
This compares against a benchmark return of 4.8%. The core investment portfolio
continued to outperform during the quarter but the NAV's strong return was also
assisted by a special dividend from our associate, Majedie Asset Management.

Prospects

During the quarter, Majedie Investments appointed Mr Nick Rundle as its
Investment Director. He is an experienced investment manager with an excellent
track record, who has worked in the City of London for over 20 years in a
variety of institutions and positions including Barclays, Morley Fund
Management, Gerrard & National and recently Taylor Young Investment Management.

For 2010, we remain cautiously optimistic. The UK will have a general election
and investors will want reassurance that the government will be able to tackle
the budget deficit without jeopardising the nascent recovery. The portfolio
continues to invest in high quality, global stocks which provide an attractive
and sustainable dividend.

Performance

Cumulative Total       Three    One    Three   Five 
Return3 to 31                                       
December 2009         Months    Year   Years  Years 
                                                    
Share Price               4.6%  32.3% (40.2)%   1.8%
                                                    
NAV                       7.1%  18.2% (33.3)%   7.5%
                                                    
Benchmark                 4.8%  26.7%  (0.4)%  38.8%

Portfolio Distribution

Geographical Split as at 31 December 20094

Area                          Percentage
                                        
UK                                   65%
                                        
North America                        12%
                                        
Europe                                7%
                                        
Rest of the World                     6%
                                        
Cash                                 10%
                                        
Total                             100.0%

Sector Split as at 31 December 20094

Sector                      Percentage
                                      
Oil & Gas                          19%
                                      
Financials                         16%
                                      
Industrials                        10%
                                      
Basic Materials                     8%
                                      
Consumer Goods                      7%
                                      
Telecommunications                  7%
                                      
Health Care                         7%
                                      
Consumer Services                   6%
                                      
Utilities                           4%
                                      
Technology                          4%
                                      
Equity Investment                   2%
Instruments                           
                                      
Cash                               10%
                                      
Total                           100.0%

Top 10 Investments as at 31 December 20095

Rank   Name                         % of Gross  
                                    Assets      
                                                
1      Majedie Asset Management     18.0%       
                                                
2      BP                           4.7%        
                                                
3      HSBC                         4.7%        
                                                
4      Royal Dutch Shell            3.3%        
                                                
5      Vodafone                     2.8%        
                                                
6      GlaxoSmithKline              2.8%        
                                                
7      BHP Billiton                 2.6%        
                                                
8      Rio Tinto                    2.0%        
                                                
9      Vostok Energy                1.7%        
                                                
10     Unilever                     1.6%        
                                                
                                    44.2%       

Key Data at 31 December 2009

Share Price (pence): 198.5

NAV per share1 (pence): 255.7

Discount: 22.4%

Dividend Yield2: 5.3%

Five Year Dividend Growth: 16.0%

Effective Gearing: 14.6%

Potential Gearing: 25.4%

Number of Stocks: 107

Consolidated Balance Sheet as at 31 December 2009

                                               £'000 
                                                     
Equities                                     122,452 
                                                     
Cash                                          14,012 
                                                     
Majedie Asset Management                      30,000 
                                                     
Other Assets/(Liabilities)                       324 
                                                     
Total Assets                                 166,788 
                                                     
Less Borrowings                              (33,767)
                                                     
Net Assets                                   133,021 
                                                     

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 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
   
  * Focus on companies with strong balance sheets and the ability to provide a
    superior, sustainable dividend
   
  * Search for companies significantly undervalued by markets
   
  * In depth meetings with the management teams from companies across all
    sectors and markets
   
Portfolio Structure Characteristics

  * Diversified portfolio with a focus on growth and income
   
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
   
1. The NAV is calculated using current period net income. Majedie Asset       
Management and unlisted investments are valued at fair value and listed       
investments are valued at their bid price. Debentures are valued at par.      
                                                                              
2. Calculated excluding special dividend.                                     
                                                                              
3. Total Shareholder Return is calculated by taking the mid share price at the
end of the period, adding net dividends paid during the period, and dividing  
the total by the mid share price at the beginning of the period. Returns      
assume net dividends are reinvested.                                          
                                                                              
4. Investment Portfolio excludes 30% stake in Majedie Asset Management.       
                                                                              
5. Excludes holding in cash.                                                  
                                                                              

Sector: Global Growth

Fund Type: Investment Trust

Listing: London Stock Exchange

Ticker: MAJE.LN

Investing: Direct, Shareplan, ISA, PEP

Contact:

Tower 42

25 Old Broad Street

London EC2N 1HQ

Tel: [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 20 January 2010. 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.