Net Asset Backing 28 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 9 a.m. today, was 28 cents.

The net assets calculation is based on the market values of our listed investments, with the exception of Asian Mineral Resources which (as has been the case for most of the last eight years) is being held at directors’ valuation. This valuation approach takes into account independent project valuation data, the strategic nature of the shareholding, our close association with the company (including board representation), and all the present circumstances of Asian Minerals.

Shares in Asian Minerals are highly illiquid and rarely traded because the top 20 shareholders (predominantly major, mining sector focussed institutional investors) own 98.7% of the company. Recent sales in Canada of tiny shareholdings are not, in our view, a relevant benchmark for the value of our significantly larger, strategic stake in the company.  

Net assets per WID share are 17 cents excluding the ASN shareholding.  

The fully diluted NTA per share, assuming all the remaining warrants are exercised, ranges between 62 cents a share (assuming all warrants are exercised by 30 June 2009 @ $1.986 and $2.186) and 85 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, 27 March 2009