Majedie Asset Management

Majedie Investments PLC
13 January 2003


MAJEDIE INVESTMENTS PLC

13 January 2003



                   LAUNCH OF MAJEDIE ASSET MANAGEMENT LIMITED

Majedie Investments PLC today announces the launch of Majedie Asset Management
Limited, the new specialist fund management company, focused on the management
of UK equities for pension funds and charities.  Majedie Investments PLC has an
initial 70% shareholding in the new company, which recently received regulatory
approval from the Financial Services Authority.

Henry Barlow, Chairman of Majedie Investments PLC, commented:

'This new business is well placed to exploit a very exciting opportunity in the
UK institutional marketplace.'

The following press release is today being issued by Majedie Asset Management
Limited:



                    MAJEDIE ASSET MANAGEMENT LAUNCHES TODAY

Majedie Asset Management, the new specialist fund management company, today
launches its products and services - focusing on the management of UK equities
for pension funds and charities.

Majedie Asset Management:

     •    Comprises former Merrill Lynch Investment Managers (MLIM) Alpha Team
          fund managers James de Uphaugh, Chris Field, Robert Harris and Adam 
          Parker, together with Simon Hazlitt (Business Director) and Rob De La 
          Mare (Administration Manager), both also from MLIM.

     •    Aims to take advantage of the growing trend towards specialist 
          managers.

     •    Is targeting assets under management of £1bn over five years.

     •    Received FSA regulatory approval in December 2002.

     •    Is 70% owned by Majedie Investments PLC, which has so far invested
          £1.9m out of a total capital commitment of £5m over the next three 
          years. Additional funds will be provided as seed capital.



Comment

James de Uphaugh, Managing Director of Majedie Asset Management, commented:

'Preparations for the launch of the business have gone smoothly. With the
installation and audit of our systems complete and FSA approval received, we are
now focused on taking Majedie Asset Management to the marketplace.  Our initial
meetings with pension fund consultants have been encouraging.

'We have a clear aim: simply to make money for our clients. We just do UK
equities and we stand or fall by our UK equity record. As each of the founders
owns a significant stake in the business this really means something: we are
highly incentivised and here to stay'.

Introduction to Majedie Asset Management

Majedie Asset Management was founded in 2002 by a team of experienced fund
managers to take advantage of the growing demand for specialist, high
performance UK equity products. The four fund managers - James de Uphaugh, Chris
Field, Robert Harris and Adam Parker - have an average of 14 years' investment
experience. At MLIM they were instrumental in building the Alpha Team's
reputation from 1995.

Majedie Investments PLC is providing up to £5m for working and regulatory
capital, to finance the launch of new funds and services and to invest in the
latest systems technology. Majedie Asset Management is based at 1 Minster Court
and benefits from full access to Majedie Investments PLC's existing operational
and administrative infrastructure.

An established team

Before setting up Majedie Asset Management, the fund managers worked together on
MLIM's Alpha Team for seven years and were substantially responsible for that
team's strong performance over the period, until recently managing over £5bn of
UK equities for pension funds and unit trusts. Simon Hazlitt was closely
involved with the technology strategy of MLIM's investment management
operations.

Strong performance

On leaving MLIM, the team's institutional performance over three, five and seven
years was in the upper quartile of the CAPS universe and significantly ahead of
the FTSE All-Share index. In the UK Opportunities sphere, the Merrill Lynch
Alpha Special Situations Investment Fund, managed by Adam Parker since its
inception in 1994, ranked in the top decile in its universe, significantly
outperforming the FTSE All-Share and SmallCap indices over that period. In
research, the fund managers featured regularly in the annual Reuters surveys, as
voted by FTSE 350 finance directors.

Investment approach

The investment approach starts with a 'Macro Filter', examining the composition
of UK and global growth to identify themes and pressure points. The team's
extensive knowledge of companies is then used to look for 'Money Makers', those
companies whose stock market value is far below their real, industrial or long
term worth and where a catalyst that will narrow the gap has been identified.
Due to its size and structure, the team is able to incorporate ideas into the
portfolios without delay.

In an investment world where the analytical cohorts of the big incumbents
typically stick rigidly to sector boundaries, Majedie Asset Management instead
chooses to prowl across sectors, as experience has shown that this is how the
real money is made. In order to maximise the opportunities for returns, Majedie
Asset Management resists the fashion of a single investment style.


Products

Majedie Asset Management offers the following products:

• The UK Equity Service, a specialist institutional product, incorporating
  a unitised investment in MASSIF (see below)

• The Focus Portfolio Service, comprising each fund manager's best investment 
  ideas

• The Majedie Asset Special Situations Investment Fund (MASSIF), a pooled
  smaller companies and special situations vehicle

• The Majedie Asset UK Opportunities Fund, a retail fund in which each of
  the fund managers will make a significant personal investment

IT and outsourcing

A state-of-the-art, legacy-free IT system has been constructed to allow clients
and intermediaries unparalleled access to their portfolios over secure internet
connections, thereby enabling reporting systems to be tailored to the specific
requirements of each client.

Financial Models Corporation is supplying portfolio management and dealing
software, while compliance monitoring has been outsourced to CCL. Bank of New
York is providing custodial and administration services.

Shareholding structure

Majedie Investments PLC owns 70% of the initial equity. The five principals own
the balance: the four fund managers each own 7% and Simon Hazlitt the remaining
2%.  Each has made a significant personal capital investment in the business.
The principals' equity grows in line with the new company's business
performance, ensuring that the team is truly incentivised.

The Board of Majedie Asset Management comprises:

• Henry Barlow - Non-executive Chairman (Chairman - Majedie Investments PLC)

• James de Uphaugh - Managing Director

• Chris Field - Executive Director

• Robert Clarke - Non-executive (Managing Director - Majedie Investments PLC)

• Gill Leates - Non-executive (Investment Director - Majedie Investments PLC)



Further information on Majedie Asset Management can be found at
www.majedieasset.com.


Enquiries

James de Uphaugh, Managing Director - Majedie Asset Management Limited
tel: [phone];  email: [e-mail]

Robert Clarke, Managing Director - Majedie Investments PLC
tel: [phone];  email: [e-mail]

John Kiely, Managing Director - Smithfield Financial
tel: [phone];  email: [e-mail]



Notes to Editors

About Majedie Investments PLC

Majedie Investments PLC is a £165m self-managed global growth investment trust
with a benchmark of 70% FTSE All-Share / 30% FTSE World ex-UK.  It was
established in 1910 and has been an investment trust since 1985.  More
information on Majedie Investments PLC can be found at www.majedie.co.uk.


About Majedie Asset Management

James de Uphaugh MA (Hons) ASIP, 36
Founder, Fund Manager, Managing Director
• Former Managing Director of MLIM
• Managed £1.4bn of UK equities
• Fourteen years in fund management and research

Chris Field ASIP, 38
Founder, Fund Manager
• Former Director of MLIM
• Managed £1.7bn of UK equities
• Seventeen years in fund management and research

Robert Harris BA (Hons) ASIP, 31
Founder, Fund Manager
• Former Director of MLIM
• Managed £1.2bn of UK equities
• Nine years in fund management and research

Adam Parker MA (Hons) ASIP, 38
Founder, Fund Manager
• Former Director of MLIM
• Managed £1.1bn of UK equities
• Managed Merrill Lynch Alpha Special Situations Investment Fund since inception
• Fifteen years in fund management and research

Simon Hazlitt BA (Hons), 36
Founder, Business Director
• Former Director of MLIM
• Responsible for clients worth £1bn, five years industry experience
• MLIM's European IT Strategist
• Previously a communications/operations specialist in the British Army

Rob De La Mare, 28
Administration Manager
• Former deputy head of MLIM's Alpha administration team
• Responsible for clients worth £2bn
• Four years in pension fund administration, five years managing OEICs





         Registered Office as above  Registered in England No 109305  
                       VAT Registration No 245 8547 34
        An Investment Company under Section 266 of The Companies Act 1985
         A Member of The Association of Investment Trust Companies



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