Page 1

News Release For immediate release Saputo FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2021 ENDED DECEMBER 31 , 2020 Revenues at $ 3.763 billion , down 3.3 % Adjusted EBITDA at $ 431.1 million , up 3.4 % Net earnings at $ 209.8 million , up 6.1 % Adjusted net earnings excluding amortization of intangible assets related to business acquisitions at $ 227.8 million , down 0.6 % ( Montréal , February 4 , 2021 ) – Saputo Inc. ( TSX : SAP ) ( Saputo or the Company ) reported today its financial results for the third quarter of fiscal 2021 , which ended on December 31 , 2020. All amounts in this news release are in Canadian dollars ( CDN ) , unless otherwise indicated , and are presented according to International Financial Reporting Standards ( IFRS ) . • Revenues amounted to $ 3.763 billion , a decrease of $ 127.9 million or 3.3 % . Adjusted EBITDA * amounted to $ 431.1 million , an increase of $ 14.1 million or 3.4 % . Net earnings totalled $ 209.8 million and EPS ** ( basic and diluted ) were $ 0.51 , an increase as compared to $ 197.8 million and EPS ( basic and diluted ) of $ 0.49 and $ 0.48 . Adjusted net earnings excluding amortization of intangible assets related to business acquisitions * totalled $ 227.8 million , as compared to $ 229.1 million , and the corresponding EPS ** ( basic and diluted ) were $ 0.56 and $ 0.55 , as compared to $ 0.56 . ( in millions of Canadian ( CDN ) dollars , except per share amounts ) * For the three - month periods For the nine - month periods ( unaudited ) 2020 ended December 31 2019 ended December 31 Revenues 3,762.9 3,890.8 2020 10,855.9 2019 11,224.8 Adjusted EBITDA * 431.1 417.0 1,168.1 1,169.4 Net earnings 209.8 197.8 522.5 494.1 Adjusted net earnings excluding amortization of intangible assets related to business acquisitions * 227.8 229.1 591.1 607.1 Net earnings per share Basic 0.51 0.49 1.28 1.24 Diluted 0.51 0.48 1.27 1.23 Adjusted net earnings per share excluding amortization of intangible assets related to business acquisitions * Basic Diluted 0.56 0.55 0.56 0.56 1.44 1.44 1.53 1.52 See the " Non - IFRS Financial Measures " section of the Management's Discussion and Analysis for the third quarter of fiscal 2021 for the reconciliations to IFRS measures . The shift in consumer demand due to the COVID - 19 pandemic continued to impact all the Company's sectors to varying degrees . During the quarter , overall sales volumes reached similar levels compared to the same period last fiscal year , with the Company benefiting from increased sales volumes in the retail and industrial market segments , despite lower sales volumes in the foodservice market segment . • • • • • USA Market Factors ** positively impacted adjusted EBITDA by approximately $ 34 million . Lower sales volumes in the USA Sector affected efficiencies and the absorption of fixed costs . In the Canada Sector , the continued positive impact of increased sales volumes in the retail market segment outweighed the impact of decreased sales volumes in the foodservice market segment . The International Sector benefited from increased milk availability and the contribution of the specialty cheese business purchased from Lion Dairy & Drinks Pty Ltd ( Specialty Cheese Business Acquisition ) for the full quarter . Higher sales volumes in the retail market segment benefited the Europe Sector . A decrease in international cheese and dairy ingredient market prices negatively affected revenues and adjusted EBITDA . The Board of Directors approved a dividend of $ 0.175 per share payable on March 26 , 2021 , to common shareholders of record on March 16 , 2021 . See the " Non - IFRS Financial Measures " section of the Management's Discussion and Analysis for the third quarter of fiscal 2021 for the reconciliations to IFRS measures . ** Refer to the " Glossary " section of the Management's Discussion and Analysis for the third quarter of fiscal 2021 . SAPUTO INC . Q3 Fiscal 2021 - February 4 , 2021 Page 1