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The Andersons Agrees to Negotiate Lease/Management Agreement with Indiana Elevator

The Andersons, Inc. today announced that it is finalizing a letter of intent to negotiate a lease/management agreement with Farmers Elevator Company of Oakville, Inc. (FECO). The Indiana co-op stores and merchandises grain, markets and sells plant nutrients, along with providing related agronomy services, feed and propane.

The Andersons will provide financial guidance and management support to the co-op through the fall harvest. No changes are planned for any contracts currently in place with FECO. The Andersons also will assist FECO in developing long-term solutions for its business. The agreement is anticipated to take effect October 1, 2003.

About Farmers Elevator Company of Oakville, Inc., (FECO)

Farmers Elevator Company began operation in 1919 as a domestic agricultural co-op. Today the company's grain storage capacity tops 3.4 million bushels and its revenues are approximately $30 million. FECO is located in Oakville, Indiana, and serves Delaware, Henry and Randolph counties in Central Indiana.

About The Andersons, Inc.

The Andersons, Inc. is a regional grain merchandiser with diversified businesses in agriculture, plant nutrient marketing and distribution, turf product production, railcar marketing and general merchandise retailing that generates revenues of approximately $1.1 billion per year. Founded in 1947, the company maintains grain and distribution/production facilities throughout the Midwest and six retail consumer stores in northwestern and central Ohio. The Andersons' corporate headquarters is located in Maumee, Ohio. Additional information is available online at .

SOURCE: The Andersons, Inc.

CONTACT: Gary Smith, Vice President, Finance and Treasurer of The
Andersons, Inc., +1-419-891-6417, or