An anonymous director reports

MODERN PLANT BASED FOODS INC. ANNOUNCES LATE FILING OF ANNUAL FINANCIAL STATEMENTS

Modern Plant Based Foods Inc. is facing a delay with regard to the filing of its annual financial statements for the year ended Aug. 31, 2023, and the related management's discussion and analysis and certifications by the filing deadline of Dec. 29, 2023.

The company's former auditor, Dale Matheson Carr-Hilton Labonte LLP, resigned as auditor on Nov. 9, 2023. The company retained a new qualified auditor, Sam S. Mah Inc., effective Nov. 11, 2023. The company worked with its former and successor auditor to prepare and file the notice of change of auditor reporting package required to be filed under Section 4.11 of National Instrument 51-102 (Continuous Disclosure Obligations), which was filed on Nov. 20, 2023.

Following its appointment, the company's successor auditor requires additional time to review and become familiar with the company's records and operations to allow it to properly undertake the required audit process. As a result, the company is experiencing delays in its audit process and the procedures required to complete the audit of the annual financial statements.

The company expects to file the annual filings on or before Jan. 31, 2024. The company will issue a news release once the annual filings have been filed.

In connection with the company's inability to file the annual filings on time, the company has applied for and been granted a management cease trade order under National Policy 12-203 (Management Cease Trade Orders).

Until the company files the annual filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the company to issue biweekly default status reports, in the form of news releases, for so long as the annual filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's common shares listed on the Canadian Securities Exchange. However, the company's chief executive officer and chief financial officer will not be able to trade in the company's shares, nor will the company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the company, except in accordance with legally binding obligations to do so existing as of Dec. 29, 2023. The company is not currently subject to any insolvency proceedings. If the company provides any information to any of its creditors during the period in which it is in default of filing the annual filings, the company confirms that it will also file material change reports on SEDAR+ containing such information.

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