Saputo Announces Dividend Reinvestment Plan

Not for distribution to U.S. news wire services or public dissemination in the United States.

MONTREAL, May 28, 2020 (GLOBE NEWSWIRE) -- Saputo Inc. (“Saputo” or the “Company”) (TSX: SAP) announced today that it has implemented a Dividend Reinvestment Plan (the “DRIP”), effective as of the date of this press release. Participation in the DRIP is optional and will not affect shareholders’ cash dividends, unless they elect to participate in the DRIP.

The DRIP will provide Saputo's eligible shareholders with the opportunity to have all or a portion of the cash dividends declared on their common shares automatically reinvested into additional common shares (the “Reinvestment Shares”) of the Company. The benefits of enrolling in the DRIP include the:

• convenience of automatic reinvestment of dividends in Reinvestment Shares;
• flexibility to enroll some or all common shares in the DRIP, providing the opportunity to reinvest all or a portion of dividends in Reinvestment Shares, while continuing to receive the remainder in cash; and
• ability at the current time to acquire Reinvestment Shares at a discount to the Average Market Price without paying any brokerage fees.

Participants in the DRIP will, until further notice, acquire Reinvestment Shares issued from treasury (a “Treasury Purchase”) at a price equal to the volume weighted average price of the Company's common shares on the Toronto Stock Exchange during the five (5) trading days immediately preceding the dividend payment date (the “Average Market Price”), less a discount of 2%. Saputo will have the discretion to change or eliminate the discount applicable to Treasury Purchases, provided that such discount shall not exceed 5% of Average Market Price. Saputo will also be entitled, at its discretion and in accordance with the DRIP, to fund the DRIP with common shares acquired on the open market.

Saputo's principal shareholder, Jolina Capital Inc., a holding company controlled by Emanuele (Lino) Saputo, has indicated to the Company its intention to enroll approximately 30% of the common shares it beneficially owns or controls, directly or indirectly, in the DRIP.

Only future dividends declared by Saputo will be eligible for reinvestment in the DRIP, commencing with the dividend to be paid on July 9, 2020, to shareholders on record as of June 30, 2020. To participate in the DRIP, registered shareholders must deliver a properly completed enrollment form to Computershare Trust Company of Canada (the “Agent”) at a minimum five (5) business days before a dividend record date. Registered shareholders who wish to participate in the DRIP for the July 9, 2020, dividend must deliver a completed enrollment form to the Agent no later than 4:00 p.m. (EST time) on June 22, 2020.