Interim Management Statement

Majedie Investments PLC                            

Interim Management Statement

The Board of Majedie Investments PLC announces its first Interim Management
Statement for the year ending 30 September 2012, as required by the UK Listing
Authority's Disclosure and Transparency Rules. This Statement is in respect of
the period from 1 October 2011.

Description

Majedie Investments PLC is a investment trust listed on the London Stock
Exchange. The original company was established in 1910 and owned several rubber
estates in Malaysia. It evolved into an investment company and obtained
investment trust status in 1985.

The Company owns a significant stake in the asset management boutique, Majedie
Asset Management Limited, and in 2010, it established a new asset management
business, Javelin Capital LLP, to manage the Company's assets as well as
external funds.

Investment Objective

To maximise total shareholder return whilst increasing dividends by more than
the rate of inflation over the long term.

Key Facts at 31 December 2011

Share Price                           161.4p
                                            
NAV per Share (debt at par)           225.9p
                                            
Discount                              28.60%
                                            
Dividend Yield (excluding              6.50%
special)                                    
                                            
Five Year Dividend Growth              13.2%
                                            
Net Gearing                           10.36%
                                            
Net Assets                           £117.6m
                                            
Market Capitalisation                 £84.8m
                                            
Total Assets                         £151.4m
                                            
Sector                         Global Growth
                                            
Ticker                               MAJE.LN


% Performance to 31 December 2011

Total Return          3 Months to        Calendar Year   Fiscal Year 
                      31 December 2011   2011            2011                               
                                                                  
Net Asset Value              5.3%          -0.9%          -0.4%    
                                                                  
Share Price                 15.7%         -15.5%         -23.2%    
                                                                  
Core Portfolio               8.5%          -3.8%          -4.9%    


Balance Sheet at 31 December 2011

                      £ Mil    %    Notes                                      
                             Total                                             
                             Assets                                            
                                                                               
       Core Portfolio  68.2   45%   Long-only equity portfolio invested in     
                                    mainstream global stocks with a focus on   
                                    dividends. Its benchmark is 70% FTSE       
                                    All-Share & 30% FTSE World ex. UK Index    
                                    (sterling) on a total return basis.        
                                                                               
      Javelin Capital  20.3   14%   An absolute return, long-short global      
        Global Equity               equity fund.                               
      Strategies Fund                                                          
                                                                               
   Non Core Portfolio  21.8   14%   Investments in private equity and listed   
                                    equities with low liquidity.               
                                                                               
       Total Equities 110.3   73%                                              
                                                                               
        Majedie Asset  38.7   26%   30% stake in an unlisted asset management  
           Management               company.                                   
                                                                               
  Javelin Capital LLP  1.7     1%   75% stake in an unlisted asset management  
                                    partnership.                               
                                                                               
         Other Assets  0.7     0%                                              
                                                                               
         Total Assets 151.4  100%                                             
                                                                               
           Debentures (33.8)                                                   
                                                                               
           Net Assets 117.6                                                    


Top Ten Investments at 31 December 2011

Majedie Asset Management                   25.7%
                                                
Javelin Capital Global Equity              13.5%
Strategies Fund                                 
                                                
Royal Dutch Shell                           3.4%
                                                
BP                                          2.4%
                                                
HSBC                                        2.4%
                                                
Vodafone                                    2.4%
                                                
GlaxoSmithKline                             1.9%
                                                
BHP Billiton                                1.4%
                                                
Rio Tinto                                   1.3%
                                                
Vostok Energy                               1.3%
                                                
                                           52.9%
                                                
Figures are % of total assets                   

Regional Allocation in Core Portfolio at 31 December 2011

UK               69.5%
                      
North America    15.5%
                      
Europe ex UK      9.2%
                      
Rest of World     3.7%
                      
Cash              2.1%

Sector Allocation in Core Portfolio at 31 December 2011

Basic Materials                  10%
                                    
Consumer Goods                    7%
                                    
Consumer Services                10%
                                    
Equity Investment                 0%
Instruments                         
                                    
Financials                       17%
                                    
Health Care                       8%
                                    
Industrials                      12%
                                    
Oil & Gas                        18%
                                    
Technology                        1%
                                    
Telecommunications               10%
                                    
Utilities                         3%
                                    
Cash                              2%


Material Events or transactions

Equity markets performed relatively robustly in the final quarter of 2011
following a sharp fall in the early autumn. Equities initially moved higher in
anticipation that firm action on Greece, bank recapitalisations and the new
leveraged European Financial Stability Facility (EFSF) would emerge from the 27
October EU summit. However, these hopes were not to be justified as the Greek
government fell following the proposal and subsequent withdrawal of a
referendum on the bailout package. Italian debt also came under substantial
pressure resulting in the resignation of Silvio Berlsuconi and the appointment
of Mario Monti. Towards the end of November some better news for markets
emerged in the co-ordinated action by the Federal Reserve and five other
central banks to ease dollar funding pressures on Eurozone banks. China also
eased its banking reserving requirements for the first time in three years and
evidence began to emerge late in the quarter of a pick-up in US growth.
However, little of major substance emerged from the 9 December EU summit
although equities managed a late-December rally, albeit in thin Xmas volumes.

In 4Q 2010, the Company's NAV and share price returned 5.3% and 15.7%
respectively. The Core Portfolio returned 8.5% with its performance mainly
driven by commodity, oil and pharmaceutical stocks. The investment in the
Javelin Capital Global Equity Strategies Fund was overall broadly neutral in
sterling terms, although December was a rather weak month.

Majedie Asset Management (MAM) paid a final 2011 dividend to Majedie
Investments PLC (MI) of £1.32 million in December 2011, whilst MI itself raised
£324,000 through the sale of two small parcels of MAM stock to the MAM Employee
Benefit Trust.

Javelin Capital, having been recapitalised over the summer, continued to
progress the development of a second fund focussed on emerging markets to
complement the QIF absolute return fund launched in September 2010.
Negotiations to place the fund on the investment platform of a major investment
bank have now proved successful and the launch date of this new UCITS fund
occurred in January 2012.

There have been no other material events or transactions that have taken place
between 31 December 2011 and the date of publication of this statement.

Disclaimer


This Interim Management Statement has been issued by Majedie Investments PLC on
18 January 2012. 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