Weekend Revisions to SWP Proposal Winning Support

REGINA - Feb 3/03 - SNS -- The Saskatchewan Wheat Pool (SWP) has amended its debt restructuring proposal in a way which is expected to get the support of at least two-third of the company's medium term bond holders at a vote rescheduled to tomorrow.

"The information available to the Company indicates that this support, together with that of other Medium Term Noteholders (MTNs), will be sufficient to ensure passage of the amended proposal," the company said in a statement this morning. "The Pool's bankers have also expressed their support for the terms of the amended proposal."

The Pool had been engaged in discussions over the last week with representatives of the MTN ad hoc group, which continued through the weekend. As a result of those discussions, acceptable amendments have now been finalized which have the necessary support of both the MTNs and the banks, the Pool's principal creditor groups, while also maintaining the core principles and objectives of the restructuring.

The Pool will hold an information session today at 9:00 a.m. at the Regina Inn, Wascana Ballroom and has scheduled the meeting and formal vote of Noteholders for 4:00 p.m. on Tuesday, February 4, 2003 at the same location. The deadline for submitting or changing proxies has been extended until the formal meeting time to allow Noteholders to review the amendments.

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