Premium Brands: Premium Brands : 2024 ESG Report

2024 ESG Report FORWARD LOOKING STATEMENTS The 2024 ESG Report contains forward looking statements with respect to the Company, including its business operations, strategy, goals, 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 the release of this report, 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", "will", "intend", "plan", "estimate", "anticipate", "believe" or "continue", or the negative thereof or similar variations. Forward looking statements in this report include statements with respect to the Company's expectations, goals, targets, strategies and initiatives relating to: (i) its Supplier Code of Conduct; (ii) food safety certifications; (iii) workplace incidents and worker health and safety programs and reporting; (iv) respectful and inclusive workplaces; (v) greenhouse gas emissions; (vi) waste reduction and landfill diversion; (vii) water conservation; (viii) responsible and sustainable sourcing and ethical labor practices; and (ix) climate change and climate-related risks and strategy. 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 Management Discussion and Analysis (MD&A) for the 13 and 39 weeks ended September 30, 2024, a copy of which is filed electronically through SEDAR+ and is available online at www.sedarplus.ca. Although the forward looking statements contained in this report are based on what the Company's management believes to be reasonable assumptions, the Company cannot assure readers 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, including, without limitation, these expectations referenced in the Company's MD&A for the 13 and 39 weeks ended September 28, 2024. 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 report are made as of the date of release of this report 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 report. By the issuance of this report, 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. FOR MORE INFORMATION For any questions, comments or concerns relating to this report or Environmental, Social, Governance (ESG) at Premium Brands, please contact us at investor@premiumbrandsgroup.com. 2024 ESG REPORT | page 3 INTRODUCTION NUTRITIOUS FOOD ENVIRONMENT PEOPLE COMMUNITIES APPENDIX Contents INTRODUCTION 5 About Premium Brands ------------------------------------------------------------------------------------------------------------------------------------------------------------------ 5 A Message from Our President & CEO ------------------------------------------------------------------------------------------------------------------------------------------- 6 Management Approach ------------------------------------------------------------------------------------------------------------------------------------------------------------------ 7 Stakeholder Engagement & Materiality ------------------------------------------------------------------------------------------------------------------------------------------ 8 NUTRITIOUS FOOD 9 Nutrition & Product Transparency -------------------------------------------------------------------------------------------------------------------------------------------------- 9 Responsible Sourcing --------------------------------------------------------------------------------------------------------------------------------------------------------------------- 11 Food Safety ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 13 ENVIRONMENT 14 Climate Change ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 14 Waste Reduction ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 17 Water Conservation ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 19 Marine Conservation & Biodiversity ----------------------------------------------------------------------------------------------------------------------------------------------- 21 PEOPLE 22 Worker Health & Safety ------------------------------------------------------------------------------------------------------------------------------------------------------------------ 22 Respectful & Inclusive Workplaces --------------------------------------------------------------------------------------------------------------------------------------------------- 25 COMMUNITIES 27 APPENDICES 28 APPENDIX A - Key Metrics ------------------------------------------------------------------------------------------------------------------------------------------------------------- 28 APPENDIX B - TCFD Report ------------------------------------------------------------------------------------------------------------------------------------------------------------ 29 APPENDIX C - Water Risk Analysis ------------------------------------------------------------------------------------------------------------------------------------------------- 35 APPENDIX D - SASB Index -------------------------------------------------------------------------------------------------------------------------------------------------------------- 36 APPENDIX E - GRI Index ----------------------------------------------------------------------------------------------------------------------------------------------------------------- 39 2024 ESG REPORT | page 4 INTRODUCTION NUTRITIOUS FOOD ENVIRONMENT PEOPLE COMMUNITIES APPENDIX About Premium Brands Since the founding of Premium Brands almost 25 years ago, our business plan has focused on acquiring and building specialty food businesses in partnership with talented entrepreneurial management teams that share our values and culture. Through shifting trends and an ever-changing landscape, this shared culture - rooted in entrepreneurship, social responsibility, innovation, sustainability and operational excellence - has enabled us to consistently grow and strengthen our business while making positive contributions to the communities we are a part of and to the world at large. PRODUCT BREAKDOWN: Baked goods 2.6% Others (Specialty) 1.1% Sandwiches 20.7% Seafood 18.5% Protein 14.0% Protein 41.1% Others (Distribution) 2.1% Specialty Foods: 65.4% Premium Food Distribution: 34.6% $6.4 billion 11,300+ 90+ revenue 1 employees brands 107 production facilities and distribution centers Two major reporting segments: SPECIALTY FOODS and PREMIUM FOOD DISTRIBUTION Six platforms: PROTEIN, SANDWICH, SEAFOOD, DISTRIBUTION, BAKERY and CULINARY 1 - Trailing 12-months Q3-2024. 2024 ESG REPORT | page 5 INTRODUCTION NUTRITIOUS FOOD ENVIRONMENT PEOPLE COMMUNITIES APPENDIX A Message from Our President & CEO Our perspective on ESG-related matters has not changed since the inception of Premium Brands almost 25 years ago. We have always been committed to honoring and respecting all our stakeholders, including our employees, customers, suppliers and shareholders; operating our facilities and distribution networks as efficiently as possible, including minimizing waste and energy usage; and supporting the communities that we are part of. In short, making the world a better place has always been and will always be a part of our DNA. One of our core guiding principles, which is foundational to our ESG strategies but rarely addressed in ESG reporting, is the importance of providing consumers with wholesome nutritious foods. This translates to healthier people, and in turn, more robust and thriving communities. This focus has been with us since we embarked on our journey to transform the North American food industry 25 years ago. Back then it was clear that our industry had taken some wrong turns and was, in general terms, too focused on producing ultra-processed inexpensive food with little attention paid to its nutritional value. Furthermore, poor or little publicly available information on food made it difficult for consumers to make good food choices. Today, the narrative around food has changed dramatically as consumers have gained access to better information and societal challenges, including epidemic levels of obesity and diabetes resulting from decades of poor food choices, are making it cle