The Board of Magellan Financial Group Limited (Magellan) advises that, after a period of intense pressure and focus on both his professional and personal life, Mr. Hamish Douglass, Magellan's Chairman and Chief Investment Officer, has requested a period of medical leave to prioritise his health. The Magellan Board wholeheartedly supports Hamish taking the time that he requires to focus on his health and looks forward to welcoming Hamish back. At the request of the Board, Mr. Chris Mackay will oversee the portfolio management of Magellan's global equity retail funds and global equity institutional mandates.

Mr. Douglass will take a leave of absence as a Director of Magellan and Mr. Hamish McLennan, previously Magellan's Deputy Chairman, has been appointed as Magellan's independent non-executive Chairman in place of Mr. Douglass. Robert Fraser has been appointed as Deputy Chairman of Magellan in place of Mr. McLennan. Mr. Fraser will continue as the independent non-executive Chairman of Magellan Asset Management Limited, Magellan's responsible entity and main operating subsidiary.