Ongoing Disclosure Notice

Disclosure of Directors and Senior Managers Relevant Interests Sections 297(1) and 298(1), Financial Markets Conduct Act 2013 To NZX Limited; and Name of listed issuer: AWF Madison Group Limited Date this disclosure made: 9-May-19 Date of last disclosure: 4-Dec-19 Director or senior manager giving disclosure Full name(s): Simon James Bennett Name of listed issuer: AWF Madison Group Limited Name of related body corporate (if applicable): N/A Position held in listed issuer: Chief Executive Officer Summary of acquisition or disposal of relevant interest (excluding specified derivatives) Class of affected quoted financial products: Ordinary Shares Nature of the affected relevant interest(s): Power to acquire fully paid ordinary shares in AWF if certain conditions are met. For that relevant interest- Number held in class before acquisition or disposal: 2,000,000 Number held in class after acquisition or disposal: 0 Current registered holder(s): Simon James Bennett Registered holder(s) once transfers are registered: NA Summary of acquisition or disposal of relevant interest (excluding specified derivatives) Class of affected quoted financial products: Ordinary Shares Nature of the affected relevant interest(s): Power to acquire a maximum of 450,000 fully paid ordinary shares in AWF if certain conditions are met. For that relevant interest- Number held in class before acquisition or disposal: 0 Number held in class after acquisition or disposal: 450,000 Current registered holder(s): NA Registered holder(s) once transfers are registered: Simon James Bennett Summary of acquisition or disposal of specified derivatives relevant interest (if applicable) Type of affected derivative: not applicable Class of underlying financial products: not applicable Details of affected derivative- The notional value of the derivative (if any) or the notional amount of underlying financial products (if any): not applicable A statement as to whether the derivative is cash settled or physically settled: not applicable Maturity date of the derivative (if any): not applicable Expiry date of the derivative(if any): not applicable The price specified in the terms of the derivative (if any): not applicable Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products: not applicable For that derivative,- Parties to the derivative: not applicable If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative: not applicable Details of transactions giving rise to acquisition or disposal Total number of transactions to which notice relates: 2 Details of transactions requiring disclosure- Date of transaction: 9-May-19 Nature of transaction: Lapse of Stock Appreciation Rights pursuant to the AWF Madison SAR Long Term Incentive Plan. Name of any other party or parties to the transaction (if known): AWF The consideration, expressed in New Zealand dollars, paid or recieved for the acquisition or disposal. If the consideration was not in cash and cannot be readily by converted into a cash value, describe the consideration: Nil Number of financial products to which the transaction related: 2,000,000 Stock Appreciation Rights If the issuer has a financial products trading policy that prohibits directors or senior managers from trading during any period without written clearance (a closed period) include the following details-- Whether relevant interests were aquired or disposed of during a closed period: [?] Whether prior written clearance was provided to allow the aquisition or disposal to proceed during the closed period: [?] Date of the prior written clearance (if any): [?] Details of transactions requiring disclosure- Date of transaction: 9-May-19 Nature of transaction: Acquisition of option which, if certain conditions are met, confer an entitlement to receive ordinary shares in AWF pursuant to the CEO Short Term Incentive Plan. Name of any other party or parties to the transaction (if known): Unknown The consideration, expressed in New Zealand dollars, paid or recieved for the acquisition or disposal. If the consideration was not in cash and cannot be readily by converted into a cash value, describe the consideration: Nil Number of financial products to which the transaction related: Maximum of 450,000 ordinary shares If the issuer has a financial products trading policy that prohibits directors or senior managers from trading during any period without written clearance (a closed period) include the following details-- Whether relevant interests were aquired or disposed of during a closed period: [?] Whether prior written clearance was provided to allow the aquisition or disposal to proceed during the closed period: [?] Date of the prior written clearance (if any): [?] Summary of other relevant interests after acquisition or disposal: Class of quoted financial products: Ordinary shares Nature of relevant interest: "[Registered holder and beneficial owner of: 261,776 ordinary unrestricted shares 190,000 ordinary restricted shares]" For that relevant interest,- Number held in class: "261,776 ordinary shares 90,000 restricted ""D"" shares 100,000 restricted ""G"" and restricted ""H"" shares" Current registered holder(s): Simon James Bennett For a derivative relevant interest,- Type of derivative: not applicable Details of derivative,- The notional value of the derivative (if any) or the notional amount of underlying financial products (if any): not applicable A statement as to whether the derivative is cash settled or physically settled: not applicable Maturity date of the derivative (if any): not applicable Expiry date of the derivative (if any): not applicable The price's specified terms (if any): not applicable Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products: not applicable For that derivative relevant interest,- Parties to the derivative: not applicable If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative: not applicable Cerification I, certify that, to the best of my knowledge and belief, the information contained in this disclsoure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. Signature of director or officer: Date of signature: or Signature of person authorised to sign on behalf of director or officer: Date of signature: 9-May-19 Name and title of authorised person: David Lazarus End CA:00334316 For:AWF Type:SHINTR Time:2019-05-09 12:49:13