LEFROY EXPLORATION LIMITED — Net Asset Value 2009

Apr 13, 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	:
SUBJECT		: U S Masters Holdings Limited
OUR REFERENCE	÷
DATE		: 09 th April 2009	NUMBER OF PAGES: 1

Dear Sirs,

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

Net Tangible Asset Backing

Net assets (after deduction of liabilities)	US\$707,482.86
Number of securities on issue	2,429,826
Net Tangible Asset Backing	US\$ 0.2912

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 Signature

Custom House Fund Services (Luxembourg) SA A momber 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