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Janna Panenova

(02) 9291 6301Janna. Panenova@Maddocks. comauPeter ShewPXS:JZP;6000222

24 December 2013

The ManagerAsX Limited

Company Announcements Office20 Bridge StreetSYDNEY NSW 2000

Dear Sir or Madam

Takeover Bid for WarmamboolCheese and Butter Factory Company Holdings LimitedACN 071 945 232 -Increase in substantial holding

We actfor Saputo Dairy Australia Pty Ltd ACN 166 135 486 (Saputo). We refer to Saputo's offer to acquire100% of the issued share capital in Warmambool Cheese and Butter Factory Company Holdings Limited ACN071 945 232 (WCB) on the terms set outin Section 6 of Part B of Saputo's bidder's statement lodged with ASICon 25 October 2013.

In accordance with section 671B(I) of the Corporations Act2001(Cth), we attach a copy of ASIC Form 604(Notice of change of interests of substantial holder).

Since the previous ASIC Form 604 filed on 16 December 2013, the aggregate ofWCB shares accepted intoSaputo's Offer being:

(a) the number ofWCB shares the subject of withdrawal rights as announced on 17 December 2103; and

(b) the number ofWCB shares notthe subject of withdrawal rights (including WCB shares which weresubject to withdrawal rights but where confirmation of acceptance has been received),

I1/11/1111 I 1/1 11/1 I 11/11/11

Maddocks

LawyersLevel 27, Angel Place123 Pitt Street

Sydney New South Wales 2000 Au

GPO Boxi692

Sydney New South Wales 2001Telephone 61 2 9291 6100Facsimile 61 2 9221 0872

info@maddocks. comauWWW. maddocks. comau

DX 10284 Sydney Stock EXchange

is as follows:

WCBshares

(subject towithdrawalri hts

WCB shares (notsubjecttowithdrawalri htsTotal

Number ofWCB shares

Previous u date Current

9,467,976 7,472,234

*rounded to 3 decimal places

Yours faithfullyMaddocks

Nil

9 467 976

Peter Shaw

Partner

Encl

2,559,398

to o3, 632

%ofWCBsharesPrevious u date

16,916%%

16000222: 12,5137_11

O%

,. to

Current'

13,351%

4,573%

,7,923%

In, .Ishte officeCanberra "dbourne

Ambled offices around the world through IheAdvoc Asia network -Iwiw. eduocasia. coin

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To Company Name/Scheme

ACN/ARSN

Notice of change of interests of substantial holder

I. Details of substantial holder(I)

Name

Form 604

ACNIARSN (if applicable)

Corporations Act 2001Seerion 671B

There was a change in the interests of thesubstantial holder on

The previous notice was given to the company on

The previous notice was dated

Warmambool Cheese and Butter Factory Company HoldingsLtd (Warmambool)

2. previousand presentvoting power

The total number of votes attached to allhe voting shares in the company or voting interests in the scheme that the substantial holder or anassociate (2) had a relevantinterest (3) in when last required, and when now required, to give a substantial holding notice to the company orscheme. are as follows:

071 945 232

604 15 July 2001

Class of securities (4)

Saputo Dairy Australia Pty Ltd (SDA) and each of entitieslisted in Annexure A SDA Associates)

^ry

166 135 486

3. Changes mrelevantinterests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an assodaie in voting securities ofthe company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are asfollows:

23 December 2013

16 December 2013

16 December 2013

Previous notice

Date of

change

Person's votes

I 9,467,976

23December2013

I Person whoseI relevant

interest

I chan ed

, Voting power(5)

IsDA andI SDAI Associates

I 16,916%

Nature of change (6)

I present notice

Relevant interest in

ordinary shares inWarrnambool under

section 608(I) of theCorporations Act2001(Cth) as a result ofacceptances being

boo0222: 122,9780_11

I person's votes

I 10,031,632

I Consideration Class and

I giveninrejajjon number of, IOChange(7) I securitiesI Iaffected

; received by SDA inI res ect of offers made

_I 17.923%Voting power(5)

I $9.00,I subject to

variation in

accordance Iwith the

corporatibns IAct2001

(Cth)

563,656

Person's votes

affected

I 1,007%For

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by SDA under itstakeover bid on theterms set outin thebidder's statementdated 25 October 2013

(Takeover Bid). Somebut not alllof theseacceptances are thesubjectoi; andmaybe affected by,withdrawal rightsoffered to certainWarmambool

shareholdersbySDAon 170ecember2073.

4. Presentrelevantinterests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows

Registeredholder ofsecurities

Holder of relevantinterest

See Annexure B

5. Changes massociation

The persons vino have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with. thesubstantial holder in relation to voting interests in the company or scheme are as follows:

Name of AC/ARSN ifa Iicable

NIA

6. Addresses

The addresses of persons named in this form are as follow:

Person entitled to be

registered as holder8

Name

See Annexure A

Signature

Nature of

relevant

interesi 6

Class and

number ofsecurities

Nature of association

( I )DIRECTIONS

If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations,or the manager and trustee of an equity trusty. the names. could be included in an annexure to the fomi. If Ihe relevantinteresls ofa group of persons are essentially similar they may be referred to throughout the form as a specifically named group if themembership of each group. with the names and addresses of members is clearly set out in paragraph 6 of the form.See the definition of "associate' in section 9 of the Corporalions Act 2001See the definition of "relevantinterest" in sections 608 and 671B(7) of the Corporations Act 2001The voting shares of a company constitute one class unless divided into separate classes.The person's votes divided by the total voies in the body corporate or scheme multiplied by too.Include details of:

(a) any relevant agreement or other circumstances because of chich the change in relevantinterest occurred. If subsection671B(4) applies. a copy of any document setting outthe terms of any relevant agreement. and a statement by the persongiving full and accurate details of any contact, scheme or arrangement. must accompany this form. together with a written

print name

(2)(3)(4)(5)(6)

sign here

Person's votes

Peter Shaw

Address

FOOD222: 122,9780_11

capacity under power of attorney

date 24 I 12 I 2013

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statement certifying this contracl, scheme or arrangement; and

any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of. the votingpowers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities tochich the qualification applies)

See the definition of"relevant agreement"in section 9 of the Corporations Act 2001.

Details of the consideration must include any and all benefits, money and other. that any person from whom a relevantinterest wasacquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit isconditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantialholder or its associate in relation to the acquisitions, even ifthey are not paid directly to the person from whom the relevant interestwas acquired.If the subs!antial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option)write "unknown"

Give details, ifappropriate. of the present association and any change in that association since the last substantial holding notice.

(b)

(7)

(8)

(9)

16000222: '22/9780 *l

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This is Annexure A of I page (including this page) referred to in Form 604 (Notice of change of interests of substantialholder)

SIGNED on behalf of Saputo Dairy Australia Pty Ltd ACN 166 135 486

Signed

Saputo Dairy Australia Pty Ltd

Name:

Capacity: Under power of attorney

ACN 166 135 486

Peter Shew

Entit

Sa uto Inc

Annexure A

3437248 Canada Inc.

4136853 Canada Inc.

Date:

3853942 Canada Inc.Lacto Pro-Tech Inc

4223942 Canada Inc.

241 12 I 20.3

La From a erie 1860 Duvilla e Inc.La Maison Alexis de Portneutlnc.Akinents Sa uto Limit6e

SaputoBake Inc.4223934 Canada Inc.

4286928 Canada Inc.4286901 Canada Inc

Sa uto Produits laitiers Canada sen. c.

Spezialitaten Kasserai Saputo GinbHSa utoCheese U. K. LimitedMolti Sar . SL

Address

Sa uto Euro e Holdin s S. A r. I.

6869 boul. Metro o1itain east. Montreal, Quebec, Canada HIP IX8

Sa uto Euro e S. A r. I.

c/- 6869 bout. Metro o1itain east, Montreal, Qu6be

Saputo ULC

c/- 6869 boul. Metropolitain east, Montreal, Quebec. Canada HIP IX8

Saputo Acquisition, Inc

c/- 6869 boul. Metropolitain east, Montreal, Qu6

Saputo Cheese USA Inc.

c/- 6869 boul. Metropolitain east, Montreal, Qu6

Saputo Spedalt Cheese USA Inc.

c/- 6869 boul. Metro o1itain east, Montreal, Qu6

Fairmount Cheese Acquisition, Inc.

c/- 6869 boul. Metro

DC1 Cheese Coin an .Inc

c/- 6869 boul. Metro

1306719 A1berta ULC

Saputo Us Finco LLC

c/- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8c/- 6869 boul. Metropolitain east, Montreal, Quebec. Canada HIP IX8

Saputo Dai FoodsUSA, LLC

c/- 6869 boul. Metropolilain east, Montreal, Quebec, Canada HIP IX8

Marathon Dai Investment Corp.

c/- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8

Friendshi Dairies, LLC

c1- 6869 boul. Metro o1itain east, Montreal, Quebec. Canada HIP IX8

FMIB SEC.

c/- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8

Saputo Ca itsISE. C

o11tain east, Montreal. Quebec, Canada HIP IX8

Saputo Representagao Commercial deProductos Lacieos Brasil Ltda.

c/- 6869 boul. Metropolitain east. Montreal. Quebec, Canada HIP IX8

o11tain east, Montreal, Quebec. Canada HIP IX8

c/- 6869 boul. Metropolitain east, Montreal, Quebec. Canada HIP IX8

Momno Hermanos S. A.

c/- 6869 boul. Metropolitain east, Monlreal, Quebec, Canada HIP IX8

Sa utoU

c1- 6869 boul. Metro o11tain east, Montreal, Quebec, Canada HIP IX8

Kohler Mix Sp

c/- 6869 boul

.

Kohler Mix S ecialties, LLC

c/- 6869 boul.

Bercon Atlantic Limited

c/- 6869 boul. Metro

b

ariada HIP IX8

ec. Canada HIP IX8

Carter North Hendren, LLC

of- 6869 boul. Metropolitai

. L. P.

bec, Canada HIP IX8

ACN 166 1/9 133 P Ltd ACN 166 119 133

c1- 6869 boul. Metro o1itain east, Montreal, Quebec, Canada HIP IX8

bec, C

c/- 6869 boul. Metro

C

61ro

c/- 6869 boul. Metro

mes of Minnesota. LLC

nada HIP IX8

6tro

d- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8

o111ain east. M

c/- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8

o11tain east, Mo

c/- 6869 boul. Metropolitain east, Montreal, Quebec, Can

o11tain east, Mo

of- 6869 boul. Metropolitain east, Montreal, Quebec, Cand- 6869 boul. Metro o1itain east. Montreal, Quebec, Canada HIP IX8c/- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8

n east, Montreal. Quebec. Canada HIP IX8

o1itain east, Montreal, Quebec, Canada HIP IX8

c/- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8

nireal, Quebec, Canada HIP IX8

16000222: 12219780_11

Glibin east, Montreal. Quebec. Canada HIP IX8

c/- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8

ntreal. Quebec, Canada HIP IX8nt

of- 6869 boul. Metro o11tain east. Montreal, Quebec, Canada HIP IX8

e I, Quebec. Canada HIP IX8

of- 6869 boul. Metro o11tain east, Montreal, Quebec, Canada HIP IX8of- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP Id- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP Id- 6869 boul. Metropolitain east, Montreal, Quebec, Canada HIP IX8d- 6869 boul. Metro o111ain east, Montreal. Quebec, Canada HIP IX8of- Maddocks. Level 27. 123 Pitt Stre

da HIP IX8da HIP IX8

tS dne NSW2000

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This is Annexure B of I page referred to in Form 604 (Notice of change of interests of substantial holder)

SIGNED on behalf of Saputo Dairy Australia Ply Ltd ACN ,66 ,35 486

Signed:

Name:

Saputo Dairy Australia Pty Ltd

Capacity: Under power of attorney

Peter Shaw

Holder of relevantinterest

ACN ,66 135486

SDA

Annexure B

Each SDA Associate

(being each entity set outin Annexure A)

Date: 24 1/2/2013

Registeredholder of

securities

Warmambool

shareholders

who acceptedSDA's offerunder the

Takeover Bid

Person entitled to

be registered asholder(8)

SDA, followingcompletion oftakeover

acceptancecontracts. The

processing of theacceptances issubject of interimorders issued bythe Takeovers

Panelon 29

November 2013.

Nature of

relevant

interest (6)

Relevantinterestin

fully paid ordinaryshares in

Warmamboolunder

sections 608(I) and608(8) of theCorporations Act2001(Cth) as aresult of

acceptances beingreceived by SDA inrespect of offersmade by SDA underits Takeover Bid.

These acceptancesare the subjecto*andmaybeaffected by,withdrawal rightsoffered to certain

Warmambool

shareholders bySoA on 77

December 2013

Relevantinterest in

ordinary shares inWarmambool under

section 608(,) of theCorporations Act2001(Cum as aresult of

acceptances beingreceived by SDA inrespect of offersmade by SDA underits takeover bid on

the ternts set out inthe bidder's

statement dated 25

October 2013Takeover Bid .

SDA

Each SDA Associate

(being each entity set outin Annexure A)

Class andnumber ofsecurities

7,472,234

ordinaryshares

Warmambool

shareholders

who acceptedSDA's offerunder the

Takeover Bid

Person'svotes

13,351%

SDA, followingcompletion oftakeover

acceptancecontracts. The

processing of theacceptances issubject of interimorders issued bythe Takeovers

Panelon 29

November 2013.

16000222: '22/9780_11

2,559,398

ordinaryshares

4,573%

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