Saputo Announces a Conditional Increase in its Offer Price for all Warrnambool Shares and Extends the Offer Period

MONTREAL, QUEBEC--(Marketwired - Dec. 16, 2013) - Further to an announcement from the Australian Takeovers Panel, Saputo Inc. ("Saputo") (TSX:SAP) announced today that:

• it has extended the offer period for its AU$9.00 per share all-cash takeover offer (the "Offer") for all the issued shares in Warrnambool Cheese and Butter Factory Company Holdings Limited ("Warrnambool") until 7pm (Melbourne time) on January 10, 2014;

• in addition to its previously announced conditional increase in Offer consideration from AU$9.00 to AU$9.20 upon Saputo obtaining an interest in Warrnambool shares of greater than 50% during the Offer period, it will further increase the Offer consideration by AU$0.20 to AU$9.40 cash per share upon Saputo obtaining an interest in Warrnambool shares of greater than 75% during the Offer period; and will further increase the Offer consideration by an additional AU$0.20 to AU$9.60 cash per share upon Saputo obtaining an interest in Warrnambool shares of greater than 90% during the Offer period;

• it will not otherwise increase the Offer consideration during the Offer period.

Saputo has also offered withdrawal rights to Warrnambool shareholders who accepted its Offer on or before December 17, 2013, with a withdrawal period ending on January 3, 2014.

Rothschild and Rabobank are acting as the financial advisers to Saputo, and Maddocks and Stikeman Elliott are its legal advisers.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of securities laws. These statements are based, among other things, on Saputo's assumptions, expectations, estimates, objectives, plans and intentions as of the date hereof regarding the Offer, its anticipated benefits, the number of shares that Saputo will actually be able to purchase and any change to the Offer period.

Forward-looking statements are based on Management's current estimates, expectations and assumptions, which Management believes are reasonable as of the date hereof, and, accordingly, are subject to changes after such date. You should not place undue importance on forward-looking statements and should not rely upon this information as of any other date.

Except as required under applicable securities legislation, Saputo does not undertake to update or revise these forward-looking statements, whether written or verbal, that may be made from time to time by itself or on its behalf, whether as a result of new information, future events or otherwise.

About Saputo

Saputo produces, markets, and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients. We are one of the top ten dairy processors in the world, the largest in Canada, the third largest in Argentina and among the top three cheese producers in the United States. Our products are sold in more than 40 countries under well-known brand names such as Saputo, Alexis de Portneuf, Armstrong, Baxter, Dairyland, Dragone, DuVillage 1860, Friendship, Frigo Cheese Heads, Great Midwest, King's Choice, Kingsey, La Paulina, Milk2Go, Neilson, Nutrilait, Ricrem, Salemville, Stella and Treasure Cave. Saputo Inc. is a publicly traded company whose shares are listed on the Toronto Stock Exchange under the symbol "SAP".

About Warrnambool

Warrnambool produces a range of dairy products for domestic and export markets. Its products include cheese, butter and butter blends, milk, cream and dairy ingredients. Warrnambool draws milk from some of the most productive dairying regions in Australia, including southwest Victoria, southeast South Australia and the Fleurieu Peninsula. Warrnambool operates two manufacturing sites and has over 420 employees. Warrnambool is a public company listed on the Australian Securities Exchange (ASX Code: WCB).