MAPLE LEAF FOODS RECEIVES TSX APPROVAL TO PROCEED WITH NORMAL COURSE ISSUER BID

MISSISSAUGA, ON, March 11, 2026 /PRNewswire/ - Maple Leaf Foods Inc. (the "Company") (TSX: MFI) today announced that the Toronto Stock Exchange (the "TSX") has accepted the notice filed by the Company to establish a normal course issuer bid ("NCIB") program.

The NCIB program commences on March 13, 2026 and will terminate on March 12, 2027, or on such earlier date as the Company may complete its purchases pursuant to a Notice of Intention filed with the TSX. Under the NCIB program, the Company is authorized to purchase up to 7,300,000 of its common shares (out of the 124,642,411 common shares outstanding as at March 2, 2026 and representing 9.73% of the public float of 74,997,436 common shares as at March 2, 2026), by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems. Daily purchases on the TSX will be limited to a maximum of 76,396 common shares, representing 25% of the average daily trading volume on the TSX for the six months ended February 28, 2026 (being 305,586 common shares), except where purchases are made in accordance with the "block purchase exception" of the TSX rules. All common shares purchased by the Company under the NCIB will be cancelled. Pursuant to the terms of a previous normal course issuer bid approved by the TSX on March 11, 2025, the Company repurchased an aggregate of 658,800 common shares on the TSX and on alternative Canadian trading systems during such normal course issuer bid at a weighted average price of $28.74 per share for cancellation during the period commencing on March 13, 2025 and ending on March 10, 2026. The Company's prior NCIB for the purchase of up to 7,400,000 common shares will expire on March 12, 2026.

In deciding to establish the NCIB, the Company believes that the market price of the common shares may not, from time to time, fully reflect their value and accordingly the purchase of the common shares would be in the best interest of the Company and an attractive and appropriate use of available funds.

Purchases will be made by the Company in accordance with the requirements of the TSX and the price which the Company will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX. Shares will be repurchased in accordance with management's discretion, subject to applicable law.

Although the Company presently intends to purchase common shares under its NCIB, there can be no assurances that any such purchases will be completed. Any purchases made under NCIB will be made by the Company at the prevailing market price at the time of acquisition and through the facilities of the TSX or alternative Canadian trading systems, as applicable.

In connection with the NCIB, the Company has also entered into an automatic share purchase plan with its designated broker to allow for purchases of common shares during certain pre-determined blackout periods, subject to certain parameters as to price and number of common shares. Outside of these pre-determined blackout periods, common shares will be purchased in accordance with management's discretion, subject to applicable law. The plan constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

About Maple Leaf Foods

Maple Leaf Foods (TSX: MFI) is a leading, protein-focused consumer packaged goods company headquartered in Mississauga, Ontario. 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.

Forward-Looking Statements

This document may contain "forward-looking information" within the meaning of applicable securities law, including statements related to the Company's NCIB, future purchases of common shares pursuant to the NCIB and the Company's automatic share purchase plan. These statements are not guarantees of future events and involve assumptions and risks and uncertainties that are difficult to predict. Some of these assumptions and risks and uncertainties are described in more detail in the Company's filings, including the Company's Management Discussion and Analysis for the quarter and the year ended December 31, 2025, as well as the Management Information Circular dated May 1, 2025, made with the securities regulatory authorities in Canada which are available on SEDAR+ at www.sedarplus.ca. Actual results may differ materially from those expressed, implied or forecasted in such forward-looking information. Maple Leaf Foods does not intend to, and Maple Leaf Foods 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.

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SOURCE Maple Leaf Foods Inc.