GLOBAL MASTERS FUND LIMITED — Net Asset Value 2016

Jun 5, 2016

06 June 2016

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

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Dear Sir

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

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

	Beforeestimated tax onunrealized gains	Afterestimated tax onunrealized gains
at31 May2016	181.5 c	161.1 c
at30 April 2016	176.0 c	157.2 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. Although in US dollar terms the BRK share prices were lower on NYSE than the previous month end, the share prices of Athelney Trust on LSE and Flagship Investments shares on ASX moved higher. The weakening Australian dollar at 31 May 2016, compared to previous month end helped ensure that the NTA moved higher.

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

Name of Company	Percentage of Total Portfolio
Berkshire Hathaway (NYSE)	70.0 %
FlagshipInvestments Limited(ASX)	20.5 %
AthelneyUnit Trust PLC(LSE)	9.5 %

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