FLAGSHIP INVESTMENTS LIMITED — Director's Dealing 2008

Sep 11, 2008

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

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 30/9/2001.

Name of entity HYPERION FLAGSHIP INVESTMENTS LIMITED

ABN 99 080 135 913

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	Emmanuel C Pohl
Date of last notice	7 August 2008

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.	- Power of Attorney provided to E C Pohl by a number of clients. - Director of a Trustee company of a unit trust with a Power of Attorney provided to E C Pohl. - There are a number of shareholders whose holdings are managed by Hyperion Asset Management Limited (Hyperion) in accordance with funds management agreements. E C Pohl is a director of and investment manager for Hyperion. Hyperion is the investment manager of the company’s shareportfolio.
Date of change	11 September 2008
No. of securities held prior to change	Direct 2,351,810 Indirect 3,830,619 TOTAL 6,182,429
Class	Ordinary Fully Paid

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number acquired	Direct 109,101 Indirect Nil TOTAL 109,101
Number disposed	Direct Nil Indirect 109,101 TOTAL 109,101
C Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Direct $136,376.25 Indirect $136,376.25
No. of securities held after change	Direct 2,460,911 Indirect 3,721,518 TOTAL 6,182,429
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Off market transfer of shares from a Power of Attorney client to an associated entity

Part 2 – Change of director’s interests in contracts

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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
Nature of interest
Name of registered holder
(if issued securities)
Date of change
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
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and an
estimated valuation
Interest after change
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• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002