Public Censure of Windflow Technology Limited

24 May 2018 ANNOUNCEMENT OF NZ MARKETS DISCIPLINARY TRIBUNAL PUBLIC CENSURE OF WINDFLOW TECHNOLOGY LIMITED FOR BREACH OF NZAX LISTING RULE 10.5.1 In a determination of the NZ Markets Disciplinary Tribunal (the Tribunal) dated 11 May 2018, the Tribunal found that Windflow Technology Limited (WTL) breached NZAX Listing Rules 10.5.1 by filing its 2017 Annual Report two business days late. The Tribunal noted that a breach of the periodic reporting requirements is a breach of a fundamental obligation under the Rules. Compliance by Issuers with the periodic reporting requirements is essential in maintaining market integrity and investor confidence. The Tribunal has in recent years markedly increased the penalties it imposes for breaches of the periodic reporting requirements and matters involving repeated breaches of the Rules. While this was the first occasion that WTL had been referred to the Tribunal, the duration of the breach in this instance was short (two business days) and did not result in a suspension of WTL's securities, the Tribunal was concerned that this was the third consecutive breach of the periodic reporting requirements by WTL. The Tribunal ordered that WTL pay a financial penalty of $25,000, pay the costs of NZX and the Tribunal, and be publicly censured. The full decision of the Tribunal is attached to this release. End CA:00318371 For:DISP Type:DISCPLIN Time:2018-05-24 08:30:22