Agricore United Expands Credit Facilities

WINNIPEG - Mar 4/04 - SNS -- The number of banks involved in providing revolving credit facilities to Agricore United was increased and the company's credit facilities boosted from $350 to $375 million.

Three new financial institutions: Canadian Imperial Bank of Commerce, Bank of Montreal (in conjunction with Harris Nesbitt Food and Agribusiness Group in the United States) and Royal Bank of Canada join Agricore United's existing bank syndicate consisting of Bank of Nova Scotia, HSBC Bank Canada, Rabobank Nederland Canadian Branch and National Bank of Canada. The three new syndicate members will also take up their proportionate shares of the Company's term facility maturing in November 2007.

The operating facility terms, including covenants, remains substantially unchanged and are renewed to February 28, 2005. The existing facility limit of $350 million has been increased to $375 million. In addition, a further seasonal facility of $50 million, for a total of $425 million, is now available to the company between November 1st and April 30th.

In addition to the aforementioned banking partners, Agricore United continues to benefit from a diversity of lending partners through a series of notes, maturing between 2016 and 2023, with John Hancock Life Insurance Company in the United States and with five Canadian life insurance companies.

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