Portfolio Update

MAJEDIE INVESTMENTS PLC

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents as at 31 December 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                   
                                                                             
Vodafone Group                                    Ordinary                   
                                                                             
BP                                                Ordinary                   
                                                                             
Royal Bank Of Scotland Group                      Ordinary                   
                                                                             
Barclays                                          Ordinary                   
                                                                             
First Calgary Petroleums                          Common Stock               
                                                                             
Antofagasta                                       Ordinary                   
                                                                             
GlaxoSmithKline                                   Ordinary                   
                                                                             
Majedie Asset Management UK Opps                  `A' Units                  
                                                                             
Ultra Petroleum                                   Common Stock