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

MFF advises that its approximate weekly NTA per share as at Friday, 20 December
2013 was $1.499 excluding net deferred tax liabilities1 of approximately $0.144, ($1.355 per share after tax). 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 10.7 cents per share if all of the MFF 2017 options had been exercised on Friday 20 December
2013.

Leo Quintana Company Secretary

24 December 2013

1 Deferred tax liabilities less deferred tax assets. Partially in respect of 2013/14 realised gains

All figures are unaudited and approximate.

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