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

MFF advises that its approximate weekly NTA per share as at Friday, 28 August 2015 was

$2.117 pre-tax, (cum 1 cent per share, fully franked dividend)2, (30 June 2015 $1.998), and $1.812 post-tax1.

Note that no adjustments are made for future exercises of the MFF 2017 options (exercise price $0.9964 per option). The approximate pre-tax NTA would have been reduced by approximately 16.7 cents per share if all of the MFF 2017 options had been exercised on Friday, 28 August 2015.

Geoffrey Stirton Company Secretary

01 September 2015

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

2 Figures are cum MFF's 1 cent per share fully franked final dividend. The ex dividend date is 13 October 2015.

Additional information (per ASX Listing Rules, Chapter 19):

Pre-tax NTA (after accounting provision for interim dividend) $2.107
Post-tax NTA (after accounting provision for interim dividend) $1.802
The approximate pre tax NTA (after accounting provision for final dividend) would have been reduced by approximately
16.5 cents per share if all of the MFF 2017 options had been exercised on Friday, 28 August 2015.

All figures are unaudited and approximate.

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