GLOBAL MASTERS FUND LIMITED — Net Asset Value 2007

Jul 15, 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

5 July 2007

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

Net Tangible Asset Backing as at 30 June 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	30	June	2007	100.7¢	99.8¢	99.9¢
As at	31	May	2007	103.0¢	101.5¢	100.7¢

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

The NTA fell at 30 June 2007 due to the strengthening of the Australian dollar.

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

Yours faithfully,

Brian E. Jones Company Secretary