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Net Asset Backing Update

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New Zealand Exchange Limited 
P.O. Box 2959 
Wellington

1 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 62.4 cents.

Effect of Proposed Restructure

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

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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, 1 April 2011

Widespread Portfolios completes asset swap transaction

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NZX Market Announcement: Asset Swap Transaction with Widespread Energy Completed

A special meeting of each of Widespread Energy and Widespread Portfolios was held on 30 March to consider a resolution to approve an asset swap transaction between the companies. The resolution was passed by both companies. All other conditions to the asset swap transaction are also now satisfied and accordingly the transaction has now been completed.

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