Net Asset Backing 1.70 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 10am on 25 April 2008, was 1.70 cents.

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 1.87 cents a share (assuming all are exercised by 30 June 2009 @ $2.00 and $2.20) and 2.35 cents a share (assuming all the remaining warrants are exercised @ $3 and $3.30 between 1 July 2009 and 30 June 2012). 

For and on behalf of the Board,

Chris D Castle

Onekaka, 25 April 2008