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LEFROY EXPLORATION LIMITED Net Asset Value 2011

Nov 9, 2011

65225_rns_2011-11-09_9dee7178-3798-4d29-83c6-22c4d4d42a77.pdf

Net Asset Value

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TO : Company Announcement Officer COMPANY : ASX SUBJECT : US Masters Holdings Limited – Net Tangible Asset Backing DATE : 10 November 2011

Dear Sirs,

Please find detailed below the following information as at 31 October 2011:

Net Tangible Asset Backing

Net Assets (after deduction of liabilities) A$ 148,844 Number of securities on issue 8,489,478 Net Tangible Asset Backing A$ 0.0175

Please note:

  • As at 31 October 2011 the Net Assets shown above included A$ 51,052 in unrealised investment losses;

  • The above figures are based on information available at this time and are subject to audit.

Kind regards, US Masters Holdings Limited

Director

U.S. Masters Holdings Limited Australian Registered Office: Suite 2 Level 40 ARBN 052 123 930 88 Phillip Street Phone +612 8314 5580 Sydney NSW 2000 Australia Fax +612 8314 5555 Head Office: Email [email protected] Palm Grove House Roadtown Tortola British Virgin Islands

www ushmasters com