STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release                                                                                02 July, 2012

IBIS Global Media Fund

Re: Correction to Offering Memorandum

The Directors of IBIS Global Media Fund (the "Fund") and IBIS Global Media Master Fund (the "Master Fund") wish to announce that contrary to the disclosure in the Offering Memorandum that states the Fund and Master Fund will prepare their financial statements using US GAAP, the Fund and Master Fund have in fact prepared their respective financial statements using International Financial Reporting Standards ("IFRS") since the commencement of operations and will continue to use IFRS on an on-going basis.

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