GLOBAL MASTERS FUND LIMITED — AGM Information 2008

Sep 28, 2008

NOTICE OF ANNUAL GENERAL MEETING GLOBAL MASTERS FUND LIMITED

Date: Tuesday, 4[th] November 2008 Time: 11.00am Location: Wesley Conference Centre, 220 Pitt Street SYDNEY NSW 2000

ACN 109 047 618

1 Loch Maree Avenue Thornleigh NSW 2120 Australia Tel + 61 9484 8255 Fax + 61 9484 8785 www.globalmastersfund.com.au

NOTICE IS HEREBY GIVEN that the Annual General Meeting of Global Masters Fund Limited will be held at Wesley Conference Centre, 220 Pitt Street, Sydney, on 4[th] November 2008 at 11.00am to conduct the following business:

GENERAL BUSINESS

Financial statements and reports

To receive and consider the annual financial report of the Company for the year ended 30 June 2008 and the reports of the directors and auditors thereon. The annual financial report is available on the website, www.globalmastersfund.com.au.

New South Wales, 1235 or received by fax on (02) 9287 0309 not less than 48 hours before the time of the meeting or adjourned meeting.

The instrument appointing a proxy shall be in writing under the hand of the appointed or of his/her attorney or, if such appointor is a corporation, under the hand of its attorney or the hand of a person duly authorised by the corporation.

The proxy form accompanying this Notice of Meeting may be used.

EXPLANATORY NOTES

Resolution 2 – Adoption of the remuneration report

Resolution 1 – Re-election of director

To consider and, if thought fit, pass the following resolution as an ordinary resolution:

“That Mr P Corrigan having retired by rotation in accordance with clause 11.2 of the Company’s Constitution and, being eligible, having offered himself for re-election, be re-elected a Director of the Company.”

Resolution 2 – Adoption of the remuneration report

To adopt the remuneration report for the financial year ended 30 June 2008.

Resolution 3 – Change in Investment Strategy

To adopt a change in the composition of the investment portfolio in the financial year to 30 June 2009.

DETERMINATION OF MEMBERSHIP AND VOTING

ENTITLEMENT FOR THE PURPOSE OF THE MEETING

For the purpose of determining entitlement to vote at the meeting, an entity or person will be recognised as a shareholder if that entity or person is registered as a shareholder at close of business at 7pm on 2 November 2008 (“Entitlement Time”).

All registered holders of ordinary shares in the Company as at the Entitlement Time are entitled to attend and vote at the meeting.

PROXIES

A member, entitled to attend and vote at the meeting pursuant to the Company’s Constitution, is entitled to appoint not more than two proxies. Where more than one proxy is appointed, each must be appointed to represent a specific proportion of the member’s voting rights. If such appointment is not made, then each proxy may exercise half the member’s voting rights.

The Annual Report for the year ended 30 June 2008 contains a remuneration report which sets out the remuneration policy for the Company and reports the remuneration arrangements in place for the directors. The report is set out on page 5 of the Annual Report.

The vote on the resolution is advisory only and does not bind the directors of the Company. However, the Board will take the outcome of the vote into consideration when reviewing the remuneration practices and policies of the Company.

Resolution 3 – Change in Investment Strategy

The Board is considering a reduction in the company’s present holding in Berkshire Hathaway shares, 89% of the portfolio, to a level around 75%. The Board is evaluating investments, other than those approved by the Board in the 2005 Prospectus, that may increase the wealth of shareholders through a mixture of capital growth and income generation. The 2005 Prospectus Summary mentions that at least 50% of after tax income will be distributed as dividends. Under the current investment strategy this outcome is not attainable.

The vote on the resolution is advisory only and does not bind the directors of the Company. However, the Board will take the outcome of the vote into consideration when planning the company’s future investment strategy.

By Order of the Board

Brian Jones Company Secretary

16[th] September 2008

A proxy need not be a member of the Company.

Any instrument of proxy deposited or received at the registered office of the Company without the proxy’s name filled in shall be deemed to be given in favour of the Chairman of the meeting. The instrument appointing a proxy, and any power of attorney or an office copy of a notarised copy thereof under which an attorney for a member appoints a proxy, shall be lodged with Link Market Services Ltd, Locked Bag A14, Sydney South,