What are the MGF Options?

An MGF Option gives the option holder the right, but not the obligation, to acquire one (1) Closed Class Unit in the Magellan Global Fund at an exercise price equal to 92.5% of the Estimated NAV per Closed Class Unit at the time of exercise.

Magellan Group will bear the economic cost associated with the 7.5% discount each time a MGF Option is exercised.