GLOBAL MASTERS FUND LIMITED — Net Asset Value 2021

Jul 4, 2021

5 July 2021

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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 June 2021

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

	Beforeestimated tax onunrealisedgains	Afterestimated tax onunrealisedgains
at 30 June 2021	301.7 c	252.6 c
at 31 May2021	301.8 c	252.7 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.

At the close of the financial year NTA before tax on unrealised gains increased by 37.7% from 30 June 2020. Further information about the GFL FY2021 result will be available in our Quarterly Report published later in July and the Annual Report which will be published in September.

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

Name of Company	Percentage of Total Portfolio
Berkshire Hathaway (NYSE) (BRK)	63.75 %
FlagshipInvestments Limited(ASX) (FSI)	8.33 %
BIP BCI Worldwide Flexible Fund Class B	4.92 %
UK Managed Portfolio(LSE)	20.12 %
Unlisted Unit Trusts	1.56 %
Cash	1.32 %
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