Bakery Strategy Overview

Richard Lan President / COO Bakery Products Group

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 Richard Lan
President/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 Foods
Bakery Portfolio Pro Forma Results LTM September 30, 2004

Sales: $6.5 billion

EBITDA: $405.3 million
Operating Earnings: $273.3 million

Meat Products Group Agribusiness Group Bakery Products Group

Sales: $4.3 billion Sales: $0.9 billion Canada Bread: 86.6% Ownership
EBITDA: $163.6 million EBITDA: $118.5 million Sales: $1.3 billion
Operating Earnings: $97.0 million Operating Earnings: $95.6 million EBITDA: $123.2 million
Operating Earnings: $80.7 million

Fresh Bakery Frozen Bakery Maple Leaf Bakery U.K. Fresh Pasta

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 Fresh Bakery
Extensive Distribution Network

Edmonton
Vancouver St. John’s
Delta

Beauport Grand Falls Moncton

Woodstock
St. Come
North Bay
Levis Halifax
Maple Leaf Fresh Bakery Quebec City
Montreal
Toronto
Pasta Plants Hamilton
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 North American Frozen Bakery
Only True North American Par-Bake Network

Calgary

Laval

Viceroy
Toronto
Bagel
Rivermede
Richmond

Roanoke
Oxnard

Maple Leaf Frozen Bakery

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 UK Bakery
Leading Position in Bagel Market

Rotherham
Cumbria Fresh & Frozen Boiled Bagels
Pretzels, Hand-held Snacks

Peterborough
Fresh Steamed Bagels

Southend
Authentic Pretzels

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Great Brands Offer Great Opportunities
Market Leading Commercial Brands

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Great Brands Offer Great Opportunities
Premium Par-bake & Pasta

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 Financial Performance
Bakery Products Group

LTM Operating Earnings (1)

90,000

80,000

5.7%
70,000

: 2
60,000
CA GR
50,000
Quebec
40,000
bakery strike
30,000
Purchased remaining
20,000 40% share of Ben's Limited
10,000 Increased 25% ownership
in Multi-Marques to 100%
-
1999 2000 2001 2002 2003 2004

(1) Excludes restructuring charges 10

 Investing in World Class Assets
Over $340 million invested since 1997

Capital Investments Bakery Products Group Capital Expenditure

90.0
1997 Roanoke construction
80.0 77.8

2001 Roanoke expansion

70.0 64.8
2003 Roanoke expansion
60.0
2003 London plant closure,

$ million CAD
Hamilton fresh bakery expansion 50.0 45.9 46.1

2004 Viau plant roll capacity expansion 40.0 34.9 35.6

Frozen
2004/2005 Rotherham UK expansion 30.0
24.8

20.0
14.6

10.0 Fresh
Acquisitions
-
(1)
2001 UK Bagel business 1997 1998 1999 2000 2001 2002 2003 2004

2001 Multi-Marques Inc. Depreciation 25.1 27.1 30.1 31.6 34.5 38.5 40.4 32.0

2002 Ben’s Bakery Limited

2002 Olafson’s Baking Company Inc.
2002 Grace Baking Company
2003 Parisco Limited acquired

(1) Nine months (January to September 2004) 11

 Bakery Products Group
Transformed 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

Industry consolidation in Highly disciplined market with Better able to pass through
Canada with two major players high capacity utilization input cost increases

Retail and food service Customer power Benefit from our national
customers are consolidating is increasing scale and scope

Integrated food service

Food service channel growing Major growth opportunity strategy that leverages our
faster than retail
broad capabilities

Customers moving to par- Offer full suite of par-baked

Par-bake and artisan growth bake; laddering up to artisan and artisan breads

Consumers shift from white to Continue to invest and

Rising importance of nutrition grains and specialty lead premium categories

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 Agenda

MFI Bakery Business

Key Business Trends

Growth Opportunities

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 Bread Consumption
North America vs. the World

Pounds Consumed Per Individual Annually

186

152 150

132 132

104 103

52

Germany Austria Italy France Netherlands UK Belgium N.A.

Source: Bakers Federation U.K./Wheat Foods Council 16

 North American Bread Consumption
Dinner Biggest Opportunity

40
38 38
Total Eatings
Total Bread

27
24
21

8
4

Breakfast Lunch Dinner Snacks

Dinner is main meal of the day: 40%

Bread is under-represented at dinner: 21%

Source: NPD 17
 Fresh Growth Opportunities

Base Business

New Categories

New Customers/Channels

New Geographies

New Business

Strategic Acquisitions

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 Fresh Growth Opportunities
Cost 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 Opportunities
The Bread Ladder

Artisan Breads
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.

Crusty Breads
Retail 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.

Value-Added Pan Breads

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

Mainstream 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.

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Frozen Growth Opportunities
Food Service

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 UK Growth Opportunities
Capacity Expansion

High Speed Bagel Line Rotherham Facility – September 2004

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UK Growth Opportunities
Broaden European Exports

Ireland
Denmark
England

Netherlands

Germany

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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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