LEFROY EXPLORATION LIMITED — Major Shareholding Notification 2011

Jan 12, 2011

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

U.S. Masters Holdings Ltd To Company Name/Scheme 052 123 920 ACN/ARBN 1. Details of substantial holder (1) Name Michael Neil Macgregor Davies ACN/ARSN (if applicable) There was a change in the interests of the 20/12/10 substantial holder on 13/12/10 The previous notice was given to the company on 7/12/10 The previous notice was dated

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Ordinary	599816	21.2%	1967394	23.17%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whose relevantinterest changed	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecurities affected	Person’s votesaffected
20/12/10	Michael Neil MacgregorDavies	Bonus Issue	NIL	1311596ordinary	1311596
17/9/10	Michael Neil MacgregorDavies	Purchase	$ 23,100	55982Ordinary	55982

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person’s votes
Michael NeilMacgregorDavies	Michael Neil MacgregorDavies	Michael Neil MacgregorDavies	Direct	1967394	23.17%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Michael Neil Macgregor Davies	1 Prince AlbertStreet,Mosman,NSW 2088

Signature

print name Michael Neil Macgregor sign here 13/01/2011

Form 604