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GLOBAL MASTERS FUND LIMITED Net Asset Value 2013

Jun 6, 2013

64981_rns_2013-06-06_773261bb-de7a-4a7b-a4a1-23f138509375.pdf

Net Asset Value

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7 June 2013

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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 May 2013

The unaudited NTA of the Company was as follows:

	Before estimatedtax on unrealisedgains	After estimatedtax on unrealisedgains
at 31 May 2013	122.55 ¢	117.97 ¢
at 30 April 2013	111.67 ¢	110.30 ¢

Increasing market values of Berkshire Hathaway (BRK) (USA) and Flagship Investments Limited (FSI) (AU), together with a weakening Australian Dollar, resulted in significant increase in the NTA between April 2013 and May 2013. A fall in market value of Athelney Trust (ATY) (UK) absorbed a portion of these unrealised gains. During May 2013, the company purchased more shares in Flagship Investments Limited (FSI) with excess funds it had on call. The fully franked dividends from the investment will provide a welcome income stream to the company which continues to hold the bulk of its investment funds in Berkshire Hathaway listed on the NYSE, which does not pay dividends. The continuing fall in the value of the AUD against the USD works in favour of the company.

For further information please call the Company Secretary on 1300 552 660.

Yours faithfully,