Coopérative fédérée de Québec, through its Olymel l.p. subsidiary, confirms yesterday the acquisition of Premium Brands' pork slaughtering and processing assets located in Red Deer, Alberta. Following the announcement of February 27th, 2001, Olymel has completed today its timely audit, which renders the transaction official.

The transaction represents an investment of 90$ million, which includes working capital and will allow Olymel to increase its daily processing capacity by 16,000 hogs. The merging of all activities is well underway and on schedule.

Through this strategic investment, Olymel becomes one of the most important meat processors in North America.

Said Paul Massicotte and Réjean Nadeau, respectively Chairman and President of Olymel: "The acquisition of a processing plant with sales of 240M $ in 2000 will improve both, our competitive position on North American markets and our foreign market penetration, particularly in Japan and the Pacific Rim because of the proximity of the Asian markets".

Olymel, a subsidiary of Coopérative fédérée de Québec owned by 33,000 Quebec producers, has recorded sales of 1,3 billion for the fiscal year ending October 31st, 2000. The Company slaughters and processes a daily volume of 22,000 hogs, 300,000 chicken and 16,000 turkeys. Olymel is now more than 8,000 employees strong located in 17 plants throughout Quebec, Ontario and Alberta.

For further information Paul Beauchamp, Vice-President, Corporate Affairs, (450) 771-0400 ext. 3420