Net Asset Backing increases 25%

25% increase in Widespread Portfolios (NZSX code "WID") Net Asset backing per share

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 a.m. today, was 65 cents.

This is an increase of 25% on the reported NTA of 52 cents a share on Friday 22 August and is due to share price increases in our two major investments, Asian Minerals and King Solomon Mines.     

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 81 cents a share (assuming all warrants are exercised by 30 June 2009 @ $1.986 and $2.186) and $1.05 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, 28 August 2008