Maple Leaf Foods : Capital Markets Conference Investor Presentation

Unlocking

Value,

Unleashing

Potential

Transformative transaction to separate Maple Leaf Foods into two independent, public companies

July 9, 2024

Forward-looking statements

This document contains, and the Company's oral and written public communications often contain, "forward-looking information" within the meaning of applicable securities law. These statements are based on current expectations, estimates, projections, beliefs, judgements and assumptions based on information available at the time the applicable forward-looking statement was made and in light of the Company's experience combined with its perception of historical trends. Such statements include, but are not limited to, statements with respect to objectives and goals, in addition to statements with respect to beliefs, plans, targets, goals, objectives, expectations, anticipations, estimates, and intentions. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "could", "would", "believe", "plan", "intend", "design", "target", "undertake", "view", "indicate", "maintain", "explore", "entail", "schedule", "objective", "strategy", "likely", "potential", "outlook", "aim", "propose", "goal", and similar expressions suggesting future events or future performance. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in the forward- looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Specific forward-looking information in this document may include, but is not limited to, statements with respect to: the anticipated benefits of Maple Leaf Foods separating into two independent public companies, including each company's growth potential, business model, value proposition and ability to be a leader in its field; the structure of the separation as a return of capital spinoff and the anticipated tax consequences; the expected timing of the completion of the separation; the timing and receipt of shareholder approval in respect of the transaction and receipt of other customary approvals, including third-party consents; the post-separation business structure of Maple Leaf Foods and the new Pork Company, including the 19.9% ownership of the new Pork Company by Maple Leaf Foods and the entry into and benefits of the evergreen pork supply agreement between the two companies; the competitive conditions and the ability of the Maple Leaf Foods and the new Pork Company to position themselves competitively in the markets in which they operate; the execution of the business strategy of Maple Leaf Foods following the spinoff, including the development and expected timing of business initiatives, brand expansion and repositioning, plant protein category investment and performance, and investment in potential growth opportunities and the expected returns associated therewith; the execution of the business strategy of the new Pork Company following the spinoff, including increasing volumes, optimizing operational and processing efficiencies, and building on industry-leading sales mix and margins; future market conditions, including trends relating to protein demand and consumption and global pork markets; the composition of the management teams of each company and their ability to execute on each company's business strategy, value proposition and prospects for growth; the ability of Maple Leaf Foods and the new Pork Company to achieve their respective sustainability objectives; changes in customer and consumer expectations related to sustainability matters; future performance, including with respect to financial objectives, goals and targets and global pork market dynamics; and the continued involvement and support of any shareholders.

The forward-looking statements are based on certain key expectations and assumptions made in respect of Maple Leaf Foods or the new Pork Company, as the case may be. These factors and assumptions are based on information currently available to the Company, including information obtained by the Company from third-party sources and include but are not limited to the following: expectations and assumptions concerning the timing and completion of the separation of Maple Leaf Foods into two independent public companies and the success of such separation; expectations regarding the adaptations in operations, supply chain, customer and consumer behaviour, economic patterns (including but not limited to global pork markets), foreign exchange rates, international trade dynamics and access to capital, including possible presence or absence of structural changes associated with economic recovery since the pandemic; the competitive environment, associated market conditions and market share metrics, category growth or contraction, the expected behaviour of competitors and customers and trends in consumer preferences; the success of the business strategy of Maple Leaf Foods and the new Pork Company and the relationship between pricing, inflation, volume and sales of each company's products; prevailing commodity prices (especially in pork and feed markets), interest rates, tax rates and exchange rates; the economic condition of and the sociopolitical dynamics between Canada, the U.S., Japan and China, and the ability of Maple Leaf Foods and the new Pork Company to access markets and source ingredients and other inputs in light of global sociopolitical disruption, and the ongoing impact of global conflicts on inflation, trade and markets; the spread of foreign animal disease (including ASF and Avian Influenza), preparedness strategies to manage such spread, and implications for all protein markets; the availability of and access to capital to fund future capital requirements and ongoing operations; the availability of insurance coverage to manage certain liability exposures; prevailing regulatory, tax and environmental laws; and future operating costs and performance, including the ability of Maple Leaf Foods and the new Pork Company to achieve operating efficiencies and maintain sales volumes, turnover of inventories and turnover of accounts receivable. Readers are cautioned that these assumptions may prove to be incorrect in whole or in part and actual results may differ materially from those anticipated in any forward-looking statements.

Factors that could cause actual results or outcomes to differ materially from the results expressed, implied, or projected in the forward-looking statements contained in this document include, among other things, risks associated with the following: the separation of Maple Leaf Foods into two independent public companies not proceeding as expected, including as a result of the conditions of the transaction not being satisfied; the possibility that the separation will not be completed within the anticipated time period or at all; the ability of the separated companies to each succeed as a standalone publicly traded company, the possibility that the separation will not achieve its intended benefits; unanticipated effects of the announcement or pendency of the separation on the market price of the Company's securities and/or on the financial performance of the Company; macro economic trends, including inflation, consumer behaviour, recessionary indicators, labour availability and labour market dynamics and international trade trends (including global pork markets); the results of each of Maple Leaf Food's and the new Pork Company's execution of its business plans, the degree to which benefits are realized or not, and the timing associated realizing those benefits, including the implications on cash flow; competition, market conditions, and the activities of competitors and customers, including the expansion or contraction of key categories, inflationary pressures, pork market dynamics and Japan export margins; the health status of livestock, including the impact of potential pandemics; international trade and access to markets and supplies, as well as social, political and economic dynamics, including global conflicts; operating performance, including manufacturing operating levels, fill rates and penalties; availability of and access to capital, and compliance with credit facility covenants; the execution of capital projects and investment maintenance capital; food safety, consumer liability and product recalls; climate change, climate regulation and each company's sustainability performance; strategic risk management; acquisitions and divestitures; fluctuations in the debt and equity markets; fluctuations in interest rates and currency exchange rates; pension assets and liabilities; cyclical nature of the cost and supply of hogs and the competitive nature of the pork market generally; the effectiveness of commodity and interest rate hedging strategies; impact of changes in the market value of the biological assets and hedging instruments; the supply management system for poultry in Canada; availability of plant protein ingredients; intellectual property, including product innovation, product development, brand strategy and trademark protection; consolidation of operations and focus on protein; the use of contract manufacturers; reputation; weather; compliance with government regulation and adapting to changes in laws; actual and threatened legal claims; consumer trends and changes in consumer tastes and buying patterns; environmental regulation and potential environmental liabilities; consolidation in the retail environment; employment matters, including complying with employment laws across multiple jurisdictions, the potential for work stoppages due to non-renewal of collective agreements, recruiting and retaining qualified personnel, reliance on key personnel and succession planning; pricing of products; managing each company's supply chain; and other factors as set out under the heading "Risk Factors" in the Company's Management Discussion and Analysis for the year ended December 31, 2023. The Company cautions readers that the foregoing list of factors is not exhaustive.

More information about risk factors can be found under the heading "Risk Factors" in the Company's Annual Management's Discussion and Analysis for the year ended December 31, 2023, that is available on SEDAR+ at www.sedarplus.ca. The reader should review such section in detail. Additional information concerning the Company, including the Company's Annual Information Form, is available on SEDAR+ at www.sedarplus.ca. All forward-looking statements included herein speak only as of the date hereof. Unless required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements contained herein are expressly qualified by this cautionary statement.

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

2

Maple Leaf Foods has established itself as an iconic, purpose-driven Canadian Food company

1995 2005

Foundation Building Era

Structural Adjusted EBITDA Margin ~3.5%

• Maple Leaf, with roots back to 1898, acquired by McCain Family and Ontario Teachers' Pension Fund
• Established Culture, Values, Operating Rhythms
• 30+ Meat acquisitions
• 2008 Food Safety tragedy
• First scale investment: Brandon Pork facility
• Established 10% Adjusted EBITDA margin target

2010 2017

Transformation Era

Delivered 10% Adjusted EBITDA Margin

• Invested ~$1B to increase scale, secure Prepared Meats competitiveness
• Construction and start-up of Heritage facility in Hamilton, Ontario
• Migrated multiple legacy systems to SAP
• Divested non-core assets
• Became a singularly focused protein company

2017 2023

Investing for

Future Growth

Established 14% - 16% Meat Adjusted EBITDA Target

• Established Purpose, Vision and Blueprint for growth
• Invested over $1B in London Poultry and Winnipeg Bacon Centre of Excellence assets
• Acquired VIAU, Lightlife and Field Roast
• Launched the Centre for Action on Food Security
• Established Sustainable Meats business

2024 FUTURE

Ready to Unlock

Our Full Potential

Poised to unleash value- generating growth

• Consumer Packaged Goods (CPG) business houses market leading brands
• Globally-admiredPork business with diversified customer base
• Our best-in-class sustainability practices create platform for growth
• Distinct growth strategies and management focus

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

3

The next evolution of our Blueprint

Maple Leaf Foods to Unlock Value as Purpose-Driven Consumer Packaged Goods Business with Plan to Spin Off its World-Leading Pork Company

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

4

Two world-class companies accelerating into the next era of growth

• The two independent public companies will each be unleashed with a sharper focus to execute their respective growth strategies and deliver on their uncompromising commitment to shared value creation
• • Maple Leaf Foods will realize its vision to be the Most Sustainable Protein Company on Earth, now as a more focused, purpose-drivenConsumer Packaged Goods company that will meet the world's growing need for sustainably produced protein
  • The new Pork Company will be unleashed as a world-leading organization which produces sustainable meat the right way, taking advantage of its unique business model and unlocking its own significant growth potential
• An evergreen supply agreement will play an essential role in delivering value for both companies while allowing each to pursue their individual value creation strategies
• Best-in-classsustainability practices will continue to be foundational to both companies

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

5

Market Position

A clear path to unlocking value and unleashing potential by separating into two independent companies

Maple Leaf Foods	The new Pork Company
Realizing our vision to be the most Sustainable Protein Company on	An unleashed, world-leading organization producing sustainable meat the
Earth, now as a more focused, purpose-driven CPG company positioned	right way, taking advantage of its unique business model to unlock
to meet the world's growing need for sustainably produced protein.	significant growth potential.

Portfolio Mix

~5% Plant Protein

Business

Overview Poultry

~25%

~70%

Prepared

Meats

Key

Markets

Leading BrandsHog Production

	1.7M
	Hogs raised annually
	14
Diversified Protein Portfolio	Fully-integrated
hog production pyramids
	2.3M
	Hogs procured annually

Pork Processing

4M

Hogs processed annually

3

Processing facilities in Manitoba and Alberta

Leadership in sustainability and shared value creation will remain a foundation of both companies

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

6

Maple Leaf Foods: a brand-led,protein-focused Consumer Packaged Goods company with a vision to be the Most Sustainable Protein Company on Earth

Maple Leaf Foods

Prepared Meats	~70%
of Annual Sales

$3.6B(1)

Pro Forma

LTM Revenue

Poultry

#1

Prepared Meats, Fresh Poultry, Halal Poultry & Sustainable Meats Brands*

~25%	Plant Protein
of Annual Sales

1st

Carbon Neutral

Major Food Company

~5%

of Annual Sales

• Portfolio of leading brands: #1 (Schneiders) and #2 (Maple Leaf)
• #1 Sustainable Meats brand in Canada and #3 in U.S. (Greenfield)

®

• Engagement in 15+ grocery categories
• World-classsupply chain with

capacity to support growth

• Portfolio of leading brands: including the #1 Fresh Poultry brand (Maple Leaf Prime) and #1 Halal brand (Mina)
• Unique capabilities in Sustainable Meats and Halal
• Supply-managedindustry, predominantly Canadian business
• Provides security of supply for Prepared Meats portfolio
• World-classLondon Poultry plant in full operation

• Portfolio of leading U.S. brands: including the #3 in Refrigerated plant protein, #1 in Tempeh, #1 in Hot Dogs, #1 in Bacon
• Predominantly a U.S. business with head office and Innovation Center of Excellence in Chicago, IL and three U.S.-based processing facilities
• Unique capabilities in Plant-Based Meats, Tempeh, Vegan Certified and Vegan Cheese
• Broad portfolio with engagement in 10+ categories

1 This is an estimate based on the last 12 months ended March 31, 2024. See "Non-IFRS Metrics and Management's Preliminary Estimates" for more information

• MARKET SHARE DATA SOURCE: TRACKED CATEGORIES; NIELSENIQ, MARKETTRACK, SPINS-IRI TOTAL MULO+NATURAL CHANNEL

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

7

Maple Leaf Foods: investment highlights

Poised to capitalize on the growing demand for protein

 Global protein consumption is projected to nearly double by 2050 due to a growing population, rising affluence, urbanization, aging demographics, and dietary shifts toward protein-rich foods.

• Our diverse protein portfolio spans Prepared Meats, Value-Added Poultry, and Plant Based Proteins.

Maple Leaf Foods is positioned to meet the world's growing need for sustainably produced protein

Compelling revenue growth platforms with margin expansion program already underway

• Investing and innovating in category-leading brands, expanding our U.S. platform, and leading in Sustainable Meats.
• Harvesting the benefits of significant growth capital investments with a pipeline of ongoing cost reduction initiatives.
• Strategic opportunities to reshape our portfolio through disciplined investments, following balance sheet deleveraging.

Bold vision to lead in Sustainable Protein

• Commitment to becoming the Most Sustainable Protein Company on Earth, driving shared value creation through leadership in sustainability.
• Leveraging our strategic differentiators and unique capabilities to broaden our market reach.

North American scale manufacturing facilities with capacity to enable growth

• Best-in-classmodern facilities with the capacity to support future growth without significant capital investment.
• Security of incoming raw material through supply-managed poultry supply chain and a strategic evergreen supply agreement with the new Pork Company enable ability to grow.

Exceptional management team with deep CPG expertise

• A world-class management team with extensive industry experience, dedicated to the long-term success of Maple Leaf.
• Increased focus provides compelling opportunities for our people, enhancing our competitive edge.

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

8

The Blueprint will continue to serve as Maple Leaf Foods' strategic compass

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

9

The new Pork Company: a global leader in sustainably produced, premium quality, value-added pork products

The new Pork Company	$1.7B(1)
Pro Forma LTM
	Annual Sales
World-class hog processing	Globally admired pork
and production	business

93%	Leading
Of owned spaces Gestation	Producer of Pork Raised
Crate Free	Without Antibiotics

Diversified global customer base

• Four million hogs processed annually with near-term potential to add one million more
• Leading North American producer of Raised Without Antibiotics (RWA) pork
• Value-addedproduction capabilities to meet specific customer needs
• Guided by industry-leading best practices in sustainability, worker safety and animal care
• Leadership in transition to gestation crate free via commitment to advanced open sow housing

• Key supplier of sustainably produced, premium quality pork products sold to a global customer base
• Industry-leadingsales mix enables optimization of realized value for products
• Tenured management team with experience leading large-scale meat protein businesses
• Demonstrated resilience in business model through Pandemic and Post- Pandemic economy

• Key supplier of Raised Without Antibiotics and conventional pork products to customers in Canada and the U.S.
• Well-diversifiedcustomer base in North America and internationally with Maple Leaf Foods as North American anchor customer
• Long established track record with major Canadian retailers
• +25-yearpartnerships with the largest meat distribution companies in Japan
• Direct market access to all major pork importing countries

1 This is an estimate based on the last 12 months ended March 31, 2024. See "Non-IFRS Metrics and Management's Preliminary Estimates" for more information

MAPLE LEAF FOODS - UNLOCKING VALUE, UNLEASHING POTENTIAL | JULY 2024

10