Ag Growth IPO Completed

ROSENORT - May 18/04 - SNS -- Portable grain handling equipment maker Ag Growth Income Fund and Ag Growth Industries Inc. have completed their initial public offering of 6,904,000 trust units of the Fund at $10 per trust unit, for total gross proceeds of $69,040,000.

The Fund has also granted an over-allotment option in favor of the underwriters for up to an additional $5 million of units of the Fund. The units of the Fund will commence trading today on the Toronto Stock Exchange under the trading symbol AFN.UN. The underwriting syndicate for the offering is led by Scotia Capital Inc. and CIBC World Markets Inc., and includes TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc. and HSBC Securities (Canada) Inc.

"The positive response of retail and institutional investors demonstrates that Ag Growth's business is well-suited for an income trust," said Rob Stenson, the Company's CEO. "It underscores the market strength and longevity of Ag Growth's brands as well as its suitability to pay regular distributions." The initial cash distribution for the period from May 18, 2004 to June 30, 2004 is expected to be paid on or before July 30, 2004 and is expected to be approximately $0.1581 per unit.

The trustees of the Fund are Harold F. Bjarnason, John R. Brodie, J. Trevor Johnstone, Roderick R. Senft, Greg Smith, Rob Stenson and W. Terrence Wright.