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GLOBAL MASTERS FUND LIMITED Net Asset Value 2015

Feb 10, 2015

64981_rns_2015-02-10_52970e4f-6b05-4c15-a135-9be23ca37ddc.pdf

Net Asset Value

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10 February 2015

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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 31 January 2015

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
at 31 January 2015 172.04 ¢ 153.59 ¢
at 31 December 2014 170.53 ¢ 152.07 ¢

The increase in NTA per share at 31 January 2015, compared to 31 December 2014 was largely due to the continued weakening of the Australian Dollar against the United States Dollar and British Pound. These unrealised foreign exchange gains more than offset the decrease in the share prices of Berkshire Hathaway shares listed on NYSE (BRK) at 31 January 2014. The market price of Athelney on the London Stock Exchange remained unchanged from the prior 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: [email protected] www.globalmastersfund.com.au

Level 1 12 O’Connell Street Sydney NSW 2000 Australia