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1 QUARTERLY UPDATE 30 JUNE 2015 HIGHLIGHTS GRF net tangible asset value decreased 0.4% to $1.55 per share Energy commodities performed strongly, while slowing Chinese growth impacted metals Commodity market headwinds continue as oversupply concerns persist across sectors. COMMODITY MARKET REVIEW The Bloomberg Commodity Index (the Index) gained 4.7% in US dollar (USD) terms during the quarter. However, the gain was 3.4% in Australian dollar (AUD) terms, as the AUD strengthened 1.2% against the USD. Commodities made a remarkable recovery in the second quarter (Q2) of 2015 after declining in the past three quarters, driven by a rebound in oil prices and a marginal fall in the USD. Oil prices rallied in April as a fall in the number of oil-producing rigs in the US led to expectations of lower production later this year, while the flare up of tensions between Saudi Arabia and Yemen caused concerns of supply disruptions. The USD fell from its 12-year highs in Q2 after US macroeconomic data indicated weak growth during the first quarter and caused investors to delay their forecasts of a Federal Reserve interest rate hike to later this year. All returns in the following commentary are in AUD. The energy complex (+9.6%) was the best performing sub-sector, with all commodities within the sub-sector posting a gain during the quarter. WTI Crude (+23.3%) was the best performing commodity during the period, while RBOB Gasoline (+15.9%), Brent Crude (+13.9%) and ICE Gasoil (+7.6%) also posted positive returns. An increase in demand for oil, boosted by lower prices and a cut back in oil production in the US, suppressed concerns of oversupply. Natural Gas (+5.9%) posted the lowest gain amongst the energy complex, as mild weather conditions in the US kept demand low. Agriculture commodities (+7.0%) also performed well during the quarter, as Lean Hogs (+20.5%) and Cocoa (+19.8%) prices rallied on concerns of lower production. Unfavourable weather conditions for Canola (19.4%) and Wheat (+18.6%) plantings pushed their prices up as the US Midwest reeled under heavy rainfall and West Canada braced for dry conditions. Live Cattle (-9.6%) was the worst performer within the sub-sector, while Orange Juice (-9.4%) also declined significantly, weakened by faltering demand in the US. Precious metals was down 3.7%, as all components of the sub-sector decreased during the period. Gold declined 2.3% in spite of Greece s financial woes and the uncertainty surrounding negotiations with their creditors. A weakening of the USD failed to prop up demand for the yellow metal, as investors stayed away on prospects of an interest rate hike in the US. Palladium (-9.7%) was the worst performer, while Silver (-7.5%) and Platinum (-6.8%) suffered from weaker industrial demand. Industrial metals was the worst performing sub-sector, losing 6.4%, as concerns over global growth led all commodities within the sub-sector to decline. Slowing economic growth in China and a European recovery remained uncertain given the Greek crisis. The slight correction in the USD failed to stem the fall for metal commodities. London Metal Exchange (LME) Tin (-17.1%) was the worst performer across the commodities sector. LME Primary Aluminium (-8.4%), LME NASAAC (-8.2%) and LME Copper (-6.3%) also posted considerable losses. 1 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE JUNE 2015

2 THE PERFORMANCE OF THE SUBSECTOR COMPONENTS OF THE BLOOMBERG COMMODITY INDEX IN AUD (ALL COMPONENTS REBASED TO 100 AT 31 MARCH 2015 FOR COMPARATIVE PURPOSES) 120 AGRICULTURE PRECIOUS METALS SUB INDEX 110 INDUSTRIAL METALS ENERGY Mar Apr May Jun 15 COMMODITIES EQUITY REVIEW In the equities space, the materials sector (-1.9%) outperformed the energy sector (-2.1%), however both underperformed the MSCI World Index (-0.7%) during the quarter. THE PERFORMANCE OF THE MSCI WORLD ENERGY AND MATERIALS INDICES IN AUD (ALL COMPONENTS REBASED TO 100 AT 31 MARCH 2015 FOR COMPARATIVE PURPOSES) MATERIALS ENERGY Mar Apr May Jun 15 For personal use only 2 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE JUNE 2015

3 CURRENCY UPDATE The USD depreciated during the quarter as weak macroeconomic data for the first quarter and the beginning of the second quarter raised concerns of a slowing growth, pushing investor expectations of a rate hike to later this year. The AUD appreciated 1.2% against the USD after above forecast Q1 GDP growth in Australia and the Reserve Bank of Australia s neutral tone on further rate cuts since May helping strengthen the AUD. The AUD had a poor quarter against other major currencies, depreciating against the British pound (-4.4%), Euro (-2.4%), Swiss franc (-2.5%) and Canadian dollar (-0.2%) but strengthening against the Japanese yen (+3.3%). FUND PERFORMANCE The net tangible assets (NTA) backing for the Global Resource Masters Fund (Company) at 30 June 2015 was $1.55 per share, down 0.4% over the quarter (31 March 2015 was $1.56 per share). This compares to the Bloomberg Commodity Index performance of +3.4%, the MSCI World Materials Index performance of -1.9% and the MSCI World Energy Index performance of -2.1% (all in AUD terms). At 30 June 2015, the Company was approximately 89% invested. The investments held at 30 June 2015 were: FUND % INVESTED (30 June 2015) ASSET CLASS RESOURCES FOCUS RS Global Natural Resources Fund 17.6% Equity Broad Martin Currie Global Resources Fund 17.2% Equity Broad Invesco Energy Fund 8.3% Equity Energy Investec Energy Fund 6.3% Equity Energy Market Vectors Agribusiness ETF 14.3% Equity Agriculture GTP Global Agribusiness Fund 7.4% Equity Agriculture ETFS Physical Gold 12.2% Physical Precious Metals Credit Suisse Gains Fund 6.1% Physical Broad Total investments 89.5% Cash 10.5% Total 100.0% POST QUARTER-END UPDATE Given concerns about the outlook of commodities, the Company increased its allocation to cash subsequent to quarter end to approximately 18% (31 March 2015: 11%). To fund the increased allocation to cash the Company has redeemed approximately 2.5% from RS Global Natural Resources Fund, 2.5% from Martin Currie Global Resources Fund, 1% from Invesco Energy Fund and 1% from Investec Energy Fund. Slowing Chinese growth, further uncertainty in Europe and potential interest rate rises in the US warrant a more defensive allocation. 3 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE JUNE 2015

4 The top equity and physical commodity holdings of the company at 30 June 2015 were: RANK NAME % TOTAL % EQUITY SECTOR 1 Mosaic Co 2.3% 3.3% Agri 2 Turquoise Hill Resources Ltd 1.8% 2.5% MM 3 Potash Corp of Saskatchewan 1.5% 2.2% Agri 4 Exxon Mobil Corp 1.5% 2.0% O&G 5 Noble Energy Inc 1.4% 2.0% E&P 6 Syngenta AG 1.3% 1.9% Agri 7 Suncor Energy Inc 1.3% 1.8% E&P 8 Royal Dutch Shell PLC 1.3% 1.8% O&G 9 Sociedad Quimica y Minerals 1.2% 1.7% Agri 10 EOG Resources Inc 1.2% 1.7% E&P 11 Total SA 1.1% 1.5% O&G 12 Range Resources Corp 1.1% 1.5% E&P 13 Monsanto Co 1.1% 1.5% Agri 14 Anadarko Petroleum Corp 1.0% 1.5% E&P 15 Cabot Oil & Gas Corp 1.0% 1.5% E&P 16 Iluka Resources Ltd 1.0% 1.5% MM 17 Kinder Morgan Inc 1.0% 1.4% O&G 18 First Quantum Minerals 1.0% 1.4% MM 19 Chevron Corp 1.0% 1.4% O&G 20 Agrium Inc 1.0% 1.4% Agri 21 Deere & Co 1.0% 1.4% Agri 22 Concho Resources Inc 1.0% 1.4% E&P 23 BG Group PLC 1.0% 1.4% E&P 24 Archer-Daniels-Midland Co 0.9% 1.3% Agri 25 CF Industries Holdings Inc 0.9% 1.3% Agri 26 Zoetis Inc 0.8% 1.1% Agri 27 Peyto Exploration & Develop 0.8% 1.1% E&P 28 Antero Resources Corporation 0.7% 1.0% O&G 29 Kubota Corp 0.7% 1.0% Agri 30 Kosmos Energy Ltd 0.7% 1.0% O&G 31 Bunge Ltd 0.7% 0.9% Agri 32 BHP Billiton Ltd 0.6% 0.9% MM 33 Laredo Petroleum Holdings 0.6% 0.9% O&G 34 Rio Tinto 0.6% 0.9% MM 35 Occidental Petroleum Corp 0.6% 0.9% E&P 36 SSE PLC 0.6% 0.9% O&G 37 Tourmaline Oil Corp 0.6% 0.8% O&G 38 Yara International ASA 0.6% 0.8% Agri 39 Apache Corp 0.6% 0.8% E&P 40 Valero Energy Corp 0.5% 0.8% Ref 4 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE JUNE 2015

5 RANK NAME % TOTAL % EQUITY SECTOR 41 Hess Corp 0.5% 0.8% O&G 42 Tyson Foods Inc 0.5% 0.8% Agri 43 Goldcorp Inc 0.5% 0.7% Prec 44 International Flavors 0.5% 0.7% Other 45 Phillips % 0.7% Ref 46 PPG Industries Inc 0.5% 0.7% MM 47 Canadian Natural Resources 0.5% 0.7% E&P 48 CNOOC Ltd 0.5% 0.7% E&P 49 Eastman Chemical Co 0.5% 0.6% MM 50 Southwestern Energy Co 0.4% 0.6% E&P Total 44.9% 63.1% RANK NAME % TOTAL % PHYSICAL SECTOR 1 Gold 12.7% 69.3% Precious metals 2 Copper 0.7% 3.6% Metals 3 Heating Oil 0.7% 3.6% Energy 4 Nickel 0.5% 2.7% Metals 5 Crude Oil 0.4% 2.2% Energy 6 Soybeans 0.4% 2.2% Agriculture 7 Corn 0.4% 2.2% Agriculture 8 Wheat 0.4% 2.2% Agriculture 9 Zinc 0.3% 1.8% Metals 10 Sugar 0.2% 1.1% Agriculture 11 Lead 0.2% 1.0% Metals 12 Silver 0.2% 1.0% Precious metals 13 Coal 0.1% 0.7% Metals 14 Gasoline 0.1% 0.7% Energy Total 17.2% 94.3% AGGREGATE SECTOR ALLOCATION OF (AT 30 JUNE 2015) 15% 1% ENERGY 40% PRECIOUS METALS AGRICULTURE METALS & MINING 28% OTHER 16% 5 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE JUNE 2015

6 GRF BOARD OF DIRECTORS MAXIMILIAN WALSH Chairman ALEX MACLACHLAN Managing Director NIRAV DESAI Director JEFFREY WHALAN Director MOIRA DAW Director Source: Walsh & Company Asset Management Pty Limited. Note some figures may not reconcile due to rounding. The historical performance of the Manager is not a guarantee of the future performance of the Portfolio or the Company. MSCI indices source: MSCI. Neither MSCI nor any other party involved in, or related to, compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in, or related to, compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI s express written consent. 6 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE JUNE 2015