Interim Results

MAJEDIE INVESTMENTS PLC

26 May 2005

INTERIM RESULTS

                    for the six months ended 31 March 2005                     

Financial Highlights

 net assets per share increased by 10.9% to 295.5p

 share price increased by 22.6% to 279.0p

 discount decreased from 14.6% to 5.6%

 earnings per share decreased by 54.0% to 3.6p

 interim dividend remains unchanged at 3.2p

 fund management subsidiary assets under management increased from £0.9
billion to £1.4 billion.

 fund management subsidiary profit for 6 months: £0.7 million.

Performance

 net asset value total return of 13.0%

 share price total return of 25.5%

 benchmark total return of 8.8%

Interim Chairman's Statement

I am very pleased to report that during the first six months of the financial
year the share price increased by 22.6%. The shares had responded to the good
investment performance in the main portfolio and the strong growth of the
Majedie Asset Management business.

Since the start of the financial year we have seen steady but slowing economic
growth in the US, UK, Europe, and Japan. Interest rates have been rising in the
US on fears of rising inflation. The dollar has remained at the weaker end of
its two year range and Chinese economic growth has remained strong with GDP
rising by 9.5%. The oil price has continued to rise as global supply and demand
remains tight, while other commodities, like copper, have also continued to
rise on strong demand.

In the UK corporate results have generally achieved or been ahead of
expectations. Across all major markets evidence has been mounting that consumer
expenditure is coming under pressure from higher interest rates as retail
companies are reporting tough trading conditions.

Against this background the NAV total return over the six months to 31 March
was 13.0%, compared to the benchmark figure of 8.8%, an outperformance of 4.2%.
The share price total return over the period was 25.5% - an outperformance of
16.7%. In addition to the strong underlying investment performance this
resulted from a narrowing of the discount from 14.6% as at 30 September 2004 to
5.6% as at 31 March 2005.

Interim Dividend

The Board intends to pay an interim dividend of 3.2p per share - the same as
last year. It will be paid on 1 July 2005 to shareholders on the register at
the close of business on 10 June 2005.

Portfolio

The portfolio strategy over the period was to underweight the US, Japan and
Europe, and overweight the UK as it is the lowest rated of the main markets.
The underlying sectors which we most favoured were oils, mining, utilities,
construction, leisure, diversified industries, support services and real
estate. The attraction of oils, mining and real estate is their asset backing
at a time of uncertainty about the strength of the western economies. In
addition oil and mining give exposure to the rising demand from China and
India, over and above the West's historic requirements. The outperformance
during the period was particularly due to our holdings in resources and smaller
companies. The less favoured sectors included retail, telecommunications, and
pharmaceuticals where in particular prospects remain difficult without
sufficient significant new drugs in the pipeline. Since 31 March there have
been particularly difficult conditions for the portfolio which have adversely
affected performance.

Majedie Asset Management Limited

The Majedie Asset Management business has continued to grow strongly with
assets under management of £1.4bn as at 31 March 2005 compared with £0.9bn as
at 30 September 2004. The consolidated income and administrative expenses
figures include £2.3m and £1.6m respectively from this business - resulting in
a profit for the first six months of £0.7m.

Outlook

In the UK, GDP growth is forecast to be a respectable 2-2.5%, which is in line
with long term trends. However, there is a risk of tax rises over the next few
months, which would put further pressure on the consumer, but may hasten the
peak in the current cycle of rising interest rates. Generally, corporate
balance sheets are strong leaving UK plc able to withstand what may be a softer
period in the global economy led by a slowing of the US economy. Given the
underlying moderate inflation data in the US and muted jobs news, interest
rates are likely to peak in the US over the next few months, and the prospect
of declining rates to stimulate the economy will emerge. On the currency front
the dollar is likely to remain weak to help US exports. The oil price may
decline from its current very high levels, but is likely to remain relatively
high due to the interaction of forecast demand and supply.

The economic environment is therefore one of trend growth for the US and UK and
sub-trend in Japan and Europe. With interest rates likely to peak and
corporates in reasonably good financial health, stock markets are likely to
make further progress by the year end as the outlook for growth and the
prospect of looser monetary policies become clearer.

Henry S Barlow Chairman

25 May 2005

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

E-mail: [e-mail]

UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RETURN

for the half year ended 31 March 2005

            Notes Half year ended 31 March Half year ended 31 March  Year ended 30 September 
                            2005                     2004                     2004           
                                                                                             
                  Revenue Capital    Total Revenue Capital    Total Revenue  Capital    Total
                                                                                             
                     £000    £000     £000    £000    £000     £000    £000     £000     £000
                                                                                             
Total capital             16,693   16,693          10,616   10,616           16,717  16,717  
gain on                                                                                      
investments                                                                                  
                                                                                             
Dividends and      2,169            2,169   2,451            2,451  4,783             4,783  
interest                                                                                     
                                                                                             
Other income       2,347            2,347     338              338   1,574             1,574 
                                                                                             
Gross revenue      4,516  16,693   21,209   2,789  10,616   13,405  6,357   16,717   23,074  
and capital                                                                                  
gain                                                                                         
                                                                                             
Administrative    (2,009)   (559)  (2,568) (1,287)   (528)  (1,815) (2,874)  (1,069)  (3,943)
expenses                                                                                     
                                                                                             
Return on          2,507  16,134   18,641   1,502  10,088   11,590   3,483   15,648   19,131 
ordinary                                                                                     
activities                                                                                   
before finance                                                                               
costs and                                                                                    
taxation                                                                                     
                                                                                             
Finance costs       (351) (1,052)  (1,403)   (406) (1,219)  (1,625)   (836)  (2,507)  (3,343)
                                                                                             
Premium on                                                                     (992)    (992)
debenture                                                                                    
stock                                                                                        
repurchased                                                                                  
for                                                                                          
cancellation                                                                                 
                                                                                             
Return on          2,156  15,082   17,238   1,096   8,869    9,965  2,647   12,149    14,796 
ordinary                                                                                     
activities                                                                                   
before                                                                                       
taxation                                                                                     
                                                                                             
Taxation on          (18)             (18)    (41)             (41)    (93)              (93)
ordinary                                                                                     
activities                                                                                   
                                                                                             
Return on          2,138  15,082   17,220   1,055   8,869    9,924   2,554   12,149   14,703 
ordinary                                                                                     
activities                                                                                   
after taxation                                                                               
                                                                                             
Minority        1   (250)            (250)    174              174     184               184 
interest                                                                                     
                                                                                             
Return             1,888  15,082   16,970   1,229   8,869   10,098   2,738   12,149   14,887 
attributable                                                                                 
to equity                                                                                    
shareholders                                                                                 
                                                                                             
Dividends                                                                                    
                                                                                             
Interim         2 (1,665)          (1,665) (1,670)          (1,670) (1,670)           (1,670)
ordinary of                                                                                  
3.2 p (2004:                                                                                 
3.2p)                                                                                        
                                                                                             
Final ordinary                                                      (2,892)           (2,892)
of 5.55p                                                                                     
                                                                                             
Transfer to/         223  15,082   15,305    (441)  8,869    8,428  (1,824)  12,149   10,325 
(from)                                                                                       
reserves                                                                                     
                                                                                             
Basic return    3   3.62p  28.94p   32.56p   2.35p  16.98p   19.33p   5.25p   23.28p   28.53p
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 2005

                      Notes  31 March 2005    31 March 2004        30 September
                                                                           2004
                                                                               
                                      £000             £000                £000
                                                                               
Intangible assets         4           425              458                 425 
                                                                               
Tangible fixed assets                 369              419                 435 
                                                                               
Fixed asset               5       182,417          165,538             167,386 
investments                                                                    
                                                                               
Cash at bank and on                 4,948           11,927              13,537 
deposit                                                                        
                                                                               
Dividends                          (1,665)          (1,670)             (2,892)
                                                                               
Other assets and                      938             (523)             (6,747)
liabilities                                                                    
                                                                               
Debenture stock                   (33,694)         (39,389)            (33,687)
                                                                               
Total net assets                  153,738          136,760             138,457 
                                                                               
Called up share                     5,253            5,253               5,253 
capital                                                                        
                                                                               
Share premium account                 785              785                 785 
                                                                               
Capital redemption                     56               56                  56 
reserve                                                                        
                                                                               
Capital reserve -                  86,200           81,033              79,498 
realised                                                                       
                                                                               
Capital reserve -                  39,076           25,881              30,696 
unrealised                                                                     
                                                                               
Revenue reserve                    23,976           25,136              23,753 
                                                                               
Own shares reserve        2        (1,422)          (1,019)             (1,148)
                                                                               
Equity shareholders'              153,924          137,125             138,893 
funds                                                                          
                                                                               
Minority interest         1          (186)            (365)               (436)
                                                                               
                                  153,738          136,760             138,457 
                                                                               
Net asset value per       6         295.5p           262.8p              266.5p
share                                                                          
                                                                               
Middle market price                 279.0p           227.5p              227.5p
per share                                                                      

UNAUDITED SUMMARISED CONSOLIDATED

CASH FLOW STATEMENT

For the half year ended 31 March 2005

                                   31 March       31 March           Year ended
                                                                               
                                       2005           2004         30 September
                                                                               
                                                                           2004
                                                                               
                                       £000           £000                 £000
                                                                               
Net cash inflow from operating       1,188            617                2,322 
activities                                                                     
                                                                               
Servicing of finance                                                           
                                                                               
Interest paid                       (1,397)        (1,619)              (3,238)
                                                                               
Premium on debenture stock                                                (992)
repurchased for cancellation                                                   
                                                                               
Net cash outflow from servicing     (1,397)        (1,619)              (4,230)
of finance                                                                     
                                                                               
Taxation                                                                       
                                                                               
Tax recovered                            2              2                   16 
                                                                               
Capital expenditure and                                                        
financial investment                                                           
                                                                               
Purchases of investments           (74,337)       (82,750)            (139,895)
                                                                               
Sales of investments                69,140         81,198              148,546 
                                                                               
Purchases of tangible assets           (19)           (38)                (140)
                                                                               
Net cash (outflow)/inflow from      (5,216)        (1,590)               8,511 
capital                                                                        
                                                                               
expenditure and financial                                                      
investment                                                                     
                                                                               
Equity dividends paid               (2,892)        (2,742)              (4,412)
                                                                               
Cash (outflow)/inflow before        (8,315)        (5,332)               2,207 
financing                                                                      
                                                                               
Financing                                                                      
                                                                               
Debenture stock repurchased                                             (5,800)
                                                                               
Purchases of own shares               (274)          (113)                (242)
                                                                               
Net cash outflow from financing       (274)          (113)              (6,042)
                                                                               
Decrease in cash in the period      (8,589)        (5,445)              (3,835)

NOTES

1 Majedie Asset Management Limited (MAM)

Majedie Investments PLC owned 70% of the equity of MAM up until 31 March 2004.
With effect from 1 April 2004 the percentage reduced to 65% as a result of the
business reaching a pre-agreed target. The results of MAM for the six months to
31 March 2005 amount to a profit of £715,000 (six months to 31 March 2004: loss
of £580,000). Administrative expenses on the Consolidated Statement of Total
Return of £2,568,000 (six months to 31 March 2004: £1,815,000) include £
1,605,000 (2004: £908,000) relating to MAM. The minority interest figure
disclosed on the Statement of Total Return for the six months to 31 March 2005
represents 35% of MAM's profit from ordinary activities after taxation (six
months to 31 March 2004: 30% of MAM's loss from ordinary activities after
taxation).

The net assets of Majedie Asset Management Limited reflected in the
Consolidated Balance Sheet as at 31 March 2005 amounted to £1,570,000 (31 March
2004: £885,000; 30 September 2004: £855,000). The minority interest figure
disclosed in the Consolidated Balance Sheet represents 35% of MAM's equity
share capital and reserves as at 31 March 2005 (31 March 2004: 30%; 30
September 2004: 35%).

2 Discretionary share option scheme

Options in issue and shares held

Following the granting of further share options to directors and employees on
21 December 2004 under the discretionary share option scheme, the total number
of options granted by the Company is now 714,156 and the total shareholding of
the Majedie Investments PLC Incentive Trust is 505,963 ordinary shares. The
shares will be held by the trust until the relevant options are exercised or
until they lapse and are presented on the Balance Sheet as a deduction from
shareholders' funds, in accordance with UITF Abstract 38: `Accounting for ESOP
Trusts'.

Dividends

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. Basic
return per ordinary share is based on 52,117,862 shares, being the weighted
average number of shares in issue having adjusted for the shares held by the
employee incentive trust (half year ended 31 March 2004: 52,224,542 shares;
year ended 30 September 2004: 52,188,484). No diluted return per ordinary share
is shown for the half year to 31 March 2005 or for the comparative periods
since the conditions attached to the share options referred to in note 2 were
not met at the reporting dates.

4. Intangible Fixed Assets

Intangible fixed assets consist 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.

5. Fixed Asset Investments

Listed investments are valued at closing mid-market value. Unlisted investments
are stated at the Board's estimate of their fair value.

6. Net Asset Value per Ordinary Share

The net asset value per share has been calculated based on equity shareholders'
funds and on 52,022,037 ordinary shares (31 March 2004: 52,176,591; 30
September 2004: 52,118,669) being the shares in issue at the period end having
deducted the number of shares held by the employee incentive trust.

7. Financial Information for the year ended 30 September 2004

The figures and the financial information for the year ended 30 September 2004
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 10 June 2005 from which time
copies will be available to the public at the Company's registered office: 1
Minster Court, Mincing Lane, London EC3R 7ZZ.

INTERIM DIVIDEND

The interim dividend of 3.2p per share will be paid on 1 July 2005 to
shareholders on the register at the close of business on 10 June 2005.

NOTES FOR EDITORS

Majedie Investments PLC is an investment trust with total assets under
management of over £185 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.