Monday, December 5 2022

TSX: IMF

www.mapleleaffoods.com

MISSISSAUGA, ON, May 20, 2022 /PRNewswire/ – Maple Leaf Foods Inc. (the “Company”) (TSX: MFI) announced today that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to establish an offer normal course issuer bid (“NCIB”).

The NCIB program begins on May 25, 2022 and will end on May 24, 2023, or at an earlier date on which the Company may complete its purchases pursuant to a notice of intention filed with the TSX. Under the issuer bid program, the Company is authorized to repurchase up to 7,500,000 of its common shares (out of the 124,887,648 common shares outstanding at May 13, 2022) representing around 10% of the public float at May 13, 2022, through normal course purchases made through the facilities of the TSX and/or other Canadian trading systems. The average daily trading volume for the six months ended April 30, 2022 was 280,805 common shares. Common shares purchased by the Company will be cancelled. Pursuant to the terms of a prior normal course issuer bid approved by the TSX on May 20, 2021the Company was authorized to repurchase up to 7,475,000 shares, however, the Company did not repurchase any common shares during this normal course issuer bid.

In deciding to establish the issuer bid, the Company believes that the market price of the Common Shares may, from time to time, not fully reflect their value and that, therefore, the purchase of the Shares shares would be in the best interest of the Company and an attractive offer and appropriate use of available funds.

Purchases will be made by the Company in accordance with the requirements of the TSX and the price the Company will pay for such common shares will be the market price of such common shares at the time of acquisition, or such other price as may be authorized by the TSX. As part of the issuer bid program, the Company intends to enter into an automatic purchase plan with its designated broker to permit the purchase of its common shares during certain predetermined blackout periods, subject to certain parameters as to the price and number of shares . Outside of these pre-determined blackout periods, shares will be redeemed at management’s discretion, subject to applicable law. For purposes of TSX rules, a maximum of 70,201 Common Shares may be purchased by the Company on any one day under the Offer, except where purchases are made pursuant to the “Exemption from Bulk Purchase” of the TSX Rules.

About Maple Leaf Foods

Maple Leaf Foods Inc. (“Maple Leaf Foods”) is a carbon-neutral company with a vision to be the world’s most sustainable protein company, responsibly producing food products under premium brands. plan, including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders® Country Naturals®, Mina®, Greenfield Natural Meat Co.®, Lightlife®, Field Roast™ and Swift®. Maple Leaf Foods employs approximately 13,500 people and operates in Canadathe United States and Asia. The company is headquartered in Mississauga, ONand its shares trade on the Toronto Stock Exchange (MFI).

Forward-looking statements

This document may contain “forward-looking information” within the meaning of applicable securities laws, including statements regarding future purchases of common stock pursuant to the issuer bid. These statements are not guarantees of future events and involve assumptions, risks and uncertainties that are difficult to predict. Certain of these assumptions and risks and uncertainties are described in more detail in the documents filed by the Company with the securities authorities in Canada available on SEDAR at www.sedar.com. Actual results may differ materially from those expressed, implied or projected in such forward-looking information and there can be no assurance that common stock will be purchased under the NCIB program. Maple Leaf does not intend to update forward-looking information, and Maple Leaf disclaims any obligation to update it, whether as a result of new information, future events or otherwise, except as required by law. requires it.

SOURCE Maple Leaf Foods Inc.

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