MAPLE LEAF FOODS INC. ANNUAL INFORMATION FORM February 25, 2021 MAPLE LEAF FOODS INC. ANNUAL INFORMATION FORM February 25, 2021 Table of Contents FORWARD-LOOKING INFORMATION ................................................................................................................................................. 1 CORPORATE STRUCTURE ................................................................................................................................................................... 4 GENERAL DEVELOPMENT OF THE BUSINESS ..................................................................................................................................... 5 Overview ..................................................................................................................................................................................... 5 Vision and Strategy ...................................................................................................................................................................... 6 Safety and Business Continuity During the COVID-19 Pandemic ................................................................................................. 8 DESCRIPTION OF THE BUSINESS ....................................................................................................................................................... 9 Meat Protein Group ..................................................................................................................................................................... 9 Plant Protein Group ................................................................................................................................................................... 12 OTHER INFORMATION ABOUT MAPLE LEAF FOODS ....................................................................................................................... 14 Foreign Operations .................................................................................................................................................................... 14 Intellectual Property: Trademarks, Brands and Innovation ....................................................................................................... 15 Employees and Labour Relations ............................................................................................................................................... 15 Currency .................................................................................................................................................................................... 16 Pricing ........................................................................................................................................................................................ 16 Reliance on Key Customers ........................................................................................................................................................ 16 ENVIRONMENTAL SUSTAINABILITY ................................................................................................................................................. 17 RISK FACTORS .................................................................................................................................................................................. 18 DESCRIPTION OF CAPITAL STRUCTURE ........................................................................................................................................... 18 Common Shares......................................................................................................................................................................... 18 Non-Voting Securities ................................................................................................................................................................ 19 Preferred Shares ........................................................................................................................................................................ 19 Governance Agreement ............................................................................................................................................................. 21 Credit Facilities .......................................................................................................................................................................... 22 DIVIDENDS ...................................................................................................................................................................................... 22 Dividend Policy .......................................................................................................................................................................... 22 Dividend History ........................................................................................................................................................................ 23 MARKET FOR SECURITIES ................................................................................................................................................................ 24 DIRECTORS AND OFFICERS .............................................................................................................................................................. 25 Executive Officers ...................................................................................................................................................................... 26 Cease Trade Orders, Bankruptcies, Penalties or Sanctions ........................................................................................................ 29 AUDIT COMMITTEE ......................................................................................................................................................................... 29 Composition of the Audit Committee ........................................................................................................................................ 29 Relevant Education and Experience of Audit Committee Members .......................................................................................... 30 LEGAL PROCEEDINGS AND REGULATORY ACTIONS ......................................................................................................................... 32 CONFLICTS OF INTEREST ................................................................................................................................................................. 32 INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ................................................................................... 32 TRANSFER AGENT AND REGISTRARS ............................................................................................................................................... 32 INTERESTS OF EXPERTS ................................................................................................................................................................... 32 MATERIAL CONTRACTS ................................................................................................................................................................... 33 ADDITIONAL INFORMATION ........................................................................................................................................................... 33 APPENDIX “A” .................................................................................................................................................................................. 34 MAPLE LEAF FOODS INC. ANNUAL INFORMATION FORM Unless otherwise indicated, the information in this Annual Information Form is given as of December 31, 2020 and all amounts are in Canadian dollars. Unless the context otherwise requires, references herein to “Maple Leaf Foods” or the “Company” are to Maple Leaf Foods Inc. and its consolidated subsidiaries. FORWARD-LOOKING INFORMATION 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, judgments 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