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Saskatchewan Wheat Pool closes US$363 million subscription receipt offering

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Genuity Capital Markets, TD Securities and National Bank Financial

On May 3, 2007, Saskatchewan Wheat Pool Inc. (the "Pool") announced successful completion of the $315,900,000 subscription receipt offering originally announced on April 13, 2007 (the "Offering"). The Pool also announced that Genuity Capital Markets, TD Securities Inc. and National Bank Financial Inc., who acted as underwriters in connection with the Offering, had exercised in full the over-allotment option granted to them in connection with the Offering in order to purchase an additional 5,850,000 subscription receipts at the Offering price of $8.10 per subscription receipt, bringing aggregate proceeds of the Offering to $363,285,000. The Offering, including the exercise of the over-allotment option, provides a portion of the funding necessary for the cash component of the Pool's offer to purchase all of the outstanding limited common voting shares of United Grain Growers, carrying on business as Agricore United, pursuant to the Pool's take-over bid circular dated November 24, 2006, as amended. Fasken Martineau acted for Genuity Capital Markets, TD Securities Inc. and National Bank Financial Inc. in connection with the Offering, with a team led by Jon Levin and including Richard Steinberg and Dan Batista with assistance from students-at-law Jennifer Sloan and Sara Parchello.



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