LEFROY EXPLORATION LIMITED — Net Asset Value 2010

May 23, 2010

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

FAX

ТO		: Company Announcements Office
COMPANY		: ASX
COPY	÷	Philip Madden- email
		: Alan Fraipont - email
FROM	÷
SUBJECT		: U S Masters Holdings Limited
OUR REFERENCE	÷
DATE		: $21^{st}$ of May 2010	NUMBER OF PAGES: 1

Dear Sirs,

$F$ INAL

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

Net Tangible Asset Backing

Net assets (after deduction of liabilities)	US\$666,111.83
Number of securities on issue	2,429,826
Net Tangible Asset Backing	US\$ 0.2741

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.

puette Mathematical

Authorized Signature