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GLOBAL MASTERS FUND LIMITED Net Asset Value 2012

Jul 9, 2012

64981_rns_2012-07-09_9f436712-f19c-4dd7-b841-f61bf028e19c.pdf

Net Asset Value

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10 July 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 June 2012

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 30 June 2012 90.17 ¢ 90.17 ¢
at 31May 2012 91.40 ¢ 91.40 ¢

Whilst an increase in the market value of the investment in Berkshire Hathaway (BRK) helped support the NTA at 30 June 2012, this was overshadowed by the strengthening of the Australian Dollar against both the United States Dollar and the British Pound. The high dollar gave rise to a slight decrease in NTA between end May 2012 and end June 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