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 24 July 2009 was as follows:

With debentures at par value: 203.44 pence per share

With debentures at fair value: 197.75 pence per share

The net asset value includes our investment in Majedie Asset Management Limited
at fair value and as from 31 May 2008 current period net income (calculated
using income and expenditure estimates). Additionally the fair value of the
debentures has been estimated using information supplied by FT Interactive
Data.