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Net Asset Backing Update

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New Zealand Exchange Limited 
P.O. Box 2959 
Wellington

23 September 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 56.5 cents.

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Diluted Net Assets per share

The fully diluted NTA per WID share is $0.98 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 Chatham Rock Phosphate Limited see www.rockphosphate.co.nz.

For and on behalf of the Board,

Chris D Castle

Wellington, 23 September 2011