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May 24, 2002

CANADA: Cara Operations renews normal course issuer bid

Toronto-based foodservice group Cara Operations Ltd has filed a renewal Notice of Intention to Make a Normal Course Issuer Bid (NoI) with the Toronto Stock Exchange (TSE). The Bid permits the corporation to purchase, for cancellation, through the facilities of the TSE, up to a total of 2,149,225 of its Common Shares and 2,445,527 of its Class A Non-Voting Shares. This represents approximately 5% of the outstanding Common Shares and 5% of the outstanding Class A Non- Voting Shares, respectively. Cara may buy back its publicly traded shares from time to time during the next year.

Toronto-based foodservice group Cara Operations Ltd has filed a renewal Notice of Intention to Make a Normal Course Issuer Bid (NoI) with the Toronto Stock Exchange (TSE).

The Bid permits the corporation to purchase, for cancellation, through the facilities of the TSE, up to a total of 2,149,225 of its Common Shares and 2,445,527 of its Class A Non-Voting Shares. This represents approximately 5% of the outstanding Common Shares and 5% of the outstanding Class A Non- Voting Shares, respectively. Cara may buy back its publicly traded shares from time to time during the next year.

Under a normal course issuer bid effected through the facilities of the TSE, pursuant to the NoI filed and effective on or about 25 May 2001, Cara acquired for cancellation 697,200 Class A Non-Voting Shares at an average price of C$5.10 per share. From time to time, Cara has made purchases of Common Shares in the market for the purpose of making long-term service awards to employees with more than 25 years of service with Cara. These shares were purchased at the prevailing market price and in the names of the recipient employees. During the prior bid period, a total of 33,650 Class A Non-Voting Shares were purchased in the names of employees, at an average purchase price of C$5.94 per share.

Cara said that it is making the Issuer Bid because it is advantageous to repurchase Common Shares and Class A Non-Voting Shares, from time to time, when they are trading at prices which reflect a significant discount from the perceived value of such shares.

The Issuer Bid will commence on 27 May 2002 and will conclude on the earlier of the date on which purchases under the Issuer Bid have been completed and 26 May 2003, respectively.

To review analysts’ ratings of Cara, click here.

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