Magellan Financial : Appendix 4D and 2022 Interim Results

Appendix 4D

Magellan Financial Group Limited

ACN 108 437 592

Interim Results for Announcement to the Market

I terim dividend (to be paid on 8 March 2022)

Previous comparative period

Interim dividend dates

Ex-dividend date

Record date

Dividend payment date

The Magellan Financial Group Limited Dividend Reinvestment Plan ("MFG DRP") is suspended.

Commentary on results including brief explanation of adjusted net profit after income tax expense

ForFor the half year ended 31 December 2021, net profit after income tax expense of $251,632,000 included amortisation expense of $2,287,000, a net unrealised gain (net of tax) on changes in the fair value of financial assets and liabilities of $11,880,000 and transaction costs related to strategic initiatives (net of tax) of $6,061,000. Adjusted net profit after income tax expense of $248,100,000 excludes the impact of these items to provide additional meaningful information about the performance of the business and period-to-period comparability by adjusting for strategic, non-cash or unrealised items. For a full reconciliation of non-IFRS financial results refer to section 3.1 of the Directors' Report in MFG's Interim Report.

Associates and controlled entities

During the half year, the Group did not acquire any additional interest in associates nor gain or lose control over any controlled entities. Refer to note 7 of the financial statements for further details.

Financial report

Additional Appendix 4D disclosure requirements and further information including commentary on the Group's performance and results of segments are contained in the Interim Report and accompanying Press Release (2022 Interim Results and Announcement). The consolidated financial statements contained in the Interim Report have been reviewed by Ernst & Young.

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onlyuse personalForMagellan Financial Group Limited

Interim Report

For the half year ended 31 December 2021

ABN 59 108 437 592

Contents

The interim financial report has been prepared in accordance with Australian Accounting Standards and the Corporations Act 2001 and does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with Magellan Financial Group Limited's ("MFG") most recent annual financial report available at www.magellangroup.com.au. MFG has also released information to the Australian Securities Exchange ("ASX") in compliance with the continuous disclosure requirements of the ASX Listing Rules and these announcements are available at www.asx.com.au(MFG's ASX code: MFG).

Chief Executive Officer's Interim Letter

for the half year ended 31 December 2021

Dear Shareholder,

Magellan Financial Group Limited ("Magellan" or the "Group") has delivered strong financial results for the six months to only31 December 2021:

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useMagellan's balance sheet is robust with liquid assets (comprising cash and cash equivalents, financial assets and equity accounted investments) of $1,016.7 million as at 31 December 2021. Net tangible assets at that date were $992.8 million. Further details about the financial results, dividends and the dividend policy are noted below.

Today Magellan announced a number of significant capital management initiatives, which are detailed below, including an intention to progress a bonus issue of options to Magellan shareholders. We are also considering the implementation of an on-market share buy-back over the next 12 months, subject to various factors including market conditions.

personalWhilst the balance sheet of Magellan is very strong and the interim financial result is a record, I wanted to acknowledge the challenges the business has had in recent months which include the conclusion of our relationship with St James's Place ("SJP"), changes in

our leadership team and the recent share price performance being well below expectations. We understand the culmination of these events may have impacted the trust you place in our company and we are focused and determined to return stability and simplicity to the business.

Importantly, I assure you we are focused on our key objective and purpose which is to deliver value for our clients who entrust us to manage their assets. The Magellan Global Fund has met its long-term objective of delivering returns of 9% per annum net of fees since inception, however we recognise that we need to sharpen our investment processes to improve investment performance.

Despite the challenges, the underlying qualities of our business have not diminished.

The financial health of the business is very strong. It is not reliant on a single client and our employees are united and focused on the work ahead. I, along with the senior management team, could not be more proud of how our employees have responded to the recent challenges - they are calm and determined to take advantage of the opportunities that lie ahead to grow our business and are doing so with great camaraderie. Both our employees and Directors are very aligned to your interests as 85% are shareholders and a large number are also unitholders across our various funds.

We have deeply experienced investment teams and our fundamental, proven investment discipline has provided clients with strong, Forconsistent investment results with downside protection since inception. Looking forward, Magellan has a key priority to further sharpen its investment processes to improve investment performance . There is no change in Magellan's focus on quality investment portfolios

built at appropriate prices with portfolio construction also seeking to minimise risks of permanent capital losses.

As a business that puts our clients and employees first, we wholeheartedly support Hamish Douglass taking the time he requires to prioritise his health and we look forward to his return. In the meantime, we are very fortunate to welcome back Magellan's Co-Founder Chris Mackay who will work closely with Magellan's investment team and oversee the portfolio management of the global equity retail funds and global equity institutional mandates. As many of you will know, Chris was Magellan's inaugural Chief Investment Officer from inception in 2006 to 2012 and he was Chairman until 2013. Chris has worked from our offices and has been actively engaged with the investment team since that time. His transition back into our business has been seamless. He is a deeply experienced investor with a strong long term track record of managing global equities.

Our infrastructure business which manages approximately $20 billion of FUM is market leading and has been led by Gerald Stack since 2007, along with Ofer Karliner, Ben McVicar and David Costello as portfolio managers. It, along with Airlie Funds Management, our Australian equities business led by John Sevior, Matt Williams and Emma Fisher, operates independently and both are unaffected by the personnel changes above.