Saputo Announces Share Buyback Plan to Enhance Shareholder Value

Key Details of the NCIB:

• Scope: Saputo may purchase up to 8,487,169 common shares, equivalent to 2% of its 424,358,459 issued and outstanding shares as of November 8, 2024.
• Duration: The NCIB will run fr om November 19, 2024, to November 18, 2025.
• Purchase Methods: Shares can be repurchased through the TSX, alternative Canadian trading systems, or other authorized methods, including block purchases and exempt offers.
• Price and Volume: Purchases will be made at market prices in cash. Daily acquisitions will be limited to 117,621 shares, based on an average daily trading volume of 470,487 shares. Weekly block purchases are also permitted under TSX guidelines.
• Flexibility: If the authorized share lim it is reached, Saputo may apply for an amendment to increase the cap, subject to TSX approval.

Automatic Purchase Plan (APP):

To streamline repurchases during blackout periods, Saputo has implemented an APP, effective November 19, 2024. The pre-cleared plan ensures compliance with Canadian securities regulations and aligns with the NCIB's duration.

Strategic Rationale:

The NCIB aligns with Saputo's capital allocation priorities, which include investments in capital expenditures, dividends, debt reduction, and share repurchases. The Company views share buybacks as a responsible use of cash under appropriate circumstances, enhancing shareholder returns while sustaining operational growth.

Saputo confirmed that no common shares have been repurchased in the past 12 months. While the Company plans to proceed with repurchases under the NCIB, it cautioned that there is no guarantee that the full program will be executed.