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18 June 2015

Milford Asset Management Limited

The FMA has completed its investigation into certain trading activity between December 2013 and August 2014 by a trader employed by Milford Asset Management Limited.  The FMA considers that the trading conduct breached the market manipulation prohibitions in s11B of the Securities Markets Act 1988. The FMA also concluded that the Milford Board failed to ensure that there was the requisite degree of monitoring of the trading activity.

18 June 2015 - The FMA has reached an agreement with Milford to resolve the issues relating to Milford (but excluding the trader) arising from the investigation, under which Milford has agreed to make payments totalling $1.5m. Milford also undertakes to complete recommendations made by PwC regarding improvements to its trading systems and controls.