GLOBAL MASTERS FUND LIMITED — Director's Dealing 2018

Oct 31, 2018

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity GLOBAL MASTERS FUND LIMITED

ABN 84 109 047 618

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Emmanuel Clive Pohl
Date of last notice	07/11/2017

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

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----- Start of picture text ----- Direct or indirect interest IndirectNature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.Date of change 01/11/2018No. of securities held prior to change Direct = 6,250Indirect = 5,755,061Class Ordinary sharesNumber acquired 2,802Number disposed NILValue/Consideration $ 5,600Note: If consideration is non-cash, provide details and estimatedvaluationNo. of securities held after change Direct = 6,250Indirect = 5,757,863----- End of picture text -----

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of change Ordinary shares purchased on-market in Example: on-market trade, off-market trade, exercise of options, issue accordance with the share trading policy of of securities under dividend reinvestment plan, participation in buyback the Company

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

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----- Start of picture text ----- Detail of contract N/ANature of interestName of registered holder(if issued securities)Date of changeNo. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changedInterest acquiredInterest disposedValue/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuationInterest after change----- End of picture text -----

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade to proceed during this period? If prior written clearance was provided, on what date was this provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011