Page 1

News Release For immediate release ( Montréal , November 4 , 2021 ) – Saputo Inc. ( TSX : SAP ) ( we , Saputo or the Company ) reported today its financial results for the second quarter of fiscal 2022 , which ended on September 30 , 2021. All amounts in this news release are in Canadian dollars ( CDN ) , unless otherwise indicated , and are presented according to International Financial Reporting Standards ( IFRS ) . Fiscal 2022 Second Quarter Financial Highlights Revenues were stable at $ 3.7 billion . Adjusted EBITDA * amounted to $ 283 million , down $ 87 million or 23.5 % . Net earnings totalled $ 98 million and EPS ** ( basic and diluted ) were $ 0.24 , down from $ 171 million and EPS ( basic and diluted ) of $ 0.42 . ● ● Saputo SAPUTO REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 2022 ENDED SEPTEMBER 30 , 2021 Adjusted net earnings excluding amortization of intangible assets related to business acquisitions * totalled $ 116 million , down from $ 184 million , and the corresponding EPS ** ( basic and diluted ) were $ 0.28 , down from $ 0.45 . " This latest phase of the pandemic has brought its share of difficulties , and our second - quarter results reflect this challenging environment . As economies reopen , our business , like many others , has faced labour shortages , supply chain disruptions , and inflationary pressures , significantly hampering our profitability in the first half of fiscal 2022. In response , we are staying true to our disciplined approach , with a relentless focus on controlling the controllables and progressing our Global Strategic Plan . By combining our asset base and the strategic initiatives that underpin our Plan , many of which are currently underway , we firmly believe we can deliver on our Adjusted EBITDA * target of $ 2.125 billion by the end of fiscal 2025 and build solid foundations for generations to come . " -Lino A. Saputo , Chair of the Board and Chief Executive Officer Selected Fiscal 2022 Second Quarter Global Strategic Plan Highlights Strengthen core business ++ to * - + — tét In the USA , we made progress on our simplification and SKU rationalization projects as we work to increase productivity while decreasing the complexity of our commercial and supply chain activities . Accelerate product innovation We continued to secure new co - packing business across North America to manufacture dairy alternative beverages , with our two facilities in the USA taking on additional volume . Increase the value of ingredients portfolio We have begun materializing on our ingredients strategy to enhance our portfolio in the USA and internationally and move up the value chain . Since the Reedsburg Facility Acquisition , we have made great strides towards taking a leadership role in manufacturing goat whey and other niche value - added ingredients . Optimize and enhance operations In Canada , we initiated several automation projects , which were originally slated to begin in fiscal 2023. And our new state - of - the - art fluid milk and dairy alternative beverage facility in Port Coquitlam , BC , is now open . Create enablers to fuel investments Under " One USA " , we are making good progress as we continue to work on harmonizing our processes and procedures , to maximize synergies and support our Dairy Division ( USA ) ' s future growth . Board of Directors On November 4 , 2021 , Ms. Olu Fajemirokun - Beck joined the Company's Board of Directors . Ms. Beck has more than 30 years of experience in the consumer goods industry and held several executive roles in the United States , the United Kingdom , and the European Union . Previously , she was the Chief Executive Officer and a Board Member of Wholesome Sweeteners Inc. Prior to that , she held senior executive positions at Mars , Incorporated , including as the Chief Financial Officer of Uncle Ben's , and at Johnson & Johnson . Ms. Beck has been consecutively named one ofthe Top 25 Most Influential Women CEO's of the Mid - Market in the USA by CEO Connection in 2017 and 2018. Ms. Beck is the founder and Chief Executive Officer of boutique management consulting firm , The Beck Group NJ LLC . She will sit on the Company's Audit Committee . See the " Non - IFRS Financial Measures " section of the Management's Discussion and Analysis for the reconciliations to IFRS measures . SAPUTO INC . Q2 Fiscal 2022 - November 4 , 2021 Page 1