Ann: Magellan Global Fund Partnership Offer Update, page-9

Where are you getting the "emphasis added" information from as this contradicts the "Bonus MGF Option Issue" PDS dated 5 January 2021. You can find the PDS on the MGF ASX announcements list.

You are confusing the "partnership offer" and the "bonus option offer". They are two separate schemes that ran concurrently.

For example, under the terms of the "bonus option offer" if you were an eligible unit holder on 26 February 2021 and you held 15,000 units in MGF then you would receive 7,500 options - irrespective of what you decided to do in the "partnership offer". These 7,500 options are issued at no cost to the unit holder.