Saputo Announces the Renewal of Its Normal Course Issuer Bid

MONTREAL, QUEBEC -- (Marketwired) -- 11/15/17 -- Saputo Inc.
("Saputo" or the "Company") (TSX:SAP) announced today that it has
received the approval of the Toronto Stock Exchange ("TSX") to renew
its normal course issuer bid (the "Bid") in order to repurchase for
cancellation up to 8,000,000 common shares ("Common Shares"),
representing approximately 2% of its 386,661,524 issued and
outstanding Common Shares as of November 3, 2017. In the event the
number of Common Shares that the Company can purchase under the Bid
has been attained, the Company intends to apply to the TSX to amend
the Bid to increase the number of Common Shares authorized to be
repurchased in accordance with TSX rules.

The Bid will be conducted in accordance with applicable regulations
during the period beginning on November 17, 2017 and ending no later
than November 16, 2018, by means of open market transactions, through
the facilities of the TSX or of alternative Canadian trading systems,
or such other means as may be permitted by the TSX or a securities
regulatory authority, including by way of private agreements under an
issuer bid exemption order issued by a securities regulatory
authority in Canada. The consideration that the Company will pay for
any Common Shares acquired by it on the open market under the Bid
will be in cash at the market price of such Common Shares at the time
of acquisition, or such other price as the TSX may permit. Purchases
made by way of private agreements would be at a discount to the
prevailing market price of the Common Shares at the time of the
acquisition, as provided in the relevant exemption order. During the
six calendar months ended October 31, 2017, the average daily trading
volume of Saputo's Common Shares was 604,125 shares. Accordingly, the
Company is entitled to purchase by means of open market transactions,
on any trading day, up to 151,031 Common Shares representing 25% of
the average daily trading volume of the issued and outstanding Common
Shares. In addition, Saputo may make, once per week, a block purchase
(as such term is defined in the TSX Company Manual) of Common Shares
not directly or indirectly owned by insiders of the Company, in
accordance with TSX rules. Common Shares purchased by the Company
pursuant to the Bid will be cancelled.

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. 


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. 

By their nature, forward-looking statements are subject to a number
of inherent risks and uncertainties. Actual results could differ
materially from the conclusion, forecast or projection stated in such
forward-looking statements. As a result, the Company cannot guarantee
that any forward-looking statements will materialize. Assumptions,
expectations and estimates made in the preparation of forward-looking
statements and risks that could cause actual results to differ
materially from current expectations are discussed in the Company's
materials filed with the Canadian securities regulatory authorities
from time to time, including the "Risks and Uncertainties" section of
the Management's Discussion and Analysis included in the Company's
2017 Annual Report.

Forward-looking statements are based on Management's current
estimates, expectations and assumptions, which Management believes
are reasonable as of the date hereof, and, accordingly, are subject
to changes after such date. You should not place undue importance on
forward-looking statements and should not rely upon this information
as of any other date. 

To the extent any forward-looking statement in this document
constitutes financial outlook, within the meaning of applicable
securities laws, such information is intended to provide shareholders
with information regarding the Company, including its assessment of
future financial plans, and may not be appropriate for other
purposes. Financial outlook, as with forward-looking information
generally, is based on current estimates, expectations and
assumptions and is subject to inherent risks and uncertainties and
other factors.

Except as required under applicable securities legislation, Saputo
does not undertake to update or revise these forward-looking
statements, whether written or verbal, that may be made from time to
time by itself or on its behalf, whether as a result of new
information, future events or otherwise

About Saputo

Saputo produces, markets, and distributes a wide array of dairy
products of the utmost quality, including cheese, fluid milk,
extended shelf-life milk and cream products, cultured products and
dairy ingredients. Saputo is one of the top ten dairy processors in
the world, the largest cheese manufacturer and the leading fluid milk
and cream processor in Canada, one of the top three dairy processors
in Argentina, and among the top four in Australia. In the US, Saputo
ranks among the top three cheese producers and is one of the largest
producers of extended shelf-life and cultured dairy products. Our
products are sold in several countries under well-known brand names
such as Saputo, Alexis de Portneuf, Armstrong, COON, Cracker
Barrel(i), Dairyland, DairyStar, Friendship Dairies, Frigo Cheese
Heads, La Paulina, Milk2Go/Lait's Go, Neilson, Nutrilait,
Scotsburn(i), Stella, Sungold, Treasure Cave and Woolwich Dairy.
Saputo Inc. is a publicly traded company and its shares are listed on
the Toronto Stock Exchange under the symbol "SAP".

(i)Trademark used under licence.
Media Inquiries
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