Menu Foods Income Fund - Investor Relations

/Not for release over US newswire services/

TORONTO, ONTARIO, April 28, 2005 – Menu Foods Income Fund (TSX:MEW.UN) announced today preliminary financial results for the three months ended March 31, 2005. Based on preliminary financial information for the first quarter, the Fund expects to report sales for the first quarter of approximately $84.8 million, compared to $90.6 million in the first quarter of 2004. The Fund also expects that it will report earnings before interest, taxes, depreciation, amortization and non-controlling interest (EBITDA) of approximately $8.3 million, compared to $11.5 million for the same period last year. The decline in EBITDA is primarily due to reduced can sales to the Fund’s largest customer, the appreciation in the Canadian dollar relative to the United States dollar as compared to that relationship in the first quarter of the prior year and to increases in cost of goods sold. The Trustees of the Fund will consider the impact of these financial results on distributions prior to the declaration of the Fund’s May distribution.

The Fund emphasizes that these results are unaudited and preliminary. The final financial results for the three months ended March 31, 2005 will be reported on Thursday May 12, 2005 prior to the Fund’s annual general meeting.

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. Menu currently produces more than one billion containers per year.

Certain statements in this press release are “forward-looking statements”, which reflect management’s expectations regarding the Fund and Menu’s future growth, results of operations, performance, business prospects and opportunities. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates and interest rates, among others. Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Fund and Menu cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this report, and neither the Fund nor Menu assumes any obligation to update or revise them to reflect new events or circumstances.

EBITDA is not a recognized measure under Canadian generally accepted accounting principles (GAAP). Management believes that in addition to net income, EBITDA is a useful supplemental measure of operating performance as it provides investors with an indication of cash available for distribution prior to debt service, capital expenditures and income taxes.

Investors should be cautioned, however, that EBITDA should not be construed as an alternative to net income determined in accordance with GAAP as an indicator of Menu’s performance or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flow. Menu’s method of calculating EBITDA may differ from other companies and, accordingly, EBITDA may not be comparable to measures used by other companies.

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

Attention Business/Financial Editors:

Menu Foods Income Fund Announces Preliminary First Quarter 2005 Results