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GLOBAL MASTERS FUND LIMITED Net Asset Value 2012

Jan 9, 2012

64981_rns_2012-01-09_f408a7be-a909-4a66-b33d-c0a98d63c18c.pdf

Net Asset Value

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9 January 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 31December 2011

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 31 Dec 2011 87.20¢ 87.20¢
at 30 Nov 2011 84.84¢ 84.84¢

At 31 December 2011, the share prices of Berkshire Hathaway on the NYSE were up slightly compared to 30 November 2011. This together with the fall in the value of the Australian Dollar against the United States Dollar during December 2011 contributed to an overall increase in the NAV per share at 31 December 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