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1 QUARTERLY INVESTMENT UPDATE (MARCH 2015) HIGHLIGHTS GRF net tangible asset value increased 3.8% to $1.56 per share Challenging and volatile period for commodities with the Bloomberg Commodities Index declining 5.9% (in USD terms) Energy sector impacted by further declines and volatile oil price movements. COMMODITY MARKET REVIEW The Bloomberg Commodity Index (the Index) declined 5.9% in US dollar (USD) terms during the quarter, but a 6.9% depreciation of the Australian dollar (AUD) against the USD helped the Index post a marginal gain of 0.8% in AUD terms. The oil price snapped a seven-month losing streak in February as demand in Europe and the US continued to grow, while the Saudi Arabia-led air strikes in Yemen reminded investors of the geopolitical risks to supply. Despite a glimpse of a price recovery over the first two months of the year, a continued surplus as a result of record levels of production pushed prices lower in March. Larger-than-expected stimulus measures were introduced in the Eurozone to encourage growth, but for Greece, the future is still uncertain. Despite a four-month bailout, Greece s position in the Eurozone remains precarious due to the high risk of default. This uncertainty, together with bearish global growth outlooks, pushed investors towards safe haven assets such as gold. With the US dollar continuing to strengthen on the back of a recovering US economy, and expectations of an interest rate rise in the second half of the year gaining momentum, commodity prices were negatively affected as most are quoted in USD. All returns in the following commentary are in AUD. Precious metals was the best-performing subsector during the quarter, rising 8.6%. Silver (+14.6%) and Gold (+7.3%) performed well as investors turned to safe haven assets on concerns of Greece leaving the Eurozone. Speculation over the timing and pace of interest rate hikes by the US Federal Reserve may cause volatility in gold prices, as rising interest rates are generally negative for the gold price. Platinum (+1.5%) increased slightly while Palladium (-1.1%) was the only precious metal to post a negative return, falling to a 14-month low in March. Lower demand from China was one of the major factors for the fall in Palladium prices. Industrial metals ended the quarter up 1.5% but declined 5.3% in USD terms as weak global growth, particularly in Europe and China, suppressed demand for resources. Monetary stimulus measures taken by the central banks in China and Europe have raised optimism for a better growth outlook, but current macroeconomic conditions remain challenging. London Metal Exchange (LME) North American Special Aluminum Alloy Contract (NASAAC) gained 17.0% (+9.0% in USD terms) and was the only industrial metal to post a gain due to declining inventory. LME Nickel was the worst performer of the group, down 12.1% (-18.2% in USD terms) as concerns of global oversupply and weaker demand dampened prices. LME Tin also posted significant losses, declining 8.5% for the quarter. The Energy complex had a volatile period, eventually declining 1.6% (-8.2% in USD terms) during the quarter. After oil briefly rebounded in February, it declined again in March as production continued unabated. In March, US crude oil output reached its highest level in three decades, causing WTI Crude to touch six-year lows. With Iran set to reach a nuclear agreement, the lifting of sanctions could lead to a further increase in global oil supply. WTI Crude and Brent Crude lost 10.6% and 3.9% respectively (in USD terms), while Natural Gas was down 1.8% as demand for heating during the winter months was mostly met with the rising shale gas output. RBOB Gasoline bucked the trend and was the top performer across the commodities space, up 33.2% (+24.0% in USD terms) as demand for motor fuel increased in the US, mainly due to low prices and maintenance shutdowns of refineries caused depletion of inventories. 1 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE MARCH 2015

2 Agriculture was the worst-performing subsector during the quarter, down 2.3%. Cotton (+12.5%) surged to a six month high as demand increased after poor weather affected production in the US. Other agricultural commodities to post gains were Live Cattle (+4.6%) and Soybeans (+2.6%). Lean Hogs was the worst performer across the commodities complex, declining 17.4% after traders braced for higher inventories in the US (comparatively, inventories suffered in 2014 following an epidemic virus). Coffee (-14.3%) and Sugar (-11.7%) also declined significantly, as Brazil, a top exporter for both these commodities, experienced favourable weather conditions leading to a higher production outlook. THE PERFORMANCE OF THE SUBSECTOR COMPONENTS OF THE BLOOMBERG COMMODITY INDEX IN AUD (REBASED TO 100 AT 31 DECEMBER 2014 FOR COMPARATIVE PURPOSES) 120 AGRICULTURE PRECIOUS METALS SUB INDEX 110 INDUSTRIAL METALS ENERGY Dec Jan Feb Mar 15 Source: Bloomberg COMMODITY EQUITIES REVIEW In the equities space, the materials sector (+9.4%) outperformed the energy sector (+3.2%); however both underperformed the MSCI World Index (+9.8%) during the quarter. THE PERFORMANCE OF THE MSCI WORLD ENERGY AND MATERIALS INDICES IN AUD (REBASED TO 100 AT 31 DECEMBER 2014 FOR COMPARATIVE PURPOSES) MATERIALS ENERGY Dec Jan Feb Mar 15 For personal use only Source: Bloomberg 2 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE MARCH 2015

3 CURRENCY UPDATE The USD continued to strengthen as a recovering US economy continues to pave the way for interest rate hikes later this year. The AUD depreciated 6.9% against the USD as weakening commodity prices, expectations of rate hikes in the US, and slower mining investment exerted downward pressure on the AUD. The AUD had a mixed quarter relative to other major currencies, strengthening against the Euro (+5.0%) and Canadian dollar (+1.6%) and declining against the Swiss franc (-8.9%), Japanese yen (-6.6%) and British Pound (-2.1%). FUND PERFORMANCE The net tangible assets (NTA) backing for Global Resource Masters Fund at 31 March 2015 was $1.56 per share, rising 3.8% over the quarter (31 December was $1.50 per share). This compares to the Bloomberg Commodity Total Return Index performance of +0.8%, the MSCI World Materials Index performance of +9.4% and the MSCI World Energy Index performance of +3.2% (all in AUD terms). At 31 March 2015, GRF was approximately 88% invested. The investments held at 31 March 2015 were: FUND % INVESTED ASSET CLASS RESOURCES FOCUS RS Global Natural Resources Fund 17.4% Equity Broad Martin Currie Global Resources Fund 16.7% Equity Broad Investec Energy Fund 6.4% Equity Energy Invesco Energy Fund 8.3% Equity Energy GTP Global Agribusiness Fund 7.0% Equity Agriculture Market Vectors Agribusiness ETF 13.8% Equity Agriculture ETFS Physical Gold 12.1% Physical Precious Metals Credit Suisse Gains Fund 5.9% Physical Broad Total investments 87.6% Cash 12.4% Total 100.0% The top equity and physical commodity holdings of the company were: RANK NAME % TOTAL % EQUITY SECTOR 1 The Mosaic Company 2.1% 3.0% Agriculture 2 Turquoise Hill Resources Ltd 1.8% 2.6% Precious metals 3 Potash Corp of Saskatchewan 1.5% 2.2% Agriculture 4 Exxon Mobil Corp 1.4% 2.1% Oil & gas E&P 5 First Quantum Minerals 1.4% 1.9% Precious metals 6 Syngenta AG 1.3% 1.9% Agriculture 7 Noble Energy Inc 1.3% 1.9% Oil & gas E&P 8 Suncor Energy Inc 1.3% 1.8% Oil & gas E&P 9 Sociedad Quimica y Minera S.A. 1.3% 1.8% Agriculture 10 Royal Dutch Shell PLC 1.2% 1.7% Oil & gas E&P 11 Cabot Oil & Gas Corp 1.1% 1.6% Oil & gas E&P 12 Range Resources Corp 1.1% 1.5% Oil & gas E&P 3 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE MARCH 2015

4 RANK NAME % TOTAL % EQUITY SECTOR 13 Monsanto Corp 1.1% 1.5% Agriculture 14 Anadarko Petroleum Corp 1.1% 1.5% Oil & gas E&P 15 Chevron Corp 1.0% 1.5% Oil & gas E&P 16 Total S.A. 1.0% 1.4% Oil & gas E&P 17 Kinder Morgan Management LLC 1.0% 1.4% Utilities 18 EOG Resources Inc 1.0% 1.4% Oil & gas E&P 19 Agrium Inc 1.0% 1.4% Agriculture 20 BG Group PLC 0.9% 1.4% Oil & gas E&P 21 Deere & Company (John Deere) 0.9% 1.3% Agriculture 22 Iluka Resources Ltd 0.9% 1.3% Precious metals 23 Peyto Exploration & Development Corp 0.9% 1.2% Oil & gas E&P 24 Archer-Daniels-Midland Company 0.9% 1.2% Agriculture 25 CF Industries Holdings Inc 0.8% 1.1% Agriculture 26 Concho Resources Inc 0.8% 1.1% Oil & gas E&P 27 Kubota Corporation 0.7% 1.1% Agriculture 28 Zoetis Inc 0.7% 1.0% Agriculture 29 Tourmaline Oil Corp 0.7% 1.0% Oil & gas E&P 30 BHP Billiton Ltd 0.6% 0.9% Broad resources 31 Valero Energy Corp 0.6% 0.9% Refining 32 Laredo Petroleum Inc 0.6% 0.9% Oil & gas E&P 33 Rio Tinto 0.6% 0.9% Broad resources 34 Kosmos Energy Ltd 0.6% 0.9% Oil & gas E&P 35 Antero Resources Corporation 0.6% 0.8% Oil & gas E&P 36 SSE PLC 0.6% 0.8% Oil & gas E&P 37 Bunge Ltd 0.6% 0.8% Agriculture 38 Apache Corp 0.6% 0.8% Oil & gas E&P 39 Yara International ASA 0.5% 0.8% Agriculture 40 Hess Corp 0.5% 0.8% Oil & gas E&P 41 Goldcorp Inc 0.5% 0.8% Precious metals 42 Phillips % 0.7% Refining 43 International Flavors 0.5% 0.7% Chemicals 44 PPG Industries Inc 0.5% 0.7% Chemicals 45 Rosetta Resources Inc 0.5% 0.7% Oil & gas E&P 46 Mineral Resources Ltd 0.5% 0.7% Mining services 47 Canadian Natural Resources Ltd 0.5% 0.7% Oil & gas E&P 48 Baker Hughes Inc 0.5% 0.7% Oil & gas services 49 Tyson Foods Inc 0.5% 0.7% Agriculture 50 Wilmar International Ltd 0.5% 0.7% Agriculture Total 43.6% 62.5% 4 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE MARCH 2015

5 RANK NAME % TOTAL % PHYSICAL SECTOR 1 Gold 12.6% 69.8% Precious metals 2 Copper 0.6% 3.6% Metals 3 Heating Oil 0.6% 3.6% Energy 4 Nickel 0.5% 2.7% Metals 5 Crude Oil 0.4% 2.2% Energy 6 Soybeans 0.4% 2.1% Agriculture 7 Corn 0.4% 2.1% Agriculture 8 Wheat 0.4% 2.1% 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 17.0% 94.4% AGGREGATE SECTOR ALLOCATION OF 0.0% 15.6% ENERGY 40.6% PRECIOUS METALS AGRICULTURE METALS & MINING 27.0% OTHER 16.8% Source: Walsh & Company Asset Management Pty Limited 5 GLOBAL RESOURCE MASTERS FUND LIMITED QUARTERLY UPDATE MARCH 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 MARCH 2015