GLOBAL MASTERS FUND LIMITED — Net Asset Value 2014

Jun 9, 2014

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10 June 2014

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

Net Tangible Asset Backing at 31 May 2014

The unaudited NTA of the Company was as follows:

	Before estimated tax on unrealised gains	After estimated tax on unrealised gains
at 31 May 2014	146.67 ¢	135.45 ¢
at 30 April 2014	145.65 ¢	134.10 ¢

The NTA per share of Global Masters Fund Limited increased slightly at 31 May 2014. This was in spite of a fall in the share price of Berkshire Hathaway shares on NYSE and a strengthening Australian Dollar against USD at 31 May 2014. The UK and Australian investments enjoyed gains and these more than offset the losses in US investments for the month.

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: brianj@rothsay.com.au www.globalmastersfund.com.au

Level 1 12 O’Connell Street Sydney NSW 2000 Australia