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GLOBAL MASTERS FUND LIMITED Net Asset Value 2014

Dec 1, 2014

64981_rns_2014-12-01_d5d9702d-8ace-4757-ac01-6793f941d331.pdf

Net Asset Value

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2 December 2014

Company Announcements Office Australian Stock Exchange Exchange Centre Level 6, 20 Bridge Street SYDNEY NSW 1215

Net Tangible Asset Backing at 30 November 2014

The unaudited NTA of the Company was as follows:

Before estimated After estimated
tax on unrealised tax on unrealised
gains gains
at 30 November 2014 169.15 ¢ 151.27 ¢
at 31 October 2014 158.01 ¢ 144.29 ¢

The NTA per share of Global Masters Fund Limited increased at 30 November 2014 compared to 31 October 2014.

This change was a combination of an increase in market value of Berkshire Hathaway shares on NYSE and a decrease in the value of the AUD against the USD between 31 October 2014 and 30 November 2014. The share price of Athelney Trust PLC was slightly weaker at 30 November 2014.

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