GLOBAL MASTERS FUND LIMITED — Net Asset Value 2021

Dec 1, 2021

2 December 2021

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

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Dear Sir

Net Tangible Asset (NTA) backing per share at 30 November 2021

The unaudited NTA backing per share of the Company at 30 November 2021 was as follows:

	Beforeestimated tax onunrealisedgains	Afterestimated tax onunrealisedgains
at 30 November 2021	314.9 c	262.0 c
at 31 October 2021	313.5 c	261.0 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.

The Company’s Convertible Note offer was completed on 24 November 2021 and the Notes commenced trading on the ASX (GFLGA.ASX) on 29 November 2021. The Offer raised $10,000,000 before costs and was oversubscribed. We thank the Shareholders and Investors who participated in the Offer.

The summary of investments of the Company at 30 November 2021 were as follows:

Name of Company	Percentage of Total Portfolio
Berkshire Hathaway (NYSE) (BRK)	50.11 %
UK Managed Portfolio(LSE)	15.70 %
FlagshipInvestments Limited(ASX) (FSI)	6.85 %
BIP BCI Worldwide Flexible Fund Class B	3.52 %
Unlisted Unit Trusts	1.29 %
Cash	22.53 %
Total	100.00 %

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

Yours faithfully,

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Scott Barrett

Company Secretary GLOBAL MASTERS FUND LIMITED

Authorised for release by the Board.

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