Net Asset Backing 31 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 9 a.m. today, was 31 cents.

The net assets calculation is based on the market values of our listed investments, with the exception of Asian Mineral Resources which, in the light of the extraordinary and volatile sharemarket conditions presently prevailing, is now being held at directors' valuation. This valuation (based on cost in New Zealand currency terms) takes into account both the strategic nature of the shareholding and all the present circumstances of Asian Minerals. Recent trading values in Canada of small shareholdings in Asian Minerals are not, in our view, a relevant benchmark for the value of our significantly larger stake in the company.          

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 63 cents a share (assuming all warrants are exercised by 30 June 2009 @ $1.986 and $2.186) and 87 cents a share (alternatively assuming all the remaining warrants are exercised @ $2.986 and $3.286 between 1 July 2009 and 30 June 2012). 

This NTA per share information is also available on our website (www.widespread.co.nz)  and is updated daily.

For and on behalf of the Board,

Chris D Castle

Onekaka, 17 October 2008