Interim Management Statement

Majedie Investments PLC

Interim Management Statement

for quarter ending 30 June 2010

Quarterly Review

Background

The exuberance of improving economic data and rebounding corporate profits
which led to the recent market peak in April saw a sharp reversal as investors
became concerned over European sovereign debt and a weakening in the global
economic recovery. Fiscal stimulus has been replaced with austerity measures as
investors closely scrutinise budget deficits and national debt levels. This
change of policy coincided neatly with a UK General Election and the new
coalition government duly delivered an austere emergency budget.

The other notable event of the second quarter was the BP oil spill. As the
environmental disaster escalated, the company came under intense political
pressure and agreed to pause its dividends and establish a $20 billion
compensation fund. BP generates about $30 billion in operational cash flow per
year which should be sufficient to meet any obligations that arise from the
accident. The key focus now is on how quickly it can finish the relief well in
order to stop the leak.

Investments & Performance

During the previous quarter, the Company's NAV and share price fell 14.1% and
11.5% respectively. This compares against a fall in the benchmark of 11.6%. In
the core investment portfolio, the performance was impacted by an overweight
position in BP. In anticipation that BP would cut its dividend, the fund sold
20% of its holding at an average price of 474p in late May/early June. If the
impact of the position in BP is excluded, the core portfolio performed in-line
with the market during the quarter.

Prospects

The growth trajectory of the global economic recovery has been revised down in
recent months as governments implement austerity measures and unemployment data
remains persistently high. Accordingly, the outlook remains difficult for the
Western consumer and the portfolio remains largely underweight consumer stocks.
We are positive on the growth prospects in Emerging Markets and the portfolio
has increased its weighting to this region. In summary , the portfolio is
focussed on high quality, global companies with strong balance sheets, visible
profitability and above average dividend yields.

Javelin Capital

Progress continues to be made in the establishment of our new fund management
business which we intend to launch, subject to the receipt of relevant
approvals.

Performance

Cumulative Total Return Performance over periods to 30 June 2010

              Three   One Year  Three     Five  
              Months            Years    Years  
                                                
Share Price    -11.5%    14.6%   -56.0%   -18.8%
                                                
NAV            -14.1%    12.4%   -52.5%   -13.1%
                                                
Benchmark      -11.6%    21.8%   -11.9%    22.3%

Total Shareholder Return is calculated by taking the mid share price at the end
of the period, adding net dividends paid during the period, and dividing the
total by the mid share price at the beginning of the period. Returns assume net
dividends are reinvested.

Portfolio Distribution

Geographical Split as at 30 June 2010

Area                          Percentage
                                        
UK                                   64%
                                        
North America                        14%
                                        
Europe                                5%
                                        
Rest of the World                     8%
                                        
Cash                                  9%
                                        
Total                             100.0%


Sector Split as at 30 June 2010 ±

Sector                      Percentage
                                      
Oil & Gas                          17%
                                      
Financials                         17%
                                      
Industrials                        11%
                                      
Basic Materials                     9%
                                      
Telecommunications                  7%
                                      
Health Care                         8%
                                      
Consumer Services                   7%
                                      
Consumer Goods                      6%
                                      
Technology                          5%
                                      
Utilities                           2%
                                      
Equity Investment                   1%
Instruments                           
                                      
Cash                                9%
                                      
Total                           100.0%

± Investment Portfolio excludes 30% stake in Majedie Asset Management.


Top 10 Investments as at 30 June 2010*

Rank    Name                           % of Gross Assets
                                                        
1       Majedie Asset Management                   20.7%
                                                        
2       HSBC                                        4.7%
                                                        
3       Royal Dutch Shell                           3.8%
                                                        
4       Vodafone                                    3.2%
                                                        
5       GlaxoSmithKline                             2.9%
                                                        
6       BHP Billiton                                2.5%
                                                        
7       BP                                          2.4%
                                                        
8       Rio Tinto                                   2.4%
                                                        
9       Vostok Energy                               2.1%
                                                        
10      Aviva                                       1.4%
                                                        
                                                   46.1%

* excludes holding in cash


Key Data as at 30 June 2010

Share price (pence)             172.0
                                     
NAV per share (pence)+         211.12
                                     
Discount                        18.5%
                                     
Dividend yield╪                  6.1%
                                     
Five year dividend growth         20%
                                     
Effective gearing               20.6%
                                     
Potential gearing               30.8%
                                     
Number of stocks                  108


+ The NAV is calculated using current period net income. Majedie Asset
Management and unlisted investments are valued at fair value and listed
investments are valued at their bid price. Debentures are valued at par.

╪ Calculated excluding special dividend.


Consolidated Balance Sheet as at 30 June 2010

                                      £000
                                          
Equities                           103,520
                                          
Cash                                10,428
                                          
Majedie Asset Management            30,000
                                          
Other Assets/(Liabilities)           (343)
                                          
Total Assets                       143,605
                                          
Less Borrowings                     33,776
                                          
Net Assets                         109,829


Objective

Majedie Investments PLC is a UK listed, self managed investment trust. Our
objective is to maximise total shareholder return over the long term while
increasing dividends by more than the rate of inflation. The benchmark is 70%
FTSE All Share index + 30% FTSE World ex.UK index. The Company has a 30%
shareholding in a specialist UK equities fund management company, Majedie Asset
Management.

Investment Policy

The Company invests principally in securities of publicly quoted companies
worldwide though it may invest in unquoted securities up to levels set
periodically by the Board.

Overall Approach 

● Analysis of global economies and sector trends

● Focus on companies and sectors likely to deliver strong growth over the
long-term

● Focus on companies with strong balance sheets and the ability to provide a
superior, sustainable dividend

● Search for companies significantly undervalued by markets

● In depth meetings with the management teams from companies across all sectors
and markets

Portfolio Structure Characteristics

● Diversified portfolio with a focus on growth and income

Risk Management

● The overall investment objective is to maximise total shareholder return over
the long-term

● Absolute risk in relation to net asset value is assessed in combination with
benchmark relative risk within the investment portfolio

● Portfolio risk relative to the benchmark is monitored using standard
portfolio risk parameters

● Holdings are monitored with reference to a detailed structure of investment
limits which include a degree of flexibility subject to review and approval by
the Board


Contact

Tower 42

25 Old Broad Street

London EC2N 1HQ

Tel: [phone]

Fax: [phone]

Email: [e-mail]

Web: www.majedie.co.uk


IMPORTANT NOTICE

This Interim Management Statement has been issued by Majedie Investments PLC; a
self managed investment trust company, on 15 July 2010. The news, information,
and data in this statement should not be deemed as a financial promotion or
recommendation. Majedie Investments PLC is not authorised to give financial
advice.