GLOBAL MASTERS FUND LIMITED — Net Asset Value 2009

Apr 6, 2009

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GLOBAL MASTERS FUND LIMITED

7 April 2009

Company Announcements Office Australian Stock Exchange Exchange Centre Level G 20 Rridge Street SYDNEY NSW 1215

Net Tangible Asset Backing at 31 March 2009

The unaudited NTA of the Company was as follows:

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----- Start of picture text ----- estimatedgains gainsMarch 2009 96.00February 2009 95.00 91.88----- End of picture text -----

Although the Australian against the US dollar in March 2009 and the company incurred an unrealised foreign exchange loss in March, this was more than offset by an increase in the value of the Berkshire shares listed on NYSE and the NTA of the company at 3 March 2009 increased slightly.

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

Yours faithfully, GLOBAL MASTERS LIMITED

Jones Company Secretary

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