Asx Announcement

ASX Announcement

WCB ANNOUNCES BOARD CHANGES

Warrnambool Cheese and Butter Factory Company Holdings Ltd today announced a number of changes to its Board of Directors, effective immediately.

Mr David Karpin, Chairman, has resigned from the board, to be replaced as chairman by current director Mr Frank Davis.

Mr Craig Drake will remain on the board but step down as Deputy Chairman, a role which will be filled by current supplier director Mr Terry Richardson.

Supplier directors Messrs Desmond McKinnon and John Renyard have also resigned from the board. Mr Bruce Vallance, currently an associate director, will become a supplier director.

The board now consists of:
Mr Frank Davis, Chairman, independent non-executive director
Mr Terry Richardson, Deputy Chairman, supplier non-executive director
Mr Paul Bourke, independent non-executive director
Mr Craig Drake, supplier non-executive director
Mr John McLean, executive director
Mr Bruce Morley, independent non-executive director
Mr Bruce Vallance, supplier non-executive director
Mr Tony Reichelt, remains as associate director

Mr Davis noted that the WCB board has traditionally had a number of long-serving directors. He said, "These changes are intended to continue a process of board renewal that will serve the best interests of shareholders and suppliers."

He added that the company would be seeking to fill vacancies as soon as practicable.

Mr Davis referred to the ASX Announcement dated 14 April 2009 that provided an update on the proposed WCB and National Foods Ltd joint venture in which WCB would acquire a 50% interest in Australian Cheese Company and related matters. He explained that WCB and National Foods Ltd have a strong working relationship and discussions relating to the retail domestic cheese business are continuing.

He went on to say the global economic crisis has had a dramatic impact on the Australian dairy industry. Over the past month markets have been less volatile with demand for dairy products particularly milk powders holding up reasonably well and prices have been more stable.

Mr Davis advised that he is pleased to report that the WCB and FrieslandCampina 50:50 joint venture named Great Ocean Ingredients formed for the purpose of constructing a new $75 million plant at WCB's site at Allansford to produce nutritional and functional ingredients for the global infant formula market has successfully completed the commissioning phase of the project. Over the next few months plant validation and customer approvals will be completed following which commercial production is expected to commence.

ENDS

For more information please contact:
Bernard Kavanagh
General Manager, Corporate Development
(03) 5565 3100
0408 529 500

Mr Francis (Frank) Joseph Davis, FCPA, F Fin, FAIM, FAICD Dip.

Frank Davis has been a director of Warrnambool Cheese and Butter Factory Company
Holdings Ltd since 1999.

Mr Davis held executive positions at National Australia Bank Ltd for more than 30 years, including as Managing Director National Australian Financial Management Limited. He was a director of the Urban Land Corporation from 1996 to 2003 and is a past Deputy Chair of the Life Insurance Association of Australia and a former director of the Hanover Foundation.

SOURCE: Warrnambool Cheese and Butter Factory Company Holdings Ltd