#1B Premium Brands Investor Presentation December 7, 2021 PERT#2Disclaimer This presentation is not intended to form the basis of any investment decision and should not be considered as a recommendation by Premium Brands Holdings Corporation (the "Company") or any other person in relation to the Company's business or the securities of the Company. This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the securities of the Company, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any of the Company's securities in any jurisdiction. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. Forward Looking Statements This presentation contains forward looking statements with respect to the Company, including its business operations, strategy and financial performance and condition, proposed acquisitions and plans and objectives of or involving the Company. While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and belief as of the date of this presentation, there can be no assurance that such expectations will prove to be correct as such forward looking statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. Forward looking statements generally can be identified by the use of the words "may", "could", "should", "would", "will", "expect", "intend", "plan", "estimate", "project", "anticipate", "believe" or "continue", or the negative thereof or similar variations. Forward looking statements in this presentation include statements with respect to the Company's expectations regarding: (i) the Company's operational, business improvement, growth and expansion initiatives; (ii) the Company's acquisition pipeline (iii) its ESG initiatives, goals and targets; (iv) the Company's projected organic growth rate, revenues and EBITDA; (v) the Company's projected investment income; and (vi) the expected rate of return and margins on the Company's acquisitions. Forward looking statements are based on a number of key expectations and assumptions made by the Company, including, without limitation the expectations and assumptions outlined in the Company's MD&A for the 13 and 39 weeks ended September 25, 2021 and the 13 and 52 weeks ended December 26, 2020, copies of which are filed electronically through SEDAR and are available online at www.sedar.com. Although the forward looking statements contained in this presentation are based on what the Company's management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results. Factors that could cause actual results to differ materially from the Company's expectations are outlined in the Company's MD&A for the 13 and 39 weeks ended September 25, 2021 and the 13 and 52 weeks ended December 26, 2020. Readers are cautioned that the foregoing risks and uncertainties are not exhaustive. Forward looking statements reflect management's current beliefs and are based on information currently available to the Company. Unless otherwise indicated, the forward looking statements in this presentation are made as of the date of this presentation and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking statements in this presentation. By delivery of this presentation, the Company is not making any representation or warranty, express or implied, as to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. By accepting this presentation, the recipient agrees that the Company shall not have any liability for any representation or warranty, express or implied, contained in, or for any omission from, this presentation. Extraordinary Times Extraordinary Team 2#3Today's Presenters • • George Paleologou President & Chief Executive Officer Will Kalutycz Chief Financial Officer Extraordinary Times Extraordinary Team 3#4Premium Brands To provide talented proven entrepreneurs with the resources they need to transform their good food businesses into bigger great food businesses ENTREPRENEURSHIP with ACCOUNTABILITY Extraordinary Times Extraordinary Team 4#5Company Profile Revenue EBITDA Business platforms Geographic reach 2004 Current $4.6 billion $0.2 billion $14.1 million $405.0 million 2 6 Western Canada North America 8 108 Operating facilities Employees 900 11,000 Free cash flow per share $0.78 $5.80 Annualized dividend rate $ nil $2.54 / share Cumulative dividends $ nil $653.7 million Share price $9.75 $130.25 Extraordinary Times Extraordinary Team 5#6Platform Overview BUSINESS GROUP OVERVIEW 2020A REVENUE 2020A REVENUE % PRO-FORMA LTM REVENUE Protein Formed in 1997/1998 through the acquisition of Grimm's Fine Foods, McSweeney's and Harvest Meats C$1,762m 43% • C$1,957m SF Sandwich Formed in 1999 through the acquisition of Quality Fast Foods C$826m • 20% . C$934m PFD Bakery & Culinary Formed in 2007 through the acquisition of Stuyver's Bakery • C$79m • 2% • C$112m Distribution Formed in 2005 through the acquisition of Harlan Fairbanks • C$865m • 21% C$999m Seafood Formed in 2010 through the acquisition of Maximum Seafood C$536m 13% C$831m Extraordinary Times Extraordinary Team 6#7Protein Platform Evolution Acquired Grimm's Fine Foods Acquired Made-Rite and constructed new plant Invested in McLean's Acquired Acquired Acquired Freybe Second Hempler's plant expansion McSweeney's Acquired Harvest Meats First Harvest plant Expansion Second Harvest plant expansion Acquired Hempler's and constructed new plant SJ Fine Foods Acquired Expresco Acquired Belmont Meats Acquired Skilcor Acquired VSM Brands Acquired Oberto Acquired Concord Premium Meats Acquired Country Prime Meats Acquired The Meat Factory Acquired Yorkshire Valley Farms Piller's plant expansion 50,000 sf expansion of Hempler's facility Invested in La Felinese Oberto smokehouse expansion Acquired Piller's First Hempler's plant expansion Rationalized Freybe and Grimm's plants Third Harvest plant expansion Acquired Isemio's Acquired Fletcher's US Acquired Leadbetter Increased investment in McLean's Acquired Multi-Task Acquired Bavarian Meats Acquisition of Maid-Rite 1997- 1998 1999 2004 2006 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 MOSWEENEY'S HARVEST HARVEST HARVEST Care Exoresco OBERTO BELMONT HEARS SKILCOR LaFelinese Piller's MCLEAN Piller's Freybe HARTST LEADBETTER ISERNIO'S PREMIEM FLETCHER'S CONCORD MATASK Bavarian meats OBERTO Extraordinary Times Extraordinary Team TMF YORKSHIRE VALLEY MCLEAN maidrite 7#8Sandwich Platform Evolution Acquired Quality Fast Foods Acquired Hygaard Fine Foods Acquired SK Food Group Acquired Les Aliments Deli Chef Constructed new Deli Chef sandwich plant Acquired Buddy's Rationalized Quality and Hygaard plants Acquired Raybern's Constucted new 180,000 sf sandwich plant Constructed new 212,000 sf sandwich plant in Phoenix, AZ Acquired Select Foods in Phoenix, AZ Installation of Gen 2 automated sandwich line Buddy's plant expansion Installation of two Gen 3 automated sandwich lines 1999 2004 2010 2011 2012 2013 2017 2018 2020 2021 Quality fast foods HYGAARD SKFO FOOD GROUP Deli Chef FOOD MANUFACTURING & SERVICES Deli Chef Extraordinary Times Extraordinary Team Quality fast foods HYGAARD SK FOOD GROUP FOOD MANUFACTURING & SERVICES Buddy's Raybern's SK FOOD GROUP FOOD MANUFACTURING & SERVICES select FOOD PRODUCTS SK FOOD GROUP FOOD MANUFACTURING & SERVICES Buddy' SK FOOD GROUP FOGO MANUFACTURING & SERVICES 8 00#9Bakery & Culinary Platform Evolution BAKERY Stuyver's Acquired Stuyver's ISLAND CITY Stuyver's Constructed Stuyver's new state- of-the-art artisan bakery CONTE Acquired Island City baking Acquired Conte Foods SHAW BAKERS SAN FRANCISCO- PARTNERS Invested in Partners Crackers Acquired Larosa Fine Foods Invested in Shaw Bakers Stuyver's 42,000 sf expansion of Stuyver's artisan bakery 2006 Acquired Creekside 2007 2008 2010 2012 2013 2016 2017 2020 2021 Acquired Mrs. Willman's Acquired Duso's Acquired Gourmet Acquired Global Baking Chef Gourmet Foods CREEKSIDE Duso's Merged Creekside operations Gourmet Chef CULINARY Mrs. Willman's facility CREEKSIDE Extraordinary Times Extraordinary Team 6#10Distribution Platform Evolution Acquired Ravensbergen Acquired C&C Packing Acquired Acquired IMS 45,000 SF Expansion of Frandon Frandon Seafoods Acquired Harlan Acquired Fairbanks Centennial B&C Food Distributors Acquired Multi- National Acquired Foods Wescadia Expanded Centennial Calgary facility Centennial Acquired Mavros Acquired Mermax and Viandomax Acquired Confederation Freezers Acquired Acquired enters Reddi Foods Premier Meats Ontario Acquired Penguin Acquired Acquired Acquired Inform Distribution market Meat Supply Viandex Brokerage Cote-Nord 2005 2007 2008 2009 2010 2012 2014 2016 2017 2018 2019 2020 2021 harlan's MULTI-NATIONAL Centennial B&C Food Your Fun Food Distributor FOODSERVICE SOURCING THE WORLD FOR YOU wescadia™ Centennial REDDI FOOD GROUP FOODSERVICE Extraordinary Times Extraordinary Team & PREMIER R B Summa FRANDON ins Centennial FOODSERVICE PENGUIN MEAT SUPPLY LTD. VIANDEX infórm MERMAX YOUR INFORMED SOURCE VIANDOMAX Confederation Freezers DEN Distribution Côte-Nord 10 10#11Seafood Platform Evolution Construction of new 105,000 sf ON facility Setup of new Acadia buying station Construction of new 40,000 sf Saco facility Acquired Maximum Seafood and Hub City Fisheries Acquired Starboard Seafood and 50% interest in Clearwater Acquired Hancock Acquired Ocean Miracle Acquired Diana's Seafood Acquired Ready Seafood Gourmet, L Walker, North Delta and Maine Coast Acquired Allseas Fisheries Acquired Westmorland Fisheries HUB CITY 2010 CIT FISHERIES 2014 Ocean miracle seafood MAXIMUM SEAFOOD 2016 2018 DIANA'S Ocean SEAFOOD Miracle seafood Extraordinary Times Extraordinary Team 2019 SEAFOUR READY 2020 2021 ca LLSE SEAFOOD CO NORTH DELTA SEAFOODS- Hancock -GOURMET LOBSTER CO. MAINE COAST LOBSTER SEAFOOD WORLD-CLASS FISHERIES CORR Clearwater STARBOARD WESTMORLAND FISHERIES LTD. 11#12Core Business Strategies 1. Targeted segments of the food industry • Emerging trends Niche product categories Leading regional brands focused on authenticity and differentiation Unique distribution solutions Significant organic growth opportunities • Dedicated to maintaining an entrepreneurial environment 2. Decentralized entrepreneurial culture • Decentralized / flat organizational structure • Supporting partners versus managing a hierarchical structure 3. Distinct and proven management teams 4. Premium Brands eco-system 5. State-of-the-art production facilities 6. Risk diversification 7. Acquisitions • • • No business function silos All disciplines reflected in each business: president, CFO, sales leader and operations leader Dynamic and rapid decision making Focus on value versus cost Extensive senior management experience ranging from 10 - 50 years across the business groups Big fish in small pond Leveraging of common resources • Cross business synergies Efficient but not necessarily big Focus on batch processing versus high volume throughput Mitigates food safety risks Businesses Channels Customers Geographies Products Commodities Procurement Services Selective and patient in finding the right businesses / partners whose long-term objectives fit with ours Uniquely positioned to provide entrepreneurs with ownership solutions Solid reputation that is gaining awareness across North America - started in western Canada Development and momentum of platform level acquisition strategies Extraordinary Times Extraordinary Team 12#13Targeted Segments of the Food Industry Takis Takis MEAT STICKS MEAT STICKS ②の PROTEIN ORGANIC TURKEY BURGERS FALLY CHINED YOUR VERY BURGERS DE DINDE BIOLOGIQUES ENDEREMENT CIT BELMONT MEATS PURELY CRAFTED -40% LESS CALORIES THAN PUNELY CRAFTED 30% LESS SODIUM THAN PURELY CRATER BEEFLAGGERS 4x142 g/5 or NET 568g CHICKEN BURGERS MADE WITH 50% VEGETABLES &GRAINS 50/50 BLEND eXpresco GRILLED CHICKEN BREAST SKEWERS PRODUCT OF CANADA 216 FILLY USINES MCHOWEVABLE 6 PACK ROTISSERIE STYLE Extraordinary Times Extraordinary Team NO COMPROMISES EXCEIN OBERTO CHARCUTERIE ITALIANO Bavarian Meats EST 1961-PIKE PLACE Hardwood Sek LIL' LANDJAEGER 13#14Targeted Segments of the Food Industry SANDWICH Extraordinary Times Extraordinary Team 14#15Targeted Segments of the Food Industry BAKERY & CULINARY MADE WITH CAGE FREE EGGS FAIT AVEC DES OEUFS PONDUSEN LIBERTE Duso's CLASSIC SELE LECTIONS BUTTERNUT SQUASH AGNOLOTTI AGNOLOTTI À LA COURGE MUSQUÉE KEEP REFRIGERATED/GARDER REFRIGERE - SUGGESTED SERVING/PRESENTATION SUGGÉRÉE HIGH IN FIBRE NO ARTIFICIAL COLOUR RICH EN FIBRES I SANS COLEURS ARTIFICIELLES 300 G Extraordinary Times Extraordinary Team MADE WITH CAGE FREE EGGS FAIT AVEC DES DEUFS PONDUSEN LIBERTÉ Duso's CLASSIC SELECTIONS CHEESE & SPINACH RAVIOLI RAVIOLI AU FROMAGE ET AUX ÉPINARDS KEEP REFRIGERATED/GARDER REFRIGERE SUCESIED SERVING/PRESENTATION RESERCE SOURCE OF POTASSIUM SOURCE DE POTASSIUM 250 G 15#16Targeted Segments of the Food Industry SEAFOOD ADY Ready to Cook COLD CRACKED LOBSTER RAW LOBSTER MEAT READY BROTHERS COLD CRACKED LOBSTER waters of the North Arts and READY HERS BROTH SUSTAINABLY WILD CAUGHT SUSTAINABLY WILD CAUENT COLD PROCESSED RAW LOBSTER MEAT Nutrition Facts 100 Wild Caught NORTH ATLANTIC LOBSTER MEAT 100% NATURAL SUSTAINABLY WILD CAUGHT PLASH FROZEN FOR FRESHNESS READY BROTHERS J. Purdy & Bath RY FULLY COOKED READY TO EAT Wild Caught NORTH ATLANTIC LOBSTER MEAT FULLY COOKED READY TO EAT Nutrition Facts Calories Maple Soy Marinated Salmon Saumon Mariné à I'Érable et au Soja RESPONSIBLE FISHING Clearwater CRYSTAL WATERS OCEAN CUISINE WILD CAUGHT NORTH ATLANTIC SEA SCALLOPS NOIX DE SAINT-JACQUES DE L'ATLANTIQUE NORD PECHE SAUVAGE Extraordinary Times Extraordinary Team Sealove SEA CRAVE WILD SOCKEYE SALMON PORTIONS PORTIONS DE SALMON ROUGE SAUVAGE WILD SABLEFISH PORTIONS SAUVAGE PORTIONS DE SABLES 433 43 Maine Robothr GRILLED CHEESE MINI SANDWICHES GYZH 1kg Clearwater WILD CAUGHT ARCTIC SURF CLAMS MACTRES DE L'ARCTIQUE PECHE SAUVAGE 北極 400 g 16#17Premium Brands Eco-system Access to capital Real estate investment fund Logistics Tax resources Social media IT expertise Marketing resources / brand development Access to proprietary distribution networks Disciplined capital allocation Helping small good specialty food businesses become larger great specialty food businesses Global and strategic procurement, Buying power Internal selling opportunities Peer network Extraordinary Times Extraordinary Team Acquisition expertise Financial and business analysis Information sharing among businesses: • Innovation • Leadership ⚫ Best practices • Customer / market intelligence and access • Procurement • Production solutions • Food safety 17#18Strategically Located Manufacturing Network BC AB SK WA NV AZ Specialty Foods Premium Food Distribution Extraordinary Times Extraordinary Team MB ON MN MS OH QC MA ME 18#19Piller's Brantford, ON Facility • OVERVIEW Piller's Brantford, ON production facility is one of its three operating facilities. It produces a variety of meat snack products, including meat sticks, Salami Whips and snack cups, all under the Piller's brand name The facility is 127,000 sf including a recent $19.1 million 27,000 sf expansion that is expected to be completed in Q1- 2022 and uses state-of-the-art drying room, autoloading, packaging and water conservation technologies • The plant is SQF and CFIA certified. It is also Halal and gluten-free certified Extraordinary Times Extraordinary Team Piller's FACILITY Our Vision Inspiring passion for memorable food experiences, responsibly and sustainably for future generations. 19#20Oberto's Kent, WA Facility OVERVIEW Oberto's main production facility is in Kent, Washington. It produces a variety of meat snacks under the Oberto, Cattleman's Cut, Bavarian and Pacific Gold brand names FACILITY The facility is 170,000 sf and uses state-of-the-art continuous cooking and packaging technologies Oberto's is currently in the process of investing $11 million in the expansion of the plant's meat stick capacity The plant is SQF and USDA certified. It is also organic certified by the USDA Oserto Extraordinary Times Extraordinary Team 20#21SK Food Group's Phoenix, AZ Facility • OVERVIEW SK Food Group's Phoenix, AZ production facility is one of the Sandwich platform's 8 operating facilities. It produces a variety of frozen sandwiches and wrap, a significant portion of which are for Starbucks The facility is 213,000 sf and uses state-of-the-art assembly and packaging technologies including a proprietary fully automated assembly line. It is SQF, USDA and CFIA certified In June 2021 the Phoenix plant was the Sandwich platform's first facility to produce 1 million units in a single day FACILITY Extraordinary Times Extraordinary Team 21#22Stuyver's Langley, BC Facility OVERVIEW Stuyver's Langley, BC production facility is one of the Bakery platform's 3 operating facilities. It produces a variety of artisan bread products including baguettes, hearty baked loaves, gourmet burger buns, ciabattas and rolls The facility is 65,817 sf and uses state-of-the-art preparation, fermentation and baking technologies Stuyver's is currently in the process of investing $30.2 million in a 40,931 sf expansion of the facility The plant is SQF certified. It is also organic certified by Canada Organic Regime (COR) FACILITY 100-27353 Extraordinary Times Extraordinary Team Fresh from our stone deck oven, these hearty loaves go for ande on their way to the cooling towers 22#23C&C / Frandon Montreal, QC Facility OVERVIEW The C&C / Frandon shared facility is one of the Distribution platform's 27 operating facilities. It processes and distributes a variety of protein and seafood products for the Quebec, and to a lesser extent, the Ontario markets The facility is 133,000 sf and is SQF and CFIA certified. It also includes a bonded warehouse, a Canadian certified re-inspection area and state-of-the-art seafood processing and holding technologies FACILITY Extraordinary Times Extraordinary Team 23#24Ready Seafood's Saco, ME Facility OVERVIEW Ready Seafood's Saco, ME production facility is one of the Seafood platform's 15 operating facilities. It produces a variety of processed lobster products, including a line of Cold Cracked Lobster branded all-natural raw lobster items The facility is 50,000 sf and uses state-of-the-art processing technology including high-pressure processing (HPP). It is SQF and FDA certified FACILITY Extraordinary Times Extraordinary Team 24#25Diversification - Channels and Customers Specialty Foods (65.6%) Premium Food Distribution (34.4%) Independent and Specialty Retailers,. 5.7% Others, 2.6% Chains and large format retailers, 9.3% Trading, 3.0% Foodservice operators, 17.4% Chains and large format retailers, 39.9% Extraordinary Times Extraordinary Team Customer % Sales Customer A 14.0% Customer B 13.1% Customer C 6.9% Foodservice operators, 12.6% Customer D 6.6% Customer E 5.3% Customer F 2.3% Independent and Customer G 1.6% Specialty Retailers, 7.4% Customer H 1.6% Foodservice distributors, 2.1% Customer I 1.6% Customer J 1.1% 25#26Diversification - Geographically (millions of dollars except percentages) Korea, C$4 0.1% Canada, C$2,367 58.2% Chart A Chart B China, C$57 Asia Other, C$16 0.4% China, C$136 3% Asia Other, C$26 1% 1.4% Korea, C$38 Europe, C$22 0.6% Europe, C$220 4% 1% Japan, C$53 1% U.S., C$1,601 39.4% Canada, C$2,708 54% Chart A: amounts represent 2020 revenues Chart B: amounts represent 2020 revenues proforma recent acquisitions and includes Clearwater Seafood Extraordinary Times Extraordinary Team U.S., C$1,799 36% 26#27Diversification - Products and Procured Commodities Specialty Foods (65.6%) Premium Foods Distribution (34.4%) Others, 1.6% Commodity % Sales Baked goods, 1.2%. Seafood, 15.2% Beef 21.5% Seafood 17.7% Sandwiches,. 19.3% Pork 13.4% Poultry 5.2% Protein, 18.5% Bread 2.6% Eggs 2.4% Turkey 2.3% Freight costs 2.3% Cheese 2.0% Others, 0.7% Corrugated 1.2% Protein, 43.5%. Extraordinary Times Extraordinary Team 27#28Diversification - Procured Sources ICELAND Cod, Salmon, Plaice, & Haddock SCOTLAND Seafood Misc. NETHERLANDS Beef, Seabass, God Fillets, Halibut, Plaice & Salmon GERMANY Beef & Pork USA Beef, Cod, Clams, Halibut, Tuna Pollock,, Octopus & Salmon IRELAND Beef, Pork & Salmon UNITED KINGDOM Beef, Lamb, Pork & Seafoods Misc. SPAIN Beef, Pork & Halibut MEXICO Beef & Pork PERU Seafood Misc. CHILE Pork, Turkey & Salmon DENMARK Pork Norway Halibut & Salmon ITALY Beef GREECE Seabass BRAZIL Chicken URUGUAY 2025 Beef & Lamb Extraordinary Times Extraordinary Team HUNGARY POLAND Pork Pork INDIA Shrimp Thailand Squid Japan Tuna, Salmon, Clams & Fillets CHINA Squid & Shrimp Vietnam Basa Fillet PB GLOBAL PROCUREMENT TEAMS • Buyers travel the globe searching for new supply opportunities • Consolidated buying power used to source the highest quality competitively price raw materials ⚫ On-site experience with suppliers and their operations A source of new selling opportunities AUSTRALIA Beef & Lamb NEW ZEALAND Beef & Lamb 28#29Acquisitions Activity 2005/6 2007 2008 2009 2010 2011 2013 2014 2015 2016 2017 2018 2019 2020 2021 $35.9m $91.8m $16.7m $3.1m $67.3m $121.8m $63.7m $8.1m $51.9m $244.0m $246.2m $753.0m $118.6m $168.2m $751.0m Harlan Fairbanks Noble Centennial B&C Foods SJ Fine Food- service Foods Maximum Seafood Piller's Freybe Ocean Miracle Expresco C&C Raybern Oberto Mavros Packing / Inform Clearwater Brokerage Seafoods Deli Chef McLean's Isernio's Premier Hygaard House Multi- Fine Foods Stuyver's National SK Food Group Bake Hempler's Studio Mrs. Willman's Foods SJ Fine Foods Made-Rite Reddi Foods Meats Buddy's Kitchen Concord VSM SJ Fine Foods Belmont Leadbetter Duso's Country Prime Meats Hancock La Felinese Distribution Cote-Nord Viandex Bavarian Meats Island City Skilcor Bread Garden Hub City Fisheries / Conte TMF Fletcher's Gloria's Fresh Wescadia Inter- provincial Meat Sales North Delta Seafood Global Gourmet Frandon Seafood Larosa Diana's Seafood Shaw Bakers Penguin Maine Coast Shellfish Allseas Fisheries McLean's Multi-Task Partners Ravens- Select Foods Starboard Seafood Confedera- tion Freezers C.H. Rich Mermax Maid-Rite bergen Yorkshire Valley Farms $2.7 billion invested across 73 transactions since 2005 Extraordinary Times Extraordinary Team Ready Seafood L. Walker 29#30Acquisitions Framework Acquisition Consideration . Management team strength • Cultural fit - core entrepreneurial focused values • • Differentiation of products and/or services • Short and long-term growth opportunities - fit with long term consumer trends • • Strength of brands and general pricing power • Age and condition of production and / or distribution assets • • ESG considerations • Synergistic opportunities General risk exposure Extraordinary Times Extraordinary Team Acquisition Resources Comprehensive in-house financial modeling, due diligence and transaction closing capabilities Access to a range of general business, market and operational expertise / intelligence through the PB Eco-system Long-term, transaction focused, advisors for tax, insurance, legal and real estate matters 30#31Acquisition Opportunities (millions of dollars except transactions) Platform Seafood Distribution # Advanced Active Early Stage Opportunity Inactive Total Sales # Sales # Sales # Sales # Sales # Sales Protein 2 83 888 3 990 7 482 3 204 6 415 19 2,091 3 250 5 1,068 1 878 4 63 13 2,259 2 49 12 938 7 472 14 1,579 37 3,121 Sandwich 1 7 1 13 2 565 2 1,280 6 1,865 1 11 3 238 2 63 4 232 10 544 Bakery Culinary 1 26 1 1 8 923 10 950 4 116 11 1,314 27 2,726 23 3,105 30 3,569 95 10,830 Extraordinary Times Extraordinary Team 31#32A Leader in Environmental, Social, and Governance Nutritious Food Natural ingredients, sustainable supply chains, animal welfare standards, responsible labelling, excellence in food safety People Environment • Employee safety-first culture, prioritizing mental health and well-being, embracing diversity and workplace inclusion Net-zero emissions by 2030, freight optimization, waste reduction, regenerative agriculture, and marine, land and water conservation Communities • Food security, supporting charitable organizations, community engagement and promoting volunteerism Extraordinary Times Extraordinary Team B Premium Brands Healthy Planet, Healthy Food, Healthy People ESG Report 2021 32 32#33Financial Update Extraordinary Times Extraordinary Team#34Revenue Trend (millions of dollars except percentages) 6,000.0 5,000.0 4,000.0 3,000.0 Long-term targeted growth rate (6% - 8%) 2010 to 2021 TTM CAGR is 22.3% 2,198.3 1,857.5 2,000.0 1,484.5 1,221.8 960.1 1,043.0 1,000.0 794.3 535.2 3,025.8 70.0% 4,821.8 60.0% 4,642.5 4,269.0 4,068.9 50.0% 3,649.4 40.0% 30.0% 20.0% 10.0% 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020N 2021 TTM 2021 TTM-N Revenue (LHS) Covid Impact Extraordinary Times Extraordinary Team Growth rate (RHS) Organic Growth rate (RHS) 34#35Future Organic Growth Drivers Seafood Processed lobster and crab initiatives in foodservice and retail Build up of live lobster inventory in 2H-2021 Expansion of foodservice focused distribution networks into the retail channel Leveraging seafood foodservice customer base to develop new protein sales opportunities Large retailers looking to DSD for seafood counter solutions Retail sushi program Branded value-added seafood products including skewers Non-distributive foodservice sales of differentiated protein and seafood products Expansion of fresh seafood distribution into the US Clearwater synergies Distribution Increased retail featuring Geographical expansion of trading operations Non-distributive foodservice sales of differentiated protein and seafood products Expansion of foodservice focused distribution networks into the retail channel Product solution provider to QC retailers Leveraging seafood foodservice customer base to develop new protein sales opportunities Value-added seafood products, e.g. skewers Healthcare programs Expansion of concessionary programs into ON Clearwater synergies Protein Branded meat snack sticks programs in the US Branded and behind-the- counter cooked protein product solutions for retail, c-store and foodservice Branded Italian charcuterie programs in the US and Canada Expansion of meat snack programs into the c-store channel Expansion of fresh marinated products, including kabobs, into the US Expansion of fresh burger programs into the US Expansion of retail DSD network into central Canada (DPFG) Branded ready-to-eat meals Sandwich Leveraging IP and North American leading capacity to grow in the grocery, c- store and QSR channels Supporting legacy customers' growth Private label retail opportunities Charcuterie assembly Prepared meal solutions for retail Bakery Branded naturally fermented / clean ingredient artisan breads programs Branded artisan packaged and sliced breads US expansion Frozen dough product solutions for retail and foodservice Culinary Product and meal solutions provider for both NA as well as international retailers Artisan pizza New product development - search for scalable products US expansion Seafood counter value- added product solutions Meal kit components for retailers Gusset broth and soup lines - seafood focused Clearwater synergies Extraordinary Times Extraordinary Team 35#36Recent Major Capacity Expansion Projects Seafood Distribution Protein Sandwich Bakery Culinary Ready's new lobster buying station in Maine - purchased in 2021 Ready's new 50,000 sf lobster processing plant in Maine completed in 2019 - Ready's new lobster holding facility in Nova Scotia purchased in 2018 CFG's new 105,000 sf facility in Ontario capable of processing and distributing seafood and protein products completed in 2018 • 56,500 sf expansion of Premier's value-added protein plant in Quebec - 2022 completion date Frandon's new 7,000 sf seafood distribution and processing facility in Quebec completed in 2019 • • 107,000 sf expansion of Hempler's meat snack / premium processed meats plant in Washington 2023 completion date Additional meat snack capacity at Oberto's meat snack plant in Washington - 2022 completion date 26,000 sf expansion of Piller's meat snack plant in Ontario - 2022 completion date • Additional cooking capacity at Concord's cooked protein plant in Quebec completed in 2021 15,000 sf expansion of Harvest's premium processed meats/meat snack plant in Saskatchewan - completed in 2020 25,300 sf expansion of Expresco's cooked protein plant in Quebec completed in 2019 - New 144,000 sf plant in Ohio 2022 completion date New 67,000 sf plant in Edmonton (will add capacity and replace existing plant) - 2023 completion date Installation of Gen 3 automated sandwich lines at SK Food Group's plants in Reno and Phoenix - 2022 completion date New 26,000 sf expansion of Buddy's plant in Minnesota - 2022 completion date Installation of Gen 2 automated sandwich line at SK Food Group's plant in Phoenix - completed in 2020 New 220,000 sf plant in Phoenix completed in 2018 41,000 sf expansion of Stuyver's artisan bakery in British Columbia - 2022 completion date Reconfiguration of Global Gourmet's main processing facility in British Columbia - 2023 completion date Extraordinary Times Extraordinary Team 36#37Organic Volume Growth Rates 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% -4.0% -8.0% Organic Volume Growth Rate Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 PBH Total Q4-2020 Q1-2021 Q2-2021 Q3-2021 -- Normalized for Covid impact Factors contributing to the lower Q3-2021 growth rate include: SF: meat snack and kabob capacity constraints which resulted in $20.7m of product short shipments and the delay of new sales initiatives SF: less retail featuring of branded products as a result of production labor shortages and cost inflation SF & PFD: customer supply chain and labor challenges PFD: less live lobster featuring in the retail channel PFD: the foodservice channel is still in recovery mode Extraordinary Times Extraordinary Team 37#38Weekly Sales Trend 120,000 100,000 80,000 $000's 60,000 40,000 20,000 T 3 (л 7 9 11 13 15 17 19 25 27 29 31 Week # 33 35 37 39 41 2019 PBH Total 2020 PBH Total 2021 PBH Total 21 23 Extraordinary Times Extraordinary Team 43 45 47 49 51 38#39EBITDA Trend (millions of dollars except percentages) 500.0 400.0 300.0 2010 to 2021 TTM CAGR is 23.5% (Pre IFRS-16: 22.0%) 190.2 200.0 154.8 111.6 77.6 100.0 66.8 69.3 54.9 42.0 12.0% 11.0% 438.7 405.0 10.0% 369.6 307.7 312.6 9.0% 280.2 8.0% 7.0% 6.0% 5.0% 4.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020N 2021 2021 TTM TTM-N EBITDA (LHS) IFRS-16 impact (LHS) Covid Impact Margin (RHS) 2023 Target Margin Extraordinary Times Extraordinary Team 39#40EBITDA Margin Drivers Seafood Distribution Protein Positive Factors Sandwich Bakery Culinary Sales leveraging Operational efficiencies driven by continuous improvement initiatives and investment in automation • Sales leveraging Operational efficiencies driven by continuous improvement initiatives and investment in automation Pricing strategies Sales leveraging I/C sales Operational efficiencies driven by continuous improvement initiatives and investment in automation Pricing related margin recovery Sales leveraging Pricing strategies Operational efficiencies driven by continuous improvement initiatives and investment in automation Investment in SG&A staff to support future growth Wage inflation Investment in SG&A staff to support future growth Wage inflation Reversal of COVID wage subsidies and resumption of travel / conferences Plant expansion overhead Wage inflation Negative Factors Investment in SG&A staff to support future growth Freight inflation New plant overhead Wage inflation Investment in SG&A staff to support future growth Extraordinary Times Extraordinary Team • • Sales leveraging Operational efficiencies driven by investment in automation Pricing related margin recovery Sales leveraging Pricing related margin recovery Plant expansion overhead Wage inflation Reversal of COVID wage subsidies Wage inflation 40#41Commodity Trends - Pork Pork Index Chart 9.0 8.0 7.0 6.0 USD Based 5.0 Index 4.0 Per lbs 3.0 2.0 1.0 0.0 week 13 2019 week 26 2020 week 39 week 52 2021 Index is comprised of a weighted basket of the following pork products: legs, 72% trim and bellies Source: USDA Extraordinary Times Extraordinary Team Demand factors Reopening of economies Substitution Consumer disposable income Rising consumer prices Supply factors Labor shortages - particularly impacting value-added inputs Rising feed costs (lower weights, future production) China ASF recovery Supply chain disruptions as supply channels and demand patterns begin to normalize 41#42Commodity Trends - Beef Beef Index Chart 18.000 16.000 USD 14.000 Based 12.000 Index Per lbs 10.000 8.000 6.000 4.000 week 13 2019 week 26 2020 week 39 week 52 2021 Index is comprised of a weighted basket of the following beef products: striploins, top butts, inside rounds, and 50%, 85% and 90% trims Source: USDA Extraordinary Times Extraordinary Team Demand factors Reopening of economies China imports Consumer disposable income Rising consumer prices Supply factors Labor shortages - particularly impacting value-added inputs Droughts US, Australia (lower weights, future production) Supply chain disruptions as supply channels and demand patterns begin to normalize 42#43Commodity Trends - Lobster Lobster Index Chart 40.0 35.0 30.0 25.0 USD 20.0 Based Index 15.0 Per lbs 10.0 5.0 0.0 week 13 2019 week 26 2020 week 39 week 52 2021 Index is comprised of a weighted basket of the following lobster products: 4-5oz tails, claws and knuckles Source: Urner Barry Extraordinary Times Extraordinary Team Demand factors Reopening of economies Consumer disposable income Significantly reduced retail featuring of live lobster - price related Expanding national demand for processed lobster products in the US Normalization of demand patterns – particularly in China Supply factors Stable harvests Normalization of supply chains 43#44Commodity Trends - Chilean Salmon Chilean Salmon Index Chart 8.0 7.0 CAD 6.0 Based Index Per 5.0 lbs 4.0 3.0 2.0 ⚫2019 2020 2021 Index is comprised of following salmon products: farmed, fillet, fresh, Chile Atl., D-Trim, FOB Miami, 2-3 lbs. Source: Urner Barry Extraordinary Times Extraordinary Team Demand factors Reopening of economies Consumer disposable income Supply factors Supply chain disruptions as supply channels and demand patterns begin to normalize Recovering production 44#45Commodity Trends - Atlantic Salmon CAD 5.0 Based Index Per 4.0 lbs 6.0 3.0 Canadian Whole Atlantic Salmon Index Chart 2.0 Week 1 Week 13 Week 22 Week 31 Week 39 Week 48 2019 2020 2021 Demand factors Reopening of economies Consumer disposable income Supply factors West coast farm shutdowns Supply chain disruptions as supply channels and demand patterns begin to normalize Index is for west coast Atlantic salmon 12-14 pound Source: Urner Barry Extraordinary Times Extraordinary Team 45#46Clearwater Results (millions of dollars except percentages) Q3-2021 % Q3-2020 % Sales 158.4 100.0% 133.7 100.0% Sales Gross profit SG&A 53.1 33.5% 35.8 26.8% Positive: reopening of 13.0 8.2% 10.4 7.8% EBITDA Depreciation 40.1 25.3% 25.4 19.0% 9.7 10.0 Amortization 1.4 1.0 Interest - senior debt 3.1 7.5 Non-controlling interest 0.5 1.5 Unrealized FX (gain) loss 6.5 (6.9) Other (0.1) 0.3 19.0 12.0 Interest shareholder debt 12.4 Payments to shareholders 11.8 Acquisition costs 1.0 Income taxes (1.6) (1.5) Earnings (loss) (3.6) 12.5 Pre-close earnings 12.5 economies in North America and Asia Negative: a stronger CAD relative to the USD and Euro Negative: lower crab sales Negative: the timing of landings EBITDA Positive: a strong pricing environment Positive: organic growth Positive: operational efficiencies Positive: realized FX hedging gains Negative: reversal of pandemic related government subsidies Negative: higher incentive compensation accruals Ownership 50.0% Equity earnings (loss) (1.8) Extraordinary Times Extraordinary Team 46#47Adjusted Earnings and EPS (millions of dollars except per share amounts) 250.0 200.0 2010 to 2021 TTM CAGR is 25.2% (2021 TTM-N is 26.7%) 150.0 100.0 50.0 24.5 24.9 26.6 19.6 53.2 $5.50 Post IFRS-16 Reporting 208.2 $4.50 121.4 122.5 122.7 99.2 80.5 183.4 164.6 $3.50 $2.50 $1.50 $0.50 $(0.50) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020N 2021 2021 TTM TTM-N Adjusted Earnings Reported (LHS) Pre-IFRS 16 impact (LHS) Covid impact (LHS) Extraordinary Times Extraordinary Team Adjusted EPS Pre-IFRS 16 (RHS) 47#48Five Year (2023) Sales Target (millions of dollars except percentages) Q3-2021 TTM sales Q3-2021 TTM pandemic impact Amount Notes 4,642.5 179.3 Annualization of acquisitions completed in 2020 and 2021 422.5 Includes Global Gourmet, Allseas, Starboard, Clearwater, Confederation Freezers, Distribution Côte-Nord, Mermax, Maid-Rite and Westmorland 5,244.3 Organic growth for 2022 to 2023 assuming at a nominal organic growth rate of 6% 648.2 Average organic growth CAGR for the last two years and for the first three quarters of 2021, excluding the impact of the pandemic, are 8.4% and 7.1%, respectively. General long-term target is 6% to 8% Acquisitions needed based on the above assumptions 2023 sales target Extraordinary Times Extraordinary Team 107.5 6,000.0 $116m of advanced transactions in the pipeline. Average acquired sales over the last three years is $400m per year 48#49Five Year (2023) Adjusted EBITDA Target (millions of dollars except percentages) Amount % of Sales Impact Notes Q3-2021 TTM adjusted EBITDA 405.0 8.7% Q3-2021 TTM pandemic sales impact 33.8 18.9% Annualization of announced acquisitions 39.4 9.3% completed in 2020 and 2021 Annualization of Clearwater investment income 25.6 Organic growth Acquisitions 503.8 129.6 20.0% 9.1 8.5% 2023 adjusted EBITDA target 642.5 10.7% Extraordinary Times Extraordinary Team Includes Global Gourmet, Allseas, Starboard, Clearwater, Confederation Freezers, Distribution Côte-Nord, Mermax, Maid-Rite and Westmorland Interest and management fees Equates to a 9.6% margin Contribution margins for the Company's existing portfolio of businesses range from 15% to 35% Specialty Food businesses generally have EBITDA margins of 10% to 20% while Premium Food Distribution businesses have EBITDA margins of 5% to 10% 49#501,020.0 920.0 820.0 Liquidity (millions of dollars except ratios) 720.0 Top end of targeted 620.0 senior debt to 520.0 420.0 320.0 220.0 120.0 20.0 EBITDA ratio Top end of targeted total debt to EBITDA ratio Q1-2014 Q3-2014 Q4-2013 Q2-2014 Q1-2015 Q3-2015 Available Credit (LHS) Q4-2015 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Extraordinary Times Extraordinary Team Q3-2018 840 Q2-20199 24-201 2020 Senior Debt to EBITDA (RHS) Q2-2021 Q3-2021 5.5 5.0 55 4.5 4.0 Q3-2021: Renegotiated terms on senior credit facility including an increase of US$250m, extending the maturity date to Nov 2026, and linking its interest rates to certain ESG targets Q2-2021: Completed sale & leaseback resulting in $150.0m in net proceeds 3.5 Q1-2021: 3.0 2.5 Increased senior credit facility by $200m to $1.2b Q4-2020: $287.7m share issuance at $97.55 per share 2.0 Q3-2020: 1.5 1.0 0.5 $150.0m convertible offering - 7 year maturity, $142.40 conversion price $172.5m share issuance at $86.30 per share Redemption of $86.3m in 4.65% debentures - $80.8m was converted at $85.60 per share 50#51Convertible Debentures (millions of dollars except percentages and unit prices) Trading Symbol Maturity Date Coupon Convert Price Issuance Converted O/S Balance PBH.DB Dec 2014 7.00% 14.50 40.3 39.2 PBH.DB.A Dec 2015 5.75% 22.40 57.5 56.3 PBH.DB.B Jun 2017 5.70% 28.30 57.5 54.7 PBH.DB.C Jun 2019 5.50% 29.25 57.5 56.8 PBH.DB.D Apr 2020 5.00% 44.65 69.0 68.5 PBH.DB.E Apr 2021 4.65% 85.90 86.3 80.8 PBH.DB.F Dec 2023 4.60% 107.25 113.0 113.0 PBH.DB.G Apr 2025 4.65% 182.51 172.5 172.5 PBH.DB.H Apr 2027 4.20% 142.40 150.0 150.0 803.6 356.3 435.5 Anti-dilutive impact of approximately $18 per share Extraordinary Times Extraordinary Team Debenture Details No principal payments until maturity • Unsecured and subordinated • No financial metric covenants Senior lenders view like equity Share repayment option 51#52Free Cash Flow (millions of dollars except per share amounts and percentages) 2006 2007 2008 2009 2010 2011 2012 2013 2014 Payout ratio 106.4% 77.7% 69.6% 70.6% 65.2% Dividend per share Dividend increase $1.18 $1.18 $1.18 $1.18 $1.18 59.4% $1.18 53.0% 53.9% 48.4% $1.18 $1.23 $1.25 4.2% 2015 2016 2017 2018 2019 2020 TTM 38.1% 43.1% 48.7% 44.1% 2021 43.2% 36.6% 38.5% $1.38 $1.52 $1.68 $1.90 $2.10 $2.31 $2.48 $2.54 10.4% 10.1% 10.5% 13.1% 10.5% 10.1% 10.0% 10.0% Free cash/share 1.37 1.56 1.71 1.62 1.81 2.02 2.23 2.32 2.60 3.32 4.22 4.41 5.08 4.97 4.87 5.80 240.0 220.0 200.0 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 $653.7m in declared dividends since July 2005 2006 to 2021TTM FCF CAGR is 19.7% 2006 to 2021TTM FCF / share CAGR is 10.3% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Free Cash Flow (LHS) Dividend per share (RHS) Extraordinary Times Extraordinary Team $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2016 2017 2018 2019 2020 2021 TTM - Free Cash Flow per share (RHS) 52#53B Premium Brands Questions Extraordinary Times Extraordinary Team