AWF MADISON Announces DRP Strike Price Listing Rule 7.12.2

MARKET ANNOUNCEMENT 6 July 2018 NZX: AWF AWF MADISON Announces DRP Strike Price AWF Madison Group Limited (NZX:AWF) advises that the issue price for the shares issued in lieu of portion of the 2018 Final Dividend under its Dividend Reinvestment Plan (DRP), is $1.92 per share. In its Announcement to the Market on 15 June, regarding the DRP, AWF said: "The Board has determined that 50% of the Dividend may participate in the Plan until further notice. This will allow shareholders to reinvest up to 50% of their dividend in new shares." The issue price has been determined, in accordance with the DRP, as the volume weighted average sale price for all AWF Madison shares sold on the NZX Main Board over a period of five business days starting on 29 June 2018. Shareholders, who have elected to participate in the DRP, will receive AWF shares to the extent of their election, and cash for the balance of the Dividend, payable on 10 July 2018. The new shares will rank pari passu with existing shares on issue, as at the date of their issue. ENDS David Lazarus Company Secretary 021 449965 End CA:00320516 For:AWF Type:GENERAL Time:2018-07-06 12:50:13