Mr. Curtis Frank of Maple Leaf Foods reports

MAPLE LEAF FOODS INC. COMPLETES SPIN-OFF OF CANADA PACKERS INC.

Maple Leaf Foods Inc. has completed the spinoff of its pork operations into Canada Packers Inc. The common shares of Canada Packers will commence trading on the Toronto Stock Exchange on Oct. 2, 2025, under the symbol CPKR.

"Maple Leaf Foods took another bold step today in our journey as a focused, consumer packaged goods company by completing the spinoff of our pork operations. Inspired by our commitment to deliver protein with purpose, we are more ready than ever to meet the world's growing demand for sustainably produced protein," said Curtis Frank, president and chief executive officer of Maple Leaf Foods. "Building on the strength of our powerhouse brands, our industry-leading sustainability practices and our incredible capacity for innovation, we are laser focused on meeting the needs of our customers, delighting consumers and delivering value for all our stakeholders."

"Today marks a new chapter for Canada Packers as we launch as an independent public company," said Dennis Organ, president and chief executive officer of Canada Packers. "We are proud to build on our legacy of delivering premium, responsibly produced pork to customers around the world, and we are excited to unlock new opportunities for growth, innovation and value creation for our shareholders, our partners and our communities. Our commitment to sustainability, operational excellence and disciplined growth will set the standard for our industry, and we're just getting started."

"This is an exciting and historic moment for Canadian business and our industry," said Michael McCain, executive chair at Maple Leaf Foods and Canada Packers. "Maple Leaf Foods and Canada Packers are moving forward today as independent companies, each with a clear investment profile and passionate, extremely experienced teams that are deeply rooted in values-based cultures, and fully prepared to deliver meaningful, long-term value for all stakeholders. The McCain family and McCain Capital Inc. are fully committed to the future of both companies and immensely proud of the purpose-driven commitment to sustainability that each company embodies."

As part of the spinoff, Maple Leaf Foods is retaining a 16-per-cent ownership interest in Canada Packers, and the two companies have entered into an evergreen supply agreement, pursuant to which Maple Leaf Foods will become an anchor customer of Canada Packers and Canada Packers will be a supplier of pork to Maple Leaf Foods for its prepared meat business.

In light of the continuing Canada Post workers' strike and the resulting disruption of mail services, the mailing of direct registration system statements to holders of Canada Packers common shares may be delayed until the strike is over and normal mail services resume.

About Maple Leaf Foods Inc.

Maple Leaf Foods is a leading, protein-focused consumer packaged goods company headquartered in Mississauga, Ont. It proudly produces responsibly made, delicious food under powerhouse brands that include Maple Leaf, Maple Leaf Prime, Maple Leaf Natural Selections, Schneiders, Mina, Greenfield Natural Meat Co., LightLife and Field Roast. Committed to raising the good in food and bringing customers protein with purpose, Maple Leaf Foods delivers shared value for all its stakeholders by leading the way in safety and sustainability, building loved brands, operating with excellence, developing extraordinary talent, and broadening its impact through innovation and geographic reach.

About Canada Packers Inc.

Canada Packers is one of North America's largest producers of raised without antibiotic pork and is committed to its vision to be the global standard in sustainable pork. Headquartered in Mississauga, Ont., Canada Packers delivers a premium mix of products to a diverse mix of customers in North America and across the globe through representative offices in Mexico, China, South Korea, Japan and the Philippines. The company's integrated operations span hog production, processing and value-added innovation.

Early warning disclosure

Prior to the spinoff, Maple Leaf Foods did not own any Canada Packers common shares. In connection with the spinoff, Maple Leaf Foods acquired 4,758,059 Canada Packers common shares, representing 16 per cent of the issued and outstanding Canada Packers common shares (on a non-diluted basis). Maple Leaf Foods has no current intention to acquire or dispose of securities of Canada Packers.

A copy of the early warning report filed by Maple Leaf Foods will be available under Maple Leaf Foods' profile on SEDAR+ or by contacting the company at investor.relations@mapleleaf.com.

We seek Safe Harbor.