Net Asset Backing 1.95 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 10 am on 9 May 2008, was 1.95 cents.

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 2.00 cents a share (assuming all are exercised by 30 June 2009 @ $2.00 and $2.20) and 2.49 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, 9 May 2008