Maple Leaf Completes Debt Financing

TORONTO - Dec 9/04 - SNS -- Maple Leaf Foods completed a private issue of $500 million in long-term debentures for terms of seven, ten and twelve years.

In addition, Maple Leaf Foods has completed an agreement with its principal bank syndicate to renew the Company's primary, unsecured revolving credit facility. The renewal increases the maximum available amount from $635 million to $700 million, and extends the maturity from October 3, 2005 to December 6, 2007.

      Summary of Private Placement Debentures

Principal                   Maturity Date          Coupon
----------------------------------------------------------
US $207 million             2011                   5.21%
US $98 million              2014                   5.61%
Cdn $105 million            2014                   6.06%
US $7 million               2016                   5.76%
Cdn $20 million             2016                   6.22%