Opening statement
By Paul K. Henderson
President and CEO, Menu Foods Income Fund


23 March, 2007

Ladies and gentlemen:

Thank you for assembling on such short notice.

I have some brief opening comments. And then we will take questions. The news conference will conclude at 4:30 sharp.

My name is Paul Henderson, and I am the President and CEO of Menu Foods. With me today is Dr. Richard Shields, Executive Vice President of Menu Foods. Rick is head of Menu's technical services that includes research & development, regulatory and quality assurance. Rick is a PHD in Animal Nutrition.

We are happy and relieved that the experts from the New York State Department of Agriculture and Cornell University have discovered the root of the issue that has harmed North American cats and dogs. This important discovery caps an unprecedented search by top experts.

Dedicated and knowledgeable researchers at universities, independent laboratories, and our own veterinary consultants worked tirelessly to defend and protect our cats and dogs.

Over the past seven days, we have spoken with almost two hundred thousand consumers. They were scared; some like myself, are angry; they demonstrated a level of care and concern that only those of us who are pet-owners can understand.

Our hearts go out to the many thousands of pet-owners across Canada and the U.S. for their losses and their worry. We are grateful to them for their patience as we hunted for the root of the problem.

I can anticipate some of your questions, so let me address them briefly.

Q.      How did this substance get into our products?
A.      At this stage, we do not know. Our immediate next steps will be to begin testing of all suspect raw materials with the goal of quickly identifying the means through which this substance entered our supply chain.

Q.      Which specific products made by our company contain this substance?
A.      Again, we do not know with certainty. This morning, the researchers advised us of their discovery as they investigated the recalled product. At this time we have no reason to suspect that this matter goes beyond the recalled product.

Q.      What should pet-owners do?
A.      Until we have these answers, we have the following advice for consumers:
*       We want to reinforce our view that all consumers should immediately stop using the recalled product.
*       If your pet is showing any signs of illness after consuming any recalled pet food, see a veterinarian immediately

Q.      What about the future of Menu Foods?
A.      We have a strong, sustainable business, and we're confident about the future. Our customers and partners have been understanding, supportive and loyal. And for that, we are grateful.

As I have explained, we have a lot of work to do. And we are eager to get back to it. But we will take questions for about 20 minutes.