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Target's Statement

13 February 2017
In response to the offer by Saputo Dairy Australia Pty Ltd, a wholly-owned subsidiary of Saputo Inc., to acquire all of your WCB Shares.

The Independent Directors of WCB unanimously recommend that, in the absence of a superior proposal, you ACCEPT the Saputo Offer to purchase all of your WCB Shares for $8.85 cash per WCB share.
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The Independent Expert has concluded that the Saputo Offer is fair and reasonable for WCB Shareholders not associated with Saputo.

Target's Statement
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