GLOBAL MASTERS FUND LIMITED — Proxy Solicitation & Information Statement 2008

Sep 28, 2008

Please return your Proxy forms to: Link Market Services Limited Level 12, 680 George Street, Sydney NSW 2000 Locked Bag A14, Sydney South NSW 1235 Australia Telephone: (02) 8280 7111 Facsimile: (02) 9287 0309 ASX Code: GFL Website: www.linkmarketservices.com.au

ABN 84 109 047 618

GLOBAL MASTERS FUND LIMITED

APPOINTMENT OF PROXY

If you would like to attend and vote at the Annual General Meeting, please bring this form with you. This will assist in registering your attendance.

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I/We being a member(s) of GLOBAL MASTERS FUND and entitled to attend and vote hereby appoint

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the Chairman OR if you are NOT appointing the Chairman of the of the Meeting Meeting as your proxy, please write the name of the (mark box) person or body corporate (excluding the registered securityholder) you are appointing as your proxy

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or failing the person/body corporate named, or if no person/body corporate is named, the Chairman of the Meeting, as my/our proxy to act generally at the meeting on my/our behalf and to vote in accordance with the following instructions (or if no directions have been given, as the proxy sees fit) at the Annual General Meeting of the Company to be held at 11:00am on Tuesday, 4 November 2008, at Wesley Conference Centre, 220 Pitt Street SYDNEY NSW 2000 and at any adjournment of that meeting.

Where more than one proxy is to be appointed or where voting intentions cannot be adequately expressed using this form an additional form of proxy is available on request from the share registry. Proxies will only be valid and accepted by the Company if they are signed and received no later than 48 hours before the meeting. The Chairman of the Meeting intends to vote undirected proxies in favour of all items of business.

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----- Start of picture text ----- B To direct your proxy how to vote on any resolution please insert in the appropriate box below.XFor Against Abstain* For Against Abstain*Resolution 1 Resolution 3Re-election of director Change in Investment Strategy----- End of picture text -----

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----- Start of picture text ----- Resolution 2Adoption of the remuneration report----- End of picture text -----

• If you mark the Abstain box for a particular Item, you are directing your proxy not to vote on your behalf on a show of hands or on a poll and your votes will not be counted in computing the required majority on a poll.

C	SIGNATURE OF SECURITYHOLDERS – THIS MUST BE COMPLETED
Securityholder 1 (Individual)Joint Securityholder 2 (Individual)Joint Securityholder 3 (Individual)Sole Director and Sole Company SecretaryDirector/Company Secretary (Delete one)Director

This form should be signed by the securityholder. If a joint holding, either securityholder may sign. If signed by the securityholder’s attorney, the power of attorney must have been previously noted by the registry or a certified copy attached to this form. If executed by a company, the form must be executed in accordance with the securityholder’s constitution and the Corporations Act 2001 (Cwlth).

GFL PRX841