What is the probable relationship between the two speakers?

M: Hello, it is Carol, isn’t it?
W: Oh. Mike! Oh, my goodness! I haven’t seen you for ages.
M: Nice to see you after all these years. What’ve you been doing?
W: Well, I’ve tried many things after we left school. Now I’m working for a large oil company, er ... in charge of sales mainly. I travel a lot.
M: Oh, that’s great. You must really enjoy that.
W: Oh, I do. Yeh, yeh, it’s lovely. It’s quite tiring though. But what about you, Mike? What do you do?
M: I’m working in a law firm. Practicing business law, you know.
W: Oh, that’s interesting.
M: And I’m happy doing what I do.
W: Good.
M: It’s great to see you. We must get together some time.
W: Yes, we should. Look, give me your address and phone number. Em... I got my book here. OK, and then I’ll give you a ring and we can fix something up.