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GLOBAL MASTERS FUND LIMITED Net Asset Value 2015

Jan 5, 2015

64981_rns_2015-01-05_a90f0819-5da9-484d-9641-f852ab394943.pdf

Net Asset Value

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6 January 2015

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

Net Tangible Asset Backing at 31 December 2014

The unaudited NTA of the Company was as follows:

Before estimated After estimated
tax on unrealised tax on unrealised
gains gains
at 31 December 2014 170.53 ¢ 152.07 ¢
at 30 November 2014 169.15 ¢ 151.27 ¢

The NTA per share of Global Masters Fund Limited increased at 31 December 2014 compared to 30 November 2014.

The main reason for this increase was a combination of an increase in market value of Berkshire Hathaway shares on NYSE and a decrease in the value of the Australian dollar against the US dollar. Whilst the Australian dollar was also weaker against Pound Sterling at 31 December 2014 compared to the previous month-end, the share price of Athelney Trust PLC on the London Stock Exchange was down on the previous month-end. The share price of FSI was weaker at 31 December 2014.

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