Largest Holdings

MAJEDIE INVESTMENTS PLC

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents as at 30 June 2004, the Company's 10 largest investments and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                                   Class of Share             
                                                                             
HSBC                                              Ordinary                   
                                                                             
BP                                                Ordinary                   
                                                                             
Royal Bank Of Scotland Group                      Ordinary                   
                                                                             
Vodafone Group                                    Ordinary                   
                                                                             
Cairn Energy                                      Ordinary                   
                                                                             
Barclays                                          Ordinary                   
                                                                             
Majedie Asset Management UK Opps                  `A' Units                  
                                                                             
Daejan Holdings                                   Ordinary                   
                                                                             
Dexia Banque Intl A Lux Japan Dyn Dis Nav         Unit Trust                 
                                                                             
GlaxoSmithKline                                   Ordinary