OBJECTIVE Long - term capital growth by investing in UK & US markets GLOBAL MASTERS FUND LIMITED OVERVIEW During the quarter, Global Masters Fund Limited ’s (ASX: GFL) Net Tangible Asset (NTA) v alue (before estimated tax on unrealised gains) , increased to 3 3 0. 1 cents per share, a 7.1 % improvement on 30 September 202 1 . INVESTMENT PERFORMANCE ( as at 31 December 202 1 ) UNDERLYING PORTFOLIO PERFORMANCE 3 months 1 year 3 years p.a. 5 years p.a. 10 years p.a. Since Inception (1 May 2006 ) p.a . Portfolio ^ 6.9 % 31.4 % 1 4.9 % 1 2 . 8 % 1 6 . 0 % 9 . 0 % ASX All Ordinaries Index (All Ords) 2. 0 % 13.6 % 10.9 % 6. 4 % 6. 6 % 2. 6 % MSCI Index (AUD) 7.1 % 2 7. 5 % 1 8.6 % 1 2.9 % 1 4 . 4 % 5. 9 % MSCI Index (USD) 7.5 % 2 0 . 1 % 1 9 . 7 % 1 3 . 0 % 10 . 6 % 5.6 % ^ Source: EC Pohl & Co Pty Ltd Gross performance before impact of fees, taxes and charges. Past performance no predictor of future returns During the quarter, Berkshire Hathaway performed strongly ; in US dollar terms the value of NYSE: BRK .A and BRK.B increased by 9.5% while the AUD strengthened marginally . Our UK portfolio continue s to perform well , posting + 8.3 % over the quarter (in local currency) , outperforming the FTSE which increased by 4.2% over the same period. ECONOMIC COMMENTARY By year end, global equities were stronger as investors focused on economic resilience and corporate earnings, despite the ongoing volatility caused by Covid - 19 . The rising Covid case numbers seemed to become less of a concern for investors as the new variants seem to result in less severe symptoms . Across the world, service - based sectors appe ar to be losing their positive momentum, while manufacturing sentiment has continued to remain resilient despite supply constraints and rising input prices . The strength in corporate earnings outlooks, combined with easing supply chain pressures have seen investors remain positive as we head into the new year where monetary policy normalisation and inflation issues are becoming of central importance. In the US, b y quarter - end, equities posted robust gains as the economy remained stable with unemployment fa lling to 4.2% and corporate earnings remained robust . Bond markets have priced for monetary policy normalisation, with short - dated bond yields rising more than their longer - dated counterparts indicating concerns regarding resilience to interest rate rises and sustained inflation . The S&P500 posted +10.6% while the Nasdaq posted +8.3% . In Europe, strong corporate profits and economic resilience resulted in equities posting some gains over the quarter despite Omicron concerns . While some countries in the E urozone reintroduced restrictions, these had little effect on markets . In the UK, equities performed well, following a similar path to other developed markets which recouped mid - quarter losses as investors received encouraging news regarding Omicron . The FTSE posted +4.2%, the CAC +9.7%, the DAX was +4.1% and the Euro Stoxx was +6.2%. In Australia, investors have been acutely focused on the policy settings by the Reserve Bank of Australia (RBA) with growth related sectors underperforming . The RBA made no changes to monetary policy during the quarter; however, it did indicate a possible re - evaluation in February . The RBA noted improvements in the economy, with unemployment falling to 4.6% while housing prices appear to be moderating . The ASX All Ordinari es posted +2.0% for the quarter, ASX 200 +1.5%, the Midcap 50 +5.5% and the Small Ordinaries was +1.6%, respectively . The AUD appreciated during the quarter, posting +0.6% against the US Dollar (72.7 US cents), +0.1% against the Pound (53.7 pence), and +2.4% against the Euro (63.9 cents). CAPITAL RAISING – GFL NOTES On 24 November 2021 GFL finalised the offer of unsecured convertible notes (GFL Notes) which raised $10 million before costs. The GFL Notes allowed the Company to raise additional funds without diluting existing Shareholders and as such, they were well su pported by Shareholders and Investors introduced by the Lead Manager. The additional capital will be deployed in accordance with the existing investment strategy, providing greater exposure to global high - quality growth businesses. For more details about the notes please visit: www.globalmastersfund.com.au/gfl - notes/ Notes can be traded through the ASX, code: GFLGA. PORTFOLIO CHARACTERISTICS (as at 3 1 Dec ember 2021 ) NTA (before tax on unrealised gains ) – total $ 3 5 , 392 , 36 1 NTA (before tax on unrealised gains) – per share 3 3 0. 1 cents SHAREHOLDERS’ QUARTERLY REPORT DEC EMB E R 202 1 COUNT R Y WHERE LISTED Australian Securities Exchange : May 2006 STOCK EXCHANGE CODE ASX: GFL RATINGS ? Independent Investment Research – Recommende d+ 1 DIRECTORS Murray d’Almeida Non - Executive Chairman Dr Emmanuel (Manny) C Pohl AM Managing Director Angela Obree Non - Executive COMPANY SECRETARY Scott Barrett COMPANY DETAILS Global Masters Fund Limited ABN 84 109 047 618 Level 12, Corporate Centre One 2 Corporate Court B UNDALL QLD 4217 A USTRALIA Tel : 1 8 00 3 52 474 Fax: +61 7 5 574 1457 Email: firstname.lastname@example.org www.globalmastersfund.com.au GLOBAL MASTERS FUND LIMITED DEC EMBER 2021 FUND MANAGER EC P ohl & Co Pty Ltd ABN 68 15 4 399 916 Level 12, Corporate Centre One 2 Corporate Court B UNDALL QLD 4217 A USTRALIA Tel: +61 7 5644 4400 Fax: +61 7 5574 1457 www.ecp ohl .com INVESTMENT PHILOSOPHY ? Investments should outperform the risk - free rate ? The price one pays determines the ultimate long - term return ? High quality growth companies outperform over the longer term INVESTMENT PROCESS FOLLOW OUR SOCIAL MEDIA www.globalmastersfund.com.au /Global M astersFund / g lobal - masters - f und PO RTFOLIO ALLOCATION - as at 3 1 D e c ember 2 02 1 GFL Investment Portfolio % Berkshire Hathaway (NYSE) (BRK) 51.1% MSCI Index Fund 21. 2 % UK Managed Portfolio (LSE) 16.5% Flagship Investments Limited (ASX) (FSI) 6. 2 % BIP BCI Worldwide Flexible Fund Class B 3.3% Unlisted Unit Trusts 1. 2 % Cash 0.5% NTA * BACKING LAST 5 YEARS NTA Backing* as at Cents per share 31 December 2 02 1 3 3 0. 1 cent s 31 December 2 020 2 5 4. 3 cents 31 December 2 019 2 6 4 . 3 cents 31 December 2 018 2 31. 2 cents 31 December 2 01 7 2 1 6 . 4 cents * NTA is after all fees, expenses and tax on realised gains, but before tax payable on unrealised gains ACTIVELY PROMOTING THE COMPANY Global Masters Fund Limited remains visible in the digital spectrum and through multiple mediums with industry participants , Investor Associations and its Shareholders. During the quarter the Company met with and presented to various B rokers, R esearchers and Financial A dvisers. For those attending the March 2022 Australian Invest ors Association national conference in Gold Co ast, the Company will be participating and exhibiting. In addition, the Invest ment Manager, Dr Manny Pohl AM will be present ing a session. For further information including about upcoming events , please contact the Company at email@example.com or call 1800 352 474 including if you would like a representative to present to you, at an investor function or your office. VISIT THE WEBSITE AND SUBSCRIB E TO OUR MONTHLY NEWSLETTER The Company website www.globalmastersfund.com.au has information about Global Masters Fund and links to a rticles, v ideos, a nnouncements , r eports and more . A monthly email is sent to subscribers and Shareholders and interested parties can subscribe through the website or by emailing the Company asking to be added to the mailing list. Information about the Company on Social Media platforms can be found at the bottom left of this page . STRUCTURE AND TE R MS Fees Management F ee : Passive Investments – Nil , Active Investments - 1.0 % p.a. Performance Fee: Applicable to Active Investments only – 20% of the annual outperformance over the FTSE 100 index . MER 2 0.2 1 % Dividend Reinvestment Plan Nil Legal Domicile Australian Securities Exchange (ASX) Listed Investment Company (LIC) Reporting and Correspondence Monthly Net Tangible Asset Values on www.asx.com.au and Q uarterly R eports, H alf - Y early and A nnual R eports on www.globalmastersfund.com.au Auditor Connect National Audit Pty Ltd Registry Boardroom Pty Limited 1300 737 760 OR en firstname.lastname@example.org Share price and NTA www.asx.com.au and www.globalmastersfund.com.au 1 This opinion is provided by Independent Investment Research and must be read together with whole report including the disclaimer and relevant legal notices which can be found at www.independentresearch.com.au 2 Calculated in accordance with ASX defined terms as at 30 June 20 2 1 . ALLOCATION BRK MSCI UK Managed Portfolio (LSE) FSI BIP BCI Unlisted Unit Trusts Cash INITIAL SCREENING PROCESS • ROE • IPOs • Revenue Growth • Broker Ideas • Interest cover • Internal Ideas FUNDAMENTAL ANALYSIS • Understanding the Business Model • Sustainable Competitive Advantage • Organic Growth Opportunities • Assessing Management • Assessing t he Operating Environment PORTFOLIO WEIGHTING • 5 Year Risk Adjusted Total Return • Market Risk Analysis HIGH CONVICTION PORTFOLIO OF COMPANIES This process is t he basis for all our equities investment decisions.