Press Releases

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

TORONTO, May 17 /CNW/ - (TSX:MEW.UN): Menu Foods Income Fund (“Menu” or the “Fund”) announced that on May 14, 2004, the board of directors of Menu Foods GenPar Limited (“GenPar”, the general partner of Menu Foods Limited Partnership, a subsidiary of the Fund (“MFLP”)) have modified the Fund’s Long Term Incentive Program (“LTIP”) to reflect the recent issuance of trust units.

     On March 12, 2004, the Fund issued 2.5 million trust units. Accordingly, the distributable cash threshold for the Fund’s approved LTIP has been revised upwards from $31.2 million to $33.5 million for calendar 2004 and to $34.0 million for calendar 2005. The Fund intends on revisiting the LTIP for 2006 and beyond.

     The Fund’s LTIP provides for an amount equal to 14.286% of the amount by which distributable cash for a calendar year exceeds the aforementioned thresholds. Such amount will be used to purchase trust units of the Fund in the open market on behalf of the participants in the program which will vest over a three year period.

    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