Net Asset Backing 76 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 10 a.m. on 18 July 2008, was 76 cents.  

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 87 cents a share (assuming all warrants are exercised by 30 June 2009 @ $1.986 and $2.186) and $1.11 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, 18 July 2008