Agricore United Declares Dividend

WINNIPEG - Sep 19/02 - SNS -- Agricore United's shareholders will receive a dividend of $1.00 per share on the Series A Convertible Preferred Shares and $0.075 per share on the Limited Voting Common Shares payable on November 15, 2002 to shareholders of record at the close of business on October 15, 2002.

"Agricore United and its predecessor companies have a consistent track record of dividend payments, having paid dividends in 92 of the past 95 years," said Ted Allen, President and Chairman of the Board.

"While we remain proud of our dividend record and are pleased to continue to provide a cash return to our shareholders, the Board recognized that the effects of the 2001 and the 2002 drought on the agricultural industry demanded fiscal prudence in setting the current dividend payment on its common shares."

Agricore United announced in 2001 it would consider the declaration of its dividend at the September board meeting in light of the final quarter and full year results that was then July 31. Since then, the company has changed its year-end to October 31.

"With the merger of Agricore United's two predecessor companies on November 1, 2001, we created one of Western Canada's largest agri-businesses," said Allen. "It is appropriate that we now review our dividend policy." Accordingly, at its December 2002 meeting, the board plans to review the timing and frequency of dividend payments and consider the adoption of a dividend reinvestment plan or such other options that may be desirable to shareholders.

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