Prospectus excerpt:  The holders of 4.75% Preferred Shares, Series V (the “Series V Preferred Shares”) of George Weston Limited (the “Company”) will be entitled to receive fixed cumulative preferential cash dividends of $1.1875 per share per annum, as and when declared by the board of directors of the Company, which will accrue from the date of issue and will be payable quarterly on the 1st day of January, April, July and October in each year. The initial dividend, if declared, will be payable on July 1, 2006 in the amount of $0.2382 per share, based on an anticipated closing date of April 19, 2006. See “Details of the Offering”.

The Company may, at its option, at any time grant the holders of Series V Preferred Shares the right, but not the obligation, to convert their shares upon notice into a further series of preferred shares of the Company. See “Details of the Offering – Details of the Series V Preferred Shares – Conversion of Series V Preferred Shares”.

On and after July 1, 2011, the Company may, at its option, on not less than 30 nor more than 60 days’ notice, redeem for cash the Series V Preferred Shares, in whole or in part, at $26.00 per share if redeemed prior to July 1, 2012, $25.75 if redeemed on or after July 1, 2012 and prior to July 1, 2013, $25.50 if redeemed on or after July 1, 2013 and prior to July 1, 2014, $25.25 if redeemed on or after July 1, 2014 and prior to July 1, 2015, and $25.00 if redeemed on or after July 1, 2015, in each case together with all accrued and unpaid dividends to the date of redemption.