American Depository Receipt

Key information relating to our American Depository Receipt ADR:

How do I purchase Windflow shares?

For US investors, our Level 1 American Depository Receipt (ADR) provides easier access to our shares, reducing or eliminating settlement delays, transaction costs and other inconveniences associated with international securities trading.  ADRs can be purchased through full-service, discount, and on-line brokerage firms throughout the United States. ADRs can also be purchased through two services offered by The Bank of New York Mellon, Windflow’s Depositary Bank.  These services are Global BuyDIRECT and BNY Investment Center Inc.  (Global BuyDIRECT and BNY Investment Center Inc. are solely sponsored and administered by The Bank of New York Mellon's ADR.)

What is an American Depository Receipt (ADR)?

An ADR is one type of Depositary Receipt (others include Global Depositary Receipts, Euro Depositary Receipts and New York Shares), which are negotiable U.S. securities that generally represent a non-US company's publicly traded equity. Depositary Receipts, typically denominated in US dollars, trade just like any US security, alleviating certain obstacles associated with investing directly in the home markets of non-US companies.  There are different types of ADR programs, which include Unsponsored Depositary Receipts, Sponsored Level I Depositary Receipts, Sponsored Level II Depositary Receipts, Sponsored Level III Depositary Receipts and Privately Placed and Offshore (Rule 144A / Regulation S) Depositary Receipts.

 Windflow’s ADR program is a Sponsored Level I program, encompassing the most basic type of ADR found on the Over-the-Counter (OTC) market.

 For information on all aspects of ADRs, please see The Bank of New York Mellon.

Why did Windflow implement an ADR program?

An ADR program is an efficient and effective way for Windflow to access the US capital market, increase shareholder value by improving liquidity, and help raise Windflow’s profile in the US to support future business development opportunities.

About ADRs

American Depositary Receipts (ADRs) are commonly used to facilitate US investors investing in foreign companies not listed on a US exchange.  An ADR is created when a broker purchases a company’s shares on the home stock exchange and delivers those to the depositary's local custodian bank, which then instructs the depositary bank, The Bank of New York Mellon to issue ADRs.  Level 1 ADRs are not listed on any US exchange but may trade freely, just like any other security, in the OTC market, enabling US investors to obtain ADRs representing shares of non-US securities by making enquiries directly with their brokers.

About The Bank of New York Mellon

The Bank of New York Mellon Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies; securities servicing, treasury management, investment management, and individual & regional banking services. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York Mellon, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bnymellon.com.

Press Release 16 November 2005

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