Regina, Saskatchewan
November 1, 2002

Saskatchewan Wheat Pool announced today a profit for the fourth quarter ended July 31, 2002 of
$5.1 million, prior to provisions. This compares to earnings of $9.3 million in the fourth quarter last year.

CEO Mayo Schmidt said: "We remained focused on managing events within our control, continued to reduce debt and costs and implemented marketing programs to drive market share gains. We have secured the necessary funding to execute our fiscal 2003 business plan and have the support of
our banks. We look forward to capitalizing on our renewed commodity pipeline as normal growing conditions return."

The Pool sold its interest in an oilseed processor in the fourth quarter and recorded a provision related to staff reductions and country closures. In addition, the company recorded a provision of $24.6 million associated with its joint venture port terminal in Manzanillo, Mexico. Since opening in June of 1999, market conditions have deteriorated and the terminal's performance has not met expectations. As a result, the Pool recorded the provision to reflect the company's best estimate of the impairment of value
of its investment and other related costs. After accounting for all one-time items, the net loss for the quarter was $41.1 million compared to a net loss of $10.1 million last year.

The Pool's primary shipments for fiscal 2002 compared favourably with the rest of the Canadian grain industry. Primary shipments for the year were 7.3 million tonnes, down only 12 per cent from last year (industry shipments declined 22 per cent). Wholly owned port terminal volumes were 3.4 million tonnes, compared to 4.2 million tonnes last year. Again, the Pool performed well in light of overall industry declines of 24 per cent.

For the Pool's Agri-products segment, poor precipitation levels and depleted topsoil moisture reduced producers' purchases for the year. The Pool's Agri-food segment posted strong results in fiscal 2002. Can-Oat Milling continued with record contributions, generating substantial growth over the past 12 months. Prairie Malt also strengthened results for the period by focusing on higher-margin business. Results for the company's livestock segment reflected asset dispositions, lower hog prices and high
feed costs.

The Pool recorded a loss for the year of $42.1 million prior to provisions, or $1.12 per share, compared to a $17.2 million loss ($0.46 per share) in fiscal 2001. The consolidated net loss for fiscal 2002, which includes one-time charges of $50.1 million, was $92.2 million or $2.46 per share, compared to a net loss of $44.1 million or $1.18 per share in fiscal 2001.

Despite a tough year, the Pool made substantial progress against its key objectives:

• Balance sheet debt at July 31, 2002 declined $249 million or 32 per cent compared to July 31, 2001.
• Through the SWP/Farm Credit Canada Input Financing Program, the Pool has substantially reduced its reliance on securitization and has driven down working capital usage.
• Operating costs were down by approximately $35 million in fiscal 2002, bringing the reductions from its restructuring efforts to more than $60 million over the last 24 months, far exceeding expectations.
• The Pool's Western Canadian market share increased two points or 10 per cent to 23 per cent from 21 per cent last year, a significant accomplishment given that the drought and corresponding production declines were much more pronounced in Saskatchewan, where the majority of Pool facilities are located.

The Pool amended its financing agreement with its banks and has $275 million in operating and term loans to fund its Fiscal 2003 business plan. Included in the agreement is a deferral of debt repayments to November 30, 2003, and funding to support the Pool's securitization program. At the same time, the Pool announced its intention to enter into discussions with its banks and Medium Term Note holders to develop a consensual plan to deal with its debt obligations.

"With two consecutive years of drought, it is key to ongoing operations for the company to identify strategic alternatives and implement a plan to further reduce our senior secured debt," Schmidt said. "We believe we can complete this restructuring in the next couple of months, and have agreed, as part of our financing agreement with the banks, to do so by January 31, 2003."

Saskatchewan Wheat Pool is a publicly traded agribusiness headquartered in Regina, Saskatchewan. Anchored by a prairie-wide grain handling and agri-products marketing network, the Pool channels prairie production to end-use markets in North America and around the world. These operations are complemented by value-added businesses and strategic alliances, which allow the Pool to leverage its pivotal position between prairie farmers and destination customers. The Pool's Class B shares are listed on the Toronto Stock Exchange under the symbol SWP.B.