The current Board has presided over an extended period of underperformance, as well as the Company's failed strategy for its Paper segment. Despite the recent announcements, we continue to believe Wausau is deeply undervalued and that additional opportunities exist to significantly improve value for shareholders. As the largest shareholder of the Company, our interests continue to be directly aligned with those of all shareholders, and we will work to ensure that our collective interests are represented on the Board. We remain optimistic about the future of Wausau and look forward to working with you.
Jeffrey C. SmithManaging MemberStarboard Value LP
About Starboard Value LP Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies. Starboard invests in deeply undervalued small cap companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders. Investor contacts: Peter Feld, (212) 201-4878 Gavin Molinelli, (212) 201-4828 www.starboardvalue.com SOURCE Starboard Value LP