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GLOBAL MASTERS FUND LIMITED Net Asset Value 2011

Apr 11, 2011

64981_rns_2011-04-11_c5a3bf13-a109-487e-a082-f9aea463e7f6.pdf

Net Asset Value

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12 April 2011

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

Net Tangible Asset Backing at 31 March 2011

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 31 March 2011 95.98¢ 95.98¢
at 28 February 2011 100.3 ¢ 100.3 ¢

At 31 March 2011, the softer share prices of Berkshire Hathaway on the NYSE compared to 28 February 2011, in addition to the rise in the value of the Australian Dollar against the United States Dollar during March 2011 contributed to the decline in NAV of Global Masters Fund Limited. The overall result was decrease in the NAV per share at 31 March 2011 compared with the NAV at 28 February 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