Abstract. The forward problem of Magnetoencephalography for an ellipsoidal inhomogeneous shell-model of the brain is considered. The inhomogeneity enters through a confocal ellipsoidal shell exhibiting different conductivity than the one of the brain tissue. It is shown that, as far as the leading quadrupolic moment of the exterior magnetic field is concerned, the complicated expression associated with the field itself is the same as in the homogeneous case, while the effect of the shell is focused on the form of the generalized dipole moment. In contrast to the spherical case, where no shell inhomogeneities are "readable" outside the skull, the ellipsoidal shells establish their existence on the exterior magnetic induction field in a way that depends not only on the geometry but also on the conductivity of the shell. The degenerated spherical results are fully recovered.1. Introduction. The mathematical theory of Electroencephalography (EEG) and Magnetoencephalography (MEG) was founded in the late 60s, mainly on the basis of the works of Geselowitz [7,8]. Since then, many efforts have been made to produce analytic solutions for the related direct problem where the field generated by a given source is sought. We mention the works of Ilmoniemi, Hämäläinen and Knuutila [10], Sarvas [15] and Fokas, Kurylev and Marinakis [5] for the spherical brain model, the works of Cuffin and Cohen [1] and de Munck [6] for the spheroidal brain model and the work of Nolte, Fieseler and Curio [14] for perturbative models of the brain. But, as anatomy indicates, the actual geometry of the human brain is best approximated by a triaxial ellipsoid [16], a geometrical shape far more complicated than the sphere or even the spheroid. Intense efforts towards a complete analytic solution for EEG and MEG problems in ellipsoidal geometry led to results included in [3,4,11,12]. The present work aims in obtaining an analytic expression of the leading quadrupolic term for the exterior magnetic field in the