30 November 2020

ASX Limited

ASX Market Announcements Office

Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

MAGELLAN FINANCIAL GROUP LIMITED

BOARD CHANGES

Magellan Financial Group Limited ("Magellan" or the "Company") is pleased to announce effective 30 November 2020 the appointment of a new Non-Executive Director, Ms Colette Garnsey to the Board of the Company.

Chairman Hamish Douglass said: "We are delighted that Colette has agreed to join Magellan. She is extremely accomplished and well respected. Her established experience in a wide range of executive and advisory roles will bring a fresh perspective to the Board as Magellan continues to grow and evolve."

Ms Colette Garnsey commented "I am very pleased to be joining Magellan and look forward to working with the Magellan Board as the company continues to grow from strength to strength."

Ms Garnsey's biography is outlined in the attached appendix. Ms Garnsey will join the Audit and Risk Committee and the Remuneration and Nominations Committee. A summary of the Board and its associated committee members is also attached.

Ms Garnsey will stand for re-election at the Company's Annual General Meeting to be held in October 2021.

For further information, please contact:

Sarah Thorne

Marcia Venegas

Lucy Briggs

Investor Relations

Company Secretary

Media Relations

+61 2 9235 4844

+61 2 9235 4897

+61 2 9235 4824

About Magellan

Magellan Financial Group is a specialist funds management business established in 2006 and based in Sydney, Australia. Magellan's core operating subsidiary, Magellan Asset Management Limited, manages approximately $103 billion of funds under management at 31 October 2020 across its global equities, global listed infrastructure strategies and Australian equities strategies for retail, high net worth and institutional investors and employs over 120 staff globally. Magellan is listed on the Australian Securities Exchange (ASX Code: MFG) and has a market capitalisation of approximately $11.2 billion. Further information can be obtained from www.magellangroup.com.au.

Appendix

Ms Colette Garnsey OAM

Colette Garnsey OAM has 40 years' experience in retail, marketing and distribution. She has played a key role in the development and growth of the Australian retail industry using her established experience in branding, consumer insights, digital and marketing.

Colette is currently Chairman of Australian Wool Innovation Limited (appointed 18 November 2011 and Chairman since 9 November 2018), the R&D and marketing organisation for the Australian wool industry. She is also a Non-Executive Director of Flight Centre Travel Group (appointed 7 February 2018) and Seven West Media Limited (appointed 12 December 2018).

Colette has previously held senior roles with David Jones, Pacific Brands and Premier Investments. She has also held directorial and advisory positions for government boards and not-for-profit enterprises, including the CSIRO (1997 - 2001), Australian Government Innovation Council (2010 - 2012), Federal Trade and Investment Ministers (2014 - 2018), Australian Fashion Week (1998 - 2009) and the Melbourne Fashion Festival (2006 - 2013).

Colette was made a Member of the Order of Australia in 2012 for services to business and professional organisations. She holds an Executive MBA from the Graduate School of Business at Stanford University.

The Board of Directors of the Company will now comprise:

Mr Hamish Douglass, Chairman

Dr Brett Cairns, CEO

Mr John Eales, Non-Executive Director

Mr Robert Fraser, Non-Executive Director

Ms Colette Garnsey, Non-Executive Director

Mr Paul Lewis, Non-Executive Director

Mr Hamish McLennan, Non-Executive Director

Ms Karen Phin, Non-Executive Director

Non-executive Directors are also members of the Audit and Risk Committee, chaired by Mr Robert Fraser and the Remuneration and Nominations Committee, chaired by Mr Paul Lewis.

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Magellan Financial Group Limited published this content on 30 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2020 23:24:03 UTC