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GLOBAL MASTERS FUND LIMITED Net Asset Value 2014

Nov 10, 2014

64981_rns_2014-11-10_77d9d71f-0d4a-4720-9822-13fb20df2e9c.pdf

Net Asset Value

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7 November 2014

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

Net Tangible Asset Backing at 31 October 2014

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 31 October 2014 158.01 ¢ 144.29 ¢
at 30 September 2014 157.88 ¢ 143.51 ¢

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

This change in NTA was a combination of an increase in market value of Berkshire Hathaway shares on NYSE, an increase in the price of FSI on the local market at 31 October 2014 and a weker share price of Athelney Trust on the LSE at the month-end.The value of AUD against the USD between 30 September 2014 and 31 October 2014 remained largely unchanged.

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