Appendix 3Y Change of Director's Interest Notice Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Information or documents not available now must be given to ASX as soon as available. Information

and documents given to ASX become ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity Magellan Flagship Fund Limited (MFF) ABN 32 121 977 884

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director

Chris Mackay

Date of last notice

19 November 2013

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest

Direct and Indirect

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

Magellan Equities Pty Limited

Naumov Pty Ltd

T. Mackay - Spouse O. Mackay - Child J. Mackay - Child C Mackay - Child L. Mackay - Child

Dates of change

10 April 2014 and 17 April 2014

No. of securities held prior

to change

29,710,928 Fully Paid Ordinary Shares

4,469,351 Options (Expiring 31 October 2017)

Class

Fully Paid Ordinary Shares

Number acquired

3,215,421 Fully Paid Ordinary Shares

Number disposed

NIL

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

$1.05 per Fully Paid Ordinary Share

No. of securities held after change

33,139,273 Fully Paid Ordinary Shares

1,253,930 Options (Expiring 31 October 2017)

+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Exercise of 3,215,421 options.

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition

of "notifiable interest of a director" should be disclosed in this part.

Detail of contract

N/A

Nature of interest

N/A

Name of registered holder

(if issued securities)

N/A

Date of change

N/A

No. and class of securities to

which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

N/A

Part 3 - +Closed period

Were the interests in the securities or contracts

detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the

trade to proceed during this period?

N/A

If prior written clearance was provided, on what date

was this provided?

N/A

17 April 2014

+ See chapter 19 for defined terms.

Appendix 3Y Page 2 01/01/2011

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