Net Asset Value(s)

MAJEDIE INVESTMENTS PLC

The unaudited consolidated net asset value of the Ordinary shares of the
Company at the close of business on 30 December 2005 was as follows:

With debentures at par value: 348.71 pence per share

With debentures at fair value: 331.00 pence per share

The fair value of the debentures has been estimated using information supplied
by FT Interactive Data.

The above net asset values have been calculated on the basis of investment
assets valued at mid-price.

As mentioned in the 2005 annual report, the Company will apply International
Financial Reporting Standards (IFRS) to its consolidated Group results for the
first time for the financial year ending 30 September 2006. As part of the
process to move to the new basis of accounting, and in keeping with other
investment trusts, with effect from 31 December 2005 the Group's net assets
will be calculated under IFRS, which require investment assets to be fair
valued, effectively using bid prices. For the net asset value calculated with
debentures at fair value, in accordance with IFRS the offer price rather than
the mid price will now be used for the valuation of the debentures.

The unaudited consolidated net asset value of the Ordinary shares of the
Company at the close of business on 30 December 2005 calculated under IFRS was
as follows:

With debentures at par value: 347.42 pence per share

With debentures at fair value: 328.73 pence per share

Net asset values will in future be calculated and released each week in
accordance with IFRS.