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Hunter Hall International Limited, First Supplementary Target’s Statement in Response to Increased Bid from WHSP Bidder

WHSP Hunter Hall Pty Ltd ACN 616 648 241 (WHSP Bidder), a directly wholly owned subsidiary of Washington H. Soul Pattinson and Company Limited ACN 000 002 728 (WHSP), yesterday lodged a second supplementary bidder’s statement which increases its offer price to $2.00 per share, for all the shares in Hunter Hall International Limited (HHL) not already owned by WHSP (WHSP $2.00 Offer).

The WHSP $2.00 Offer matches the offer consideration announced by Pinnacle Ethical Investment Holding Limited on 10 February 2017 (Pinnacle $2.00 Offer).

As set out in the First Supplementary Target’s Statement attached, the independent directors of HHL (Independent Directors) recommend that you REJECT the WHSP $2.00 Offer as they consider it significantly undervalues your HHL shares. HHL shareholders should read the First Supplemental Target's Statement carefully.

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