Mr. Eric Lefebvre reports

MTY INCREASES ITS QUARTERLY DIVIDEND BY 12%

MTY Food Group Inc.'s quarterly dividend payment will increase from 25 cents per share to 28 cents per share, a growth of 12 per cent. The 28-cent dividend will be payable on Feb. 15, 2024, to shareholders registered in the company's records at the end of the business day on Feb. 5, 2024.

"Two thousand twenty-three marked another year of continued growth for MTY with many of our key indicators, including normalized adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] and cash flows from operations, hitting record highs in the first nine months of 2023. The acquisitions of Wetzel's Pretzels and Sauce Pizza and Wine in the first quarter of 2023, as well as the acquisition of BBQ Holdings Inc. in the last quarter of 2022, greatly contributed to these milestones which led to management's decision to increase our quarterly dividend. The 12-per-cent increase shows the strength of the MTY brand portfolio and our free cash flow generation abilities. We are very confident in the future of MTY. The 12-per-cent increase represents the 11th increase since our first dividend of 4.5 cents per quarter was declared in November, 2010, and our continued commitment to return value to our shareholders," said Eric Lefebvre, chief executive officer of MTY.

We seek Safe Harbor.