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Canada Bread Announces Board Approval of Bakery Acquisition Documentation

TORONTO, ON – 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, 2002 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™.

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