Net Asset Backing 1.62 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 10 a.m. on 20 June 2008, was 1.62 cents. This takes into account the allotment today of 41,954,585 shares at 1.25 cents. 

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 1.80 cents a share (assuming all are exercised by 30 June 2009 @ $1.986 and $2.186) and 2.27 cents a share (assuming all the remaining warrants are exercised @ $2.986 and $3.286 between 1 July 2009 and 30 June 2012). 

For and on behalf of the Board,

Chris D Castle

Onekaka, 20 June 2008