LEFROY EXPLORATION LIMITED — AGM Information 2009

Dec 15, 2009

a member of the EQUITY TRUST Group of Companies

Fax:

Tο	: Company Announcements Office (ASX)
Copy	: Ronald White - email
	: Alan Fraipont - email
From	: Jonathan Buckley
Subject	: U S Masters Holdings Limited - Result of Meeting (AGM)
Date	: $14th$ December 2009	NUMBER OF PAGES : 1

Dear Sirs,

Please be advised that during the Annual General Meeting of the above Company held on $20^{\text{th}}$ November at 11:00am, the resolution approving the accounts of the Company for the year ended 30th June 2009 was passed.

For and on behalf of Custom House Fund Services (Luxembourg) S.A

Marixsz Baranowski Managing Director

Jonathan Buckley Finance Manager

U.S. Masters Holdings Limited

.
Next against an analogous through the company of the contract of the method of the section of the contract of

Palm Grove House, Road Town, Tortola, British Virgin Islands Australian Registered Body Number 052 123 930

NOTICE OF ANNUAL GENERAL MEETING

Dear Shareholder,

NIE BEERKE

You are hereby convened to the Annual General Meeting of Shareholders of U.S. MASTERS HOLDINGS LIMITED (the "Company") which will be held at the Registered office of the Company in the British Virgin Islands, at Palm Grove House, Road Town Tortola, on 20th November, 2009 at 11.00 a.m. to deliberate and vote on the following agenda:

AGENDA

• $1)$ Review of the report of the auditor,
• $2_l$ Approval of the accounts of the Company for the year ended 30^th June, 2009,
• $3)$ Miscellaneous,

The quorum required for this Meeting shall be three members present in person or by representative, proxy or attorney. No business shall be transacted at this meeting (other than an adjourned meeting under Article 71) except the election of a chairman and the adjournment of the meeting, unless the requisite quorom be present at the commencement of business.

Shareholders may vote in person or by proxy.

Shareholders who are not able to attend this Annual General Meeting are kindly requested to execute the enclosed Proxy Card and return it to the registered office of the Company.

The enclosed Audited Annual Report for the financial year ended on June 30, 2009 contains financial information about the Company. This Report includes a Report of the Board of Directors together with the balance sheets and the profit and loss accounts.

If you have any questions, please do not hesitate to contact the Registered office.

The Board of Directors

' Note:

Shareholders in the Company may appoint a proxy, who need not be another Shareholder in the Fund, to attend and vote on their behalf. To be valid, a Proxy Card must be deposited at the Registered office in the British Virgin Islands, Palm Grove House, P.O. Box 438, Road Town Tortola, by no later than 11.00 a.m. (British Virgin Islands time) on 16th November, 2009.

ARBN 052123930

Lodge your vote:

$\bowtie$ By Mail:

Considered was subscribed form

Computershare Investor Services Pty Limited GPO Box 242 Melbourne Victoria 3001 Australia

Alternatively you can fax your form to +61 3 9473 2555

For all enquiries call: +61 3 9415 4000

000034 000 USH
U S MASTERS HOLDINGS LTD TROPIC ISLE BUILDING PO BOX 438
ROAD TOWN TORTOLA
BRITISH VIRGIN ISLANDS

Proxy Fe

ર્દ્રે≸ For your vote to be effective it must be received by 11.00am (local time) 16 November 2009

and and the second control of the

How to Vote on Items of Business

All your securities will be voted in accordance with your directions.

Appointment of Proxy

Voting 100% of your holding: Direct your proxy how to vote by marking one of the boxes opposite each item of business. If you do not mark a box your proxy may vote as they choose. If you mark more than one box on an item your vote will be invalid on that item.

Voting a portion of your holding: Indicate a portion of your voting rights by inserting the percentage or number of securities you wish to vote in the For, Against or Abstain box or boxes. The sum of the votes cast must not exceed your voting entitlement or 100%

Appointing a second proxy: You are entitled to appoint up to two proxies to attend the meeting and vote on a poll. If you appoint two proxies you must specify the percentage of votes or number of securities for each proxy, otherwise each proxy may exercise half of the votes. When appointing a second proxy write both names and the percentage of votes or number of securities for each in Step 1 overleaf.

A proxy need not be a securityholder of the Company.

Signing Instructions

Individual: Where the holding is in one name, the securityholder must sign.

Joint Holding: Where the holding is in more than one name, all of the securityholders should sign.

Power of Attorney: If you have not already lodged the Power of Attorney with the registry, please attach a certified photocopy of the Power of Attorney to this form when you return it.

Companies: Where the company has a Sole Director who is also the Sole Company Secretary, this form must be signed by that person. If the company (pursuant to section 204A of the Corporations Act 2001) does not have a Company Secretary, a Sole Director can also sign alone. Otherwise this form must be signed by a Director jointly with either another Director or a Company Secretary. Please sign in the appropriate place to indicate the office held.

Attending the Meeting

Bring this form to assist registration. If a representative of a corporate securityholder or proxy is to attend the meeting you will need to provide the appropriate "Certificate of Appointment of Corporate Representative" prior to admission. A form of the certificate may be obtained from Computershare or online at www.investorcentre.com under the information tab, "Downloadable Forms".

Comments & Questions: If you have any comments or questions for the company, please write them on a separate sheet of paper and return with this form.

Turn over to complete the form $\rightarrow$

View your securityholder information, 24 hours a day, 7 days a week: www.investorcentre.com Your secure access information is: Review your security holding SRN/HIN: C0000000021 $\triangledown$ Update your security holding 让兵 PLEASE NOTE: For security reasons it is important that you keep your SRN/HIN confidential.

U S MASTERS HOLDINGS LTD TROPIC ISLE BUILDING PO BOX 438 ROAD TOWN TORTOLA BRITISH VIRGIN ISLANDS	Change of address. If incorrect, mark this box and make the correction in the space to the left. Securityholders sponsored by a broker (reference number commences with 'X') should advise your broker of any changes.	C0000000021		COY
Proxy Form	Please mark	$ \mathbf{X} $ to indicate your directions
Appoint a Proxy to Vote on Your Behalf I/We being a member/s of U.S Masters Holdings Limited hereby appoint				XX
the Chairman $Q_{R}$ of the meeting	ILLS PLEASE NOTE: Leave this box blank if you have selected the Chairman of the Meeting. Do not insert your own name(s).
or failing the individual or body corporate named, or if no individual or 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 directions (or if no directions have been given, as the proxy sees fit) at the Annual General Meeting of U.S. Mesters Holdings Limited to be held at the Registered office of the Company in the British Virgin Islands, at Palm Grove House, Road Town Tortola on 20 November 2009 at 11.00am and at any adjoumment of that meeting.
Items of Business	IS PLEASE NOTE: if you mark the Abstain box for an item, you are directing your proxy not to vote on your behalf on a show of hands or a poll and your votes will not be counted in computing the required majority.
ORDINARY BUSINESS
Item 1 Review of the Report of the Auditor
Approval of accounts of the Company for the year ended 30 June 2009. item 2
			Columnation advanced to the Constitution of the Column

: Item 3 Miscellaneous

The Chairman of the Meeting intends to vote undirected proxies in favour of each item of business.

The state of the contraction of the contraction of the contraction of the state of the contraction of the contraction of $\mu$

Individual or Securityholder 1	Security holder 2		Security holder 3
Sole Director and Sole Company Secretary	Director		Director/Company Secretary
Contact Name		Contact Davtime Telephone	Date

$\sim 10^{-11}$