diff --git a/CHANGELOG.md b/CHANGELOG.md
index d2d54c6e5..86cb40f0d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,7 @@
 1. [](#bugfix)
     * Handle `errors.display` system property better in admin plugin [admin#1452](https://github.com/getgrav/grav-plugin-admin/issues/1452)
     * Fix classes on non-http based protocol links [#2034](https://github.com/getgrav/grav/issues/2034)
+    * Fixed crash on IIS (Windows) with open_basedir in effect [#2053](https://github.com/getgrav/grav/issues/2053)
 
 # v1.4.5
 ## 05/15/2018
diff --git a/system/src/Grav/Common/Page/Pages.php b/system/src/Grav/Common/Page/Pages.php
index 2ff049d9e..12afa7e88 100644
--- a/system/src/Grav/Common/Page/Pages.php
+++ b/system/src/Grav/Common/Page/Pages.php
@@ -1007,32 +1007,63 @@ class Pages
             throw new \RuntimeException('Fatal error when creating page instances.');
         }
 
-        $content_exists = false;
-        $pages_found = new \GlobIterator($directory . '/*' . CONTENT_EXT);
+        // Build regular expression for all the allowed page extensions.
+        $page_extensions = $language->getFallbackPageExtensions();
+        $regex = '/^[^\.]*(' . implode('|', array_map(
+            function ($str) {
+                return preg_quote($str, '/');
+            },
+            $page_extensions
+        )) . ')$/';
+
+        $folders = [];
         $page_found = null;
-
         $page_extension = '';
+        $last_modified = 0;
 
-        if ($pages_found && count($pages_found) > 0) {
+        $iterator = new \FilesystemIterator($directory);
+        /** @var \FilesystemIterator $file */
+        foreach ($iterator as $file) {
+            $filename = $file->getFilename();
 
-            $page_extensions = $language->getFallbackPageExtensions();
+            // Ignore all hidden files if set.
+            if ($this->ignore_hidden && $filename && $filename[0] === '.') {
+                continue;
+            }
 
-            foreach ($page_extensions as $extension) {
-                foreach ($pages_found as $found) {
-                    if ($found->isDir()) {
-                        continue;
-                    }
-                    $regex = '/^[^\.]*' . preg_quote($extension, '/') . '$/';
-                    if (preg_match($regex, $found->getFilename())) {
-                        $page_found = $found;
-                        $page_extension = $extension;
-                        break 2;
-                    }
+            // Handle folders later.
+            if ($file->isDir()) {
+                // But ignore all folders in ignore list.
+                if (!\in_array($filename, $this->ignore_folders, true)) {
+                    $folders[] = $file;
+                }
+                continue;
+            }
+
+            // Ignore all files in ignore list.
+            if (\in_array($file->getBasename(), $this->ignore_files, true)) {
+                continue;
+            }
+
+            // Update last modified date to match the last updated file in the folder.
+            $modified = $file->getMTime();
+            if ($modified > $last_modified) {
+                $last_modified = $modified;
+            }
+
+            // Page is the one that matches to $page_extensions list with the lowest index number.
+            if (preg_match($regex, $filename, $matches, PREG_OFFSET_CAPTURE)) {
+                $ext = $matches[1][0];
+
+                if ($page_found === null || array_search($ext, $page_extensions, true) < array_search($page_extension, $page_extensions, true)) {
+                    $page_found = $file;
+                    $page_extension = $ext;
                 }
             }
         }
 
-        if ($parent && !empty($page_found)) {
+        $content_exists = false;
+        if ($parent && $page_found) {
             $page->init($page_found, $page_extension);
 
             $content_exists = true;
@@ -1042,48 +1073,31 @@ class Pages
             }
         }
 
-        // set current modified of page
-        $last_modified = $page->modified();
+        // Now handle all the folders under the page.
+        /** @var \FilesystemIterator $file */
+        foreach ($folders as $file) {
+            $filename = $file->getFilename();
 
-        $iterator = new \FilesystemIterator($directory);
-
-        /** @var \DirectoryIterator $file */
-        foreach ($iterator as $file) {
-            $name = $file->getFilename();
-
-            // Ignore all hidden files if set.
-            if ($this->ignore_hidden && $name && $name[0] === '.') {
+            // if folder contains separator, continue
+            if (Utils::contains($file->getFilename(), $config->get('system.param_sep', ':'))) {
                 continue;
             }
 
-            if ($file->isFile()) {
-                // Update the last modified if it's newer than already found
-                if (!in_array($file->getBasename(), $this->ignore_files) && ($modified = $file->getMTime()) > $last_modified) {
-                    $last_modified = $modified;
-                }
-            } elseif ($file->isDir() && !in_array($file->getFilename(), $this->ignore_folders)) {
+            if (!$page->path()) {
+                $page->path($file->getPath());
+            }
 
-                // if folder contains separator, continue
-                if (Utils::contains($file->getFilename(), $config->get('system.param_sep', ':'))) {
-                    continue;
-                }
+            $path = $directory . DS . $filename;
+            $child = $this->recurse($path, $page);
 
-                if (!$page->path()) {
-                    $page->path($file->getPath());
-                }
+            if (Utils::startsWith($filename, '_')) {
+                $child->routable(false);
+            }
 
-                $path = $directory . DS . $name;
-                $child = $this->recurse($path, $page);
+            $this->children[$page->path()][$child->path()] = ['slug' => $child->slug()];
 
-                if (Utils::startsWith($name, '_')) {
-                    $child->routable(false);
-                }
-
-                $this->children[$page->path()][$child->path()] = ['slug' => $child->slug()];
-
-                if ($config->get('system.pages.events.page')) {
-                    $this->grav->fireEvent('onFolderProcessed', new Event(['page' => $page]));
-                }
+            if ($config->get('system.pages.events.page')) {
+                $this->grav->fireEvent('onFolderProcessed', new Event(['page' => $page]));
             }
         }