GLOBAL MASTERS FUND LIMITED — Net Asset Value 2016

Jan 7, 2016

8 Janua r y 2016

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Compa n y Announcements Offic e Australi a n Stock Ex c hange Exchan g e Centre Level 6, 20 Bridge S t reet SYDNE Y NSW 1215

Net Tangible Asset (NTA) backing at 31 December 2015

The unaudited NTA o f the Company was as f ollows:

					Before estimated	After estimated
					tax onunrealised	tax on unrealised
					gains	gains
at	31	December	2	015	170.31 ¢	153.03 ¢
at	30	November	2	015	174.02 ¢	155.62 ¢

The decrease in NT A per share at 31 Dece m ber compared to 30 N o vember 20 1 5 was larg e ly due to the decr e ase of sha r e price of B e rkshire Hat h away (BRK) on NYSE. T he Australi a n Dollar re m ained at the sam e level and s trengthene d slightly dur i ng the mon t h against th e United St a tes Dollar a n d British Pound. A gainst this however, there was a s light increa s e in share prices of Al t helney Tru s t on LSE and Fla g ship share o n ASX.

For furt h er informati o n please call the Comp a ny Secreta r y on 1300 5 5 2 660.

Yours f a ithfully, GLOBAL MASTERS FUND LIMITED

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Brian Jones Compa n y Secretary

Global Masters Fund Limited Level 1 ABN 84 109 047 618 12 O’Connell Street Tel: +61 1300 552 660 Sydney NSW 2000 Fax: +61 2 8815 5401 Australia Email: brianj@rothsay.com.au www.globalmastersfund.com.au