TORONTO, Oct. 21, 2013 /CNW/ – The Board of Directors of Canada Bread
Company, Limited (“Canada Bread”) (CBY:TSX) today announced that it has
established a Special Committee comprised solely of independent
directors in connection with the potential sale by its parent company,
Maple Leaf Foods Inc. (“Maple Leaf”), of its 90% interest in Canada
Bread.

Maple Leaf has advised the Canada Bread Board that it is exploring
strategic alternatives for its Bakery business, including a potential
sale of the Company’s 90% interest in Canada Bread. The Special
Committee has been established to seek to ensure that all Canada Bread
shareholders are treated fairly and that the Company’s interests are
taken into account during any such process that may affect Canada
Bread.

The Special Committee has engaged CIBC World Markets Inc. as its
financial advisor, and has engaged independent legal counsel and is
authorized to retain other advisors as it considers appropriate.

There can be no assurance that the process being undertaken by Maple
Leaf will result in the consummation of any transaction. The Special
Committee does not intend to comment further regarding the process
being undertaken by Maple Leaf until such time that it deems disclosure
appropriate.

About Canada Bread
Canada Bread is a leading manufacturer and marketer of value-added flour
based products, including fresh bread, rolls, bagels and sweet goods,
frozen partially baked or par-baked breads and bagels, and specialty
pasta and sauces. The Company markets products under a number of
leading brand names, including Dempster’s, Olafson’s, POM, Ben’s and
Olivieri. The Company is 90% owned by Maple Leaf Foods Inc. and its
common shares are listed on the Toronto Stock Exchange under the ticker
symbol CBY.

Forward Looking Statements
This document may contain “forward-looking information” within the
meaning of applicable securities law. Such statements include
expectations regarding the process being undertaken by Maple Leaf in
respect of Canada Bread. These statements are not guarantees of future
events. Actual events may differ materially from those expressed,
implied or forecasted in such forward-looking information. Canada
Bread does not intend to, and Canada Bread disclaims any obligation to,
update any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.

SOURCE Canada Bread Company, Limited