Capital Change Notice

Section 1: Issuer information Name of issuer AWF Madison Group Limited NZX ticker code Class of financial product ISIN (If unknown, check on NZX website) Currency New Zealand Dollar Section 2: Capital change details Number redeemed 15,000 Restricted D shares Nominal value (if any) redemption price per security $2.57 Nature of the payment (for example, cash or other consideration) Cash Amount paid up (if not in full) $ Nil Percentage of total class of Financial Products redeemed (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence) 9.62% of remaining Restricted D shares For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date) (a) Restricted D shares are restricted and are unable to be traded until reclassified as ordinary shares on the relevant "Qualification Date" (subject to the holder remaining employed with AWF and the repayment of any loans made by AWF to the holder in respect of the shares). Restricted D Shares rank pari passu with existing ordinary shares in respect of rights to dividends and other distributions and voting rights. Reason for redemption and specific authority for redemption (the reason for change must be identified here) (b) Issued under the Group 2014 Restricted Share scheme; these Restricted shares have not yet qualified; and holder is no longer employed. (c) Board Resolution dated 29 May 2019 Total number of Financial Products of the Class after the redemption (excluding Treasury Stock) and the total number of Financial Products of the Class held as Treasury Stock after the issue/acquisition/redemption. 141,000 Restricted D shares In the case of an acquisition of shares, whether those shares are to be held as treasury stock N/A Specific authority for the issue, acquisition, or redemption, including a reference to the rule pursuant to which the redemption is made Board Resolution of 29 May 2017 Rule 3.13.1 Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements) The aggregate redemption price is to be applied by AWF in full repayment of the loan made by AWF to the holder in respect of the Restricted D Shares. Date of redemption 29/05/2019 Section 3: Authority for this announcement and contact person Name of person authorised to make this announcement David Lazarus Contact person for this announcement David Lazarus Contact phone number +64 9 526 8775 Contact email address David.lazarus@awfmadison.co.nz Date of release through MAP 30/05/2019 End CA:00335271 For:AWF Type:SHINTR Time:2019-05-30 09:23:38