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GLOBAL MASTERS FUND LIMITED Net Asset Value 2012

Apr 9, 2012

64981_rns_2012-04-09_717a734e-5b31-460f-a57d-d5c84762d01b.pdf

Net Asset Value

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10 April 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 March 2012

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 31 March 2012 89.01 ¢ 89.01 ¢
at 29 February 2012 83.62 ¢ 83.62 ¢

The increase in the NTA between end of February 2012 and end of March 2012 was due to the increase in the market value of its investments in Berkshire Hathaway (BRK) and Hyperion Flagships Limited (HIP), in addition to a weakening Australian Dollar against both the US Dollar and British Pound.

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