Mr. Nicholas Estrela reports

SAPUTO INC. ANNOUNCES NORMAL COURSE ISSUER BID

Tthe Toronto Stock Exchange has accepted Saputo's notice of intention to make a normal course issuer bid (NCIB) to purchase up to 2 per cent of Saputo's issued and outstanding common shares. This normal course issuer bid reflects the company's continued commitment to returning value to shareholders while maintaining the flexibility to allocate capital for growth opportunities.

Under the terms of the NCIB, Saputo may purchase for cancellation up to 8,487,169 common shares, representing 2 per cent of its 424,358,459 issued and outstanding common shares as of Nov. 8, 2024, on the open market through the TSX, alternative Canadian trading systems, or by other means as may be permitted by the applicable securities regulatory authority, including exempt offers and off-exchange block purchases. The NCIB will remain in effect for one year, beginning Nov. 19, 2024, and will end no later than Nov. 18, 2025. In the event the number of common shares that Saputo can purchase under the NCIB has been attained, the company may apply to the TSX to amend the NCIB to increase the number of common shares authorized to be repurchased in accordance with TSX rules. The consideration that Saputo will pay for any common shares acquired by it on the open market under the NCIB will be in cash at the market price of such common shares at the time of acquisition. In the case of off-exchange block purchases, purchases will be at a discount to the prevailing market price in accordance with and subject to the terms of applicable exemptive relief. Based on the average daily trading volume of 470,487 common shares during the past six months, daily purchases will be limited to 117,621 common shares. In addition, Saputo may make, once per week, a block purchase (as such term is defined in the TSX company manual) of common shares not owned, directly or indirectly, by insiders of the company, in accordance with TSX rules.

In connection with the NCIB, Saputo has established an automatic purchase plan (APP). The APP enables Saputo to provide standard instructions regarding how the common shares are to be repurchased on the open market during self-imposed blackout periods. The APP is effective as of Nov. 19, 2024, and should terminate together with the NCIB. It constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been precleared by the TSX. Saputo has not purchased any of its common shares in the past 12 months.

Share repurchases under the NCIB are part of Saputo's broader capital allocation strategy that balances capital expenditures, dividends, debt reduction and share repurchases. Saputo believes that the purchase of its own shares may, under appropriate circumstances, be a responsible allocation of cash. Although Saputo presently intends to purchase common shares under the NCIB, there can be no assurances that any such purchases will be completed.

About Saputo Inc.

Saputo, one of the top 10 dairy processors in the world, produces, markets and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk, extended-shelf-life milk and cream products, cultured products, and dairy ingredients. Saputo is a leading cheese manufacturer and fluid milk and cream processor in Canada, a leading dairy processor in Australia, and the top dairy processor in Argentina. In the United States, Saputo ranks among the top three cheese producers and is one of the top producers of extended-shelf-life and cultured dairy products. In the United Kingdom, Saputo is the leading manufacturer of branded cheese and dairy spreads. In addition to its dairy portfolio, Saputo produces, markets and distributes a range of dairy alternative products. Saputo products are sold in several countries under market-leading brands as well as private label brands. Saputo is a publicly traded company and its shares are listed on the TSX under the symbol SAP.

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