LEFROY EXPLORATION LIMITED — Net Asset Value 2010

May 13, 2010

U.S. MASTERS HOLDINGS LIMITED ARBN 052123930

Registered Office at Maddens Lawyers Level 7 117 York Street Sydney NSW 2000 Australia

TO : Company Announcements Office COMPANY : ASX COPY : Philip Madden- email : Alan Fraipont- email SUBJECT : U S Masters Holdings Limited DATE 14[th] May 2010 NUMBER OF PAGES: 1

Dear Sirs.

Please find detailed below the following information as at 30 April 2010:	Please find detailed below the following information as at 30 April 2010:
Net Tangible Asset Backing
Net assets (after deduction of liabilities)	US$670,194.26
Number of securities on issue	2,429,826
Net Tangible Asset Backing	US$0.2758

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

U S Masters Holdings Limited

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Authorized Signature