December 31, 2011 January 3, 2010 August  February  August  February  February  May  February December February 2011  2011  2010  2010  2009  2008  2008  2007  2006 Expected volatility %  38.29  38.29  40.36  37.34  38.57  29.30  29.43  29.21  30.42  Risk-free rate %  1.42  1.42  1.22  1.16  1.02  0.96  0.96  0.95  0.95  Forfeiture rate %  1.87  1.87  1.87  1.87  1.87  1.87  1.87  1.87  1.87  Dividend yield %   2.45  2.45  2.45  2.45  2.45  2.45  2.45  2.45  2.45  January 1, 2011 August  February  February  May February December  February  February 2010  2010  2009  2008  2008  2007  2006  2005 Expected volatility %  38.45  39.63  42.35  39.07  39.12  39.75  29.23  23.96 Risk-free rate %  2.51  2.45  2.21  1.94  1.9  1.86  1.67  1.68 Forfeiture rate %  1.87  1.87  1.87  1.87  1.87  1.87  1.87  1.87 Dividend yield %  2.09  2.09  2.09  2.09  2.09  2.09  2.09  2.09 February  May  February December February  February  March February 2009  2008  2008  2007  2006  2005  2004  2004 Expected volatility %   43.69  43.69  43.69  43.69  43.69  50.31  29.89  29.89  Risk-free rate %   2.90  2.61  2.61  2.53  1.70  0.97  0.12  0.12  Forfeiture rate %   1.87  1.87  1.87  1.87  1.87  1.87  1.87  1.87  Dividend yield %   2.92  2.92  2.92  2.92  2.92  2.92  2.92  2.92  The expected life of the share options and SARs is based on historical data and current expectations and is not necessarily indicative  of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar  to the life of the options is indicative of future trends, which may also not necessarily be the actual outcome. The following table illustrates the number (“No.”) and weighted average exercise prices (“WAEP”) of, and movements in, share options  during the year: Fifty-two weeks ended  Fifty-two weeks ended December 31, 2011  January 1, 2011 No.  WAEP No.  WAEP Outstanding, beginning of period 665,500 $  9.51  603,250 $  8.94  Granted   148,250 16.44   258,250 10.86  Exercised for shares  (26,975)  (9.01)  (3,000)  10.99  Exercised for cash  (111,525)   9.23  (107,500)  8.41  Forfeited/expired  – –   (85,500)  10.90  Outstanding, end of period  675,250 $ 11.10   665,500 $  9.51  Exercisable, end of period  538,000 $   9.74  408,750 $  8.67  Weighted average fair value of options  granted during the period  148,250 $  5.05   258,250 $  7.42  Range of exercise prices outstanding  at the end of the period $6.90 – $16.50 $6.90 – $11.67 86 HIGH lIneR FooDS InCoRpoRAteD