Saputo Announces the Renewal of Its Normal Course Issuer Bid

MONTRÉAL, QUÉBEC--(Marketwired - Nov. 15, 2017) - Saputo Inc. ("Saputo" or the "Company") (TSX:SAP) announced today that it has received the approval of the Toronto Stock Exchange ("TSX") to renew its normal course issuer bid (the "Bid") in order to repurchase for cancellation up to 8,000,000 common shares ("Common Shares"), representing approximately 2% of its 386,661,524 issued and outstanding Common Shares as of November 3, 2017. In the event the number of Common Shares that the Company can purchase under the Bid has been attained, the Company intends to apply to the TSX to amend the Bid to increase the number of Common Shares authorized to be repurchased in accordance with TSX rules.

The Bid will be conducted in accordance with applicable regulations during the period beginning on November 17, 2017 and ending no later than November 16, 2018, by means of open market transactions, through the facilities of the TSX or of alternative Canadian trading systems, or such other means as may be permitted by the TSX or a securities regulatory authority, including by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority in Canada. The consideration that the Company will pay for any Common Shares acquired by it on the open market under the Bid will be in cash at the market price of such Common Shares at the time of acquisition, or such other price as the TSX may permit. Purchases made by way of private agreements would be at a discount to the prevailing market price of the Common Shares at the time of the acquisition, as provided in the relevant exemption order. During the six calendar months ended October 31, 2017, the average daily trading volume of Saputo's Common Shares was 604,125 shares. Accordingly, the Company is entitled to purchase by means of open market transactions, on any trading day, up to 151,031 Common Shares representing 25% of the average daily trading volume of the issued and outstanding 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 directly or indirectly owned by insiders of the Company, in accordance with TSX rules. Common Shares purchased by the Company pursuant to the Bid will be cancelled.