MAGELLAN FINANCIAL GROUP LIMITED — M&A Activity 2007

Dec 16, 2007

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17 December 2007

The Manager Company Announcements Office Australian Securities Exchange Limited Exchange Centre Level 4, 20 Bridge Street, Sydney NSW 2000

Magellan Financial Group receives ASIC consent to withdraw existing takeover offers for New Privateer Holdings securities and to make new offers

Magellan Financial Group Limited ( MFG ) refers to its joint announcement with New Privateer Holdings Limited ( NPH ) on 10 December 2007 in which MFG announced proposed revised offers for NPH securities, subject to ASIC consenting to the withdrawal of its existing offers. MFG advises that ASIC has today consented to MFG withdrawing unaccepted offers under the existing offers. Accordingly, the existing offers are withdrawn with effect from the time of this announcement.

MFG will lodge with ASIC its Bidder's Statement in respect of the revised offers by no later than this Thursday, 20 December 2007, and will despatch the Bidder's Statement to NPH securityholders by no later than Monday, 24 December 2007. MFG confirms its view that the terms and conditions of the revised offers are more favourable than the terms and conditions of the withdrawn offers.

For further information please contact David Simpson, MFG Company Secretary, on +61 2 8114 1888.

Yours sincerely

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David Simpson

General Counsel & Company Secretary