SWP Presses Ahead With Agricore Bid

WINNIPEG - Feb 21/07 - SNS -- The Saskatchewan Wheat Pool (SWP) is unwilling to back down from efforts to absorb Agricore United and asserts its bid is very much alive despite the Agricore board's approval of a competing bid from James Richardson International Ltd. (JRI) and the Ontario Teachers' Pension Plan (OTPP).

"Fundamentals of our proposal provide significant value to both Pool and Agricore shareholders," argues President and CEO Mayo Schmidt. "We are reviewing the information that was announced today and we are confident that a Pool proposal can provide more attractive value to Agricore United shareholders."

The Pool's exchange offer is being made for the shares of United Grain Growers (also known as Agricore United). "The exchange offer is subject to disclosure requirements of Canada, which requirements are different from those of the United States," SWP said in a press statement.

"It may be difficult for U.S. shareholders to enforce their rights and any claim they may have arising under the federal securities laws, since the Pool and some of its officers and directors are located in a foreign country. U.S. shareholders may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws.

"It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court's judgment. U.S. shareholders should be aware that, to the extent permissible, the Pool may purchase Agricore United shares otherwise than under the exchange offer, such as in open market or privately negotiated purchases."