LEFROY EXPLORATION LIMITED — Net Asset Value 2010

Feb 14, 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

TO		: Company Announcements Office
COMPANY		: ASX
COPY	$\ddot{\cdot}$	Philip Madden- email
		: Alan Fraipont - email
FROM	$\ddot{\cdot}$
SUBJECT		: U S Masters Holdings Limited
OUR REFERENCE	:
DATE		: $12^{th}$ February 2010	NUMBER OF PAGES: 1

Dear Sirs,

Please find detailed below the following information as at 31 January 2010:

Net Tangible Asset Backing

Net assets (after deduction of liabilities)	US\$713,024.75
Number of securities on issue	2,429,826
Net Tangible Asset Backing	US\$ 0.2934

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 pb

Authorized Signature

Custom House Fund Services (Luxembourg) SA A member 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