MAGELLAN FINANCIAL GROUP LIMITED — M&A Activity 2007

Nov 21, 2007

NEW PRIVATEER HOLDINGS LIMITED

A.C.N 006 106 690

Registered Office: Level 6, 31 Queen Street MELBOURNE, VICTORIA, 3000 Telephone: (03) 8613 8888 Facsimile: (03) 8613 8800

November 21, 2007

ASX Company Announcements

Lodgement of Bidder's Statement by Magellan Financial Group

New Privateer Holdings Limited ( NPH ) notes that Magellan Financial Group Limited ( MFG ) today lodged its Bidder's Statement in respect of its takeover offer for NPH.

The Board of NPH and its advisers are currently undertaking a detailed review of the Bidder's Statement.

The Directors are in the process of preparing a formal response to MFG's offer. NPH shareholders and NPH optionholders are again advised to TAKE NO ACTION in relation to MFG's offer or any document received from MFG until they receive NPH's Target's Statement (expected to be despatched in mid to late December).

A letter will be sent shortly to NPH Optionholders informing them of the implications of MFG's bid on the NPH options.

NPH has engaged Lonergan Edwards & Associates to prepare an Independent Expert's Report, which will be included in NPH's Target's Statement sent to shareholders.

The Directors will keep shareholders informed of any developments as they occur and will provide a formal response on the offer in time for shareholders to make an informed decision.

Yours sincerely

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P.A.K. Naylor Chairman New Privateer Holdings Limited