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, 16 January 2015 was $1.844 pre-tax, (30 June 2014 $1.427), and $1.599 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 18.0 cents per share if all of the MFF 2017 options had been exercised on Friday, 16 January 2015.

Geoffrey Stirton Company Secretary

20 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.