Saputo Announces the Renewal of Its Normal Course Issuer Bid - Seite 2

In connection with the Bid, Saputo has established an automatic purchase plan (the "Plan"). The Plan enables the Company to provide standard instructions regarding how the Common Shares are to be repurchased on the open market during self-imposed blackout periods. The Plan is effective as of November 17, 2017 and should terminate together with the Bid. It constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

Under its prior normal course issuer bid that commenced on November 17, 2016 and expires on November 16, 2017, Saputo received the approval of the TSX to repurchase for cancellation up to 12,000,000 of its Common Shares. Of this number, Saputo purchased 6,580,880 of its Common Shares by means of open market transactions, through the facilities of the TSX and of alternative Canadian trading systems, and by way of a private agreement under an issuer bid exemption order issued by securities regulatory authorities, at an average price of $45.75 per share, for a total consideration of $301,097,934.

The Company believes that the purchase by Saputo of its own shares may, under appropriate circumstances, be a responsible investment of funds on hand.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of securities laws. These statements are based, among other things, on Saputo's assumptions, expectations, estimates, objectives, plans and intentions as of the date hereof regarding projected revenues and expenses, the economic, industry, competitive and regulatory environments in which the Company operates or which could affect its activities, its ability to attract and retain customers and consumers, as well as the availability and cost of milk and other raw materials and energy supplies, its operating costs and the pricing of its finished products on the various markets in which it carries on business.

These forward-looking statements include, among others, statements with respect to the Company's short and medium term objectives, outlook, business projects and strategies to achieve those objectives, as well as statements with respect to the Company's beliefs, plans, objectives and expectations. The words "may", "should", "will", "would", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective", "continue", "propose" or "target", or the negative of these terms or variations of them, the use of conditional or future tense or words and expressions of similar nature, are intended to identify forward-looking statements.