LEFROY EXPLORATION LIMITED — Net Asset Value 2010

Oct 13, 2010

U.S. MASTERS HOLDINGS LIMITED

ARBN 052123930 Registered Office at Suite 2 Level 40

88 Phillip Street Sydney NSW 2000 Australia

TO : Company Announcement Officer COMPANY : ASX

SUBJECT : US Masters Holdings Limited – Net Tangible Asset Backing DATE : 14[th] October 2010

Dear Sirs,

Please find detailed below the following information as at 30 September 2010:

Net Tangible Asset Backing

Net assets (after deduction of liabilities) US$603,055 Number of securities on issue 2,429,826 Net Tangible Asset Backing US$0.2482

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

US Masters Holdings Limited

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Director