Press Releases

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

TORONTO, March 1 /CNW/ - (TSX: MEW.UN): Menu Foods Income Fund (“Menu”) announced today that it has entered into a bought deal agreement with National Bank Financial Inc. for a private placement that provides for the issuance of two million trust units at a price of $14.60 per trust unit for gross proceeds of $29.2 million. Menu has also granted National Bank Financial Inc. an option to purchase up to an additional 500,000 trust units at a price of $14.60 per trust unit exercisable at any time prior to the closing date. If this option is exercised in full, 2.5 million trust units will be issued for total gross proceeds of $36.5 million.

The closing of the private placement is expected to take place on or about March 12, 2004, subject to regulatory approval.

Menu will use the net proceeds from the offering to fund a number of growth oriented capital expenditures, including can and pouch capacity expansions, the acquisition of warehousing facilities in Emporia, Kansas and Pennsauken, New Jersey and for general corporate purposes.

Menu is the leading North American private-label/contract manufacturer of wet pet food products sold by supermarket retailers, mass merchandisers, pet specialty retailers and other retail and wholesale outlets and currently produces more than one billion containers per year.

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