Saskatchewan Wheat Pool Inc.
TSX : SWP

Saskatchewan Wheat Pool Inc.

January 23, 2007 17:27 ET

Pool Extends Offers for Agricore United

REGINA, SASKATCHEWAN--(CCNMatthews - Jan. 23, 2007) - Saskatchewan Wheat Pool Inc. (TSX:SWP) (the "Pool") announced today that it has extended its offers for all of the outstanding limited voting common shares and Series A convertible preferred shares of Agricore United ("Agricore"). The offers, outlined in the Pool's circular dated November 24, 2006, were originally scheduled to expire on January 24, 2007. The offers are now open until 5 pm (Toronto time) on March 7, 2007, unless further extended or withdrawn.

On January 10, 2007, Agricore redeemed all of its 9% convertible unsecured subordinated debentures in exchange for limited voting common shares. As a result, the Pool's offer for Agricore's convertible debentures will not be extended.

President and Chief Executive Officer Mayo Schmidt said, "We indicated last week our continued commitment to this important initiative. We have been advised that the Competition Bureau's review will extend into February and this additional time should allow them to complete their work. At the same time, it allows us to continue to discuss with Agricore shareholders the merits of this transaction and the value it will create for customers, shareholders and the western Canadian agricultural industry."

Last week, the Pool was advised by the Antitrust Division of the U.S Department of Justice (DOJ) that the DOJ would require additional time to complete its review of the Agricore acquisition. After discussions with DOJ officials, the Pool decided to withdraw and re-file its Hart-Scott-Rodino
Notice, so that an additional 30-day review period would be available. This timing fits within the time currently contemplated for the Canadian Competition Bureau to complete its initial review of the proposed transaction.

Agricore shareholders will receive a revised circular from the Pool in the coming days. Agricore shareholders are advised to review the information carefully, discuss the offer with their broker or financial advisor and contact Kingsdale Shareholder Services Inc., toll-free at 1-866-301-3454 for information about how to tender their Agricore shares to the Pool's offers.

Saskatchewan Wheat Pool Inc. is a publicly traded agribusiness headquartered in Regina, Saskatchewan. Anchored by a Prairie-wide grain handling and agri-products marketing network, the Pool channels Prairie production to end-use markets in North America and around the world. These operations are complemented by value-added businesses and strategic alliances, which allow the Pool to leverage its pivotal position between Prairie farmers and destination customers.

The Pool's common shares are listed on the Toronto Stock Exchange under the symbol SWP.

For U.S. Shareholders

The exchange offers are being made for securities of United Grain Growers (also known as Agricore United), a Canadian company, that are listed on The Toronto Stock Exchange. The exchange offers will be subject to disclosure requirements of Canada, which are different from those of the United States. 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 the majority of its officers and directors reside in Canada. 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 shares otherwise than under the exchange offers, such as in open market or privately negotiated purchases.

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