LEFROY EXPLORATION LIMITED — Net Asset Value 2010

Jan 13, 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
	$\therefore$ Alan Fraipont $\cdot$ email
FROM	$\ddot{\cdot}$
SUBJECT	: U.S. Masters Holdings Limited
OUR REFERENCE	÷
DATE	: $13th$ January 2010	NUMBER OF PAGES: 1

Dear Sirs,

Please find detailed below the following information as at 31 December 2009:

Net Tangible Asset Backing

Net assets (after deduction of liabilities)	US\$742.570.08
Number of securities on issue-	2.429.826
Net Tangible Asset Backing	US\$ 0.3056

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

Authorized Signature

Custam House Fund Services (Luxembourg) SA a member of the kavity first Green of Companies
Fig. 1 - 14 - 14 - 14 and Edward Meather (1, 2560 Luxembourg ) (1350 22.94.44 (1) (1350 22.94.46. { www.custambourgeoup com