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GLOBAL MASTERS FUND LIMITED Net Asset Value 2009

Jan 11, 2009

64981_rns_2009-01-11_69e539ec-564d-489b-8c5b-931a8ef4727d.pdf

Net Asset Value

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==> picture [245 x 92] intentionally omitted <==

9 January 2009

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

Net Tangible Asset Backing at 31 December 2008

The unaudited NTA of the Company was as follows:

Before estimatedtax on unrealisedgains After estimatedtax on unrealisedgains
At 31 December 2008 105.00 ¢ 100.00 ¢
At 30 November 2008 117.00 ¢ 111.00 ¢

The performance of the company in December 2008 was mainly affected by a drop in the price of the shares of Berkshire Hathaway listed on New York Stock Exchange. The Australian dollar strengthened in December giving rise to a FX loss. This resulted in an overall decrease in the net tangible assets value (NTA) of Global Masters Fund Limited at 31 December 2008.

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: [email protected] www.globalmastersfund.com.au

1 Loch Maree Avenue Thornleigh Sydney NSW 2120 Australia

P.O. Box 71 Thornleigh NSW 2120 Australia