BEGA CHEESE LIMITED — M&A Activity 2013

Dec 10, 2013

BEGA CHEESE SINCE 1899

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PO Box 123 Bega NSW 2550 Australia Ph: +61-2-6491 7777 Fax: +61-2-6491 7700

General email enquiries: bega.admin@begacheese.com.au

11 December 2013

Export email enquiries: bega.export@begacheese.com.au

Internet: www.begacheese.com.au www.bega.net.au

ASX Limited Company Announcements Office North Tower, Rialto 525 Collins Street MELBOURNE VIC 3000

Dear Sir / Madam

Takeover bid by Bega Cheese Limited (ASX Code: BGA) for Warrnambool Cheese and Butter Factory Company Holdings Limited (ASX Code: WCB) – Extension of Offer Period

We refer to the offers made by Bega Cheese Limited ABN 81 008 358 503 ( Bega Cheese ) under its off-market bid for the ordinary shares in Warrnambool Cheese and Butter Factory Company Holdings Limited ABN 15 071 945 232 ( Offer ).

Bega Cheese encloses a notice given under section 650D(1) of the Corporations Act 2001 (Cth) ( Act ), varying the Offer to extend the offer period of the Offer, which will be despatched to the Warrnambool Cheese & Butter Shareholders referred to in the notice.

Yours faithfully

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Brett Kelly Company Secretary

BEGA CHEESE LIMITED ACN 008 358 503 Head Office, Cheese Packaging & Processing: 23—45 Ridge Street, North Bega NSW 2550, Australia Butter, Cheese & Powder Manufacture: 13 Lagoon Street, North Bega NSW 2550, Australia

BEGA CHEESE LIMITED ABN 81 008 358 503

NOTICE OF VARIATION – Extension of offer period

Off-market bid by Bega Cheese Limited ABN 81 008 358 503 (Bega Cheese) for Warrnambool Cheese and Butter Factory Company Holdings Limited ABN 15 071 945 232 (Warrnambool Cheese & Butter)

To: Australian Securities and Investments Commission (ASIC)

Warrnambool Cheese and Butter Factory Company Holdings Limited

Each Warrnambool Cheese & Butter Shareholder in accordance with section 650D(1)(c)(ii) of the Corporations Act 2001 (Cth) (Act) (as modified by ASIC Class Order [CO 13/521])

Bega Cheese gives notice under section 650D(1) of the Act that it varies the offers under its offmarket takeover bid for all the ordinary shares in Warrnambool Cheese & Butter ( Offer ) made in its Replacement Bidder’s Statement dated 27 September 2013 (as supplemented) ( Bidder’s Statement ) by extending the offer period so that the Offer will remain open for acceptance until 7.00pm (Melbourne time) on 20 December 2013 (unless further extended or withdrawn).

A copy of this notice was lodged with ASIC on 11 December 2013. ASIC takes no responsibility for the contents of this notice.

This notice has been approved by a unanimous resolution passed by all the directors of Bega Cheese.

Dated: 11 December 2013

Signed for and on behalf of Bega Cheese Limited by:

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Barry Irvin Executive Chairman

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