TORONTO, Dec. 6, 2012 /CNW/ – George Weston Limited (TSX: WN) (“Weston”)
announced today that its subsidiary Loblaw Companies Limited (TSX:L)
(“Loblaw”) intends to create a Real Estate Investment Trust (“REIT”) to
acquire a significant portion of Loblaw’s real estate assets and to
sell units of the REIT by way of an Initial Public Offering. Loblaw
estimates that it will initially contribute real estate with a current
market value exceeding $7 billion to the REIT and intends to retain a
significant majority interest. This development was announced by way of
a news release issued by Loblaw earlier today and can be found at www.loblaw.ca.

Forward-Looking Statements

This News Release contains forward-looking statements about the
objectives, plans, goals, aspirations, intentions, strategies,
prospects and opportunities of Weston and Loblaw. Forward-looking
statements in this News Release include statements relating to the
proposed REIT transaction and expected future attributes of the REIT
following the transaction and Loblaw’s expected ownership level in the
REIT. These forward-looking statements are not historical facts but
reflect the Company’s current expectations concerning future plans,
actions and results. These statements are subject to a number of risks
and uncertainties that could cause actual plans, actions and results to
differ materially from current expectations including, but not limited
to, unanticipated developments that may delay or negatively impact the
proposed transaction, changes in economic and market conditions, and
other risks and uncertainties discussed in the Company’s materials
filed with the Canadian securities regulatory authorities from time to
time, including the Enterprise Risks and Risk Management sections of
the Management’s Discussion and Analysis (“MD&A”) and the MD&A included
in the Company’s 2011 Annual Report. There can be no assurance that
the proposed transaction will be completed as anticipated or at all.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect the Company’s expectations
only as of the date of this News Release. The Company disclaims any
intention or obligation to update or revise these forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.

About George Weston Limited
George Weston Limited is one of North America’s largest food processing
and distribution groups operating in two segments: baking through
Weston Foods, and food and general merchandise distribution through
Loblaw Companies Limited.

SOURCE George Weston Limited