SWP Buys Most Agricore Shares

WINNIPEG - May 29/07 - SNS -- The Saskatchewan Wheat Pool (SWP) has validly bought approximately 49.1 million limited voting common shares and approximately 545,193 Series A convertible preferred shares of Agricore United.

These shares represent 81.6% and 49.4% of the outstanding limited voting common shares and preferred shares, respectively. In order to enable Agricore shareholders to continue to tender their shares to the Pool's offers, the expiry of the offers has been extended by the Pool to 5:00 p.m. (Toronto time) on June 12, 2007.

Pursuant to the Acquisition Agreement entered into between the Pool and Agricore, Agricore will hold two special meetings of holders of limited voting common shares on June 13, 2007 to consider the continuance of Agricore under the Canada Business Corporations Act (CBCA) and a plan of arrangement involving Agricore and its security holders.

The continuance will result in Agricore becoming subject to all of the provisions of the CBCA, including those provisions providing for the election of all of the directors of Agricore by holders of limited voting common shares.

The arrangement will effect a series of transactions as a result of which each limited voting common share not taken up and paid for under the Pool's offers will be acquired by the Pool for $20.50 in cash, and each Series A convertible preferred share not acquired under the Pool's offers will be redeemed by Agricore for $24.00 in cash plus accrued and unpaid dividends.

As the 75% minimum tender condition under the Pool's offers has been satisfied, the Pool will have sufficient voting power to approve the continuance and the arrangement, the latter of which is expected to be completed on or about June 15, 2007. Upon completion of the arrangement, Agricore will become a wholly-owned subsidiary of the Pool.

In connection with the take up by the Pool under its offers, Agricore has agreed to issue notices of redemption in respect of all of the outstanding senior secured notes of Agricore, including notes issued by Agricore in respect of the Cascadia Terminal in which Agricore has a 50% interest. The aggregate redemption price of the notes, including prepayment penalties, will be funded by the Pool and is expected to be approximately $218 million.