Mr. George Paleologou reports

PREMIUM BRANDS HOLDINGS CORPORATION AND A MI'KMAQ FIRST NATIONS COALITION ANNOUNCE COMPLETION OF RESTRUCTURING OF SUBORDINATED DEBT OF CLEARWATER SEAFOODS INCORPORATED

Premium Brands Holdings Corp. and FNC Holdings LP, representing a coalition of Mi'kmaq first nations, has successfully completed a transaction, pursuant to which the Mi'kmaq coalition will hold an additional $100-million of subordinated indebtedness in Clearwater Seafoods Inc., and a similar amount of existing subordinate debt will be repaid to Premium Brands.

"This transaction represents a further step to achieving the long-term goal of Premium Brands and the Mi'kmaq coalition having equal economic interests in Clearwater that was contemplated at the time of closing the Clearwater acquisition transaction in January, 2021. We are very pleased to be working with Membertou, Miawpukek, Sipekne'katik, We'koqma'q, Potlotek, Pictou Landing and Paqtnkek in executing our common vision for Clearwater," said George Paleologou, president and chief executive officer of Premium Brands. "Premium Brands intends to use the proceeds from the transaction to reduce indebtedness under its senior revolving credit facility," added Mr. Paleologou.

"Recapitalizing the debt structure for our Clearwater ownership enables the Mi'kmaq coalition to accelerate economic returns to our communities. Together with our partners at Premium Brands, the Clearwater acquisition was a landmark deal for our people in 2021. Today we're proud to say that the benefits will reach our communities faster, providing further stability and prosperity to seven Mi'kmaq communities in Nova Scotia and Newfoundland," said Chief Terry Paul, chief and chief executive officer of Membertou.

"Clearwater is a model for economic reconciliation and is the largest indigenous-owned seafood company in the world. We are pleased to see this additional investment by the Mi'kmaq coalition. It is a testament to their confidence in the company and the long-term value that continues to be created for their communities," said Ian Smith, chief executive officer of Clearwater.

About Premium Brands Holdings Corp.

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada, the United States and Italy.