GLOBAL MASTERS FUND LIMITED — Net Asset Value 2007

Aug 9, 2007

Global Masters Fund Limited

ABN 84 109 047 618

1 Loch Maree Avenue, Thornleigh. Sydney NSW 2120 Tel. +61 2 9484 8255 | Fax +61 2 9484 8785 www.globalmastersfund.com.au Postal address: P.O.Box 71 Thornleigh Sydney Australia NSW 2120

9 August 2007

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

Net Tangible Asset Backing as at 31 July 2007

The unaudited NTA of the Company was as follows:

				Before estimated	After estimated	Diluted NTA
				tax on	tax on	after estimated
				unrealised gains	unrealised gains	tax on
						unrealised
						gains*
As at	31	July	2007	100.7¢	99.6¢	99.4¢
As at	30	June	2007	100.7¢	99.8¢	99.9¢

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

The NTA at 31 July 2007 remained largely unchanged and whilst there was a slight improvement in the value of Berkshire Hathaway shares in US this was offset by the strengthening of the Australian dollar between June and July.

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

Yours faithfully,

Brian E. Jones Company Secretary