NTA: WID: Widespread Net Asset Backing 12 March 2010

12 Mar 2010 12:55 pm

WID 12/03/2010 NTA

REL: 1255 HRS Widespread Portfolios Limited

NTA: WID: Widespread Net Asset Backing 12 March 2010

New Zealand Exchange Limited P.O. Box 2959 Wellington

12 March 2010

Dear Sir,

Widespread Portfolios net asset backing per share

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 10 a.m. today, ranges from 21.3 cents to 54.7 cents, depending on the valuation methodology applied to our major asset, our 4.3% shareholding in Asian Mineral Resources ("AMR").

AMR valuation approach AMRCompanyValuation(CAD million) Value ofWID's AMRshareholding (NZD million) WIDNet Assets(NZD million) WID NetAssetsPershare Share of AMR net assets 48.038 3.234 5.956 28.4 May 2009 20 day VWAP per NZIFRS 18.534 1.935 4.657 21.7 AMR market price today 20.142 1.835 4.557 21.3 Malaysian Smelting project valuation 145.000 8.999 11.721 54.7

Share of AMR net assets

This net assets calculation assumes our Asian Mineral Resource shareholding is valued at our share of AMR's audited net assets, an approach consistent with our shareholding in AMR and continuing significant influence within the company. The most recently published Asian Minerals annual report records net assets of CAD 48 million. This figure is based primarily on construction costs capitalised since the mining license was granted in December 2007. This carrying value has been sustained, in discussion with the AMR auditors, based on project valuations that obviously match or exceed CAD 48 million (as if they hadn't an impairment write-down would have been necessary).

May 2009 20 day volume weighted average price

Our recently published audited financial statements include the AMR shareholding at the twenty day volume-weighted-average-market price as at 20 May 2009. This approach, dictated by New Zealand International Financial Reporting Standards, results in an NTA per WID share of 21.7 cents. We consider this price irrelevant as a) it assumes an efficient market exists for AMR shares and b) that the market value of small parcels of AMR shares is the same as that for large holdings. Neither assumption is correct in respect of Asian Minerals shares

AMR market price today

The last price the AMR shares traded at in Canada. We also consider this price irrelevant for the reasons already stated.

Malaysian Smelting Corporation project valuation

Malaysian Smelting Corporation, a Malaysian listed mining conglomerate also represented on the AMR board, holds the second largest shareholding. Its last annual report records that its 18.2% Asian Minerals shareholding is valued at CAD 26.4 million, effectively valuing the company at CAD 145 million. This audited carrying value is based on an audited robust project valuation of the Ban Phuc Nickel Mine forecast cash flows. This project valuation obviously matches or exceeds CAD 145 million.

Our view

We prefer the bricks and mortar based net assets figure of CAD 48 million, partially because this would be the floor price if it were decided by Asian Minerals to sell the project together with the mining license, exploration programme data, and other intellectual property in the company. Approximately CAD 75 million has been invested in the project since 1989.

Your view

We have detailed the various valuation approaches that can be applied to our shareholding in AMR. Given the transparency of this information, our shareholders are now in a position where they can then decide for themselves what they consider to be the value of our shares.

Diluted Net Assets per share

Using the share of AMR's net assets approach, the fully diluted NTA per WID share is 85 cents assuming the listed warrants are exercised @ $2.986 and the unlisted director-held warrants are exercised @ $3.286. All warrants expire on 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

Wellington, 12 March 2010 End CA:00192413 For:WID Type:NTA Time:2010-03-12:12:55:33

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