Portfolio Value

The following is a summary of the investments held by Humboldt and other components of Humboldt’s net asset value, as at March 31, 2010:

(Thousands, except percentage and per share amounts)	Carrying Value ⁽¹⁾	Unrealized Gain (Loss) ⁽²⁾	Investment Cost ⁽³⁾	% of Portfolio	% of Net Asset Value
Major Holdings	$8,612	$(6,786)	$15,398	24%	18%
Oil & Gas
- Canadian	4,058	1,829	2,228	11%	9%
- International	18,690	1,252	17,432	52%	39%
Mining	4,780	(3,039)	7,817	13%	10%
Other Equity Investments	8	(43)	60	0%	0%
Total Portfolio	$36,148	$(6,787)	$42,935	100%	76%
Working capital	10,047				21%
Other assets	627				1%
Future tax asset	514				1%
Net asset value	$47,336				100%
Net asset value, per share (diluted)	$3.86

Notes:

(1)	Carrying value is the quoted market value for listed securities and the estimated fair value for illiquid listed securities. Fair value being the expected realization from the orderly disposition of the security in an orderly manner over a reasonable time period.
(2)	Unrealized Gain (Loss) is the Carrying Value less Investment Cost.
(3)	Investment Cost represents the original cost of the security less any permanent impairment and cost recovery.
(4)	Columns may not add due to rounding.