GLOBAL MASTERS FUND LIMITED — Net Asset Value 2007

Nov 13, 2007

14 November 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 31 October 2007

The unaudited NTA of the Company was as follows:

			Before estimated	After estimated	Diluted NTA after
			tax on unrealised	tax on unrealised	estimated tax on
			gains	gains	unrealised gains*
At	31	October 2007	108.8 ¢	105.6 ¢	102.6 ¢
At	30	September 2007	104.0 ¢	102.3 ¢	101.1 ¢

Diluted NTA assumes that all options (expiring 30 November 2007) are exercised.

On 2[nd] November 2007, Berkshire released its third quarter result announcing that its profit rose 64.2%, reportedly on significant profits made on the sale of its holdings in the Chinese national oil company, PetroChina. The company recorded net income of US$4.55 billion (A$4.93 billion), an 18% gain for the third quarter compared with a year ago. This equates to US$ 2942 a share.

Despite the strengthening of the Australian dollar in October (which has a negative impact on the NTA of the Company), the upward movement of the Berkshire Hathaway shares on the New York Stock Exchange during the month of October was more than sufficient to increase the NTA of Global Masters Fund Limited at end of October 2007.

For further information please call the Company Secretary on 0410 627 273.

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 www.globalmastersfund.com.au

1 Loch Maree Avenue Thornleigh Sydney NSW 2120 Australia

P.O. Box 71 Thornleigh NSW 2120 Australia