GLOBAL MASTERS FUND LIMITED — Net Asset Value 2009

Oct 7, 2009

8 October 2009

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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 30 September 2009

The unaudited NTA of the Company was as follows:

			Before estimated	After estimated
			tax on unrealised	tax on unrealised
			gains	gains
at	30	September 2009	88.30 ¢	88.30 ¢
at	31	August 2009	91.50 ¢	89.50 ¢

The Australian dollar strengthened against the US dollar in September 2009 resulting in an unrealised foreign exchange loss. The value of the Berkshire Hathaway shares listed on NYSE increased in value at 30 September 2009 compared to the previous month giving rise to an unrealised capital gain for the month. The foreign exchange loss was higher than the capital gain and so the overall effect was to decrease the NTA of Global Masters Fund Limited at 30 September 2009.

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

Yours faithfully,

GLOBAL MASTERS FUND LIMITED

Brian 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