Agribrands International, Inc. (NYSE: AGX) yesterday announced second quarter net earnings of $3.9 million compared to $11.0 million for the prior year. Diluted earnings per share for the quarter were $0.38 compared to $1.04 for the prior year. Excluding merger expenses and restructuring charges, operating profit for the current quarter was $8.2 million compared to $13.5 million for the same quarter last year.

On December 1, 2000, Agribrands and Cargill, Inc. entered into an Agreement and Plan of Merger, under which Cargill would acquire Agribrands in a cash merger at a price of $54.50 per share. On March 21, 2001, the Company mailed a proxy statement regarding the proposed merger to its shareholders. The Agribrands shareholders meeting to approve the merger is scheduled for April 26, 2001. Agribrands’ previously received clearances for the merger from the US and EU antitrust authorities and on March 28, 2001 the Canadian competition authority indicated no objection to the merger of Cargill and Agribrands. Subject to the satisfaction of certain remaining conditions, such as the receipt of a favorable ruling from the IRS regarding the Ralston spin-off of Agribrands and approval by two-thirds of the Agribrands shareholders, the transaction is expected to close around April 30, 2001.

A discussion and analysis of Agribrands’ financial condition and results of operations is available in the Company’s most recent Form 10-Q, which was filed with the Securities and Exchange Commission today. Investors may obtain a free copy of this report, the proxy statement and other documents filed by Agribrands with the Securities and Exchange Commission at the Securities and Exchange Commission’s website at http://www.sec.gov . Shareholders of Agribrands may also obtain, at no cost, the Company’s most recent Form 10-Q, the proxy statement and other documents filed by Agribrands in connection with the merger by directing a request to Agribrands at 9811 South Forty Drive, St. Louis, Missouri 63124, attention Investor Relations.

Agribrands is a leading international manufacturer of animal feeds and agricultural products.

This news release contains forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. These statements involve risks, uncertainties, estimates and assumptions which are difficult to predict. Therefore, actual events may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, any forward- looking statement speaks only as of the date on which such statement is made, and Agribrands undertakes no obligation to publicly update any such statement to reflect new information, the occurrence of future events or circumstances or otherwise.

                        Agribrands International, Inc.
Consolidated Statement Of Earnings (Unaudited)
(Dollars In Millions Except Per Share Data)

Quarter Ended Six Months Ended
February 28, February 29, February 28,February 29,
2001 2000 2001 2000

Net Sales $278.2 $288.1 $580.2 $589.0
Costs and Expenses
Cost of products sold 231.6 234.8 477.0 475.1
Selling, general and
administrative 38.4 39.8 80.5 80.7
Merger expenses 1.4 – 7.6 –
Interest 0.9 0.6 1.7 1.5
Provisions for
restructuring 0.9 – 1.5 –
Other (income)/expense,
net (1.5) (3.6) (2.3) (5.8)
271.7 271.6 566.0 551.5

Earnings before Income
Taxes 6.5 16.5 14.2 37.5
Income Taxes 2.6 5.5 5.4 12.6
Net Earnings $3.9 $11.0 $8.8 $24.9

Earnings Per Share
Basic $.40 $1.08 $.90 $2.42
Diluted $.38 $1.04 $.86 $2.34