GLOBAL MASTERS FUND LIMITED — Net Asset Value 2007

Dec 13, 2007

5 December 2007

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Company Announcements Office Australian Stock Exchange Exchange Centre Level 6 20 Bridge Street SYDNEY NSW 1215

Net Tangible Asset Backing at 30 November 2007

The unaudited NTA of the Company was as follows:

	Before estimatedtax on unrealisedgains	After estimatedtax on unrealisedgains	Diluted NTA afterestimated tax onunrealised gains*
At 30 November 2007	118.5 ¢	112.1 ¢	112.1 ¢
At 31 October 2007	108.8 ¢	105.6 ¢	102.6 ¢

Note: Diluted NTA after this announcement will not be shown because the options expired on 30 November 2007 and all options that have been exercised up 30 November 2007 are now shown in share capital.

The month of November 2007 saw a large gain in the Berkshire Hathaway shares in the United States and at the same time a weakening of the Australian dollar. Both these factors contributed to the increase in the NTA at 30 November 2007.

For further information please call the Company Secretary on 1300 552 660.

Yours faithfully,

Brian E. Jones

Company Secretary

Global Masters Fund Limited ABN 84 109 047 618

Tel: +61 1300 552 660 Fax: +61 2 9484 8785 Email: lotusbird@iprimus.com.au

1 Loch Maree Avenue Thornleigh Sydney NSW 2120 Australia

P.O. Box 71 Thornleigh NSW 2120 Australia

www.globalmastersfund.com.au