LEFROY EXPLORATION LIMITED — Net Asset Value 2010

Jul 12, 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 DATE : 13[th] July 2010 No. OF PAGES : 1

Dear Sirs,

Please find detailed below the following information as at 30[th] June 2010:

Net Tangible Asset Backing

Net assets (after deduction of liabilities) US$629,545.20

Number of securities on issue 2,429,826 Net Tangible Asset Backing US$0.2591

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

The Investment Management Agreement with Mr J Randolph Updyke was terminated as of the 22[nd] June 2010 and the Board of Directors is now managing the investment activities of the company.

With kind regards,

US Masters Holdings Limited

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Authorised Signature