2021

Majedie Investments PLC

Half-Yearly Financial Report

31 March 2021

Contents

  1. Financial Highlights
  2. Investment Objective and Policy Statement
  1. Chief Executive's Report
  1. Fund Analysis
  2. Thirty Largest Portfolio Holdings
  3. Interim Management Report
  4. Responsibility Statement of the Directors in respect of the Half-Yearly Financial Report
  5. Condensed Statement of Comprehensive Income
  1. Condensed Statement of Changes in Equity
  1. Condensed Balance Sheet
  1. Condensed Cash Flow Statement
  2. Notes to the Accounts
  1. Company Information

Financial Highlights

Half Year ended

31 March 2021

Total shareholder return (including dividends):

+38.0%

Net asset value (NAV) total return

+15.9%

(debt at par including dividends):

NAV total return

+17.1%

(debt at fair value including dividends):

NAV per share (debt at par value):

280.2p

NAV per share (debt at fair value):

273.3p

Revenue Return per share:

5.9p

Interim Dividend:

4.4p

Directors' valuation of investment in Majedie Asset

£25.3m

Management Limited:

Total assets*:

£169.3m

* Total assets are defined as total assets less current liabilities.

HALF-YEARLY FINANCIAL REPORT 2021 1

Investment Objective and Policy Statement

Investment Objective

The Company's investment objective is to maximise total shareholder return whilst increasing dividends by more than the rate of inflation over the long term.

General

The Company invests principally in securities of publicly quoted companies worldwide and in funds managed by its investment manager, though it may invest in unquoted securities up to levels set periodically by the Board, including its investment in Majedie Asset Management Limited (MAM). Investments in unquoted securities, other than those managed by its investment manager or made prior to the date of adoption of this investment policy, (measured by reference to the Company's cost of investment) will not exceed 10% of the Company's gross assets.

Risk Diversification

Whilst the Company will at all times invest and manage its assets in a manner that is consistent with spreading investment risk, there will be no rigid industry, sector, region or country restrictions. The overall approach is based on an analysis of global economies sector trends with a focus on companies and sectors judged likely to deliver strong growth over the long term. The number of investments held, together with the geographic and sector diversity of the portfolio, enable the Company to spread its risks with regard to liquidity, market volatility, currency movements and revenue streams.

The Company will not invest in any holding that would, at the time of investment, represent more than 15% of the value of its gross assets save that the Company may invest up to 25% of its gross assets in any single fund managed by its investment manager where the Board believes that the investment policy of such funds is consistent with the Company's objective of spreading investment risk.

The Company may utilise derivative instruments including index-linked notes, contracts for difference, covered options and other equity-related derivative instruments for efficient portfolio management and investment purposes.

Any use of derivatives for investment purposes will be made on the basis of the same principles of risk spreading and diversification that apply to the Company's direct investments, as described above.

2 MAJEDIE INVESTMENTS PLC

Asset Allocation

The assets of the Company will be allocated principally between investments in publicly quoted companies worldwide, in investments intended to provide an absolute return (in each case either directly or through other funds or collective investment schemes managed by the Company's investment manager) and the Company's investment in MAM itself.

Benchmark

The Company does not have one overall benchmark, rather each distinct group of assets is viewed independently. Any investments made into funds managed by the Company's investment manager will be measured against the benchmark or benchmarks, if any, whose constituent investments appear to the Company to correspond most closely to those investments. It is important to note that in all cases investment decisions and portfolio construction are made on an independent basis. The Board however sets various specific portfolio limits for stocks and sectors in order to restrict risk levels from time to time, which remain subject to the investment restrictions set out in this section.

Gearing

The Company uses gearing currently via long term debentures. The Board has the ability to borrow up to 100% of adjusted capital and reserves. The Board also reviews the level of net gearing (borrowings less cash) on an on-going basis and sets a range at its discretion as appropriate. The Company's current debenture borrowings are limited by covenant to 662/3%, and any additional indebtedness is not to exceed 20%, of adjusted capital and reserves.

HALF-YEARLY FINANCIAL REPORT 2021 3

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Disclaimer

Majedie Investment plc published this content on 26 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2021 08:20:01 UTC.