Net Asset Value(s)

Majedie Investments PLC

Legal Entity Identifier: 2138007QEY9DYONC2723

11 December 2019

Net Asset Value (NAV)

The unaudited net asset value per share at the close of business on 10 December 2019 was as follows:

With debentures at par value: 288.36 per share

With debentures at fair value: 280.21 per share

The net asset value published is on a cum-income basis and the net asset value is calculated on 53,042,899 ordinary shares, being the number of shares in issue. It also incorporates a valuation change to the Majedie Asset Management Fund investment as detailed in the 30 September 2019 Annual Report & Accounts which was released this morning.

The fair value of March 2025 debenture is calculated by using the yield of UK Treasury Bonds of an equal duration plus a 2.5% risk premium. The Board sees this mechanism as transparent, market related and consistent with best practice.

Enquiries

William Barlow

Majedie Investments PLC

Ph: 020 7382 8185