LEFROY EXPLORATION LIMITED — Net Asset Value 2003

Aug 13, 2003

Insinger Fund Administration (Luxembourg) S.A.

66 avenue Victor Hugo 3rd floor 1-1750 Luxembourg

FAX

TO	: Company Announcements Office	Tol. +352 229 444
COMPANY	: A5X
COPY	: Ran White - 00 61 2 9930 7117
	: Alan Fraipont - 00 1 843 722 2284
FROM	Sandrine Pirotte
SUBJECT	: U.S Masters Holdings Limited
OUR REFERENCE	$: U5M/faxes/030813-1$
DATE	: 13 August 2003	NUMBER OF PAGES: 1

Dear Sirs.

Please find detailed below the following information as at 31st of July 2003:

Net Tangible Asset Backing

Net assets (after deduction of liabilities)	US\$ 1,127,266.33
Number of securities on issue	2,429,826
Net Tangible Asset Backing	USS 0.4639

Please note the above figures are based on information available at this time and are subject to audit.

With kind regards, Insinger Fund Administration (Luxembourg) S.A.

Sandrine Pirotte

Clau r\e Mérmans

The information contained in this facsimite message is intended only for the use of the person or earity to whom it is addressed and may contain information that is confidential and may be legally privileged and exempt from disclosure under applicable laws. If you read this message and are not the eddressee you are nodfled that use, dissemination, distribution or reproduction of this message is promisited. If you have received this message in error, please notify as immediately and return the original message to us.

R.C. Laxembourg No. 05384 VAT No. 10 17694715

$\blacksquare$

Fax +352 229 466 E-mail infoluxia@insinger.com