Press Releases

/Not for release over U.S. Newswire services./

TORONTO, Oct. 31 /CNW/ - (TSX: MEW.UN): Menu Foods Income Fund today announced that it had closed a private placement offering for US$85 million in floating rate (3 month LIBOR plus 155 basis points) senior secured notes. The notes are repayable on October 31, 2010 with interest payable quarterly commencing January 31, 2004. Proceeds will be used to repay existing bank and other indebtedness, to fund the closing of the purchase of the P&G Iams wet pet food production assets (as outlined in a press release dated August 12, 2003) and for general corporate purposes.

Concurrent with the private placement, the Fund entered into a new bank credit facility for US$30 million. This revolving facility is on a 364 day term and is with Menu's current banking partners.

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 one billion containers of wet pet food per year and is focused on the manufacture and sale of premium private-label wet pet food products. Further information about the Fund can be found at www.menufoods.com.

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