Majedie Investments : 2023 Half-Yearly Financial Report

MAJEDIE INVESTMENTS PLC

2023 HALF-YEARLY REPORT

31 March 2023

Company number: 00109305

CONTENTS

1. Financial Highlights
2. Investment Objectives and Policy Statement

6	Chief Executive's Report

1. Interim Management Report
2. Responsibility Statement of the Directors in respect of the Half-Yearly Financial report
3. Condensed Statement of Comprehensive Income

16	Condensed Statement if Changes in Equity
18	Condensed Balance Sheet

1. Condensed Cash Flow Statement
2. Notes to the Accounts

36 Company Information

Financial Highlights

	Half Year ended
	31 March 2023
Total shareholder return (including dividends):	32.6%
Net asset value (NAV) total return	13.9%
(debt at par including dividends):
NAV total return	13.8%
(debt at fair value including dividends):
NAV per share (debt at par value):	245.0p
NAV per share (debt at fair value):	244.2p
Revenue Return per share:	0.7p
Quarterly Dividend:	1.8p
Total assets*:	£150.6m

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

HALF-YEARLY FINANCIAL REPORT 1

Investment Objectives and Policy Statement

Investment Objective

The Company's investment objective is both to deliver long-term capital growth whilst preserving shareholders' capital and to pay a regular dividend.

Benchmark

The performance target is to achieve net annualised total returns (in GBP) of at least 4 per cent. above the UK CPI over rolling five-year periods.

Investment Policy

The Company's strategy to achieve its investment objective is to create a balanced portfolio of investments that is diversified both across asset classes and by geography. Holdings will be focussed on the following three main segments:

1. Special Investments: opportunities including co-investments,special-purpose vehicles and thematic funds. These eclectic and episodic opportunities are generally hard-to- access investments targeting potential IRRs of 20 per cent. or better. These investments may be somewhat illiquid in nature, with an expected duration of 24 to 36 months.
2. External Managers: allocations to pooled vehicles managed by third parties. These funds pursue fundamental strategies; and
3. Direct Investments: targeted investments in listed securities, predominantly equities.

The Company's underlying investments are expected to be primarily in equities and related instruments (which shall include, without limitation, preference shares, convertible debt instruments, equity-related and equity-linked notes and warrants) issued by quoted and unquoted portfolio companies as well as in partnerships, limited liability partnerships, offshore or un-regulated funds and other legal forms of entity where the investment has equity-like return characteristics. The Company may invest in publicly traded companies (including participating in the IPO of an existing unquoted company investment), subject to the investment restrictions below. The Company is not expected to take majority shareholder positions in portfolio companies but shall not be restricted from doing so.

2 MAJEDIE INVESTMENTS PLC

Though the Company's underlying investments are expected to be primarily in equities, the Company may also invest in securities and financial instruments of any kind, including, without limitation, sovereign debt and related options and/or futures and other fixed income instruments issued by sovereign borrowers or their agencies, equity and equity-related securities, bonds and other fixed-income securities, loans, futures, forward contracts, warrants, options, swaps, contracts for difference and other derivative instruments, currencies, commodities, pooled investment vehicles (which may be open-ended or closed-ended and established in any jurisdiction), money-market funds, commercial paper, certificates of deposit and other cash equivalents. Debt securities in which the Company may invest may be of investment-grade,sub-investment-grade, or unrated. In addition, the Company may pursue any of these strategies through privately negotiated investments as well as public market transactions. From time to time, the Company may acquire assets or securities that are illiquid and the fair value of which may not be readily derived from third-party sources.

The Company may use derivatives and similar instruments, whether for the purpose of capturing specific opportunities, to create return asymmetry, mitigate currency exposure or for capital preservation.

The Company may make investments directly or indirectly through special purpose vehicles, intermediate holding vehicles or other fund or similar structures or other vehicles where the Investment Manager considers that that this would be commercially beneficial or confer legal, regulatory or tax advantages, or provide the only practicable means of access to the relevant investment.

HALF-YEARLY FINANCIAL REPORT 3