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GLOBAL MASTERS FUND LIMITED Net Asset Value 2014

May 12, 2014

64981_rns_2014-05-12_e305d771-de46-4819-af9e-99a823c2d980.pdf

Net Asset Value

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10 May 2014

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

Net Tangible Asset ( NTA ) backing at 30 April 2014

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 30 April 2014 144.25 ¢ 134.10 ¢
at 31 March 2014 142.85 ¢ 132.60 ¢

The increase in NTA per share at 30 April 2014, compared to 31 March 2014 was a result of the increase in the share prices of Athelney Trust (ATY) and Berkshire Hathaway (BRK) at 30 April. This has given rise to additional unrealised capital gains at same date. The Australian Dollar was slightly stonger at 30 April 2014 compared to prior month end.

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