Press Releases

/NOT FOR RELEASE OVER US NEWSWIRE SERVICES/

TORONTO, May 22 /CNW/ - Menu Foods Income Fund announced today the successful completion of its initial public offering of 12,900,000 trust units, at $10.00 per unit, for gross proceeds of $129,000,000. The net proceeds of the offering were used to acquire an approximately 50.5% (48.6% after giving effect to the outstanding options) indirect interest in the securities and assets of Menu Foods Limited, a leading manufacturer of private-label wet pet food products, and to repay approximately $15 million under Menu's credit facility.

The units were offered for sale by a syndicate of underwriters led by National Bank Financial Inc., and including BMO Nesbitt Burns Inc., TD Securities Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc.

Units in the Fund (TSE: MEW.UN) began trading on the Toronto Stock Exchange this morning, opening at $10.40.

The Fund units offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act.

Menu is a leading North American manufacturer of private-label wet pet food products, selling its products to supermarket retailers, mass merchandisers, pet specialty retailers and other retail and wholesale outlets. Menu currently produces more than 800 million containers of wet pet food per year and is focused on premium private-label (one of the fastest growing segments of wet pet food) and contract manufacturing of wet pet food products.

FORWARD LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Menu Foods Income Fund, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan" and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Fund with the securities regulatory authorities in all of the provinces and territories of Canada. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Fund to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

For further information: please contact: Mark Wiens, Chief Financial Officer, Menu Foods GenPar Limited, (905) 826-3870