LEFROY EXPLORATION LIMITED — Major Shareholding Notification 2012

Nov 1, 2012

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

ToCompany Name/SchemeU.S. Masters Holdings Ltd052 123 920ACN/ARBN1. Details of substantial holder (1)NameMichael Neil Macgregor DaviesACN/ARSN (if applicable)There was a change in the interests of thesubstantial holder on30/10/12The previous notice was given to the company on13/1/11The previous notice was dated13/1/11	U.S. Masters Holdings Ltd	U.S. Masters Holdings Ltd
	052 123 920
	Michael Neil Macgregor Davies
		30/10/1213/1/1113/1/11

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		Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Ordinary	1967394	23.17%	4494321	24.9%

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
30/10/12	Michael Neil MacgregorDavies	Purchase	$58564	266200ordinary	266200

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	4494321	24.9%

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:

NameMichael Neil Macgregor Davies	Address1 Prince Albert Street,Mosman,NSW 2088

Signature

print name Michael Neil Macgregor

sign here 2/11/2012