AWF Madison Group Notice pursuant to Listing Rule 7.12.1

NZX Main Board and Debt Market - For the purpose of NZX Main Board Listing Rule 7.12.1, AWF Madison Group Limited (NZX:AWF) advises that the following in respect of the issue of new ordinary shares: (a) Class of Security and ISIN: Ordinary Shares NZAWFE0001S8 (b) Number issued: 465,791 shares (c) Nominal value and issue price: $1.71 per share (d) Whether payment was in cash: N/A (e) Any amount paid up: N/A (f) Principal terms of the Securities (other than for Quoted Securities): N/A (g) Percentage of the total Class of Securities issued: 1.41% of total number of Ordinary Shares on issue immediately prior to the issue of the new shares (h) Reason for the issue: Dividend Reinvestment Plan dated 15 June 2018 (i) Specific authority for the issue: Board Resolution dated 26 October 2018 (j) Terms or details of the issue: The new shares will rank equally with existing fully paid Ordinary shares (k) Total number of Securities of the Class in existence after the issue, acquisition or redemption: 33,423,399 (l) In the case of an acquisition of shares by an Issuer which is a company registered under the Companies Act 1993, whether those shares are to be held as Treasury Stock: N/A (m) Dates of issue: Issue Date: 3 December 2018 David Lazarus, Group Company Secretary. Phone: 021 449 965 End CA:00327782 For:AWF Type:GENERAL Time:2018-12-04 08:30:30