Maple Leaf Foods Increases Quarterly Dividend by 9% and announces First Quarter Distribution

TSX: MFI
www.mapleleaffoods.com

MISSISSAUGA, ON, Jan. 10, 2025 /PRNewswire/ - Maple Leaf Foods Inc. ("Maple Leaf Foods" or the "Company") (TSX: MFI), an iconic Canadian protein company, announced today that it is increasing its quarterly cash dividend by 9% from $0.22 per share to $0.24 per share, or $0.96 per share annually. With this increase, the dividend payment for the first quarter of 2025 will be $0.24 per common share, payable on March 31, 2025, to shareholders of record at the close of business on March 7, 2025. 

"I'm pleased to announce that for the tenth consecutive year, Maple Leaf Foods is delivering an increase in its quarterly dividend," said Curtis Frank, President and CEO. "We are proud of our long history of sustainable dividend growth supported by the execution of our strategic Blueprint as we continue to meet the rising consumer demand for protein."

The Company's Dividend Reinvestment Plan ("DRIP") permits eligible shareholders to direct their cash dividends to be reinvested in additional common shares of the Company. The Company is eliminating the 2% discount on the treasury shares issued under the DRIP starting with this 2025 first quarter dividend. Therefore, for shareholders who wish to reinvest their dividends under the DRIP, Maple Leaf Foods intends to issue common shares from treasury at a price equal to 100% of the weighted average closing price of the shares for the five trading days preceding the dividend payment date. Full details of the DRIP, including how to enroll in the program, are available at https://www.mapleleaffoods.com/. 

Unless indicated otherwise by the Company at or before the time the dividend is paid, the dividend will be considered an eligible dividend for the purposes of the "Enhanced Dividend Tax Credit System".

About Maple Leaf Foods Inc.
Maple Leaf Foods is a leading protein company responsibly producing food products under leading brands including Maple Leaf^®, Maple Leaf Prime^®, Maple Leaf Natural Selections^®, Schneiders®, Schneiders^® Country Naturals^®, Mina^®, Greenfield Natural Meat Co.^®, LightLife^® and Field Roast™. The Company employs approximately 13,500 people and does business primarily in Canada, the U.S. and Asia. The Company is headquartered in Mississauga, Ontario and its shares trade on the Toronto Stock Exchange (MFI).

Forward Looking Statements
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide Maple Leaf Foods security holders and potential investors with information regarding the Company, including management's assessment of the Company's future plans. All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, readers should not put undue reliance on forward-looking information. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Company's Management Discussion and Analysis for the quarter ended September 30, 2024 and the year ended December 31, 2023, both of which are filed on SEDAR+ at www.sedarplus.ca. The Company does not intend to, and disclaims any obligation to, update any forward-looking statements (including any financial outlooks), whether written or oral, or whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Maple Leaf Foods Inc.