GLOBAL MASTERS FUND LIMITED — Net Asset Value 2009

Dec 10, 2009

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GLOBAL MASTERS FUND

10 December 2009

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

Net Tangible Asset Backing at 30 November 2009

The unaudited NTA of the Company was as follows:

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----- Start of picture text ----- Before estimated After estimatedtax on unrealised tax on unrealisedgains gainsat 30 November 2009I Iat 3 1 October 2009 86.00----- End of picture text -----

The dollar strengthened slightly against the US dollar in November 2009 and the value of the Berkshire shares listed on NYSE increased in value at 30 November 2009 compared to the previous month giving rise to an unrealised capital gain for the month. The capital gain (offset by the foreign exchange loss) had the overall effect of increasing the NTA of Global Masters Limited at 30 November 2009.

For further please call the Company Secretary on 1300 552 660.

Yours faithfully,

GLOBAL MASTERS FUND LIMITED

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Brian Jones Company Secretary

Global Masters Fund Limited 109047618

Tel: +61 1300 552 660 Fax: 9484 8785

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1 Loch Maree Avenue Thornleigh Sydney NSW 2120 Australia

P.O. Box 71 Thornleigh NSW 2120 Australia

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