GLOBAL MASTERS FUND LIMITED — Net Asset Value 2020

Oct 6, 2020

7 October 2020

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Company Announcements Office ASX Ltd, Exchange Centre Level 6, 20 Bridge Street SYDNEY NSW 2000

Dear Sir

Net Tangible Asset (NTA) backing per share at 30 September 2020

The unaudited NTA backing per share of the Company at 30 September 2020 was as follows:

			Before	After
			estimated tax on	estimated tax on
			unrealisedgains	unrealisedgains
at	30	September 2020	244.9 c	212.6 c
at	31	August 2020	242.3 c	210.6 c

The NTA figures shown above are before and after the provision for deferred tax on the unrealised gains in the Company’s investment portfolio. The Company is a long-term equity investor and does not intend to dispose of its total portfolio. NTA movement during September was primarily due to the performance of actively managed investments in the UK. The UK Portfolio performance was a positive 2.9% (in local currency terms), in comparison to the FTSE which decreased by 1.6%.

The summary of investments of the Company at 30 September 2020 were as follows:

Name of Company	Percentage of Total Portfolio
Berkshire Hathaway (NYSE) (BRK)	63.26%
FlagshipInvestments Limited(ASX) (FSI)	9.16%
BIP BCI Worldwide Flexible Fund Class B	5.41%
AthelneyUnit Trust PLC(LSE) (ATY)	1.30%
Other UK(LSE)	18.99%
Unlisted Unit Trusts	1.61%
Cash	0.27%
Total	100.00%

For further information please call the Company Secretary on 1800 352 474.

Yours faithfully,

GLOBAL MASTERS FUND LIMITED

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Authorised by Brian Jones Company Secretary

Global Masters Fund Limited ABN 84 109 047 618

Tel: +61 1800 352 474 Fax: +61 7 5574 1457 Email: info@globalmastersfund.com.au www.globalmastersfund.com.au

C/- EC Pohl & Co Pty Ltd Level 12 Corporate Centre One 2 Corporate Court Bundall Qld 4217 Australia