Empire Company Limited

S&P Upgrades Sobeys Inc. Credit Rating to Investment Grade

Empire Company Limited (“Empire” or the “Company”) (TSX: EMP.A) announced today that Standard & Poor’s (“S&P”) upgraded the issuer credit rating of Sobeys Inc. (“Sobeys”) and the issue level ratings on Sobeys unsecured notes to BBB- from BB+. S&P also changed the trend for Sobeys to Stable. S&P stated in its press release announcing the upgrade, “Sobeys Inc. has expanded its fiscal 2020 EBITDA and EBITDA margin materially as it successfully implemented its multiyear operational turnaround program (Project Sunrise). We expect the company’s operations to continue on this trajectory with Project Horizon.”