Maple Leaf Foods Inc. agreed to Spin-Off 80.1% stake in Pork business on July 9, 2024. Upon completion of the Transaction, existing Maple Leaf Foods shareholders are expected to receive a pro-rata distribution of shares of the new Pork Company, and as a result will own shares in both Maple Leaf Foods and the new Pork Company. For the period ended March 31, 2024, Pork business had sales of CAD 1.65 billion and EBTIDA of CAD 72 million. The Transaction will be subject to shareholder approval at a Special Meeting of Maple Leaf Foods? shareholders, as well as other customary approvals, including the receipt of all required third-party consents. The plan to proceed with the separation, has been approved by the Board of Directors of Maple Leaf Foods, on the recommendation of a Special Committee of the Board, composed entirely of independent directors, and has the full support of Maple Leaf Foods? largest and controlling shareholder, McCain Capital Inc. and the McCain family. Dennis Organ will be the Chief executive of the new Pork Company. Maple Leaf Foods expects that the Transaction will be completed in 2025.

BMO Capital Markets and Centerview Partners acted as financial advisors, and Blake, Cassels & Graydon LLP acted as legal advisor to Maple Leaf Foods. Torys LLP acted as legal advisor to the Special Committee. RBC Capital Markets provided the fairness opinion to the Special Committee.