June 10, 2010

Viterra's second quarter net earnings were CAD18.4 million (US$17.5 million), which compares to net earnings of CAD26.3 million (US$25 million) in the same three-month period of 2009. For the first six months of this fiscal year, earnings were CAD29.1 million (US$27.6 million), compared to a net loss of CAD6.6 million (US$6.3 million) in the same period a year earlier. The results for the first six months of fiscal 2010 were higher than the comparable period due to CAD23.1 million (US$21.9 million) in net earnings from Viterra Australia. In addition, last year Viterra recorded CAD25.4 million (US$24.1 million) of after-tax negative items.

President and CEO, Mayo Schmidt said, "Overall performance in the first half of 2010 has been solid as we prepare ourselves for what is shaping up to be a busy second half of the fiscal year. In Australia, integration is on track. Operationally, we have recently seen demand through our shipping system increase steadily and have experienced heavy movement through the month of May, which we expect will continue into June."

"From a spring seeding perspective, South Australia has had good moisture with widespread rain in late May, providing an excellent start for seeding in that region. In our North America operation, we are on track for solid grain movement for the remainder of the year. Some farmers have had challenges with excessive wet weather recently, particularly in the Northeast part of Saskatchewan. We are supporting them by positioning our people, resources and early maturing agri-products in an effort to maximise seeded acreage over the next two weeks," Schmidt said.