Net Asset Backing 2.03 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 am on 16 May 2008, was 2.03 cents.

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 2.04 cents a share (assuming all are exercised by 30 June 2009 @ $2.00 and $2.20) and 2.53 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, 16 May 2008