Mr. Victor Mandel reports

MTY FOOD GROUP INC. RESPONDS TO RECENT PUBLIC STATEMENTS

MTY Food Group Inc. is providing the following clarification in response to the Bloomberg News article published today and the press release and accompanying public letter issued today by Foodtastic Inc. regarding its non-binding, conditional proposal to engage with the corporation with respect to an acquisition of the corporation, with a view to ensuring market transparency.

On Oct. 9, 2026, the corporation announced the end of its strategic review, more than 10 months after publicly announcing on Nov. 17, 2025, that the board of directors had initiated the process. A special committee of independent directors was formed in connection with the review, and the corporation was assisted by financial and legal advisers. The robust and comprehensive process included engagement with a range of interested parties and consideration of a broad set of strategic alternatives, including a sale of all or part of the corporation and the continued execution of its business plan. Following that review, the special committee and the board of directors unanimously concluded that the most compelling path forward to drive shareholder value was to accelerate the evolution of the corporation's current strategic plan, with a sharpened focus on efficiency, simplification and disciplined capital allocation. These priorities reflect the board's and management's confidence in the corporation's underlying business and a disciplined approach to capital allocation.

Following the announcement of the end of its strategic review, prior to which Foodtastic had been afforded multiple extensions of its exclusivity period to secure its financing and close the transaction, the corporation received non-binding and conditional proposals from Foodtastic dated Oct. 15 and Oct. 20, 2026, each at a proposed purchase price of $43.00 per share, and in addition to the letter issued today by Foodtastic reiterating its October proposals. Following a robust review process and careful consideration of those proposals, the board unanimously determined that pursuing the October proposals was not in the best interests of the corporation or its shareholders. Accordingly, the corporation rejected the October proposals and formally terminated discussions with Foodtastic. No agreement, understanding or arrangement was entered into in connection with those October proposals.

The corporation will make further disclosure as appropriate or as required by applicable securities laws and Toronto Stock Exchange requirements.

About MTY Food Group Inc.

MTY Group franchises and operates quick-service, fast casual and casual dining restaurants over 80 different banners in Canada, the United States and internationally. Based in Montreal, MTY is a family whose heart beats to the rhythm of its brands, the very soul of its multibranded strategy. For over 45 years, it has been increasing its presence by delivering new concepts of restaurants, making acquisitions and forging strategic alliances, which have allowed it to reach new heights year after year. By combining new trends with operational know-how, the brands forming the MTY Group now touch the lives of millions of people every year. With 6,966 locations, the many flavors of the MTY Group hold the key to responding to the different tastes and needs of today's consumers as well as those of tomorrow.

We seek Safe Harbor.