The primary responsibility of the Maple Leaf Foods Board of Directors is the stewardship and oversight it brings to the management of this great food company. We are focused on doing what’s right for our people, the business and the creation of value for all shareholders. This responsibility has never been more demanding than at this time in the Company’s history.

The year 2012 was one of transition – for the Company and the Board. Over the past three years, six directors retired and two new directors were elected, reducing the Board size from 14 to 10 directors. I became Chairman, tasked with filling the formidably large shoes of Purdy Crawford, who retired from the Board last year.

On the election of the new Board, there was a significant reassignment of directors to the Board’s standing committees as well as committee chairs. Our aim was to take a fresh look at the matters under each committee mandate. In addition to my orientation program with the Company and its operations, I spent a good deal of time meeting individually with directors to ensure alignment around the Company’s game plan for the years ahead.

The first priority has to be successful execution of our major value creation and capital expenditure program, and the realization of significant earnings improvements through 2015. The current economic and competitive environment is unforgiving and demands a high level of managerial rigour and adaptability. While progress is being made, the Board is mindful that the next phase of the strategy is critical to achieving our earnings targets.

More than ever, Maple Leaf’s success as a public company requires a high standard of corporate governance. Of the 10 members of our Board, eight have been determined by the Corporate Governance Committee to be independent. Our independent directors are experienced business leaders offering a diverse portfolio of skills and competencies. Board engagement is strong and discussions are informed by extensive analysis, candid debate and ready access to Management. To further deepen the Board’s understanding of the business, we also operate a unique program called Board Connect. Board Connect pairs each director with an operating company president or senior leader in one of our businesses for a day. This creates a continuing opportunity for an exchange of information and to build a deeper understanding of the business.

We regularly evaluate our practices by monitoring Canadian governance and regulatory developments, evolving our own governance practices based on what is best for the health and safety of our employees, for our customers and for returns to our shareholders. Operating with integrity at all times, we plan to build on the accomplishments of 2012 as we consistently grow value in 2013 and beyond.

Sincerely,

DAVID EMERSON

Chairman