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GLOBAL MASTERS FUND LIMITED Net Asset Value 2012

Dec 20, 2012

64981_rns_2012-12-20_f71ee114-b634-4764-9934-4322519a8d9d.pdf

Net Asset Value

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10 December 2012

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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 30 November 2012

The unaudited NTA of the Company was as follows:

Before estimated After estimated
tax on unrealised tax on unrealised
gains gains
at 30 November 2012 92.74 ¢ 92.74 ¢
at 31 October 2012 91.43 ¢ 91.43 ¢

The increase in the NTA during the end of October 2012 and the end of November 2012 was largely due to the increase in the market value of its investment in Berkshire Hathaway (BRK). This was slightly offset by the strengthening of the Australia dollar against the United States dollar and British pound. The overall result was an increase in the NAV per share at 30 November 2012.

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