LEFROY EXPLORATION LIMITED — Net Asset Value 2006

EQUITY TRUST

Equity Trust Fund Services (Luxembourg) 5.A. 46A, Avenue J.F. Kennedy L-1855 Luxembourg

+352 229 444 Tel +352 229 466 Pax Email [email protected]

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Dear Sirs,

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Please find detailed below the following information as at 31st August 2006:

Please note the above figures are based on information available at this time and are subject to audit. $\mathcal{C}(\mathcal{A})$ $\mathcal{L}_{\mathcal{A}}$

With kind regards, Equity Trust Fund Services (Luxembourg) S.A.

Claude Memans

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Ronan Brady

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Fax +352 229 466 E-mail [email protected]