20 February 2015

ASX Limited ASX Market Announcements Office Exchange Centre 20 Bridge Street SYDNEY NSW 2000 MAGELLAN FINANCIAL GROUP LIMITED 2015 INTERIM RESULTS BRIEFING Attached is a copy of the presentation for the Magellan Financial Group Limited (MFG) 2015 Interim Results Briefing. As announced on 2 February 2015, MFG will hold a briefing for analysts and investors at 10:30 am today in the Press Room, The Radisson Blu Hotel, 27 O’Connell Street, Sydney New South Wales. MFG’s CEO & Chief Investment Officer, Hamish Douglass, will present at the briefing. If you would like to attend the briefing in person please RSVP via email at the following address: fiona.winet@magellangroup.com.au. Analysts and investors unable to attend the meeting in person are invited to participate in the briefing via teleconference. A question and answer session will be available via teleconference at the end of Mr Douglass’ presentation. Teleconference Details: Phone Number: Day: 20 February 2015 Australia – 1800 558 698 or 1800 809 971 Time: 10:30am (Sydney Time) New Zealand – 0800 453 055 United Kingdom – 0800 051 8245 United States & Canada – 1855 8811 339 International – +61 2 9007 3187 Conference ID: 969671 A replay of the teleconference will be available up to 30 days after the presentation. This

replay can be accessed via MFG’s website at www.magellangroup.com.au For further information, please contact: Craig Wright Geoffrey Stirton

Investor Relations Company Secretary

Ph +61 2 8114 1826 Ph +61 2 8114 1828

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Magellan Financial Group Limited

Interim ResultsFor the half year ended 31 December 2014

Hamish Douglass | CEO & Chief Investment Officer | 20th February 2015

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Magellan Financial Group Overview

• For the half year ended 31 December 2014:

– Net profit after tax $77.4 million, 115% increase1

– EPS (diluted) of 45.3 cents per share, 113% increase1

– Dividend (interim) of 37.1 cents per share fully franked, 125% increase1

• As at 31 December 2014:

– Strong balance sheet with net assets of $273.0 million, 32% increase2

– $31.6 billion in funds under management, 35% increase2

– 80 total staff, 16% increase2

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1Percentage change relative the 6 month period ending 31 December 2013.2Percentage change relative to 30 June 2014.

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Magellan Financial Group Overview cont.

• Two business activities

– Magellan Asset Management (Funds Management Business)

– Principal Investments

• Continuing dividend policy 75%-80% of underlying profit of funds management

segment1

• Pay dividends promptly – 9 March 2015

• Offshore Banking Unit (OBU)

– Assessable offshore banking income subject to a concessional tax rate of 10%

(under current legislation)

– Effective tax rate for the 6 months to 31 December 2014 is 25%

– Offshore institutional global equity FUM is 28% of management fees2 for 6

months to 31 Dec 2014.

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1Subject to available franking credits and corporate, legal and regulatory considerations.2Management fees includes management, service and performance fees. Not all offshore institutional client fees fall under the OBU.

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Funds Management Business

1Pursuant to the agreement, Frontier Partners is entitled to receive 25% of net management fees from Frontier MFG Funds and 20% of management fees from institutional mandate clients in North America.2Based on daily average of London 4pm exchange rates over the six month period.

$ million 31 Dec 2014 31 Dec 2013 % change

Revenue

Management fees 89.6 59.4 51%

Performance fees 32.6 1.9 1623%

Service fees 3.4 1.4 150%

Interest/other income 0.6 0.4 24%

126.3 63.1 100%

Expenses

Employee expense 14.7 11.8 25%

US Marketing/consulting fees1

2.3 1.5 48%

Other expense 7.6 5.0 51%

24.6 18.3 34%

Profit before tax 101.7 44.8 127%

Key Statistics

31 Dec 2014 31 Dec 2013 % change

Average Funds Under Management ($billion) 27.6 18.0 53%

Average AUD/USD exchange rate2 0.8903 0.9214

Avg. number of employees 75 57 32%

Employee expense/total expense 60.0% 64.4%

Cost/Income 19.4% 29.0%

Cost/Income (excl performance fees) 26.2% 29.9%

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31 Jan 2015 31 Dec 2014 30 June 2014 30 June 2013$ million

Retail 8,649 8,354 6,693 4,542

Institutional

- Australia/NZ 3,728 3,652 2,889 2,424

- North America 7,692 6,777 4,690 2,891

- Rest of World 13,155 12,842 9,241 4,838

24,575 23,271 16,820 10,153

Total FUM 33,224 31,625 23,513 14,695

%

Retail 26% 26% 28% 31%

Institutional

- Australia/NZ 11% 12% 12% 16%

- North America 23% 21% 22% 20%

- Rest of World 40% 41% 40% 33%

74% 74% 72% 69%

Total FUM 100% 100% 100% 100%

Breakdown of Funds Under Management ($ million)

- Global Equities 28,203 26,809 19,443 12,088

- Infrastructure Equities 5,021 4,816 4,070 2,607

Average Base Management fee (bps) per annum (excl Perf Fee)

66 67 65 66

Funds Under Management Summary [5]

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Well-balanced business

Notes1. FUM split is as at 31 December 2014.2. Base Fees are Management and Services fees for the 6 months to 31 December 2014 and excludes Performance fees.3. MFF FUM & Service fees have been included in the retail portion of these charts.

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29%

71%

Retail FUM Institutional FUM

55%

45%

Retail Fees Institutional Fees

Funds Under Management Base Fees

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Client Diversity

1Base Fees are Management and Services fees for the 6 months to 31 December 2014 and excludes Performance fees.2Includes Institutional clients in Funds.

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Cumulative

Top 5 10 20 30

% 19% 26% 33% 37%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

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Top 30 Institutional Clients

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Employee Summary

• Expect staff expense to increase approximately 35% in 2014/15 financial year

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Staff 31-Dec-14 30-Jun-14 31-Dec-13 30-Jun-13

Investment team

Portfolio Managers/Analysts 29 22 21 20

Dealers 2 2 2 2

31 24 23 22

Governance & Advisory1 3 1 - -

Distribution 18 15 14 14

Risk, Compliance & Company Secretarial2 3 3 2 1

Business Support & Control 20 18 17 16

Administration 5 8 6 5

Total 80 69 62 58

1Includes Brett Cairns, Executive Chairman, effective 1 January 2015 and Craig Wright, Head of Governance & Advisory, previously reported in Business Support & Control.2Previously included in Business Support & Control.

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Retail Business

1Includes Colonial First State Magellan Global Option from April 2011 and Magellan Global Fund (Hedged).

• Total Retail FUM is $8.4 billion at 31 December 2014 (30 June 2014: $5.9 billion)

• Total Net Retail Inflows for 6 months to 31 Dec 2014: $0.7 billion (6 months to 31 Dec 2013

was $1.2 billion)

• Average Monthly Retail Net Inflows:

Financial Year EndingMagellan Global Fund1

($million)

Total Retail($million)

2008 1.1 2.8

2009 4.1 6.8

2010 14.8 18.1

2011 32.0 37.0

2012 50.4 54.3

2013 140.8 148.5

2014 154.1 177.5

6 months to 31 Dec 2014 101.7 122.5

Funds Under Management and Net Inflows[9]

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6 Months (%)

1 Year (%)

3 Years (% p.a.)

5 Years (% p.a.)

Since Inception (% p.a.)

Magellan Global Fund ($A) 18.1 14.5 26.3 17.8 11.5

MSCI World NTR Index ($A) 14.0 14.7 24.5 12.3 3.5

MSCI World Minimum Volatility NTR Index ($A) 20.1 21.7 21.4 13.5 5.3

S&P 500 TR Index ($A) 22.4 24.3 29.8 17.7 7.1

Dow Jones Industrials TR Index ($A) 23.6 20.3 25.4 16.4 7.2

Magellan Infrastructure Fund ($A) 8.9 22.4 18.4 15.6 7.6

UBS Dev Infra & Utilities NTR Index Hedged ($A) 6.2 22.9 16.7 11.9 5.5

Magellan High Conviction Strategy ($A) 21.5 19.8 - - 34.7

Retail Business

Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date for the Magellan Global Fund and Magellan Infrastructure Fund is 1 July 2007 and the Magellan High Conviction Strategy is 1 January 2013.

Source: MSCI, UBS, Bloomberg, Magellan Asset Management Limited.

Investment Performance for the period to 31 December 2014[10]

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Global Equity Peer Comparison

1Returns are after fees, before fee returns not available.Unless stated otherwise, returns are before fees and denoted in US dollars.

Source: MSCI, eVestment

Investment Performance for the period to 31 December 2014 in USD

1 year (%) 3 years (% p.a.) 5 years (% p.a.)

Magellan Global Equity 6.5 19.2 17.5

Artisan Global Value 6.2 19.7 15.7

Independent Franchise Partners Global Franchise 7.2 15.9 15.5

MFS Global Concentrated Equity 9.0 21.4 14.6

Cedar Rock Capital1 8.8 14.8 14.6

Cantillon Global Equity 4.8 16.1 14.5

Vontobel Global Equity 8.2 15.3 13.9

Morgan Stanley Global Franchise 6.0 14.3 13.6

BLS Invest Global Equities -5.8 17.0 13.6

Burgundy Global Equity 7.7 17.0 13.4

First Eagle Global Value Equity 4.1 11.4 10.7

Walter Scott Global Equity 3.7 14.4 10.5

Veritas Global Focus1 6.0 12.6 10.1

Peer Average 5.6 16.0 13.7

MSCI World Net TR (USD) 4.9 15.5 10.2

MSCI World Quality Net TR (USD) 8.4 15.9 12.4

MSCI World Min Volatility Net TR (USD) 11.4 12.6 11.4

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Distribution Opportunities

Two new distribution channels:

• Bank/AMP aligned advice markets

– Entered into new relationships with BT/Westpac and AMP over past 6 months

– Expect to gain traction in these channels over the coming year

• Self managed superannuation

– Working on an ASX listed version of the Magellan Global Fund which is

expected to be launched shortly

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Institutional Business

• Total institutional FUM is $23.3 billion at 31 December 2014

(30 June 2014:$16.8 billion)

– Global equities $19.0 billion

– Infrastructure $4.3 billion

• More than 90 institutional clients1 at 31 December 2014

• Net inflows for 6 months to 31 December 2014 is $2.9 billion

• Closed Global Equities strategy to new separate accounts on 31 October 2014 and

closed US mutual fund for new clients on 31 December 2014

• Launched Global Plus strategy (FUM $3.4 billion at 31 December 2014). Will

shortly be launching US Global Plus mutual fund for US investors

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1The number of clients include separately managed accounts and institutional investors in local and offshore vehicles

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Institutional Business cont.

• Australia/New Zealand

– FUM is $3.7 billion at 31 December 2014 (30 June 2014: $2.9 billion)

• United States:

– FUM is $5.9 billion at 31 December 2014 (30 June 2014: $4.0 billion)

– Net inflows of $1.0 billion for 6 months to 31 December 2014

• United Kingdom:

– FUM is $11.4 billion at 31 December 2014 (30 June 2014: $7.9 billion)

– Net inflows of $1.1 billion for 6 months to 31 December 2014

– St. James’s Place continues to grow, $5.7 billion at 31 December 2014

(30 June 2014: $4.8 billion)

– UK Core Infrastructure Fund strong inflows with FUM of $2.6 billion at 31 December 2014

(30 June 2014: $2.2 billion)

– MFG Global Fund (a UCITS fund offered to institutional clients), client inflows commencing from

October 2013, $1.8 billion at 31 December 2014 (30 June 2014: $1.2 billion)

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Institutional Business

1Separate accounts with regular monthly inflows which includes St James’s Place , Frontegra MFG Global Equity Fund (a US Mutual Fund), MFG Global Fund (UCITS) and 6 other undisclosed accounts. The flows exclude the first month during initial seeding.

Regular Monthly Institutional Net Inflows - Global Equities1

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Institutional Monthly Flows

Average Monthly Net Inflow: $138 million - last 12 months$92 million - last 6 months

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Principal Investments

1Return excludes investment in Magellan Flagship Fund Ltd.

• Principal Investments include investments in Magellan Funds, listed shares, a small number

of unlisted investments and surplus cash after allowing for the Group’s working capital

requirements.

• Board set a pre-tax hurdle 10% p.a. (over business cycle) for the Principal Investments.

Time Period Return

1 Year to 31 December 2014 16.2%

3 Years to 31 December 2014 p.a. 28.2%

5 Years to 31 December 2014 p.a. 18.7%

1 July 2007 to 31 December 2014 p.a.1 10.4%

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Investment Returns:

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Principal Investments cont.

1Magellan Unlisted Funds includes the Magellan Global Fund, Magellan Infrastructure Fund, Magellan Global Fund (Hedged), Magellan Infrastructure Fund (Unhedged), Magellan High Conviction Fund and the Frontier MFG Funds. 2Other comprises distributions receivable and unlisted funds and shares. 3Deferred tax liability arising from changes in the fair valueof financial assets and net capital losses carried forward. 4Based on the aggregate of 159,818,691 ordinary shares on issue at 31 December 2014 and 10,180,898ordinary shares being the ordinary shares into which the 10,200,000 Class B Shares would be entitled to convert at 31 December 2014 (30 June 2014, it is based on158,842,157 ordinary shares and 10,119,516 ordinary shares into which the 10,200,000 Class B Shares would have been entitled to convert at 30 June 2014).

Investment ($ million) 31 Dec 2014 30 June 2014

Cash 1.4 0.3

Magellan Unlisted Funds1 136.2 115.2

Listed shares 11.0 10.1

Other2 0.5 3.7

Total 149.1 129.3

Deferred tax liability3 (16.6) (9.7)

Payables – outstanding settlements - -

Net principal investments 132.5 119.6

Net principal investments per share (cents)4 77.8 70.9

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Important Information

This presentation has been prepared by Magellan Financial Group Limited (‘MFG’).

While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express orimplied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in thepresentation.

This presentation may contain forward looking statements. These forward-looking statements have been made based upon MFG’s expectationsand beliefs concerning future developments and their potential effect upon MFG (and its controlled entities) and are subject to risks anduncertainty which are, in many instances, beyond MFG’s control. No assurance is given that future developments will be in accordance with MFG’sexpectations. Actual results could differ materially from those expected by MFG.

This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security or financial product or service. Any suchoffer or solicitation shall be made only pursuant to a Product Disclosure Statement, Information Memorandum, Prospectus or other offer documentrelating to a financial product or service.

Past performance is not necessarily indicative of future results and no person guarantees the performance of any financial product or service orthe amount or timing of any return from it. There can be no assurance that the financial product or service will achieve any targeted returns, thatasset allocations will be met or that the financial product or service will be able to implement its investment strategy and investment approach orachieve its investment objective.

The information contained in this presentation is not intended to be relied upon as advice to investors or potential investors, who should considerseeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs.

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