Maple Leaf Foods

December 2015

2

• Canada’s premier meat company with leading brands and market shares

• Completing transition to low cost, state-of-the-art supply chain

• A highly competitive and focused protein business

• Well-positioned to deliver on strategic target of 10% EBITDA margin in 2016

• Strong balance sheet

• Attractive opportunities to expand margins and drive growth

Investment Thesis

3

CRISIS

Food Safety Tragedy

ACQUISITIONS

30 Completed

ECONOMIC

Currency Shift

INVEST

Complete Supply Chain Rebuild

Change Hardened Company

MONO-LINE PROTEIN

COMPANY

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Fresh and Prepared Meats

Produces high-quality prepared meats and meals, and value-added fresh pork, poultry and turkey products

Agribusiness

Hog production operations that primarily supply livestock, supporting fresh and processing facilities

Our Business Segments

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Core Business: Consumer Protein Products

Do what’s right

Deliver winning results

Build collaborative teams

Get things done in a fact based, disciplined way

Learn and grow, inwardly and outwardly

Dare to be transparent, passionate and humble

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Commitment To Leadership Values

7

Winning in the Food Business

1 2 3 Strong Brands

Leading Market Shares

Competitive Cost

Structure

Maple Leaf

Maple Leaf

Maple Leaf

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Strong National & Regional Brands

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Source: Nielsen Market Track, 52 week period ending 19 Sept 2015.

Market Share Leader

Category Market Share (%) Share Ranking

Wieners 50 #1

Bacon 34 #1

Sliced Meats 27 #1

Frozen Sausages 72 #1

Canned Meats 59 #1

Lunch Kits 99 #1

Meat Snacks 33 #2

Fresh Poultry 13 #1

Frozen Boxed Poultry 7 #2

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Investment in Restructuring Complete

• Approximately $1 billion in capital invested over the last 5 years

• Includes significant investment in scale and technology

• 11 prepared meats manufacturing sites consolidated into 4

• 19 prepared meats distribution centres consolidated into 2

• Completed conversion of multiple legacy systems to SAP

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Restructuring Creates Competitive Cost Structure

• Our vision: become the best protein company in the world

• Transformation from a food conglomerate to a mono-line protein company

Efficiency gains Adjusted EBITDA

1.7x

2010 End-State

3.5%

10%

2005 to 2012 End-State

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Simplified Distribution Network

Old Network: 19 DCs Current Network: 2 DCs

Eastern DC Western DC

• Ship zones = 1,746 (DC-to-customer)

• 34 million kilometres

• Avg. delivery < 1,000 kgs

• Ship zones = 323

• 26 million kilometres

• Avg delivery = 12,000 kgs

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-1.4% -1.3%

0.5%

-4.3%

-1.1%

0.7% 0.5% 1.5%

4.7%

6.0%

7.1%

-6.0%

-3.0%

0.0%

3.0%

6.0%

9.0%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

Quarterly Consolidated Adjusted EBITDA Margin

Steady Trend of EBITDA Margin Expansion

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Today

7.1%

Remaining

2.9%

Target

10.0%

Growing Our EBITDA Margin: Elimination of Ramp-up Inefficiencies Delivers 10%

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Ramp-up Inefficiencies

Contributing Factors in Ramp-up

Excess labour

Reduced line production rates

Lower yields than anticipated

Excess supervisory staff

Excess equipment maintenance

Higher utility costs than expected

Additional SG&A support

Indirect consequences: out-of-code; service deficiency; volume limitations

Very high confidence in resolving these inefficiencies; unpredictable pace & timelines

• Sustainable meat

• Growth in value-added poultry

• Ethnic offerings

• Protein snacking

• Alternative proteins

• Artisanal meats

Growing Our EBITDA Margin: Robust Growth Agenda Provides Opportunities Beyond 10%

16

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No hormones or antibiotics

All vegetarian feed; raised on Canadian

farms

Leadership in animal care

Simpler, more natural

products

A Different Kind of Meat Company

Enabled by a Robust Sustainability Strategy

Building a Powerful Growth Platform in Sustainable Meat

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• Dividend was doubled in 2015

• Executing NCIB – invested $175M to buy-back 7.8M shares during the first eleven months of 2015

• Debt-free with cash on hand of $307M as of September 30, 2015

Strong Balance Sheet; Focus on Capital Allocation

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• State-of-the art, low cost, manufacturing and distribution network

• Leading brands and market position

• Well positioned to deliver 10% EBITDA margin in 2016

• Strong balance sheet

• Opportunities to expand beyond our target:

• High potential growth platforms

• Increase asset utilization

• Remove non-strategic costs

Summary