LEFROY EXPLORATION LIMITED — Net Asset Value 2009

Nov 12, 2009

Custom House Fund Services (Luxembourg) S.A.

Unico - 1^st Floor 13, rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg Tel.: +352 22 94 44-1 Fax: +352 22 94 66

FAX

TO	: Company Announcements Office
COMPANY	: ASX
COPY	: Philip Madden-email
	: Alan Fraipont - email
FROM	٠
SUBJECT	: U S Masters Holdings Limited
OUR REFERENCE	÷
DATE	$: 12th$ November 2009	NUMBER OF PAGES: 1

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Dear Sirs,

Please find detailed below the following information as at 31 October 2009:

Net Tangible Asset Backing

Net assets (after deduction of liabilities)	US\$747,152.54
Number of securities on issue	2,429,826
Net Tangible Asset Backing	US\$ 0.3075

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

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With kind regards, Custom House Fund Services (Luxembourg) S.A.

Authorized Signature

Authorized Signature

Custom House Fund Services (Luxembourg) SA A member of the Equity Trust Group of Companies Unico Building-1: Floor | 13 rue Edward Steichen | L-2540 Luxembourg | T+352 22 94 44-1 | F+352 22 94 66 | www.customhousegroup.com