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Shareholder Rights Plan Approved by Shareholders and Accepted by the TSX

TSX: MFI

TORONTO, Dec. 22, 2011 /PRNewswire/ – Maple Leaf Foods Inc. (the “Company”) announced today that the amended
and restated shareholder rights plan agreement (the “Rights Plan”)
between the Company and Computershare Investor Services Inc., as rights
agent dated as of December 5, 2011 was accepted by the Toronto Stock
Exchange on December 21, 2011 in accordance with its rules and
policies. The acceptance by the Toronto Stock Exchange followed
approval by shareholders of a resolution (the “Resolution”) approving,
ratifying and confirming the Rights Plan.

The Resolution was approved by (a) 96.25% of all votes cast by
shareholders present or represented by proxy at the Company’s special
meeting (the “Meeting”) held on December 14, 2011 and (b) 93.96% of all
votes cast by shareholders present or represented by proxy at the
Meeting other than votes cast by “Grandfathered Persons”, being
beneficial owners of 20% or more of the common shares at the time the
Rights Plan was implemented.

The full text of the Rights Plan is available at www.sedar.com.

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.

SOURCE Maple Leaf Foods Inc.

Investor Contact: Michael Vels, CFO 416-926-2048
Media Contact: 416-926-2020