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GLOBAL MASTERS FUND LIMITED Net Asset Value 2015

Dec 9, 2015

64981_rns_2015-12-09_1ce1fc69-65f4-416d-b136-bcee98b0ce40.pdf

Net Asset Value

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10 December 2015

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

Net Tangible Asset Backing at 30 November 2015

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 30 November 2015 174.02 ¢ 155.62 ¢
at 31 October 2015 179.96 ¢ 159.78 ¢

The NTA per share of Global Masters Fund Limited ended lower at 30 November 2015 compared to the previous month-end mainly due to the share prices of BRK on the NYSE being lower at month end and the slight strengthening of the Australian Dollar against the US Dollar.

The share price of Athelney Trust PLC listed on LSE increased and Flagship Investments on ASX was slightly down at 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