Winnipeg, Manitoba
December 19, 2002

Agricore United announced today that it has completed the restructuring of its existing indebtedness which was previously announced on October 18, 2002. The company has obtained from a syndicate of banks led by Bank of Nova Scotia a $500 million secured credit facility consisting of a $350 million revolving facility maturing in February 2004 and a $150 million term facility maturing in October 2007. The revolving facility will be used to refinance the company's existing $250 million revolving credit facility and the $50 million revolving credit facility of one of its wholly-owned subsidiaries and for general corporate purposes. The term facility will be used to refinance the company's existing term debt.

Agricore United has also obtained from John Hancock Life Insurance Company a $109(million 13-year secured term facility. Proceeds from this facility will be used to repay the company's existing $100 million bridge facility and for general corporate purposes.

All of the new facilities are secured by charges over all of the assets of the company and its material wholly-owned subsidiaries and by specific charges over material fixed assets.

Agricore United is one of Canada's leading agri-businesses. The prairie-based company is diversified into sales of crop inputs and services, grain merchandising, livestock production services, and farm business communications. Agricore United's shares are publicly traded on the Toronto Stock Exchange under the symbol "AU".