The following is the sequence in which events occur when a master page is merged with a content page:

1. Content page PreInit event.
2. Master page controls Init event.
3. Content controls Init event.
4. Master page Init event.
5. Content page Init event.
6. Content page Load event.
7. Master page Load event.
8. Master page controls Load event.
9. Content page controls Load event.
10. Content page PreRender event.
11. Master page PreRender event.
12. Master page controls PreRender event.
13. Content page controls PreRender event.
14. Master page controls Unload event.
15. Content page controls Unload event.
16. Master page Unload event.
17. Content page Unload event.

reference:http://msdn.microsoft.com/en-us/library/dct97kc3.aspx