Magellan Flagship Fund : Weekly NTA

Magellan Flagship Fund Limited ('MFF') Weekly Net Tangible Assets ('NTA')

MFF advises that its approximate weekly NTA per share as at Friday, 2 January 2015 was $1.946 pre-tax, (30 June 2014 $1.427), and $1.695 post-tax1.

Note that no adjustments are made for future exercises of the MFF 2017 options (exercise price $1.05 per option). The approximate pre-tax NTA would have been reduced by approximately 20.5 cents per share if all of the MFF 2017 options had been exercised on Friday, 2 January 2015.

Geoffrey Stirton Company Secretary

6 January 2015

1 Net tax liabilities, are tax liabilities less tax assets, and are partially in respect of realised gains. All figures are unaudited and approximate.