GLOBAL MASTERS FUND LIMITED — Net Asset Value 2021

Jan 5, 2021

06 January 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 31 December 2020

The unaudited NTA backing per share of the Company at 31 December 2020 was as follows:

	Beforeestimated tax onunrealisedgains	Afterestimated tax onunrealisedgains
at 31 December 2020	254.3 c	219.3 c
at 30 November 2020	256.6 c	220.9 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. Whilst during December, almost all investments in the portfolio increased in value, the strengthening of the Australian Dollar against US Dollar resulted in the NTA backing per share of the Company being slightly lower than the previous month.

The summary of investments of the Company at 31 December 2020 were as follows:

Name of Company	Percentage of Total Portfolio
Berkshire Hathaway (NYSE) (BRK)	61.54 %
FlagshipInvestments Limited(ASX) (FSI)	10.27 %
BIP BCI Worldwide Flexible Fund Class B	5.43 %
AthelneyUnit Trust PLC(LSE) (ATY)	1.43 %
Other UK(LSE)	19.50 %
Unlisted Unit Trusts	1.63 %
Cash	0.20 %
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