GLOBAL MASTERS FUND LIMITED — AGM Information 2012

Oct 16, 2012

GLOBAL MASTERS FUND LIMITED 2012 ANNUAL GENERAL MEETING WEDNESDAY 17 OCTOBER 2012 CHAIRMAN’S ADDRESS

Welcome to the seventh Annual General Meeting of Global Masters Fund Limited.

For the benefit of new shareholders, the Company was listed on the ASX on 16 May 2006 with the intention of creating an internationally diversified portfolio with the majority of the Company’s assets invested in Berkshire Hathaway. It is well known that Berkshire Hathaway does not pay dividends but rather reinvests its earnings back into the company. Over the last 7 years the capital growth of the Berkshire Hathaway shares has been good but has been overshadowed by the continued and sustained strength of the Australian dollar. As the $A falls towards fair value the underlying value of your investment will also improve. In order to pay the ongoing costs of running a listed company on the ASX, the board has always maintained some assets invested in Australia to generate cash. In keeping with this objective, the company acquired income-producing shares on the ASX and the improvement in cash flow has demonstrated the wisdom of this strategy.

In addition to the focus of maintaining the investment in Berkshire Hathaway as the largest single asset of the Company, in line with the initial prospectus, the board wishes to find other ways of improving shareholder value and further diversify investments within the constraints of the Company’s constitution. To this end there is a resolution before you today, which will allow the company to invest in other opportunities including in cash producing private companies. Any such investment will be through either investment companies or trusts and it is not intended that your company will directly make stock selection decisions. It should also be noted that any investment will be subject to a rigorous due diligence process and your Board will ensure that there are other “like minded” investors. In recommending these changes the Board is anxious to maintain the intention of this company to give individual investors to investment expertise that has not been possible for many smaller investors. I, together with rest of the board, believe that the company is correctly positioned to take advantage of good investment opportunities, which may arise in the next 12 months.

I would like to thank my fellow directors and the company secretary for their efforts during the last year.

Thanks are also due to Mr Les Pines your auditor who retires, by rotation from the office of auditor today. He is in attendance at this meeting. Les has done the audit for the last 5 years in accordance with the law and professional ethics needs to hand over the mantle to the next auditor who was nominated by a shareholder. We will deal further with this in the business of the meeting.

Thank you for your continuing support.

JONATHAN L ADDISON CHAIRMAN 17 October 2012