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Net Asset Backing Update

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New Zealand Exchange Limited 
P.O. Box 2959 
Wellington

25 March 2011

Dear Sir, 

Widespread Portfolios Net Asset Backing   

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 a.m. today is 47.8 cents.

Effect of Proposed Restructure

As announced last week, the proposed re-arrangement of assets held by Widespread Portfolios and associate company Widespread Energy will, if approved by shareholders on 30 March 2011, have a marked beneficial effect on the asset backing of Widespread Portfolios.

This can be seen clearly from the table below.

NAB25Mar11.PNG

The fully diluted NTA per WID share is 95 cents assuming the listed warrants are exercised @ $2.982 and the unlisted director-held warrants are exercised @ $3.282. All warrants expire on 30 June 2012. 

Net asset data is also available on our website (www.widespread.co.nz) and is updated daily. For more information on the Chatham Rise project see www.rockphosphate.co.nz.

For and on behalf of the Board,

Chris D Castle

Over D’Urville Island, 18 March 2011