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Canada Bread Announces Board Approval of Bakery Acquisition Documentation

Canada Bread Company, Limited (“Canada Bread”)
announced today that the agreements related to
the acquisition by Canada Bread of all of Maple
Leaf Foods’ other bakery operations (the
“Transaction”) have been approved by the Boards
of Directors of both Canada Bread and Maple Leaf
Foods.  In addition, the Board of Directors of
Canada Bread has approved the materials to be
mailed to shareholders in connection with the
Transaction, including the management
information circular, all of which is expected
to be mailed on November 15, 2002.  The
management information circular will be
available on Canada Bread’s website as of the
mailing date.

Shareholders of Canada Bread will be invited to
approve the Transaction at a Special Meeting of
Shareholders (the “Meeting”) which is scheduled
to be held at 3:00 p.m. on December 11, 2002 at
the Metro Toronto Convention Centre, 55 Front
Street West, Room 203BD, Toronto, Ontario.  The
record date for determination of shareholders
entitled to vote at the Meeting has been set as
November 11, 2002. 

Canada Bread will be holding an informational
conference call in connection with the
Transaction on November 26,

at 11:00 a.m. EST.  The dial-in number for the
conference call is 888-433-1680.

Maple Leaf Foods Inc. is a leading Canadian food processing
company committed to delivering quality food products to consumers around the
world. Headquartered in Toronto, Canada, the Company employs more than 15,000
people at its operations across Canada and in the United States, Europe and
Asia. Maple Leaf Foods had sales of $4.7 billion in 2001.  

Canada Bread Company, Limited is a leading Canadian
manufacturer of value-added flour-based products and fresh pasta to the retail
and food service markets. Canada Bread maintains a national presence in the
marketplace with four principal brand names: Dempster’s™, POM™, Olivieri
and Tenderflake™.