RIGHT: NWF: RIGHTS ISSUE - KEY EVENTS AND DATES

29 Mar 2010 4:21 pm

NWF 29/03/2010 RIGHT

REL: 1621 HRS NZ Windfarms Limited

RIGHT: NWF: RIGHTS ISSUE - KEY EVENTS AND DATES

As set out in the notice of shareholders meeting dated 17 March ("Notice of Meeting"), the Company is seeking to raise approximately $31.4 million through a 8 for 3 pro-rata renounceable rights issue of up to approximately 209,500,000 fully paid ordinary shares ("New Shares") in the Company to its New Zealand resident shareholders and any underwriting arrangements which may be obtained in relation to the rights issue ("Capital Raising"). The exact number of New Shares to be issued will not be known until the record date for the Capital Raising as it will depend on the number of existing shares on issue and the rounding of entitlements. Based on the share register of the Company at 5 pm on 26 March 2010, the number of New Shares that could be issued under the Capital Raising is 209,504,393.

The Notice of Meeting contains key proposed terms of the Capital Raising including an indicative timetable.

Since the Notice of Meeting was sent to shareholders, the indicative timetable has been amended so that it is now as follows:

Key Event Date Record date for determining entitlements 7 April 2010 Opening date 8 April 2010 Letters of entitlement posted to shareholders 9 April 2010 Rights trading period 8 April 2010 to 27 April 2010 Closing date 29 April 2010 Allotment date 4 May 2010

The Company advises that the independent directors of the Company have approved the terms of the Capital Raising and resolved for the Company to proceed with the Capital Raising, in each case subject to, amongst other things:

i) the Board approving the final form of the prospectus and investment statement in relation to the Capital Raising; and

ii) the resolution of shareholders referred to in the Notice of Meeting being passed.

Please note that no money is currently being sought, and no applications for the securities will be accepted or money received, unless the subscriber has received an investment statement.

For any enquiries contact:

Steve Cross Chief Executive Officer (03) 943 5410 End CA:00193067 For:NWF Type:RIGHT Time:2010-03-29:16:21:11

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