Warrant terms adjustment

New Zealand Exchange Limited

P.O. Box 2959

Wellington

16 May 2008

SHARE PURCHASE PLAN OFFER FOR WIDESPREAD PORTFOLIOS LIMITED

The company has listed warrants (WIDWA) and director warrants on issue ("Warrants").  The terms of issue of the Warrants provide that if the company undertakes an offering of shares to its shareholders (such as the share purchase plan offer that has opened today), an adjustment shall be made to the exercise price of the Warrants.

Following receipt of independent advice from Capital Economics Limited, the Board has determined to adjust the exercise price of the Warrants as follows:

o        WIDWA: The exercise price until 30 June 2009 is now $1.986.  The exercise price from 1 July 2009 until 30 June 2012 will now be $2.986.

o        Director warrants:  The exercise price until 30 June 2009 is now $2.186.  The exercise price from 1 July 2009 until 30 June 2012 will now be $3.286.

These adjustments are of immediate effect.

The independent report is available on request and will be published on our website,www.widespread.co.nz.

On behalf of the Board,

Chris D Castle

Director

Email: chris@widespread.co.nz

Tel: 03 525 9170