Madison : FURTHER DELAY IN DESPATCH OF CIRCULAR

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

FURTHER DELAY IN DESPATCH OF CIRCULAR

References are made to the announcement of Madison Holdings Group Limited (the "Company") dated 17 November 2017 (the "Announcement") and 27 December 2017 (the "Delay Announcement", together with the Announcement, the "Announcements") in relation to (i) the Deed of Modification relating to the Exchangeable Bonds and (ii) the proposed exercise of the Exchange Rights attached to the Exchangeable Bonds respectively. Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcements.

As set out in the Delay Announcement, the circular (the "Circular") containing, among other things, further details of the Proposed Transactions, the recommendation of the Independent Board Committee to the Independent Shareholders, the letter of advice from the independent financial adviser to the Independent Board Committee and the Independent Shareholders, the financial information of the Bartha Group and a notice to convene the EGM will be despatched to the Shareholders on or before 31 January 2018.

As additional time is required for the Company to finalise certain information to be included in the Circular, the date of despatch of the Circular is expected to be postponed to on or before 28 February 2018.

By order of the Board

Madison Holdings Group Limited

Ting Pang Wan Raymond Chairman and executive Director

Hong Kong, 30 January 2018

As at the date of this announcement, the executive Directors are Mr. Ting Pang Wan Raymond, Mr. Zhu Qin, Mr. Teoh Ronnie Chee Keong and Ms. Kuo Kwan; and the independent non-executive Directors are Ms. Fan Wei, Mr. Chu Kin Wang Peleus and Mr. Ip Cho Yin, J.P.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules of the Stock Exchange for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief, the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the "Latest Company Announcements" page of the GEM website atwww.hkgem.comfor at least 7 days from the date of its posting. This announcement will also be published on the website of the Company atwww.madison-wine.com.