GLOBAL MASTERS FUND LIMITED — Net Asset Value 2007

Oct 14, 2007

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15 October 2007

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

Net Tangible Asset Backing at 30 September 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 September 2007	104.0¢	102.3 ¢	101.1 ¢
At 31 August 2007	109.8¢	107.0 ¢	103.3 ¢

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

Despite the upward movement of the Berkshire Hathaway shares on the New York Stock Exchange during the month of September, the NTA of Global Masters Fund Limited decreased due to the strengthening of the Australian dollar during September.

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

1 Loch Maree Avenue Thornleigh Sydney NSW 2120 Australia

P.O. Box 71 Thornleigh NSW 2120 Australia

www.globalmastersfund.com.au