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Net Asset Backing Update

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New Zealand Exchange Limited 

P.O. Box 2959 
Wellington

31 May 2012

Dear Sir, 

Widespread Portfolios NTA per share 47.1c, share price 11.5c 

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 a.m. today is 47.1 cents.

The table below provides further detail.   

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NET ASSET BACKING PER SHARE

Diluted Net Assets per share

The fully diluted NTA per WID share is $0.90 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 unless they are extended until 2017, a proposal yet to be approved by warrant-holders.   

Net asset data is also available on our website (www.widespread.co.nz) and is updated regularly. For more information on Chatham Rock Phosphate Limited see www.rockphosphate.co.nz.

For and on behalf of the Board,

Chris D Castle

Windhoek, 31 May 2012