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Net Asset Backing Update

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New Zealand Exchange Limited 
P.O. Box 2959 
Wellington

15 April 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 61.8 cents.

Effect of Proposed Restructure

As previously advised, the re-arrangement of assets held by Widespread Portfolios and associate company Chatham Rock Phosphate has, combined with the independently supported revaluation of the Chatham Rise project, had a marked beneficial effect on the value of Chatham Rock Phosphate shares and options. This has translated into a significant increase in the asset backing of Widespread Portfolios.

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Diluted Net Assets per share

The fully diluted NTA per WID share is $1.02 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

Wellington, 15 April 2011