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Winnipeg Commodity Exchange Completes Transformation Into Winnipeg Commodity Exchange Inc.

Date 01/11/2001

Winnipeg Commodity Exchange has received all necessary regulatory approvals to proceed with demutualization. Effective today, Winnipeg Commodity Exchange will continue as a for-profit share corporation to be known as WCE Holdings Inc., governed by the provisions of The Corporations Act (Manitoba).

The business of the Exchange will be operated from a wholly-owned subsidiary of WCE Holdings Inc., to be known as "Winnipeg Commodity Exchange Inc." ("WCE Inc."). WCE Clearing Corporation remains the designated clearinghouse for Winnipeg Commodity Exchange Inc.

Membership certificates will be exchanged for Class A common shares of WCE Holdings Inc. Use of the Exchange's facilities is based on contractual relationships between "Participants" and WCE Inc.

The decision to demutualize was strongly supported by the Membership with a final vote of 90%.

WCE Inc. is Canada's only agricultural futures and options Exchange and is Canada's premier market for canola futures. The Exchange annually accounts for the generation of derivative trades based on underlying agricultural commodities valued at over $13 billion.

With a proud 114-year history WCE Inc. will continue to provide financial instruments for price discovery and the transference of risk in an efficient and open manner.