Ann: Results of Meeting, page-18

Strong upward price movement on little volume. It would indicate that someone thinks there is either an offer to privatise WCB or an overseas buyer makes an offer for WCB at a price attractive to the Canadians @ $11.50 - $13.00. At what price would Saputo sell? Everyone has a price!

WCB are not in the baby milk business, it would take time and considerable investment to develop, establish a brand and build a distribution platform in China.