LEFROY EXPLORATION LIMITED — Net Asset Value 2009

May 13, 2009

Custom House Fund Services (Luxembourg) S.A.

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

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TO COMPANY COPY		: Company Announcements Office : ASX : Philip Madden-email : Alan Fraipont - email
FROM SUBJECT OUR REFERENCE DATE	: $\ddot{\cdot}$	: U S Masters Holdings Limited : $13^{th}$ May 2009	NUMBER OF PAGES: 1

Dear Sirs,

Net Tangible Asset Backing

Please find detailed below the following information as at 30 April 2009:

Net assets (after deduction of liabilities)	US\$725,242.43
Number of securities on issue	2,429,826
Net Tangible Asset Backing	US\$ 0.2985

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

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

Authorized Signature Authorized Signatu

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