George Weston Limited

Overview
George Weston Limited is a Canadian public company founded in 1882. Through its subsidiaries, Weston constitutes one of North America's largest food processing and distribution companies.

Weston has two reportable operating segments: Weston Foods and Loblaw Companies. The company manufactures bakery products and dairy through its Weston Foods division. It also operates 1,000 corporate and franchised stores in Canada through Loblaw Companies. The company operates in Canada and the US. It is headquartered in Toronto, Canada and employs approximately 155,000 people (predominantly in the Loblaw's subsidiary). The company recorded revenues of C$32,167 million (approximately $27,601.5 million U.S.) during the fiscal year ended December 2006, an increase of 3.1% over 2005.

History
George Weston Limited was founded in 1882 by George Weston. The company represented the North American operations of the Weston food empire, and upon the death of George Weston, control of George Weston, Ltd. fell to his son W. Garfield Weston (1898-1978), who built it into a multi-billion (CAD) dollar company. On his death, the current Chairman Galen Weston continued to expand the business into one of the largest food conglomerates in North America.

1882: George Weston starts in business with two Toronto bread routes.
1896: Weston establishes a bread and cake bakery in Toronto, the Model Bakery.
1908: The bakery begins producing cookies.
1910: Weston merges his bread operations into the Canada Bread Company, while continuing to produce cake and cookies.
1921: Weston reenters the bread business with the purchase of the H.C. Tomlin bread bakery.
1924: George Weston dies and is succeeded by his son, Garfield.
1928: Garfield Weston incorporates the company as George Weston Limited and takes it public.
1943: Papermaker E.B. Eddy is acquired.
1944: The purchase of Western Grocers marks the first foray into food distribution.
1947: William Neilson, confectioner and dairy product producer, is acquired.
1953: Company gains majority control of Loblaw, a food distributor.
1956: National Tea, a U.S.-based food retailer, is acquired.
1970: Galen Weston, son of Garfield, is named president.
1976: 75 percent of the supermarkets of National Tea are sold.
1978: Garfield Weston dies and is succeeded as chairman by Galen Weston; Loblaws launches the No Name private label.
1980: Stroehmann Brothers, a major Pennsylvania-based bread baker, is acquired.
1984: Loblaws introduces a premium private label called President's Choice.
1987: The confectionery operations of Cadbury Schweppes Canada Inc. are acquired.
1995: National Tea is divested, completing the company's exit from U.S. food retailing.
1996: Neilson Cadbury, Weston's chocolate unit, is sold to Cadbury Schweppes PLC.
1998: E.B. Eddy is sold to Domtar Inc.; Loblaws acquires Provigo, thereby gaining a Canada-wide food retail network.

Executive Leadership-Weston Foods

Gary J. Prince 54 and 32 years
President, United States

Raymond A. Baxter
61 and 18 years
Interbake Foods

David G. Winiger
46 and 15 years
Maplehurst Bakeries

John A. Speaker
53 and 6 years
Midwest Business Unit

Anthony M. Gavin
46 and 23 years
Southeast Business Unit

Louis A. Minella
49 and 8 years
Human Resources and Labour Relations

Shelly W. Seligman
48 and 20 years
General Counsel

2006 Financial Performance

Weston Foods' performance continued to improve in 2006, with strong performance in both Canada and the United States.

Approximately 87% of Weston Foods 2006 sales were generated by the North American baking divisions, with the remaining sales in the Canadian dairy division.

Weston Foods 2006 Sales by Segment (%)
Biscuit 8%
Frozen bakery 14%
Fresh-baked sweet goods 14%
Fresh bakery 51%
Dairy 13%

For more detailed financial information, please refer to Weston's 2006 Annual Report (INSERT LINK)

Manufacturing and Distribution

Weston Foods has a production network of 65 plants, and makes approximately 65,000 daily deliveries on more than 6,000 delivery routes.

Baking Facilities
Western Canada 10
Ontario 11
Quebec 9
Eastern Canada 3
Northeast U.S. 17
Southeast U.S. 5
Midwest U.S. 5
Western U.S. 3
Total 63*

*There are also two dairy facilities in North America that fall under Weston Foods.

U.S. Facilities

Stroehmann's
Sayre, PA
Harrisburg, PA (BCTGM)
Norristown, PA (BCTGM)
Williamsport, PA (BCTGM)
West Hazelton, PA (BCTGM)
Olean, NY (BCTGM)
Easton, PA (BCTGM)
Carlisle, PA (BCTGM)

Maplehurst
Brownsburg, IN
Carrolton, GA
Nebraska City, NE

Interbake Foods
Albany, GA (Norse)
Omaha, NE (Norse)
Somerset, PA (Norse)
Green Bay, WI (Ace)
North Sioux City, ND (BCTGM)
Front Royal, VA

Weston Bakeries/Bestfoods
Greenwich, CT (BCTGM)
Riviera Beach, FL (BCTGM)
Frederick, MD (BCTGM)
Albany, NY (BCTGM)
Bay Shore, NY (BCTGM)
Plattsburgh, NY (BCTGM)
Gastonia, NY (BCTGM)
Miami, FL (BCTGM)
Oconomowoc, WI (IBT)
Hazelton, PA (BCTGM)
South Burlington, VT (RWDSU)
Dallas, TX
Orlando, FL

Ethical Business Conducts
The Company's Code of Business Conduct (the "Code") sets out the Company’s
long-standing commitment of requiring adherence to high standards of ethical
conduct and business practices. The Code is reviewed annually to ensure
it is current and reflects best practice in the area of ethical business conduct.
Directors, officers and employees of the Company are required to comply
with the Code and must acknowledge their commitment to abide by the Code
on a periodic basis. The Code is available on the Company's website (www.weston.ca).