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Maple Leaf Foods Completes $800 Million Debt Refinancing

TORONTO, May 17, 2011 (Canada NewsWire via COMTEX) —

TSX: MFI
www.mapleleaffoods.com

Maple Leaf Foods announced today that it has
entered into a new four year Cdn$800 million revolving credit facility
with a syndicate of Canadian, U.S. and international institutions.

The facility replaces a Cdn$870 million revolving credit facility that
was due to mature on May 31(st, )2011. The new facility is unsecured and will bear interest based on
short-term interest rates. The financing, which matures on May 16(th), 2015, increases the weighted average term of the Company’s debt to 4.6
years. The facility will be used to meet the Company’s short-term
funding requirements for general corporate purposes, and to provide
appropriate levels of liquidity.

“This facility is the last in a series of debt refinancing that began
in 2010, and was negotiated at competitive investment grade financing
rates,” said Michael Vels, Chief Financial Officer. “It provides
sufficient liquidity to support both our ongoing business needs and the
implementation of our value creation plan. We are committed to
maintaining a strong balance sheet by ensuring our strategic
investments are matched with steady earnings growth. Our ability to
finance on favourable terms is a reflection of the investment
community’s confidence in our business and future.”

The lending covenants in the new facility are largely consistent with
the Company’s existing credit arrangements.

Maple Leaf Foods Inc. is a leading food processing company,
headquartered in Toronto, Canada. The Company employs approximately
21,000 people at its operations across Canada and in the United States,
the United Kingdom, and Asia. The Company had sales of $5.0 billion in
2010.

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SOURCE: Maple Leaf Foods Inc.

<p> Investor Contact: Nick Boland,<br/> VP Investor Relations:
416-926-2005<br/> Media Contact: 416-926-2020 </p>