PREMIUM BRANDS HOLDINGS CORPORATION ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID AND AUTOMATIC SHARE PURCHASE PLAN

VANCOUVER, BC, July 27, 2023

Pursuant to the NCIB documentation filed with the TSX, the Company may purchase up to 2,231,469 common shares, representing 5% of the Company's 44,629,382 issued and outstanding common shares as of July 19, 2023. The purchases may commence on July 31, 2023 and will terminate no later than July 30, 2024. Except for block purchases permitted under the rules and policies of the TSX, the number of shares to be purchased per day will not exceed 12,308, which represents 25% of the average daily trading volume for the six full calendar months ending June 30, 2023, which is 49,232 shares. The Company will make the purchases on the open market through the facilities of the TSX or any alternative Canadian trading system, and the prices that the Company will pay for any common shares will be the market price of such shares at the time of acquisition. All shares purchased by the Company will be cancelled.

The renewal of the NCIB will follow the conclusion of the Company's previous NCIB that expired on July 25, 2023, under which the Company was authorized to purchase 2,239,887 common shares. From July 26, 2022 to July 25, 2023, the Company purchased 184,586 common shares at a weighted average trading price of $81.77 per share. All shares purchased by the Company under the previous NCIB were made on the open market through the facilities of the TSX or alternative trading systems in Canada and were cancelled.

The Company also announced today that, in connection with its intention to renew the NCIB, the Company has also renewed its automatic share purchase plan (the "ASPP") with a designated broker to allow for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods.

The ASPP will renew upon the renewal of the NCIB and will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the NCIB has been reached; (b) the NCIB expires; or (c) the Company terminates the ASPP in accordance with its terms. The ASPP constitutes an "automatic securities purchase plan" under applicable Canadian securities laws.

The Company is renewing the NCIB because it believes that, from time to time, the prevailing market price of the Company's common shares may not adequately reflect the underlying value of the Company, and that purchasing common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada, the United States and Italy.