Net Asset Backing 36 cents

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 9 a.m. today, was 36 cents.

The net assets calculation is based on the market values of our listed investments, with the exception of Asian Mineral Resources, which is being held at a revised directors’ valuation following the AMR audit in Canada.  This valuation is based on our share of AMR’s net assets, which in turn is supported by independent project valuation data accepted by AMR’s auditors in both Vietnam and Canada.

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. Therefore we have, in accord with other AMR board members (also major shareholders), adopted a more objective and realistic yardstick that better reflects the value of the assets owned by the company. As advised repeatedly in recent months, sales in Canada of tiny AMR shareholdings are not considered a relevant benchmark for the value of our significantly larger, strategic stake in the company.  

Net assets per WID share are NZD 21.1 cents including the AMR shareholding at the current TSX.V spot price of 16 cents, and NZD 83.1 cents if based on the approach taken by AMR 18.2% shareholder Malaysian Smelting Corporation.    

Using the share of AMR’s net assets approach, the fully diluted NTA per WID share, assuming all the remaining warrants are exercised, ranges between 66 cents a share (assuming all warrants are exercised by 30 June 2009 @ $1.986 and $2.186) and 90 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, 22 May 2009