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Bakery Strategy OverviewRichard Lan President / COO Bakery Products Group

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Richard LanPresident/COO Bakery Products Group

Appointed to current role of President/Chief Operating Officer,Maple Leaf Bakery Products Group in 2002

Founded and operated Dell Products Corp., frozen juice concentrate manufacturer; sold to McCain Foods in 1976

Assumed role as Vice President, Sales, McCain Citrus in 1988; later appointed to CEO/President McCain Citrus

Joined Maple Leaf Foods in 1995 as Executive Vice President

Built and led development of Maple Leaf Frozen Bakery

Assumed role of Chairman, Canada Bread in 2000

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Agenda

MFI Bakery Business

Key Business Trends

Growth Opportunities

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Maple Leaf FoodsBakery Portfolio Pro Forma Results LTM September 30, 2004

Sales: $6.5 billionEBITDA: $405.3 million

Operating Earnings: $273.3 million

Meat Products Group Agribusiness Group Bakery Products GroupSales: $4.3 billion

EBITDA: $163.6 millionOperating Earnings: $97.0 million

Sales: $0.9 billionEBITDA: $118.5 million

Operating Earnings: $95.6 million

Canada Bread: 86.6% Ownership Sales: $1.3 billion

EBITDA: $123.2 millionOperating Earnings: $80.7 million

Fresh Bakery Fresh PastaFrozen Bakery Maple Leaf Bakery U.K.

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Fresh BakeryExtensive Distribution Network

DeltaDelta

Maple Leaf Fresh Bakery

Pasta Plants

EdmontonEdmontonVancouverVancouver

HamiltonToronto

St. John’s

Halifax

WoodstockWoodstockMoncton

MontrealQuebec City

St. Come

Grand FallsGrand Falls

Levis

BeauportBeauport

North BayNorth Bay

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North American Frozen BakeryOnly True North American Par-Bake Network

CalgaryCalgary

RoanokeRoanoke

LavalLaval

ViceroyViceroy TorontoBagelTorontoBagel

RivermedeRivermede

Maple Leaf Frozen Bakery

OxnardOxnard

RichmondRichmond

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UK BakeryLeading Position in Bagel Market

Cumbria

Pretzels, Hand-held Snacks

Peterborough

Fresh Steamed Bagels

Rotherham

Fresh & Frozen Boiled Bagels

Southend

Authentic Pretzels

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Great Brands Offer Great OpportunitiesMarket Leading Commercial Brands

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Great Brands Offer Great OpportunitiesPremium Par-bake & Pasta

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Financial PerformanceBakery Products Group

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

1999 2000 2001 2002 2003 2004

LTM Operating Earnings (1)

CAGR: 25.7%

Quebecbakery strike

Increased 25% ownershipin Multi-Marques to 100%

Purchased remaining40% share of Ben's Limited

(1) Excludes restructuring charges

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Investing in World Class AssetsOver $340 million invested since 1997

1997 Roanoke construction

2001 Roanoke expansion

2003 Roanoke expansion

2003 London plant closure,Hamilton fresh bakery expansion

2004 Viau plant roll capacity expansion

2004/2005 Rotherham UK expansion

(1)

Capital Investments

Acquisitions

2001 UK Bagel business

2001 Multi-Marques Inc.

2002 Ben’s Bakery Limited

2002 Olafson’s Baking Company Inc.

2002 Grace Baking Company

2003 Parisco Limited acquired

Bakery Products Group Capital Expenditure

25.1 27.1 30.1 31.6 34.5 38.5 40.4 32.0Depreciation

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

1997 1998 1999 2000 2001 2002 2003 2004$

milli

on C

AD

Frozen

Fresh

77.8

45.9

34.9

14.6

35.6

24.8

64.8

46.1

(1) Nine months (January to September 2004)

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Bakery Products GroupTransformed to Market Leader

1995 Today

Market Share Position

Fresh Bakery 21% 43% Leader (Canada)

Frozen Par-Bake 0% 50% Leader (North America)

UK Bagels 0% 90% Leader (UK)

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Agenda

MFI Bakery Business

Key Business Trends

Growth Opportunities

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Key Business Trends

Key Bakery Industry Trends Result Our Strategy

Retail and food service customers are consolidating

Food service channel growing faster than retail

Par-bake and artisan growth

Industry consolidation inCanada with two major players

Highly disciplined market with high capacity utilization

Better able to pass through input cost increases

Benefit from our national scale and scope

Integrated food service strategy that leverages our broad capabilities

Offer full suite of par-baked and artisan breads

Customer poweris increasing

Major growth opportunity

Customers moving to par-bake; laddering up to artisan

Rising importance of nutritionConsumers shift from white to grains and specialty

Continue to invest andlead premium categories

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Agenda

MFI Bakery Business

Key Business Trends

Growth Opportunities

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Bread ConsumptionNorth America vs. the World

104 103

52

132132

150152

186

Germany Austria Italy France Netherlands UK Belgium N.A.

Pounds Consumed Per Individual Annually

Source: Bakers Federation U.K./Wheat Foods Council

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North American Bread ConsumptionDinner Biggest Opportunity

8

40

2724

4

21

3838

Breakfast Lunch Dinner Snacks

Total EatingsTotal Bread

Dinner is main meal of the day: 40%Bread is under-represented at dinner: 21%

Source: NPD

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Fresh Growth Opportunities

Base Business

New Categories

New Customers/Channels

New Geographies

New Business

Strategic Acquisitions

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Fresh Growth OpportunitiesCost Reduction

Past Two Years:

► Consolidated facilities in Ontario, Quebec and Atlantic

► Significant waste reduction achieved in three major bakeries

In Progress

► Six Sigma project to achieve further cost reductions in 17 out of 22 plants

► Improving “The Basics” in all plants

• Balanced Scorecard (right measurements)

• Preventative maintenance

• Standard Operating Procedures

• Upgrading assets

• Waste reduction

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Frozen Growth OpportunitiesThe Bread Ladder

Retail for $2.89-$4.59 (high income earners)Long-fermentation Artisan breads. Exotic flavours, cuts and names. Heavily influenced by sampling/demos. Sun-dried Tomato, Caramelized Onion Rye, Potato & Leek, Fruit. High impulse.

Artisan Breads

Retail $1.99-$2.99 (income generators)Wheat, Grain, Bagels, Raisin. Planned purchase.

Value-Added Pan Breads

Retail $1.19-$1.89 (volume/traffic generators)White sandwich and carrier breads. Soft texture and sweet flavour, popular with children. Planned purchase.

Mainstream Pan Breads

Crusty BreadsRetail for $1.49-$2.99 (income generators) Crusty exterior/soft interior/ largely white and some simple grains-Baguettes, French, Italian, Crusty Sandwich. Mostly impulse, some planned.

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Frozen Growth OpportunitiesFood Service

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UK Growth OpportunitiesCapacity Expansion

High Speed Bagel Line Rotherham Facility – September 2004

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UK Growth OpportunitiesBroaden European Exports

IrelandEngland

Germany

Netherlands

Denmark

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Summary

Leading infrastructure and distribution networks

► Fresh, Frozen and U.K.

Transformation to market leadership in key markets

► High capacity utilization and solid industry structure

Leading national and regional brands

Opportunities for geographic and product line expansion

► U.K. and Europe

► Focus growth on nutritious and premium product categories

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