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GLOBAL MASTERS FUND LIMITED Net Asset Value 2012

Sep 4, 2012

64981_rns_2012-09-04_248d12a7-2420-4fb7-ad20-87db601bffc3.pdf

Net Asset Value

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5 September 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 31 August 2012

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 31 August 2012 89.91 ¢ 89.91 ¢
at 31 July 2012 87.79 ¢ 87.79 ¢

The weaker Australian Dollar contributed to the increase in NTA of the Company. While the Berkshire Hathaway shares in US dollar terms remained largely unchanged from the previous month end, the increase in the NTA between end of July 2012 and end of August 2012 was further helped by an increase in the market value of its investments in Athelney Trust (ATY) and Hyperion Flagships Limited (HIP) at 31 August 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] www.globalmastersfund.com.au

Level 1 12 O’Connell Street Sydney NSW 2000 Australia