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GLOBAL MASTERS FUND LIMITED Net Asset Value 2011

Sep 8, 2011

64981_rns_2011-09-08_89a637b9-bcee-4bc1-9c06-665ee525d333.pdf

Net Asset Value

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9 September 2011

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Company Announcements Office Australian Stock Exchange Exchange Centre Level 6 20 Bridge Street SYDNEY NSW 1215

Net Tangible Asset Backing at 31 August 2011

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 31 Aug 2011 83.55¢ 83.55¢
at 31 July 2011 83.54 ¢ 83.54¢

At 31 August 2011, the prices of Berkshire Hathaway on the NYSE dropped slightly from the previous month end and the Australian Dollar weakened slightly against the United States Dollar during August 2011.The overall result was a slight increase in the NAV per share of Global Masters Fund Limited at 31 August 2011.

We take the opportunity of advising all our shareholders that the Company’s AGM will take place at 11 am on Friday 28 October 2011 at the address shown below. The Notice of Meeting and the Annual Report 2011 will be sent out within the next 2 weeks.

For further information please call the Company Secretary on 1300 552 660.

Yours faithfully,

GLOBAL MASTERS FUND LIMITED

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Brian Jones

Company Secretary

Global Masters Fund Limited ABN 84 109 047 618

Tel: +61 1300 552 660 Fax: +61 2 8815 5401 Email: [email protected]

Level 1 12 O’Connell Street Sydney NSW 2000 Australia

www.globalmastersfund.com.au