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GLOBAL MASTERS FUND LIMITED Net Asset Value 2011

Jul 10, 2011

64981_rns_2011-07-10_96a55f8b-3732-46bf-afd4-de90260af259.pdf

Net Asset Value

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8 July 2011

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

Net Tangible Asset Backing at 30 June 2011

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 30 June 2011 87.71¢ 87.71¢
at 31 May 2011 89.50 ¢ 89.50

At 30 June 2011, the softer share prices of Berkshire Hathaway on the NYSE compared to 31 May 2011 and the continued strength of the Australian Dollar against the United States Dollar during June 2011, contributed to a decline in the NAV of Global Masters Fund Limited. The overall result was a decrease in the NAV per share at 30 June 2011 compared with the NAV at 31 May 2011.

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] www.globalmastersfund.com.au

Level 1 12 O’Connell Street Sydney NSW 2000 Australia