Interim Results

MAJEDIE INVESTMENTS PLC

14 May 2003

                                INTERIM RESULTS                                

                    for the six months ended 31 March 2003                     

Financial Highlights

 net assets per share decreased by 8.7% to 217.5p

 earnings per share decreased by 6.5% to 4.19p

 interim dividend remains unchanged at 3.2p

Performance

 net asset value total return of - 6.9%

 share price total return of - 8.9%

 benchmark total return of - 0.7%

Throughout much of the last financial year the defensive stance held by the
portfolio resulted in a strong performance in relation to the benchmark at the
total assets level. Given the situation at the start of the current financial
year including the weakening economic indicators and worsening trade and budget
deficits on both sides of the Atlantic and with the geopolitical uncertainties
against the background of Iraq and North Korea, it was decided to retain a
relatively defensive stance.

Portfolio

During the first three months of the period markets rose in relief that the
Iraq war was being deferred until the spring and the general consensus was that
the world economy was not losing momentum. Over this period the previously
poorly performing sectors of telecommunications, technology and media all rose
strongly and conversely the defensive areas suffered. We were slow in
readjusting the portfolio in the areas which had served us well and, although
in the second three months the fund performed broadly in line with markets,
over the whole interim period Majedie's net asset value total return lagged the
benchmark by 6.28%.

Some of the defensive weightings in the water, tobacco and electricity sector
were reduced, and small weightings taken in telecoms and media in the UK. In
the US we have invested in high quality industrials such as Gillette,
International Paper and Caterpillar, which as exporters, will benefit from the
lower dollar. Companies such as Marriott International and Union Pacific have
also been favoured since we believe they will benefit from an improved domestic
business climate.

The zero weighting is being maintained in Japan, but the situation is being
closely monitored to see if any changes are made by the Bank of Japan, which
will make this an attractive area for investment. The principal weighting in
the Far East remains the heavy position in Australian banks, which have
performed relatively well. The European portfolio remains heavily underweight
because the two principal economies, France and Germany are in economic
difficulties and need to tackle some fundamental restructuring issues as both
are threatening to exceed the limits of the European Stability Pact.

Interim Dividend

The interim distribution will be 3.2p per share - the same level as last year.
It will be paid on 4 July 2003 to shareholders on the register at the close of
business on 6 June 2003.

Majedie Asset Management Limited (MAM)

On 13 January our new specialist fund management business was launched. Last
year's annual report referred to this new subsidiary in some detail and further
information was provided at launch. The services being offered by the MAM team
are being well received by consultants. These interim statements include six
months of costs for the new business amounting to £569,000. Underlying costs
for the rest of the business were £1,110,000 compared with £1,058,000 for the
first six months of the prior year - an increase of 4.9%. Majedie Investments
has supported the new business with seed funding of £4m in three of the new
company's products.

Outlook

Over the interim period the global economic outlook has continued to weaken.
Monetary policy has continued to be eased by the Federal Reserve followed by
the Bank of England and the European Central Bank. The oil price has retreated
from its heady pre-war levels and could fall further. These developments will
provide some much needed global relief to both industry and consumer costs. In
the UK the atmosphere is one of rising taxes and budget deficits. Growth in the
UK has held up well against its peers in Europe, but the outlook is unclear
with public sector inflation rising and retail spending slowing. It is probable
that in the UK and the US, economic activity may improve sufficiently in the
second half to see GDP growth approach 2%. However, in Europe growth is likely
to remain below trend at well under 1%.

Henry S Barlow Chairman

14 May 2003

For further information please contact Robert Clarke on 020 7645 8711;

E-mail: [e-mail]

UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RETURN

for the half year ended 31 March 2003

            Notes Half year ended 31 March    Half year ended 31     Year ended 30 September 
                            2003                  March 2002                  2002           
                                                                                             
                  Revenue  Capital    Total Revenue Capital   Total Revenue  Capital    Total
                                                                                             
                     £000     £000     £000    £000    £000    £000    £000     £000     £000
                                                                                             
Total capital              (9,418)  (9,418)         21,291  21,291          (35,460) (35,460)
(loss)/gain on                                                                               
investments                                                                                  
                                                                                             
Dividends and      3,476             3,476   3,274           3,274   7,180             7,180 
interest                                                                                     
                                                                                             
Other income          19                19      18              18      25                25 
                                                                                             
Gross revenue      3,495   (9,418)  (5,923)  3,292  21,291  24,583   7,205  (35,460) (28,255)
and capital                                                                                  
gain/(loss)                                                                                  
                                                                                             
Administrative    (1,022)    (657)  (1,679)   (481)   (577) (1,058) (1,143)  (1,340)  (2,483)
expenses                                                                                     
                                                                                             
Return on                                                                                    
ordinary                                                                                     
activities                                                                                   
before finance                                                                               
costs and                                                                                    
taxation:                                                                                    
                                                                                             
Continuing         2,473  (10,075)  (7,602)  2,811  20,714  23,525   6,293  (36,800) (30,507)
operations                                                                                   
                                                                                             
New business    1                                                     (231)             (231)
                                                                                             
Total return       2,473  (10,075)  (7,602)  2,811  20,714  23,525   6,062  (36,800) (30,738)
on ordinary                                                                                  
activities                                                                                   
before finance                                                                               
costs and                                                                                    
taxation                                                                                     
                                                                                             
Finance costs       (406)  (1,219)  (1,625)   (406) (1,218) (1,624)   (812)  (2,437)  (3,249)
                                                                                             
Return on          2,067  (11,294)  (9,227)  2,405  19,496  21,901   5,250  (39,237) (33,987)
ordinary                                                                                     
activities                                                                                   
before                                                                                       
taxation                                                                                     
                                                                                             
Taxation on          (45)              (45)    (55)            (55)   (102)             (102)
ordinary                                                                                     
activities                                                                                   
                                                                                             
Return on          2,022  (11,294)  (9,272)  2,350  19,496  21,846   5,148  (39,237) (34,089)
ordinary                                                                                     
activities                                                                                   
after taxation                                                                               
                                                                                             
Minority        1    166               166                              69                69 
interest                                                                                     
                                                                                             
Return             2,188  (11,294)  (9,106)  2,350  19,496  21,846   5,217  (39,237) (34,020)
attributable                                                                                 
to equity                                                                                    
shareholders                                                                                 
                                                                                             
Dividends                                                                                    
                                                                                             
Interim         2 (1,671)           (1,671) (1,668)         (1,668) (1,665)           (1,665)
ordinary of                                                                                  
3.2p (2002:                                                                                  
3.2p)                                                                                        
                                                                                             
Final ordinary                                                      (2,585)           (2,585)
of 4.95p                                                                                     
                                                                                             
Transfer to/         517  (11,294) (10,777)    682  19,496  20,178     967  (39,237) (38,270)
(from)                                                                                       
reserves                                                                                     
                                                                                             
Basic return    3   4.19p (21.50)p (17.31)p   4.48p  37.03p  41.51p   9.97p (74.55p) (64.58p)
per ordinary                                                                                 
share                                                                                        
                                                                                             

The revenue column of this statement is the consolidated profit and loss
account of the Group.

The results for the first six months should not be taken as a guide to the
results for the full year.

All revenue and capital items in the above statement derive from continuing
operations.

These accounts have been prepared using accounting standards and policies
adopted at the year end.

UNAUDITED SUMMARISED CONSOLIDATED BALANCE SHEET

at 31 March 2003

                      Notes  31 March 2003    31 March 2002        30 September
                                                                           2002
                                                                               
                                      £000             £000                £000
                                                                               
Intangible assets         5           458                                  458 
                                                                               
Tangible fixed assets                 446               77                 378 
                                                                               
Fixed asset               4       131,765          222,068             147,474 
investments                                                                    
                                                                               
Cash at bank and on                18,708            2,236              16,530 
deposit                                                                        
                                                                               
Dividends                          (1,671)          (1,675)             (2,585)
                                                                               
Other assets and                    3,851              292               2,089 
liabilities                                                                    
                                                                               
Debenture stock                   (39,376)         (39,364)            (39,370)
                                                                               
Total net assets                  114,181          183,634             124,974 
                                                                               
Called up share                     5,253            5,263               5,253 
capital                                                                        
                                                                               
Share premium account                 785              785                 785 
                                                                               
Capital redemption                     56               46                  56 
reserve                                                                        
                                                                               
Capital reserve -                  79,487          104,228              86,600 
realised                                                                       
                                                                               
Capital reserve -                   1,955           47,241               6,136 
unrealised                                                                     
                                                                               
Revenue reserve                    26,580           26,071              26,063 
                                                                               
Equity shareholders               114,116          183,634             124,893 
funds                                                                          
                                                                               
Minority interest         1            65                                   81 
                                                                               
                                  114,181          183,634             124,974 
                                                                               
Net asset value per       6         217.5p           349.3p              238.1p
share                                                                          
                                                                               
Middle market price                 166.0p           285.5p              187.5p
per share                                                                      

UNAUDITED SUMMARISED CONSOLIDATED

CASH FLOW STATEMENT

                                     31 March   31 March            30
                                                             September
                                         2003       2002              
                                                                  2002
                                                                      
                                         £000       £000          £000
                                                                      
Net cash inflow from operating           900       1,516        4,676 
activities                                                            
                                                                      
Servicing of finance                                                  
                                                                      
Interest paid                         (1,619)    (1,619)       (3,237)
                                                                      
Net cash outflow from servicing of    (1,619)    (1,619)       (3,237)
finance                                                               
                                                                      
Taxation                                                              
                                                                      
Tax recovered                              5         50            76 
                                                                      
Capital expenditure and financial                                     
investment                                                            
                                                                      
Purchases of investments             (25,978)   (35,288)      (71,807)
                                                                      
Sales of investments                  31,443     32,682        84,074 
                                                                      
Purchases of tangible assets            (138)       (16)         (348)
                                                                      
Net cash inflow/(outflow) from         5,327     (2,622)       11,919 
capital                                                               
                                                                      
expenditure and financial                                             
investment                                                            
                                                                      
Equity dividends paid                 (2,585)    (2,516)       (4,188)
                                                                      
Cash inflow/(outflow) before           2,028     (5,191)        9,246 
financing                                                             
                                                                      
Financing                                                             
                                                                      
Ordinary shares purchased and                      (253)         (546)
cancelled                                                             
                                                                      
Minority interest purchase in            150                      150 
subsidiary                                                            
                                                                      
Net cash inflow/(outflow) from           150       (253)         (396)
financing                                                             
                                                                      
Increase/(decrease) in cash in the     2,178     (5,444)        8,850 
period                                                                

NOTES

1 Majedie Asset Management Limited (MAM)

Majedie Asset Management Limited was incorporated on 24 May 2002. Majedie
Investments PLC owns 70% of the equity of MAM. The `new business' line on the
Statement of Total Return reflects the results of MAM for the initial period to
30 September 2002. The results of MAM for the six months to 31 March 2003
amount to a loss of £554,000 and are included within the `continuing
operations' line. The minority interest figure disclosed on the Statement of
Total Return represents 30% of MAM's loss from ordinary activities after
taxation. The minority interest figure disclosed on the Consolidated Balance
Sheet represents 30% of MAM's equity share capital and reserves.

2 Dividends

Following the granting of further share options to directors and employees on
22 November 2002 under the discretionary share option scheme, the total number
of options granted by the Company is now 469,023 and the total shareholding of
the Majedie Investments PLC Incentive Trust is 301,409 ordinary shares. The
shares will be held by the trust until the relevant options are exercised or
until they lapse. The shares are included on the balance sheet as an asset of
the Company. The trust has waived its rights to receive dividends from the
Company and therefore the total interim dividend included in the Statement of
Total Return has been reduced accordingly.

3 Calculation of Returns per Ordinary Share

Basic returns per ordinary share in each period are based on the return on
ordinary activities after taxation attributable to equity shareholders
excluding any increase or decrease in unrealised appreciation in respect of own
shares held in the employee incentive trust referred to above. Basic return per
ordinary share is based on 52,226,591 shares, being the weighted average number
of shares in issue having adjusted for the shares held by the employee
incentive trust referred to above (half year ended 31 March 2002: 52,455,243
shares; year ended 30 September 2002: 52,342,057). No diluted return per
ordinary share is shown for the half year to 31 March 2003 or for the
comparative periods since the conditions attached to the share options referred
to above were not met at the reporting dates. Furthermore, the share options
would, if they became exercisable, be satisfied by shares from the Employee
Incentive Trust.

4 Fixed Asset Investments

Fixed asset investments are stated at market value except for the Company's own
shares held in the employee incentive trust as referred to in note 2. The
shares held by the trust under option are stated at the lower of market value
and exercise price. The value of these shares included within the fixed asset
investments amounts to £501,000 (half year ended 31 March 2002: £858,000; year
ended 30 September 2002: £565,000).

5. Intangible Fixed Assets

Intangible fixed assets consists of goodwill on consolidation. This arose from
costs incurred in setting up MAM, which are included in the carrying value of
the investment in the parent company balance sheet. The Directors consider that
MAM has an indefinite useful economic life so goodwill is not being amortised.

6 Net Asset Value per Ordinary Share

The net asset value per share has been calculated in accordance with the
principles of Financial Reporting Standard No 14: Earnings per share, i.e after
deducting the carrying value of the shares held by the employee incentive trust
from net assets and the number of shares in question from the shares in issue
at the period end.

7 Financial Information for the year ended 30 September 2002

The figures and the financial information for the year ended 30 September 2002
have been compiled from an extract of the latest published accounts and do not
constitute the statutory accounts for the year. Those accounts have been
delivered to the Registrar of Companies and included the report of the auditors
which was unqualified and did not contain a statement under either Section 237
(2) or Section 237(3) of the Companies Act 1985.

INTERIM REPORT

The Interim Report will be sent to shareholders on 28 May 2003 from which time
copies will be available to the public at the Company's registered office: 1
Minster Court, Mincing Lane, London EC3R 7ZZ.

DIVIDEND

The dividend of 3.2p per share will be paid on 4 July 2003 to shareholders on
the register at the close of business on 6 June 2003.

NOTES FOR EDITORS

Majedie Investments PLC is an investment trust with total assets under
management of over £150 million. The Company's objective is to maximise total
shareholder return over the long term whilst increasing dividends by more than
the rate of inflation. The Company's benchmark is 70% FTSE All-Share Index and
30% FTSE World ex UK Index (sterling) on a total return basis.

The Majedie Share Plan is a straightforward and low cost way of investing in
Majedie shares with a minimum lump sum of £250, or on a regular monthly basis
with £25 or more. The Majedie Corporate ISA provides a tax efficient way of
investing or saving in Majedie shares at low cost. There is no initial or
annual management fee. Both maxi and mini ISAs are available with a minimum
lump sum investment of £500 or £50 per month for direct debit subscribers.