Flagship Investments Limited (FSI) invites you to participate in the FSI Convertible Note Offer. The listed, redeemable, unsecured convertible notes (FSI Notes) are an invitation for new investors to take an interest in the business and to provide existing Shareholders with a further avenue to benefit from their ownership in the Company. The Offer is subject to Shareholder Approval which will be sought at the Annual General Meeting of the Company.

This Prospectus contains further details of the Offer, the terms of the FSI Notes and a description of the risks associated with an investment in the FSI Notes and FSI. It is important that potential investors read the entire Prospectus carefully and consider the risks before deciding whether to participate in the Offer.

Overview of the FSI Note Terms:

The proceeds from the FSI Notes will be fully incorporated into the FSI Investment Portfolio and deployed in accordance with the investment mandate and investment process. To date, the Company has enjoyed enviable success, culminating in an investment performance which establishes it as a leading performer in active management.

FSI looks forward to extending the long-term benefits of ownership to existing Shareholders and welcoming new Investors to the Company. If you have any questions in relation to the Offer or how to apply, please email the Share Registry at enquiries@boardroom.com.au or call the FSI Notes Offer Information Line on 1800 352 474 (within Australia) or on +61 7 5644 4406 (International) Monday to Friday 8:30am to 5:30pm, Brisbane time.