Disclosure of Movements in Substantial Holding

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Sections 277 and 278, Financial Markets Conduct Act 2013 Note: This form must be completed in accordance with the instructions at the end of the form. To NZX Limited and To AWF Madison Group Limited Relevant event being disclosed: Movement of 1% or more in substantial holding. Date of relevant event: 3 December 2018 Date this disclosure made: 5 December 2018 Date last disclosure made: 7 April 2015 Substantial product holder(s) giving disclosure Full name(s): Simon Alexander Hull Summary of substantial holding Class of quoted voting products: Ordinary Shares Summary for Simon Alexander Hull For this disclosure,-- (a) total number held in class: 17,488,884 Ordinary Shares (b) total in class: 33,423,399 Ordinary Shares (c) total percentage held in class: 52.3% For last disclosure,-- (a) total number held in class: 17,116,307 Ordinary Shares (b) total in class: 32,957,608 Ordinary Shares (c) total percentage held in class: 51.9% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: Participation in the Dividend Reinvestment Plan notified to shareholders in November 2018, in terms of which up to 50% of the Interim Dividend of a shareholder could participate in the distribution. The Interim Dividend was declared by AWF Madison Group Limited on 26 October 2018. Details after relevant event Details for Simon Alexander Hull Nature of relevant interest(s): Registered holders and beneficial owner is Simon Alexander Hull & David John Cox for SA Hull Family No.2 A/C For that relevant interest,-- (a) number held in class: 17,488,884 Ordinary Shares (b) percentage held in class: 52.3% (c) current registered holder(s): Simon Alexander Hull & David John Cox for SA Hull Family No.2 A/C (d) registered holder(s) once transfers are registered: Simon Alexander Hull & David John Cox for SA Hull Family No.2 A/C Additional information Address(es) of substantial product holder(s): 41 Station Road, Penrose, Auckland 1061 Contact details: David Lazarus email david.lazarus@awfmadison.co.nz Certification I, David Lazarus, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00327916 For:AWF Type:SHINTR Time:2018-12-05 11:46:44