Winnipeg, Manitoba
June 13, 2002

In releasing its third quarter results, Agricore United announced today that it has already achieved significant cost savings and synergies due to the merger between Agricore Cooperative Ltd. and United Grain Growers Limited.

In general, results for the quarter and fiscal year to date have been adversely affected by the drought of 2001 and seeding delays in the spring of 2002. For the three-month period ending April 30, 2002, Agricore United recorded a seasonal net loss of $11.2 million, bringing the fiscal year to date loss to
$29.1 million.

"Even though the drought and late spring have impacted our results, the targets outlined in the fall of 2001 have been achieved much faster than we originally forecast," says Brian Hayward, Agricore United's Chief Executive Officer. "We are building financial momentum month by month as we review our operating results and fully expect to exceed our initial expectations."

In its November 2001 prospectus, Agricore United indicated it would achieve $12.2 million of merger synergies in the first nine months ending July 31, 2002. That amount was expected to grow to $24.7 million by October 31, 2002 and increase to $49 million by July 31, 2003. For the six months from November 1, 2001 (when the merger closed) through April 30, 2002, Agricore United cash expenses fell by $29 million relative to the level experienced by the two "heritage" companies.

For the same six-month period, operating expenses fell $31 million, excluding cost increases associated with the expansion of Livestock Services through the acquisition of Unifeed Chilliwack in the second quarter of fiscal 2001. Reductions in interest expense and depreciation aggregating $11 million are over and above this.

The third quarter results include the recognition of the stock option plan operated by the company.

Detailed quarterly financial statements are at www.agricore.com.

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 "UGG".