GLOBAL MASTERS FUND LIMITED — Director's Dealing 2021

Nov 23, 2021

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 30/9/2001.

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	1 November 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.

==> picture [434 x 301] intentionally omitted <==

----- Start of picture text -----

Direct or indirect interest Direct & Indirect
Nature of indirect interest Director of a funds management company
(including registered holder) with a Power of Attorney provided to E C
Note: Provide details of the circumstances giving rise to the relevant
interest. Pohl
Date of change 24 November 2021
No. of securities held prior to change Ordinary Shares
Direct = 6,250
Indirect = 5,755,061
Convertible Notes
Direct = Nil
Indirect = Nil
Class Convertible Notes (GFLGA)
Number acquired Indirect = 645,117
Number disposed Nil
Value/Consideration Indirect = $1,999,862.70
Note: If consideration is non-cash, provide details and estimated valuation
----- End of picture text -----

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	Ordinary Shares Direct = 6,250 Indirect = 5,755,061 Convertible Notes Direct = Nil Indirect = 645,117
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of Convertible Notes under GFL Convertible Note Offer and in accordance with resolution at the AGM held 18 November 2021.

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.

==> picture [434 x 327] intentionally omitted <==

----- Start of picture text -----

Detail of contract N/A
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
which interest related prior to
change
Note: Details are only required for a contract in relation
to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and an
estimated valuation
Interest after change
----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002