7% increase in the value of the Canadian
dollar in the fourth quarter , and reflects the benefit of a well
balanced portfolio of protein and bakery operations, and the
Company's improved value added sales mix.8 million in 2003. Schneider Foods was accretive to earnings per share
for the fourth quarter and the year.
The Company is launching a revolutionary new line of FroBake(R)
products that complement its par-baked product line and provide a
superior alternative to frozen dough by offering a product that is
more moist and crusty while eliminating the need to proof the bread.m. These unaudited interim
consolidated financial statements have been prepared in accordance
with Canadian generally accepted accounting principles using the same
accounting policies as were applied in the consolidated financial
statements for the year ended December 31, 2003.56 (2003:
$10.4 million (2003:
$3.

6.3 million outstanding. These
convertible debentures previously had a maturity date of December
2005 and were recorded as equity.7 million lower year -to-date). In addition, the Company modified the remaining swaps to
match the coupon payments on the hedged debt. These remaining swaps
have notional amounts of US$185.6% and 6. Shareholders' equity

On December 20, 2004, the Company issued 11.000 1.04 0.16
Weighted average number
of shares (millions) 114.16 per share; 2003:
$0.
Consolidated Statements of Cash Flows

---------------------------------------------------------------------
------------------- --------------------------------------------------
In thousands of Quarter ended Twelve months ended
Canadian dollars December 31, December 31,
2004 2003 2004 2003
------------------------------- --------------------------------------
CASH PROVIDED BY
(USED IN): (Unaudited) (Unaudited )

Operating activities
Net earnings for the
period $ 33,240 $ 26 ,988 $ 106,759 $ 35,068
Add (deduct) items not
affecting cash:
Depreciation and
amortization 34,230 26,462 125,494 101,230
Stock based compensation
(Note 5) 1,590 499 4,095 849
Minority interest 2,701 2,054 9,915 7,003
Future income taxes (9,051) 12,180 7,985 580
Increase in pension asset
(Note 6) 516 (12,267) (24,977 ) (29,501)
Undistributed (earnings)
losses of associated
companies (2,985) 1,776 (6,289) 1,483
(Gain) loss on sale of
property and equipment 220 229 (892) 142
(Gain) loss on sale of
investments 95 (362) (417) (362)
Other (6,873) (2,686) (17,515 ) (7,648)
Change in other long-term
receivables (493) (3,914) (6,018 ) (3,856)
Proceeds from pension
plan wind-up - 27,251 - 27,251
Change in non-cash
operating working capital 91,027 33,032 40,963 (55 ,637)
-----------------------------------------
144,217 111,242 239,103 76,602
------------------ -----------------------

Financing activities
Dividends paid (4,547) (4,527 ) (18,136) (18,094)
Dividends paid to
minority interest (234) (234) (956) (1,663)
Increase in long-term debt 575,523 (117,297) 1,023,007 69,338
Decrease in long-term
debt (729,577) (7,510) (772,101) (20,332)
Convertible debenture
interest paid (1,369) (1,369) (5,478) (5,478)
Increase in share
capital 165,030 346 166,243 3,118
Changes in deferred
financing costs
(Note 10) (17,934) (1,657) (17,934) (1,657)
Shares repurchased for
cancellation - - - (1,829)
Other 866 465 2,250 1,858
------- ----------------------------------
(12,242) (131,783) 376,895 25 ,261
-----------------------------------------

Investing activities
Additions to property
and equipment (48,669) (39,708) (156,777) (132,607)
Proceeds from sale of
property and equipment 3,583 717 12,649 1,933
Investment in Canada Bread
(Note 7) (18,909) - (18,909) (74,831)
Purchase of net assets of
businesses (Note 8) (1,767) (1,416) (382,666) (7,002)
Change in other
investments, net (1,443) 1,488 1,111 (6,196)
Other 274 (1,535) 1,456 (1,118)
------------- ----------------------------
(66,931) (40,454) (543,136) (219,821 )
-----------------------------------------

Increase (decrease ) in cash
and cash equivalents 65,044 (60,995) 72,862 (117,958)
Cash and cash equivalents ,
beginning of period 46,726 99,903 38,908 156,866
-----------------------------------------
Cash and cash equivalents,
end of period 111,770 38,908 111,770 38,908
-------------------- ---------------------

The accompanying notes to the consolidated financial statements are
an integral part of this statement.

farmed jamon

9 billion last year. Schneider Foods
benefited from continued strong growth of its recently launched
Schneiders Hot n'Hearty sandwich makers and very strong Schneiders
Lunchmate sales.1 million compared to $76. is a leading Canadian food processing
company committed to delivering quality food products to consumers
around the world.8% 35. The
value is amortized to income over the vesting period of the related
options.

The fair value of the total RSUs granted in a quarter is
determined using a present value calculation with an assumed
forfeiture rate.S.8 million) of
the revolving facility was utilized, of which the full amount was in
respect of letters of credit and trade finance (2003: $55.

In the second quarter, the Company entered into a series of
interest rate and cross currency swaps to hedge the interest rate on
the anticipated debt issue (see note 9). Accordingly, as
of that date the Company reclassified $90.805 113.23 0. We've turned the chore of
grocery shopping into a fun, dynamic experience for Middletown ," said Paula
DiMeglio, Whole Foods Market store team leader. Almost
1,000 people previewed the new store, tasting dozens of the fine products
available at the new Whole Foods Market. In
fiscal year 2004, the company had sales of $3.

hams uncooked

3 63.

2.2
Risk-free interest rate 4.85). Subsequently, in
January 2005, the Company purchased an additional 66,900 shares for
$2. Goodwill resulting from the
above transaction is included in the total assets of the Meat
Products Group.

companhia sausages

The increase in 2004 sales
was primarily due to the acquisition of Schneider Foods on April 5,
2004.

Earnings from Operations before Restructuring Costs

($ millions) Fourth Quarter Full Year
--------------- -----------------------------
2004 2003 Change 2004 2003 Change
---- ---- ------ ---- ---- ------
Meat Products Group 30.5
---------- ----------
Earnings from operations
before restructuring
costs 75.1 million last year, while interest expense for 2004
was $83. These
transactions have provided the Company with long-term liquidity at
investment grade financing rates.04 per share payable on
March 31, 2005 to shareholders of record on March 11 , 2005.

During the third quarter of 2003, the Company recorded $10.2% 4.5%
---------------------------------------------------------------------
--------------------------- ------------------------------------------

During the quarter, the Company granted 23,750 stock options
(2003: 85,000) at a weighted average price per share of $14.5 million year-to-date (2003: $5. Each RSU entitles the holder to receive one common
share in the capital of the Company at specified future dates. For the full year, the Company recorded
$11. Investment in Canada Bread Company Limited ("Canada Bread")

During 2004, the Company acquired 490,400 shares (2003:
6,887,800) in Canada Bread for $18.6%. The principal changes were an increase in the size of
the facility from $635. The notes were issued in tranches of U.9 million based on year-end exchange rates.5 million ($16.1
million ($17.27
Dividends per share
declared 0.16 per share) (18,136) (18,094)
Convertible debenture charge (Note 12) (4,476) (4,851 )
Premium on repurchase of share capital - (899)
---------------------- ----------------------------------------------
Retained earnings, end of period $ 159,129 $ 74,982
--------------------------------------------------------------------
------ --------------------------------------------------------------

The accompanying notes to the consolidated financial statements are
an integral part of this statement. Therefore, 2003 segmented
operating earnings before restructuring costs have been restated to
reflect this change in presentation and make them comparable with
2004. Within the
large prepared foods section, there will be two salad bars, a hot foods bar
specializing in Indian and Latin dishes, seven types of soup in addition to
stations for pizza, sushi and virtually anything fresh and hot off the grill.
"Our store will be great theater -- from the nut roasting center to our
seafood Team Members in their fishermen jump suits.

embotits coppa

(TSX:MFI) today reported its financial results for the fourth quarter
and year ended December 31, 2004.

"Our performance in 2004 reflects the underlying strength of our
balanced portfolio of bakery and protein value chain operations,"
said Michael McCain, President and Chief Executive Officer. We
significantly strengthened our balance sheet through debt and equity
refinancing.

"

Sales for the fourth quarter increased 40% to $1.5 million ($0.0 13.7 58. Earnings
from operations for the fourth quarter were $23. Frozen Bakery sales and earnings increased for
the year , due to ongoing growth in the U. To view the webcast, please log on to
http://www.

c) Revenue recognition

The Company recognizes revenues from product sales upon transfer
of title to customers . Restructuring costs

During the first quarter of 2003, the Company recorded $7.4
million in restructuring costs ($4.1%
Dividend yield 1. These
amounts exclude gains from plan wind-up.9%.

This facility can be drawn in either Canadian or U.000
------------------- --------------------
Weighted average shares -
diluted (in millions) 122.28 0.28 0.27

-------------------------------------------- -------------------------
---------------------------------------------------------------------


14.

Whole Foods Market Opens Its Doors in Middletown

We look
forward to being a part of the Middletown community. "With our commitment to
customer service, ongoing cooking demos and free tastings, everyone will leave
the new Whole Foods Market with a smile on their face and a bag full of purely
delicious food for themselves and their family.691.

piglet corned

News Editors

TORONTO ----Maple Leaf Foods Inc.4 152.5 million from $14. In December
2004, the Company had an effective hog ownership interest of
approximately 21%.

Finally, on December 20th, the Company completed a common share
offering of 11,340,000 shares at a price of $14.

Maple Leaf Foods Inc. Sales incentives include
various rebate and promotional programs with the Company's customers,
primarily rebates based on achievement of specified volume levels.

3.5 million) with a related reduction to basic and diluted earnings
per common share of $0.5 million.1 million in
2005.775 0.27
Earnings per share (diluted) 0.89 0.m. "Whether you're seeking the largest selection
of organically grown produce, natural and organic meats, fresh artisanal
cheeses or simply an enjoyable shopping experience with outstanding customer
service, we go to extraordinary lengths to delight our shoppers. In addition to hosting the benefit,
Whole Foods Market donated $25,000 to Clean Ocean Action.

luncheon triland

4 1% 68.0 122%
Bakery Products Group 23.6 5.5 5.6 million in 2003.

Also on December 9th, Maple Leaf Foods completed an agreement
with its principal bank syndicate to renew the Company's primary
revolving credit facility.

4.2 4 .36.8 million).
Accordingly, as of that date, the Company reclassified $90.2%. Convertible debentures

On December 8, 2004, the Company issued a redemption notice for
the aggregate principal amount on the debentures of $91.8 million to redeem the remaining debentures
outstanding resulting in a net loss on redemption of $1.100 113.4 113.
"We know that residents along the Jersey Shore have been patiently waiting
for the opening of a Whole Foods Market of their own, and today , I'm proud to
say that we're here to serve them with a tremendous selection of purely
delicious , all natural foods," said Christina Minardi, president of Whole
Foods Market's Tri-State Region.

All products must
meet the company's strict quality standards to ensure that they are free of
all artificial additives, sweeteners, colors, flavors, preservatives and
hydrogenated oils."
Also available at Middletown's new Whole Foods Market is a large selection
of gluten-free products from the company's own dedicated bakehouse for the
growing population of Americans with special dietary needs.

salamis sausages

0 million ($0.8 million ($0.7 million after tax) of restructuring costs in 2003.2 61%
----------- -----------
Total Protein Value
Chain 51.0 73.1 92%
Sale of poultry
production quota 0.0% in the fourth quarter
and 6.4% in 2004.6
million compared to $30. Headquartered in Toronto, Canada, the Company
employs approximately 23,000 people at its operations across Canada
and in the United States, Europe and Asia.aspx

A replay of the webcast will be available through the same
webcast site later in the day, or at www. Year-to-date, the Company granted 1,416,600 stock options
(2003: 2,742,000) at a weighted average price per share of $13. Concurrent with the debt issue in
December 2004, the Company terminated a portion of the swaps relating
to the debt issue for $16.064
Effect of dilutive
securities (in millions):
Employee stock options(i) 1.
Consolidated Balance Sheets

---------------------------------------------------------------------
----------------------- ----------------------------------------------
In thousands of Canadian dollars As at December 31,
2004 2003
-------- -------------------------------------------------------------

ASSETS
Current assets:
Cash and cash equivalents $ 111,770 $ 38,908
Accounts receivable (Note 2) 292,462 242,306
Inventories 385,128 259 ,758
Future tax asset - current 6,708 4,854
Prepaid expenses and other assets 13,218 9,355
-------- --------------------
809,286 555,181
Investments in associated companies 82,302 58,189
Property and equipment 973,718 802,332
Other long-term assets 230,201 171,262
Future tax asset - non-current 26,976 29,906
Goodwill 816,408 523,561
Other intangible assets 82,840 8,290
----------------------------
$ 3,021,731 $ 2,148,721
----------------------------
---------------------- ------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable and accrued charges $ 621,564 $ 501,997
Income and other taxes payable 27 ,651 12,212
Current portion of long-term debt
(Note 9) 105,910 4,959
-------------------------- --
755,125 519,168
Long-term debt (Note 9 ) 1,052,195 730,627
Future tax liability 29,207 50,397
Other long-term liabilities 205,542 35,274
Minority interest 74,109 70,068

Shareholders' equity (Note 11): 905,553 743,187
----------------------------
$ 3,021,731 $ 2,148,721
----------------------------
---------- ------------------

The accompanying notes to the consolidated financial statements are
an integral part of this statement.23 $ 0.

Maple Leaf Foods Inc. Customers
will be able to enjoy a make-up station where they will be able to test
selected products and take home samples. Whole Foods Market, Harry's Farmers
Market(R), and Fresh + Wild(R) are trademarks owned by Whole Foods Market IP,
LP.

crackling coppa

0 billion for 2003.90 per
share) compared to $45.7 million ($17.6 30.6 43.6 59% 89.
Excluding Schneider Foods sales increased 13.

Agribusiness Group: (research , development and supply of quality
livestock nutrition products and services; pet food; swine
production; and animal by-products recycling)

Agribusiness Group sales for the fourth quarter of 2004 were
$238.1 million in 2003. The primary drivers of the increase was debt incurred to
purchase Schneider Foods, offset partly by the proceeds of an equity
issue in the fourth quarter.22%. Revenue is recorded at the invoice price for
each product net of estimated returns. An estimate of sales
incentives provided to customers is also recognized at the time of
sale and is classified as cost of sales.

The
issuance of these shares is dependent upon the achievement of
specified performance targets relative to an index and continued
employment with the Company at the end of the third and fifth years.

7.1%
CAD $20 million 2016 6. $177. $98 million of debt maturing in 2014
into Canadian dollar-denominated debt of $135.7%.0 million and have terms of seven to
ten years and fixed interest rates that range between 5. As a result, the Company no longer had the option to
satisfy repayment on redemption with common shares.

(ii) For 2003 , the convertible debt is anti-dilutive.23 0. ended December 31,
2004 2003
-------------------- ------------------------------------------------

Retained earnings, beginning of period $ 74,982 $ 63,758
Net earnings for the period 106,759 35,068
Dividends declared ($0.
The store opened for a special sneak preview Monday night, raising $49,369
for Clean Ocean Action, a local organization committed to improve the degraded
water quality of the marine waters off the New Jersey/New York coast.

dilop ribs

Management
believes that this is the most appropriate basis on which to evaluate
operating results, as restructuring costs are not representative of
ongoing operating earnings.5 14.8 million was employed on January
7, 2005 to redeem convertible debentures .

As noted above, on December 9th, the Company completed $500
million in long-term debenture financings for terms of seven, ten and
twelve years. (EST) on
February 23, 2005. Other income (expense)

---------------------------------------------------------------------
--------- ------------------------------------------------------------
Quarter ended Twelve months ended
December 31, December 31,
--------------------------------------
2004 2003 2004 2003

Earnings (losses) from
associated companies $ 286 $ (57) $ 985 $ 51
Rental income 178 54 458 337
Dividends received 32 - 144 39
Fees related to bakery
reorganization - (283) - (1,832)
Loss from real estate
operations (50) (734) (246) (192)
Gain (loss) on sale of
investments, net (95) 362 417 362
Gain (loss) on sale of
property and equipment (220) (229) 892 (142)

--------------------------------------
$ 131 $ (887 ) $ 2,650 $ (1,377)
--------------------------------------
--------------------------------------

------------------------- --------------------------------------------

5.03).

Details of net assets acquired and purchase adjustments made in
2004 and 2003 are as follows:

------------------------------ ---------------------------------------
--------------------------------------------------------- ------------
Schneider 2004 2003
Foods Other Total Total
---------------------------------------- -----------------------------
Net working capital (deficit) $ 79,590 $ (304) $ 79,286 $ (9,915 )
Investments 21,191 - 21,191 56
Property and equipment 152,604 - 152,604 (2,524)
Other assets 7,689 - 7,689 -
Goodwill 291,402 1,976 293,378 17,162
Other intangibles 72,480 - 72,480 -
Long-term debt (146,691) - (146,691) -
Future income taxes 27,014 - 27,014 2,985
Pension benefit liability (75,993) - (75,993) -
Post employment benefit
liability (49,631) - (49,631) -
Other long-term liabilities (1,255 ) - (1,255) -
Minority interest (1,737) - (1,737) (762 )
---------------------------------------------------------------------
Total purchase cost 376,663 1,672 378,335 7,002

Consideration:
Cash 376,663 6,003 382,666 7,002
Accounts payable, accrued
charges, and long-term debt - 4,331 4,331 -
----------------------------------------------------- ----------------
$ 376,663 $ 1,672 $ 378,335 $ 7,002
-------- -------------------------------------------------------------
----------------------------------- ----------------------------------

9.0 million and the maturity
date was extended from October 3, 2005 to December 6, 2007.S.5 million
of the debentures for conversion to common equity (see notes 11 and
12).1 million.55 per share for net
proceeds to the Company of $160.1

The accompanying notes to the consolidated financial statements are
an integral part of this statement."
Customers can shop with confidence knowing that Whole Foods Market takes
pride in being highly selective about the products it sells.

About Whole Foods Market(R)
Founded in 1980 in Austin, Texas , Whole Foods Market
(http://www.

coppa pork

2 million ($0.2 58.4 million last year, with the increased
contribution from the Schneider Foods and the Consumer Foods
processed meats operations, offset by a significant decline in
industry pork and poultry processor margins.4 million last year.7 million (December 31 , 2003: $186.34).0 million
(2003: $0. The fair value of the RSUs granted in the quarter
was $0 .7 million year-to-date).5 million). dollar loans.1%.3 million related
to the debenture holders' conversion option within shareholders'
equity. For the period from the date of the reclassification to
December 31, 2004, the carrying charges, including coupon interest,
were classified as interest expense.000 6.290
------------------- --------------------
------------------- --------------------

(i) Excludes the effect of 11.
Spanning more than 48,000-square feet, the new Whole Foods Market store
was designed with a vibrant , airy feel.

ribas luncheon

Sales for the year were $6.4
billion compared to $5.1 53%
----------- -----------
74.1 billion compared to $2.8 million in
2003. Earnings from feed operations were largely
consistent with last year, while profits from rendering operations
declined from the fourth quarter last year due to reductions in the
price of competing feed ingredients.K. bakery operations. Cash flow from operating activities for
the fourth quarter increased to $144.2 million from $111.mapleleaf.

d) Comparative figures

Certain 2003 comparative figures have been reclassified to
conform with the financial statement presentation adopted in 2004. The charge to earnings in the quarter was $1.

Pro forma impact on earnings

In 2003, the Company elected to early adopt the new "Stock-based
Compensation and Other Stock -based Payments" accounting rules on a
prospective basis for awards granted or modified after January 1,
2003.0 million of notes
payable.4 million bearing interest at an
annual fixed rate of 5 .6%, U. $2 million of debt
maturing in 2016 into Canadian dollar-denominated debt of $2. The
financial impact of currency rate changes on the swaps are reported
as other liabilities. On December 8, 2004 , the Company
issued a cash redemption notice with payment due on January 7, 2005. Derivatives

In the ordinary course of business, the Company enters into
derivative financial instruments to reduce underlying fair value and
cash flow risks associated with foreign currency, interest rates and
commodity prices. Earnings Per Share

The following table sets forth the calculation of basic and fully
diluted earnings per share:

--------------------------------------------- ------------------------
---------------------------------------------------------------------
Quarter ended Twelve months ended
December 31, December 31,
2004 2003 2004 2003
------------------- --------------------
Numerator:
Net earnings $ 33,240 $ 26,988 $ 106,759 $ 35,068
Convertible debenture charge (817) (1,214) (4,476) ( 4,851)
------------------- ------- -------------
Earnings available to
common shareholders
- basic 32 ,423 25,774 102,283 30,217

Effect on earnings of
dilutive securities:
Convertible debt (ii) 1,222 - 4,882 -
------------ ------- --------------------
Earnings available to
common shareholders -
fully diluted $ 33,645 $ 25,774 $ 107,165 $ 30,217
-------------- ----- --------------------
------------------- --------------------

Denominator:
Weighted average common
shares outstanding (in
millions) 114.623 113.90 $ 0.Jersey Shore Residents Now Have One-Stop Shopping Option for All Natural Foods
With Grocer's Large Selection of Organic Produce, Healthful Prepared Foods,
Natural Meats and Seafood - and Much More

- Nearly $50,000 Raised to Benefit Clean Ocean Action Monday Night as More
Than 950 People Previewed the New Whole Foods Market -

MIDDLETOWN, N.com ) is the world's leading natural and organic
foods supermarket and America 's first national certified organic grocer.

sausages ferkel

1 59% 93. This improvement was achieved despite the negative
affect of a significant decline in pork processor and commodity
poultry margins and a 4.9 million compared to $234.9 million compared to $918.0 million from $13.
FroBake(R) products will be produced on a commercial basis at the
Company's bakery in Roanoke, Virginia commencing in the second
quarter of 2005.

b) Accounting for asset retirement obligations

The application of new accounting standard, Section 3110,
"Accounting for Asset Retirement Obligations" as disclosed in note
2(m)(ii) of the annual consolidated financial statements for the year
ended December 31 , 2003, did not have a material impact on the
financial statements of the Company. Accounts receivable

Under revolving securitization programs, the Company has sold,
with limited recourse, certain of its trade accounts receivable to
financial institutions.8
million) had been sold under these programs.

Restricted stock units ("RSUs")

In the fourth quarter of 2004, the Company granted 12,625 RSUs
(789,000 year-to-date) to its employees under the Company's Share
Incentive Plan.

During 2002, the Company granted 2,503,500 stock options at a
weighted average price per share of $14. Acquisitions

On April 5, 2004, the Company acquired Schneider Corporation
("Schneider Foods") for cash consideration of $376.0% and 6.435 113.27
Earnings per share
(diluted) (Note 13) $ 0.16 0.

(1) Prior to 2004, the Company included the cost of production
contracts with hog producers in the Meat Products Group.
Whole Foods Market is a uniquely mission-driven company and one of the
company's core values is to be an active community citizen.

companhia sausages

Net earnings for 2004 were $106.36 per share) last year, before
$11. Earnings comparisons for the fourth
quarter and year were also affected by income in 2003 related to
sales of poultry production quota and a gain related to the wind up
of a pension plan, all of which are more fully explained in previous
quarterly reports and the 2003 Annual Financial Statements.2 million last
year.
Earnings from North American Frozen Bakery operations declined for
the fourth quarter and year due to increased distribution costs and a
stronger Canadian dollar, although volumes increased for the year.7 million
year-to-date).2 million).7 million
including transaction costs of $8.8 million).S. This amount will be deferred and
amortized as interest expense over the life of the hedged debt (7 to
12 years ).1%.

13.
Consolidated Statements of Earnings

------------------------------------- -------------------------------
----------------------------------------------------------------- ---
In thousands of
Canadian dollars, Quarter ended Twelve months ended
except per share December 31, December 31,
amounts 2004 2003 2004 2003
--------------------------------------------------------------- -----
(Unaudited) (Unaudited)

Sales $ 1,782,254 $ 1,273 ,450 $ 6,364,983 $ 5,041,896

Earnings from
operations before
restructuring costs 75,271 63,586 256,364 152,428
Restructuring costs
(Note 3) - - - (17,732)
------------------------------------ ------------
Earnings from
operations 75,271 63,586 256,364 134,696
Other income
(expense) (Note 4) 131 (887) 2,650 (1,377)
------------------------------------------------
Earnings before interest
and income taxes 75,402 62,699 259,014 133,319
Interest expense 23,419 18 ,066 83,478 68,369
----------------------------------------------- -
Earnings before income
taxes 51,983 44,633 175,536 64,950
Income taxes 16,042 15,591 58,862 22,879
------------- -----------------------------------
Earnings before
minority interest 35,941 29,042 116,674 42,071
Minority interest 2,701 2,054 9,915 7,003
------------------------------------------------
Net earnings for the
period $ 33,240 $ 26,988 $ 106,759 $ 35,068
-------------- ----------------------------------
----------------------------------------- -------

Earnings per share
(basic) (Note 13) $ 0.J. The new store at
471 State Route 35 North at Chapel Hill Shopping Center in Middletown is the
170th store as Whole Foods Market continues its rapid growth; the company
holds the same commitment to quality standards, environmental concerns and
outstanding customer service that Whole Foods Market shoppers have come to
know and love across the country.

butchering coppa

"Our
earnings from operations for the year increased 68% and earnings per
share increased from %0.7 million
($11.2 11.2 million
last year.5 million compared to $68.com under the
Investor Relations section.3
million in restructuring costs ($6.0 million of debt maturing in 2011 into Canadian
dollar-denominated debt of $227.

The required repayments of long-term debt are as follows:

---------------------------------------------------------------------
------------------- --------------------------------------------------
2005 $ 105,910
2006 11,977
2007 84,110
2008 10,957
2009 178,415
Thereafter 766,736
------------ ---------------------------------------------------------
Total long-term debt $ 1,158,105
------------------------------------------------------------------ ---
---------------------------------------------------------------------

10.
As at December 31, 2004, these swaps had a market value loss of $37.
Consolidated Statements of Retained Earnings

--------------------------------------------------------------------
-------------------- ------------------------------------------------
In thousands of Canadian dollars, except per Twelve Months
share amounts.

uncooked butchering

Maple Leaf Reports Strong 2004 Year-End And Fourth Quarter Financial Results

We are maintaining our disciplined focus on earnings
growth, increasing our value-added product mix and successfully
integrating the Schneider Foods organization into Maple Leaf.23 per share) for 2003, an
increase of 23%.

The Bakery Group benefited significantly from a sales mix that is
weighted towards health and well-being categories. Fresh Bakery operations realized
improved operating performance and efficiencies quarter-over quarter,
benefiting from the application of Six Sigma to reduce manufacturing
and distribution costs.

A web cast and conference call will be held at 2:30 p.9 million, net of tax), relating
to plant closures and operational restructuring of several
businesses, primarily consolidation of feed mill operations in the
Maritimes and reorganization of Atlantic Canada meat processing
operations.1 million in net benefit plan income (2003: $16. Long -term debt

In December 2004, the Company completed the following
re-financing transactions:

(a) In December 2004, the Company renegotiated its primary bank
debt facility. The swaps that were
originally issued for notional amounts of $50.3 million common
shares pursuant to a public offering at $14.1 113. A chili and stew
station will feature three variations of hot, ready -to-eat chili.

embotits uncooked

Excluding Schneider Foods, sales increased 11% in the fourth
quarter and 5% in 2004 .6 18% 256.

Earnings from operations for the fourth quarter were $30.1% 1.

8. Details of the
five tranches are:

------------------------------------------ ---------------------------
---------------------------------------------------------------------
Principal Maturity Date Annual Coupon
----------------------- ----------------------------------------------

US $207 million 2011 5.6%
US $7 million 2016 5. Through the use of
cross-currency swaps and forwards (note 10), the Company effectively
converted: U. On January 7, 2005,
certain of the debenture holders tendered $79. Accordingly,
the Company paid $79.

Maple Leaf Foods Inc.89 $ 0.

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90 on a comparable basis.25 billion in 2003. As a result of these transactions,
the Company had invested cash balances in excess of $100 million as
at December 31, 2004, of which $79. This renewal increased the maximum
available amount from $635 million to $700 million, and extended the
maturity from October 3, 2005 to December 6, 2007. Significant accounting policies

The unaudited interim consolidated financial statements should be
read in conjunction with the annual consolidated financial statements
for the year ended December 31, 2003. The amortization of the fair value of the RSUs had
an earnings impact in the quarter of $0 . Accordingly, the
allocation of the purchase cost to the assets and liabilities
acquired is still subject to change.0 million to $700.

(c) At December 31, 2004, the Company had convertible debentures
with a principal amount of $91.0 million and US$185.087 0.
"We are thrilled and delighted to create a working partnership with Whole
Foods.

The meat of pigs.

hams corned

3 billion last year.4 68%
---- ---- --- ----- -----
---- - --- ----- -----

Earnings from operations for the fourth quarter increased by 28%,
driven by strong improvements in both the Protein Value Chain and
Bakery operations.8 million last year , while sales for
the year increased to $924.2 million from $58. Strong sales of
branded whole grain, whole wheat and specialty breads, and price
increases implemented to offset rising input costs contributed to
increased earnings for the quarter.

Cash Flow and Financing: Total debt, net of cash balances, of
$1,046. Cash flow from operating activities for the year was
$239.com/investor /default.
Notes to Consolidated Financial Statements
(For the quarters ended December 31, 2004 and December 31, 2003)
(Tabular amounts in thousands of Canadian dollars except
per share amounts )

1. At December 31, 2004, trade accounts
receivable amounting to $209.8 million year-to-date ). Pensions

During the quarter, the Company recorded income of $4.8 million for cash
redemption and the remaining debenture holders tendered $11.

On January 7, 2005, certain convertible debenture holders
exercised their conversion right and the Company issued 763,933
common shares from Treasury at a price of $15 per share (see note 12). Supplemental information

------------------------ ---------------------------------------------
--------------------------------------------------- ------------------
Quarter ended Twelve months ended
December 31, December 31,
-- ------------- --------------------
2004 2004

Cash interest paid 20,971 77,585
Cash taxes paid 14,464 44,910

--------------------------------------- ------------------------------
------------------------------------------------------------------ ---

Maple Leaf Foods Inc.

Maple Leaf Foods Inc. (TSX:MFI)

Some of the exciting features include:
a large nut roasting center where ten varieties of nuts and eight types of nut
butters are roasted and served fresh daily; knowledgeable fishmongers ready to
recommend the fresh catches of the day; an expansive wine and beer department
with daily wine tastings from 5 to 7 p .
In the meat department a large rotisserie will roast chicken as well as
ribs, pork, lamb , kabobs in a basket, and small turkeys. Their focus on providing alternatives to promote cleaner and healthier
living is good news for all of us, and for the whole planet," said Cindy Zipf,
Executive Director, Clean Ocean Action. The Whole Foods
Market motto, "Whole Foods, Whole People, Whole Planet "(TM) captures the
company's mission to find success in customer satisfaction and wellness,
employee excellence and happiness, enhanced shareholder value, community
support and environmental improvement .

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8 billion
compared to $1.7 million pre-tax) of restructuring costs in 2003. The
following table reflects earnings from operations by business group
before these items, and forms the basis for discussion in this news
release.8 363%
Agribusiness Group 21.1 14. The Company's fresh pork
and poultry operations performed well against these industry
conditions due to improved manufacturing efficiencies and an
increased valued added sales mix.7 million
last year.

Maple Leaf Foods Inc.09
(2003: $10. This amount is
amortized to income on a pro rata basis over the vesting periods of
the related RSUs.

As at December 31, 2004, a preliminary purchase price allocation
(including fair value assigned to intangible assets, certain fixed
assets, legal claims, investments , long-term debt, pensions,
post-retirement benefits and taxes) has been completed, but the
Company has not yet finalized all of its restructuring and
integration plans for the operations acquired . dollars and
bears interest based on bankers' acceptance rates for Canadian dollar
loans and LIBOR for U.2%
US $98 million 2014 5.0
million, have terms of seven and ten years and fixed interest rates
that range between 6.

12.095 0.087 0.23 $ 0.

jamon sausages

2 billion compared to $728. Operating earnings for the year
more than quadrupled to $68. In the fourth quarter the Company launched four new
varieties of Maple Leaf Fully Cooked Roasts , further solidifying its
leadership in this premium convenience market. Operating earnings for the fourth quarter of 2004 increased to
$21.1 million last year, while sales for
the year of $1. The Bakery Group also benefited from
increased demand for bread products, as the low carbohydrate trend
continued to abate.

Interest expense for the fourth quarter increased to $23. The new bank
facility is an unsecured revolving credit arrangement and bears
interest based on short term interest rates. The Company retains servicing
responsibilities and assumes limited recourse obligations for
delinquent receivables.

The estimated fair value of the options issued during the fourth
quarter of 2004 and the prior year comparable quarter was minimal and
$4.3 million
related to net benefit plan income including post-retirement benefit
costs (2003: $9.9 million (2003: $180.
This increased Maple Leaf's ownership to 86. and Canadian
dollar denominations, with maturity dates from seven to twelve years
and bearing interest at fixed annual coupon rates.7
million bearing interest at an annual fixed rate of 6. If the Company had not entered into these
contracts, operating earnings for the fourth quarter 2004 would have
been higher by $5.0 million (after costs of $5.226
Convertible debt(ii)
6.90 0.6 113. Management
considers it more appropriate to include these impacts in the
Agribusiness Group operating results. The Middletown
store also features freshly made, "Ready to Cook" kits, including one with
enough peeled and deveined shrimp and scallops to serve two, plus herb paste
for cooking and remoulade for dipping.wholefoodsmarket .

luncheon piglet

5 58.1 million compared to
$14.6 million last year, while operating earnings for the year
increased to $89. The increase for
the year was primarily the result of higher earnings and a
significant improvement in working capital performance.4
million from $18.

During the fourth quarter the Company completed three separate
financing transactions that enabled the Company to refinance
short -term debt incurred to acquire Schneider Foods and redeem a
significant portion of its convertible debenture for cash.55 for net proceeds
of approximately $160 million after costs of $5 million.

Other Matters

The Company declared a dividend of $0.

To participate in the conference call, please dial in to
1-416-470-1140 or 877-793-3791.

a) Hedging relationships

As discussed in note 2(m)(i) of the annual consolidated financial
statements for the year ended December 31, 2003, the Company is in
compliance with Canadian Accounting Guideline 13 relating to hedging
and the implementation of Accounting Guideline 13, effective January
1, 2004, had no impact on the Company.5 million) and for the year was $3.4 million (2003: $0.6 million ($0.03 (2003: $0.S.0 million (2003: $207.0 million
of the convertible debentures to current debt.0 million of the
convertible debentures to current debt, leaving $7.4 million) to purchase common shares that are
anti-dilutive .28 $ 0.04 0., Whole Foods Market(R)
(Nasdaq: WFMI), the world's leading natural and organic supermarket and
America's first national certified organic grocer, opened its first market on
the New Jersey Shore today, Wednesday, June 15 at 8 a.
Upon checkout, 13 registers will help shoppers get them on their way, but if
they decide to enjoy their fresh prepared food purchases at Whole Foods
Market, there is a bright and sunny cafe that can accommodate almost 200
people for gathering and people watching.

ganda uncooked

5 18% 162.1 28% 251. The
processed meats operations benefited from a significant increase in
sales and earnings in the fourth quarter driven by strong ham and
bacon sales, and continued market growth through new product
innovation.9 million compared to $310. Product line extensions for the
quarter supporting this focus included national expansion of
Dempsters Whole Grains bagels. The notes were issued to institutional investors in
Canada and the United States at fixed interest rates between 5.mapleleaf.7 million, increasing its ownership to 86.1 million and the assumption of
Schneider Foods' debt.2%
--------------------------------- ------------------------------------
------------------------------------------------------------ ---------

Interest is payable semi-annually.S.0
million).

On January 7, 2005, certain of the debenture holders exercised
their conversion rights and the Company issued 763,933 common shares
from Treasury for a reduction in the total cash to be paid by the
Company upon redemption of approximately $11.297 113.100 120.4 million options and restricted stock
units (2003: 5 .

Maple Leaf Foods Inc.
Segmented Financial Information


----------------------- ----------------------------------------------
-------------------------------------------------- -------------------
In thousands of Quarter ended Twelve months ended
Canadian dollars December 31, December 31,
2004 2003 2004 2003
----------------------------------------------------------------- ----
Sales
Meat Products Group $ 1,197,449 $ 728,578 $4,127,255 $ 2,869,866
Agribusiness Group 238,911 234,762 924,912 918,820
Bakery Products Group 345,894 310 ,110 1,312,816 1,253,210
---------------------- -----------------------
$ 1,782,254 $1,273,450 $6,364,983 $ 5,041,896
- --------------------- -----------------------
---------------------- ----- ------------------

Earnings from
operations, before
restructuring costs(1)

Meat Products Group $ 30,607 30,402 $ 68,440 $ 24,341
Agribusiness Group 21,585 18,624 98,736 69,927
Bakery Products Group 23,079 14,560 89,188 58 ,160
---------------------- -----------------------
$ 75,271 $ 63,586 $ 256,364 $ 152,428
---------------------- - ----------------------
---------------------- -----------------------

Capital expenditures
Meat Products Group $ 15,471 $ 7,600 $ 51,832 $ 36,782
Agribusiness Group 9,268 8,067 34,879 31,033
Bakery Products Group 23,930 24 ,041 70,066 64,792
---------------------- -----------------------
$ 48,669 $ 39,708 $ 156,777 $ 132,607
- --------------------- -----------------------
---------------------- ----- ------------------

Depreciation and
amortization
Meat Products Group $ 17,420 $ 10,922 $ 60,816 $ 41,703
Agribusiness Group 5,484 4,944 21,323 18,835
Bakery Products Group 11,326 10,596 43,355 40,692
- --------------------- -----------------------
$ 34,230 $ 26,462 $ 125 ,494 $ 101,230
---------------------- -----------------------
---------------------- -----------------------

------------------------------ ---------------------------------------
--------------------------------------------------------- ------------
As at
In thousands of Canadian dollars, December 31,
2004 2003
---------------------------------------------------------------------
Total assets
Meat Products Group $ 1,452,100 $ 666,489
Agribusiness Group 597,806 555,693
Bakery Products Group 702 ,137 716,463
Non-allocated assets 269,688 210,076
-----------------------------
$ 3,021,731 $ 2,148,721
-------------------- ---------
-----------------------------

The accompanying notes to the consolidated financial statements are
an integral part of this statement.m.; and a bakery island featuring 15
daily baked artisan breads, countless dessert options and donuts made in-house
with no transfats. It donates five
percent of profits annually to a variety of non-profit organizations in
addition to hosting quarterly five percent days, where the store donates five
percent of a day's sales to a local non-profit organization. Whole Foods Market employs more than 34,000 team members and has been
ranked for eight consecutive years as one of the "100 Best Companies to Work
for " in America by Fortune magazine.

Contact: Fred Shank
Whole Foods Market
917.

ribas butchering

Net earnings for the fourth quarter were $33.28 per
share) compared to $27.8
Pension wind-up gain - - - 9.

Meat Products Group (branded value-added prepared meat products;
fresh, frozen and branded value-added pork products; fresh, frozen
and branded value-added chicken and turkey products; and global food
marketing, distribution and trading)

Meat Products Group sales for the fourth quarter of 2004 were
$1.6 million in 2003 , while sales for the
year were $4. The
increase in sales was largely due to the contribution of Schneider
Foods and increased sales from fresh pork and poultry operations.1 million last year, while operating earnings
for the year increased 61% to $93.5 million from $58.

The improvement in profitability in the fourth quarter and for
the year was primarily due to continued strong hog prices and cost
reductions in the Company's hog production operations.31 billion compared to $1.21%
and 6.8 million, net of tax), relating
to plant closures and operational restructuring in the Bakery
Products Group.2%
Expected annual volatility 32.8
million).1 million ($7. The effect of these stock
option awards, had they been charged to earnings during the year on a
fair value basis, would have been an expense of $3.

As at December 31, 2004, $66.

(b) In December 2004, the Company issued $500.S. At December 31, 2004, the swap liabilities were
$31. McCain Capital Corporation ("MCC") acquired 5,154,639
shares pursuant to this equity offering, increasing MCC share
ownership as at December 31, 2004 to 33.28 $ 0. All products at Whole Body are made
with the highest quality natural ingredients and are free of harsh chemicals
and unnecessary fillers.

9 billion and currently has 170
stores in the United States, Canada, and the United Kingdom.

iberian salamis

36 to $0.

Operating Review

Comparisons of earnings from operations exclude $17.2 131.

Bakery Products Group: (fresh, frozen and branded value-added
bakery products, including frozen par-baked bakery products; and
specialty pasta and sauces)

Bakery Products Group sales for the fourth quarter of 2004 were
$345.3 million at the end of the year increased from $696. The increase
for the quarter and year was primarily due to higher average debt
incurred to finance the acquisition of Schneider Foods. Stock-based compensation

Stock options

The fair value of the total stock options issued in a quarter is
determined using the Black-Scholes option pricing model with the
following weighted average assumptions:

--------------------------------------------- ------------------------
---------------------------------------------------------------------
Quarters ended December 31,
2004 2003
------------------------------------------------------ ---------------

Expected option life (years) 4.8%
CAD $105 million 2014 6.3 million bearing
interest at an annual fixed rate of 6 .0%, and U.3 million year-to-date) and interest
expense for the fourth quarter of 2004 would have been lower by $5.5
million (2003: nil).

11.3 million for
cash at par plus accrued interest with a date fixed for redemption of
January 7, 2005.

Earnings per share (basic) 0.

Maple Leaf Foods Inc.
Whole Body(TM) at Whole Foods Market will offer a large selection of
luxurious natural and organic body care items and cosmetics, as well as broad
selection of high -quality nutritional supplements and vitamins.5412, mobile

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---

- - kjjkjk

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