GLOBAL MASTERS FUND LIMITED — Net Asset Value 2016

Aug 8, 2016

09 August 2016

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Company Announcements Office ASX Ltd Exchange Centre Level 6, 20 Bridge Street SYDNEY NSW 2000

Dear Sir

Net Tangible Asset (NTA) Backing per Share at 31 July 2016

The unaudited NTA backing per share of the Company at 31 July 2016 was as follows:

	Beforeestimated tax onunrealized gains	Afterestimated tax onunrealized gains
at31 July2016	175.1 c	156.5 c
at30 June 2016	176.4 c	157.5 c

The NTA figures shown above are before and after the provision for deferred tax on the unrealized gains in the Company’s investment portfolio. The Company is a long-term equity investor and does not intend to dispose of its total portfolio. The BRK share prices were much the same on NYSE as the previous month end, but the share price of Athelney Trust on LSE decreased by 2.5 % during the month. The value of the Australian dollar at 31 July 2016 strengthened slightly.

The three investments of the Company at 31 July 2016 were as follows:

Name of Company	Percentage of Total Portfolio
Berkshire Hathaway (NYSE)	71.4 %
FlagshipInvestments Limited(ASX)	21.8 %
AthelneyUnit Trust PLC(LSE)	6.8 %

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