Poised to Accelerate our

Transformation
as a Global Leader in
Natural and Organic Foods
November 2015

Forward Looking Statements

This presentation may include forward-looking statements and therefore is
subject to important risks and uncertainties. Actual results could differ
materially from the conclusions, forecasts and projections as certain material
factors and assumptions were applied in drawing conclusions and in making
the forecasts or projections upon which the forward-looking statements are
premised.
Additional information about these material factors and assumptions, as well
as other risks, uncertainties and/or relevant factors, are set forth under
Forward Looking Statements, and Risk Factors in the Companys Annual
Report on Form 10-K for the fiscal year ended January 3, 2015 and the
Companys Report on Form 10-Q for the quarterly period ended October 3,
2015, and the Companys prospectus supplement filed on Form 424B5 on
September 28, 2015 (available at [Link])

We Are a Vertically Integrated, Natural and

Organic Foods Company

We Operate at the Forefront of Powerful Shifts in

Consumer Trends
Strong Growth in Organic & Non-GMO Conventional
U.S. Organic Food & Beverage Sales ($ bn)
2013A

U.S. Non-GMO Conventional Food & Beverage Sales ($ bn)

2014A

2013A

$200

$178

$36

$32

2014A

Growth Driven by Key Consumer Trends

Focus on Healthy Foods

Changing Demographics

Time-Pressured Consumers

We are competitively positioned in an evolving, high growth segment

4
Source: Euromonitor, IRI, Mintel, Nielsen, Non-GMO Foods: Market Perspective, Organic Trade Association, Packaged Facts

Our Businesses are Well-Positioned in Core Growth

Segments, Supporting Sustainable Sales Growth
Revenue (Billions of U.S. Dollars)
(Consolidated results)

$1.24B*

$1.14B

GLOBAL
INGREDIENTS
Global leader in
sourcing organic grain,
fruit and seed-based
raw materials and
ingredients

CONSUMER
PRODUCTS
Leader in aseptic nondairy and retail frozen
fruit
Building out healthy
snack platform

$1.04B

$0.12B

$0.14B

$0.14B

2012

2013

2014

Foods
Opta Minerals
* Pro Forma revenue of $1.50 billion in F2014
including Sunrise Growers

We Have an Extensive & Diverse Customer Base

Representative Retail and Food
Service Customer Base

Representative Brands
Customer Base

And Our Transformation is Accelerating

Corporate Timeline 2009 to Present
Sold to

Sold to

September 2010
Divested 82% of
SunOpta BioProcess
for $42 mm to
Mascoma
Corporation

June 2010
Divested Canadian
food distribution
assets for
approximately C$68
mm to United
Natural Foods Inc.
(UNFI)

June 2012
Divested Canadian-based
Natural Health Products
business for C$14 mm

November 2010
Acquired Dahlgren &
Company, a sunflower
seed-focused food
producer for $44 mm,
plus an earn-out on predetermined targets over
the next two years

June 2014
Announced that
Opta Minerals is
reviewing
strategic options

June 2013
Commenced
internal strategic
re-alignment to
transition to
integrated organic
foods company

December 2014
Divested fiber and
starch business for $38
mm to J. Rettenmaier &
Shne Group (JRS)

August 2014
Alan Murray
appointed Chairman
of the Board of
Directors of
SunOpta

Completed 37 acquisitions since 1999

Rationalized a number of businesses since 2009 to improve core focus

July 2015
Announced Rik
Jacobs will
become CEO
effective
October 1, 2015

March 2015
Acquired
Citrusource for
$13 mm plus
future contingent
payments based
on specific
performance
targets

October 2015
Completed the
acquisition of
Sunrise Growers

August 2015
Acquired Niagara
Natural Fruit Snack
for $7 mm, plus
potential future
payments based on
performance
targets

LEGEND
Divestitures
Acquisitions
Corporate Strategy

Supported by Investments in our Core Platform

Healthy
Beverages
Aseptic

2010-2015
Modesto &
Alexandria plant
expansions

Global Sourcing

2015
New Allentown, PA
Aseptic operation
Refrigerated
Beverage

Innovation
Center

2014-2015
Refurbishment
of citrus
processing San
Bernardino, CA

Healthy Snacks
Pouch

2015 Grand Opening, Edina, MN

2010-2015
Sourcing projects
2014
Sunflower - Bulgaria
2014
Cocoa facility Holland
2015
76% - Sesame stake
2011
West Coast
Sanger, CA
2012
East Coast
Allentown, PA

As Well as Our Team

Solid mix of industry experience and new perspective
Rik Jacobs, President & Chief Executive Officer

Rob McKeracher, VP & Chief Financial Officer

25 years international food industry experience

At SunOpta since 2012

Extensive financial management experience

At SunOpta since 2007

John Ruelle, Chief Administrative Officer & Senior

VP Raw Material Sourcing and Supply and Healthy
Snacks

Michelle Coleman, Chief Human Resources Officer

25 years of HR and organizational development experience
At SunOpta since 2013

Extensive financial /commercial expertise in food

At SunOpta since 2007

Mike Thyken, Chief Information Officer

Lillian Barlett, VP Risk Management & Internal Audit

30 years of business and IT experience

At SunOpta since 2013

Extensive risk management and audit experience

At SunOpta since 2009

Dan Turney, Senior VP Operations

Joe Davidson, Senior VP Healthy Beverages

25 years food industry experience

At SunOpta since 2013

20 years of food industry experience

At SunOpta since 2013

Gerard Versteegh, Senior VP International Sourcing &

Supply

James Gratzek, Senior VP Research & Development

25 years experience in natural and organic foods

At SunOpta since acquisition in 2008

20 years of food product and process innovation

experience
At SunOpta since 2014

Ed Haft, Senior VP of Healthy Fruits

Jill Barnett, General Counsel

30 years food industry experience

At Sunrise Growers (now Healthy Fruits) since 2004

Extensive corporate legal experience

At SunOpta since 2014

YTD 2015 Results

YTD 2015(1)

YTD 2014(1)(2)

Fiscal 2014(2)

Fiscal 2013(2)

$916.7

$957.8

$1,242.6

$1,140.1

$25.4

$41.0

$45.2

$37.7

OI as % of Revenues

2.8%

4.3%

3.6%

3.3%

Earnings (Loss) from Continuing Operations

$7.9

$14.7

$11.3

($8.7)

EPS from Continuing Operations

$0.11

$0.21

$0.17

($0.13)

Adjusted Earnings(3)

$14.7

$22.5

$26.4

$16.7

Adjusted EPS(3)

$0.21

$0.33

$0.39

$0.25

$50.6(5)

$60.2

$67.1

$58.3

($ millions, except per share amounts)

Revenues (4)
Operating Income (OI)

Adjusted EBITDA

1For

the three quarters ended October 3, 2015 and October 4, 2014

presented above reflect the fiber/starch business divested on December 22, 2014 as a discontinued operation
3Refer to slide #23 for a reconciliation of Adjusted earnings and Adjusted earnings per diluted common share
4Normalized revenue growth in core foods business of 3.7% after accounting for the effects of changes including commodity
prices, foreign exchange rates, rationalized product lines, acquired businesses, and an additional week in 2014
5Includes $5.2 million of adjustments relating to non-recurring logistics costs of $1.9m, facility start up costs of $2.2m, and
costs associated with an ongoing litigation of $1.2m
2Financials

10

Balance Sheet As At October 3, 2015

Balance Sheet

October 3, 2015

January 3, 2015

$291.7

$280.4

1.84

1.82

Total Assets

$793.6

$641.0

Total Debt

$148.5

$131.3

Total Debt in SunOpta Foods

$110.2

$83.1

$5.31

$5.08

In $millions, except ratio and per share amounts

Working Capital1
Current Ratio

Book Value per Share

Current assets less current liabilities, excluding cash and cash equivalents, bank indebtedness and current
portion of long-term debt

11

Through Transformation, our Mission and Vision for

the Future are Clear

OUR MISSION
At SunOpta, we empower our employees to enrich
lives by developing healthy and organic food
products, driving sustainable well-being.

OUR VISION
To be a sustainable organization that is a global
leader in healthy and organic food products driven
by a spirit of continuous improvement, innovation
and category expertise to enable the well-being of
our employees, customers, consumers and other
stakeholders.

12

And We Have a Focused Strategic Blueprint

Strategy 1

Strategy 2

Strategy 3

Focus our NonGMO/Organic food

platforms to further
entrench or gain
competitive
advantage

Accelerate our
growth by delivering
more value to
customers

Leverage the
integrated foods
platform we have
built

Strategies Supported by Flawless, Relentless Execution!

Excellent Execution = Excelution

13

Core Strategy #1:

Focus Our Food Platforms to Further Entrench or Gain
Competitive Advantage

EXPAND
Invest in
Capabilities for
Core Healthy
Foods Categories

ACQUIRE
Strategic Healthy
Foods Assets

DIVEST
Non-Core/NonStrategic Assets

2015 Progress: 3 Clear CPG Categories Supported

by our Global Ingredients Platform
HEALTHY
BEVERAGES

Aseptic packaged
products
Refrigerated
beverages
Shelf stable
beverages

HEALTHY
FRUIT

IQF fruit for retail

Frozen fruit and
purees for
foodservice
Fruit blends

HEALTHY
SNACKS

Fruit based snacks

Roasted portable
snacks
Re-sealable pouches

Sourcing and supply of non-GMO and organic fruit, vegetables, seeds, nuts,
grains, sweeteners, cocoa as raw material and as processed ingredients
15

Core Strategy #2:

Grow by Delivering More Value to Our Customers
Grow value-added
product portfolio by
leveraging SOURCING &

SUPPLY CAPABILITIES
Enhance INNOVATION
through centralized R&D
supporting KEY ACCOUNT

MANAGEMENT

2015 Progress: Business Shift To CPG, Expanded

Customer Base With Opportunity For Growth
Expected Combined* CPG >50% Of Our Food
Business
Expected Combined* CPG 57%
Global
Ingredients
$619M

Further Diversification With Sunrise Growers

Retail Private Label

Foodservice

Current CPG
$484M

36%
43%
21%
Sunrise
$300M

Increased Focus on Innovation

More Key Account Management Resources

Investment in Expanded Sourcing

Paradigm Shift from Reactive to Proactive

* Reflects SunOpta Foods 2014 revenues, plus estimated run-rate revenues of Sunrise Growers (including its recent acquisitions)

17

Core Strategy #3:

Leverage Our Integrated Foods Platform

Operating expertise to
drive SAFETY, QUALITY,

DELIVERY, & COST

Optimize field-to-table
SUPPLY CHAIN to
deliver outstanding
customer experience

ENGAGE EMPLOYEES
for maximum mutual
benefit

2015 Progress: Scalable Top Line Growth Expected to

Translate to Enhanced Leverage
Operations
1. Common KPIs & Cost
Savings Initiatives

SG&A
1. Centralized Back Office
2. Pay For Performance

2. CAPEX Effectiveness
3. 3PL Outsourcing

3. Outsourcing When
Appropriate

4. Warehousing & Plant

Consolidation

4. Benchmark Efficiency by
Function

Our Strategies Are Designed to Achieve Our Financial

Targets by 2017*
Strategies

CPG/GI Growth
Ops Savings
Leverage

Targets

2017
Target
OI

Revenue Growth p.a.

Operating Income

Base
Business
OI

* Based on managements estimate, does not include acquisitions

** Represents Core Foods business, including corporate services

10%
8%

EBITDA**

10%

RONA

15%

20

With Strategic Framework In Place, Excelution On

Business Drivers Key To Hitting Targets

Customers

Commercial: intimacy, diversification, pricing

Innovation: from reactive to proactive
Supply Chain: delight from order entry to delivery

Employees

Heads: engagement in strategy and plans

Hearts: empower to bring well being to life
Hands: translate to actions every day

Capital
Deployment

Investments: build for competitive advantage

Acquisitions: expand platform or tuck into core
Expenses: maximize sustainable leverage
21

Six Key Take-Aways

1.

We are at the forefront of

consumer trends

2.

Unique integrated Field to

Table business model is well
positioned

3.

Transformation underway
focused on achieving our
targets

4.

Strategy established and team

in place to capitalize

5.

Strong balance sheet and access

to capital to support both
internal and M&A growth

6.

Need to excelute with capital,

customers and employees

Reconciliation to GAAP
YTD 2015
SunOpta
Opta
Foods Minerals
Earnings (loss) attributable to SunOpta Inc.

$ 10,294 $ (2,697) $ 7,597

(262)
-

Earnings (loss) from discontinued operations, net of taxes

Gain on sale of discontinued operations, net of taxes
Earnings (loss) from continuing operations attributable to SunOpta Inc.

YTD 2014
Consolidated

10,556

SunOpta
Opta
Foods Minerals
$ 14,541

(262)
-

(2,697)

7,859

423

$ 14,964

297
-

297
14,244

Fiscal 2014
Consolidated

423

14,667

Fiscal 2013

SunOpta
Opta
Foods Minerals

Consolidated

SunOpta
Opta
Foods Minerals

$ 21,049 $ (7,948)

$ 13,101

$ (7,933) $

$ (144)
$ 1,898
19,295

(7,948)

(144)
1,898
11,347

Consolidated

(591) $ (8,524)

172
-

172
-

(8,105)

(591)

(8,696)

Adjusted for:
Demurrage, detention and other related expenses

1,858

1,858

Plant expansion and start-up costs

2,220

2,220

Litigation costs

1,177

1,177

Impairment loss on investment

8,441

8,441

8,441

8,441

21,495

21,495

Goodwill impairment

10,975

10,975

3,552

3,552

Benefit of tax losses and credits not previously recognized

(2,350)

(2,350)

4,393

1,772

6,165

(1,826)

833

(993)

(2,179)

4,673

2,494

5,495

1,106

6,601

(3,658)

(469)

(4,127)

652

(153)

499

885

(1,687)

(802)

(2,167)

(1,145)

(3,312)

(467)

(467)

(135)

(135)

(4,454)

(4,454)

(1,470)

(1,470)

Adjusted earnings

$ 16,546 $ (1,861)

$ 14,685

$ 21,511

968

$ 22,479

$ 26,442 $

(791)

$ 25,651

$ 16,718 $ 1,452

$ 18,170

Adjusted earnings per diluted share

0.01

Other expense (income), net

Net income tax effect of preceding adjustments
Non-controlling interests' share of preceding adjustments

0.24 $ (0.03)

0.21

0.32

0.33

0.39 $ (0.01)

0.38

0.25

0.02

0.27

For the three quarters ended October 3, 2015, the Company recognized $1,858 in additional logistics costs stemming from transloading capacity constraints on imports and exports which led to demurrage,
detention and other related expenses within Global Ingredients; and approximately $2,220 of costs related to the retrofit of our premium juice facility and expansion of our Allentown, Pennsylvania facility to
add aseptic beverage processing and filling capabilities which impacted cost of goods sold. The Company also recognized $1,177 of legal costs related to an ongoing litigation reported as part of selling,
general and administrative expenses; and severance, business development and rationalization costs, partially offset by gain on sale of assets reported in "Other expense (income), net".
For the three quarters ended October 4, 2014, the Company recognized a $8,441 non-cash impairment loss on its investment in Enchi Corporation (formerly Mascoma Corporation), as well as gains on sales of
assets and the settlement of acquisition related contingencies.
For the year ended January 3, 2015, the Company recognized a $8,441 non-cash impairment loss on its investment in Enchi Corporation (formerly Mascoma Corporation), as well as gains on sales of assets and
the settlement of acquisition related contingencies. The Company also recognized a non-cash goodwill impairment loss of $10,975 and other expenses including an asset impairment charge and plant closure
costs related to Opta Minerals.
For the year ended December 28, 2013, the Company recognized a $21,495 non-cash impairment loss on its investment in Enchi, a loss associated with a customer initiated product recall, and severance
reported in "Other expense (income), net". The Company also recognized a non-cash goodwill impairment loss of $3,552 and other expenses including a provision for expected costs associated with
rationalization and integration of acquired businesses related to Opta Minerals.

These charges and gains are not reflective of normal business operations and have been adjusted to arrive at Adjusted earnings and Adjusted earnings per diluted share. Adjusted
earnings and adjusted earnings per diluted share are non-GAAP measures provided solely to assist investors in comparing our financial performance between periods. These measures are
not, and should not be viewed as, a substitute for earnings and earnings per diluted share prepared under U.S. GAAP.

23

bringing well-being to life

SunOpta Inc.,
2838 Bovaird Drive West, Brampton, Ontario, Canada L7A 0H2
[Link]