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 8 July 2011 was as follows:

With debentures at par value: 224.77 pence per share

With debentures at fair value: 211.74 pence per share

The net asset value published is on a cum-income basis (calculated using income
and expenditure estimates). Additionally the fair value of the debentures has
been estimated by reference to the redemption yields of a similar company's
debt instrument, with an appropriate margin spread added.