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GLOBAL MASTERS FUND LIMITED Net Asset Value 2011

Jun 14, 2011

64981_rns_2011-06-14_6bfdb356-7ba4-4f0f-95dc-5ff53b15609b.pdf

Net Asset Value

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09 June 2011

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

Net Tangible Asset Backing at 31 May 2011

The unaudited NTA of the Company was as follows:

Before estimated After estimated
tax on unrealised tax on unrealised
gains gains
at 31 May 2011 89.50¢ 89.50¢
at 30 April 2011 91.03 ¢ 91.03

At 31 May 2011, the softer share prices of Berkshire Hathaway on the NYSE compared to 30 April 2011 was partially compensated by the decline in the value of the Australian Dollar against the United States Dollar. The overall result was a decrease in the NAV per share at 31 May 2011 compared with the NAV at 30 April 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