Dear Fellow Shareholders:

It will be 15 years ago this year that McCain Capital along with Ontario Teacher’s Pension Plan Board acquired Maple Leaf Foods. Under a visionary management team and the governance of your Board, we have built Maple Leaf into one of Canada’s largest food companies, with three of the top consumer brands in Canada, leading market shares and a significant presence in the U.S. and U.K. frozen and specialty bakery markets.

We have withstood and mitigated the impact of the rise in the Canadian dollar. We managed through a tragic crisis and are resolute in our commitment to become a global food safety leader. With our business stabilized, our strategic agenda is back on track. This company can and will deliver more.

The Board of Directors unanimously supports our strategic priorities – they are well defined and achievable. They include taking significant costs and complexity out of our plant networks and systems, and making some major investments. They commit us to delivering higher levels of growth consistent with other consumer packaged goods companies. The result will be substantial earnings growth that builds off the foundational work of the past 15 years.

On behalf of the Board of Directors, we couldn’t be more supportive or confident in our plan to deliver this value. Maple Leaf is a great company, in a great industry.

Sincerely,

G. WALLACE F. McCAIN, C.C., CHAIRMAN