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GLOBAL MASTERS FUND LIMITED Net Asset Value 2008

Feb 14, 2008

64981_rns_2008-02-14_dc8a6bab-1523-418a-a6d4-4ebe699bc0ee.pdf

Net Asset Value

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15 February 2008

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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 January 2008

The unaudited NTA of the Company was as follows:

Before estimated After estimated
tax on unrealised tax on unrealised
gains gains
At 31 January 2008 115.3 ¢ 109.6 ¢
At 31 December 2007 120.6 ¢ 113.2 ¢

The month of January 2008 saw a downward movement in the value of the Berkshire Hathaway shares in the United States and at the same time the Australian dollar strengthened slightly against the US dollar. Both these factors contributed to the decrease in the NTA at 31 January 2008.

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: [email protected]

1 Loch Maree Avenue Thornleigh Sydney NSW 2120 Australia

P.O. Box 71 Thornleigh NSW 2120 Australia

www.globalmastersfund.com.au