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Maple Leaf Foods and West Face Capital Reach Accord

TORONTO, Feb 03, 2011 /PRNewswire via COMTEX/ —

TSX: MFI
www.mapleleaf.com

Maple Leaf Foods Inc. (“Maple Leaf” or the “Company”) announced today
that it has reached an agreement with West Face Capital, a
Toronto-based investment fund that owns approximately 11.4% of the
Company’s shares outstanding.

As part of the agreement, Maple Leaf Foods has appointed Gregory A.
Boland
to the Maple Leaf Board of Directors. Mr. Boland will also serve
on the Corporate Governance and Human Resources and Compensation
Committees. Mr. Boland is the CEO of West Face Capital. West Face
Capital will withdraw its requisition for a special meeting to vote on
five, non-binding, advisory resolutions. Consequently, the Company’s
Annual General Meeting of Shareholders will proceed as planned on April
28
th but the advisory resolutions will not be considered.

“Mr. Boland’s appointment is part of an ongoing process to make changes
in the composition and structure of our board that reflect the recent
significant changes in our shareholder base,” said James Hankinson,
Chair of the Governance Committee. “Mr. Boland brings both experience
and perspective that will be an asset to the Board as we continue to
build sustained shareholder value.”

“We are pleased to have reached this constructive resolution and look
forward to working with Maple Leaf Foods to increase shareholder value”
said Greg Boland.

In early January the Board retained Russell Reynolds Associates, a
leading global executive search firm, which will assist the Board to
identify a second new independent director for nomination to the Board
at the 2011 Annual General Meeting. Pursuant to the agreement with West
Face Capital, the Board will also reduce the number of directors to be
nominated for election at the 2012 Annual General Meeting, from
fourteen to ten or twelve. In the latter case, four of the incumbent
directors will not be re-nominated and the Board will nominate two new
independent directors.

The full text of the agreement will be available at www.sedar.com.

Maple Leaf Foods Inc. is a leading food processing company,
headquartered in Toronto, Canada. The Company employs approximately
22,500 people at its operations across Canada and in the United States,
the United Kingdom, and Asia. The Company had sales of $5.2 billion in
2009.

SOURCE Maple Leaf Foods Inc.