SAP En-Corporate Presentation June 8 23 v1

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June 8, 2023 CORPORATE PRESENTATION

2023
2023
Saputo
Saputo
Inc.Inc.
andand
affiliates.
affiliates.
All rights
All rights
reserved.
reserved.
Caution Regarding Forward-Looking Information
This presentation contains statements which are forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to our objectives, outlook,
business projects, strategies, beliefs, expectations, targets, commitments, goals, ambitions and strategic plans including our ability to achieve these targets, commitments, goals, ambitions and strategic plans, and statements other than
historical facts. The words “may”, “could”, “should”, “will”, “would”, “believe”, “plan”, “expect”, “intend”, “anticipate”, “estimate”, “foresee”, “objective”, “continue”, “propose”, “aim”, “commit”, “assume”, “forecast”, “predict”, “seek”, “project”,
“potential”, “goal”, “target”, or “pledge”, 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. All
statements other than statements of historical fact included in this presentation may constitute forward-looking statements within the meaning of applicable securities laws.
By their nature, forward-looking statements are subject to inherent risks and uncertainties. Actual results could differ materially from those stated, implied, or projected in such forward-looking statements. As a result, we cannot guarantee
that any forward-looking statements will materialize, and we warn readers that these forward-looking statements are not statements of historical fact or guarantees of future performance in any way. Assumptions, expectations, and
estimates made in the preparation of forward-looking statements and risks and uncertainties that could cause actual results to differ materially from current expectations are discussed in our 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 dated June 8, 2023, available on SEDAR under Saputo’s profile at www.sedar.com
Such risks and uncertainties include the following: product liability; the availability and price variations of milk and other inputs, our ability to transfer input costs increases, if any, to our customers in competitive market conditions; supply
chain strain and supplier concentration; the price fluctuation of dairy products in the countries in which we operate, as well as in international markets; our ability to identify, attract, and retain qualified individuals; the increased competitive
environment in our industry; consolidation of clientele; cyber threats and other information technology-related risks relating to business disruptions, confidentiality, data integrity business and email compromise-related fraud; unanticipated
business disruption; continuing economic and political uncertainties, resulting from actual or perceived changes in the condition of the economy or economic slowdowns or recessions; the ongoing military conflict in Ukraine; public health
threats, such as the recent global COVID -19 pandemic, changes in consumer trends; changes in environmental laws and regulations; the potential effects of climate change; increased focus on environmental sustainability matters; the
failure to execute our Global Strategic Plan as expected or to adequately integrate acquired businesses in a timely and efficient manner; the failure to complete capital expenditures as planned; changes in interest rates and access to
capital and credit markets. There may be other risks and uncertainties that we are not aware of at present, or that we consider to be insignificant, that could still have a harmful impact on our business, financial state, liquidity, results, or
reputation.
Forward-looking statements are based on Management’s current estimates, expectations and assumptions regarding, among other things; the projected revenues and expenses; the economic, industry, competitive, and regulatory
environments in which we operate or which could affect our activities; our ability to identify, attract, and retain qualified and diverse individuals; our ability to attract and retain customers and consumers; our environmental performance;
the results of our sustainability efforts; the effectiveness of our environmental and sustainability initiatives; our operating costs; the pricing of our finished products on the various markets in which we carry on business; the successful
execution of our Global Strategic Plan; our ability to deploy capital expenditure projects as planned; reliance on third parties; our ability to gain efficiencies and cost optimization from strategic initiatives; our ability to correctly predict,
identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; our ability to leverage our brand value; our ability to drive revenue growth in
our key product categories or platforms or add products that are in faster-growing and more profitable categories; the successful execution of our M&A strategy; the market supply and demand levels for our products; our warehousing,
logistics, and transportation costs; our effective income tax rate; the exchange rate of the Canadian dollar to the currencies of cheese and dairy ingredients. To set our financial performance targets, we have made assumptions
regarding, among others: the absence of significant deterioration in macroeconomic conditions; our ability to mitigate inflationary cost pressure; the USA commodity market conditions; labour market conditions and staffing levels in our
facilities; the impact of price elasticity; our ability to increase the production capacity and productivity in our facilities; and the demand growth for our products. Our ability to achieve our environmental targets, commitments, and goals is
further subject to, among others: our ability to access and implement all technology necessary to achieve our targets, commitments, and goals; the development and performance of technology, innovation and the future use and
deployment of technology and associated expected future results; the accessibility of carbon and renewable energy instruments for which a market is still developing and which are subject to risk of invalidation or reversal; and
environmental regulation. Our ability to achieve our 2025 Supply Chain Pledges is further subject to, among others, our ability to leverage our supplier relationships.
Management believes that these estimates, expectations, and assumptions are reasonable as of the date hereof, and are inherently subject to significant business, economic, competitive, and other uncertainties and contingencies
regarding future events, and are accordingly subject to changes after such date. Forward-looking statements are intended to provide shareholders with information regarding Saputo, including our assessment of future financial plans,
and may not be appropriate for other purposes. Undue importance should not be placed on forward-looking statements, and the information contained in such forward-looking statements should not be relied upon as of any other date.
Unless otherwise indicated by Saputo, forward-looking statements in this report describe our estimates, expectations and assumptions as of June 8, 2023, and, accordingly, are subject to change after that date. Except as required under
applicable securities legislation, Saputo does not undertake to update or revise forward-looking statements, whether written or verbal, that may be made from time to time by itself or on our behalf, whether as a result of new information,
future events, or otherwise. All forward-looking statements contained herein are expressly qualified by this cautionary statement.
2
2023 Saputo Inc. and affiliates. All rights reserved.

Who We Are
& What We Do
One of the Top 10 Dairy
Processors in the World
Approx.
66 plants
Leading positions in Canada, the USA, Australia, 11 billion 69 distribution centres
litres of milk 2 innovation centres
Argentina, and the UK processed annually
CANADA
A leading cheese
manufacturer and UK
fluid milk and cream Leading manufacturer of
processor branded cheese and dairy
spreads Approx. Products sold in over
19,200 60 countries
employees
6% 10%
USA 21% 26%
One of the top three 35%
24%
cheese producers and one
of the largest producers of
extended shelf-life and AUSTRALIA
47%
cultured dairy products A leading dairy 31%
processor
REVENUES2 ADJUSTED EBITDA1,2
ARGENTINA $17,843 $1,553

Top dairy processor
Canada USA NET EARNINGS2

Saputo also produces, markets, and distributes a range of dairy alternative cheeses and beverages International Europe $622
1 Adjusted EBITDA is a total of segments measure and does not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, it is unlikely to be comparable to
similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the fiscal year ended March 31, 2023, which is
incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.
4 2 For the fiscal year ended March 31, 2023 (in millions of CDN dollars).

Our Product Portfolio
We manufacture, market, and distribute a diversified range of high-quality products
Dairy foods 32% Cheese 47%

butter, spreads, cream, creamers, whipping
cream, aerosols, ice cream mix, half-and-half, (everyday and specialty)
sour cream, cottage cheese, yogurt mozzarella, cheddar, goat cheese, blue
cheese, ricotta, provolone, parmesan,
romano, feta, havarti, brie, camembert,
brick, colby, farmer, munster, monterey
jack, fresh curd, processed cheeses,
cream cheese
Milk 10%
fluid milk, value-added milk, dairy beverages,
aseptic dairy beverages, extended shelf-life
products (ESL) By-products / Ingredients 7%
milk powder, whey powder, whey protein
concentrates (WPC), demineralized whey,
lactose, lactoferrin, infant formula,
casein, galacto-oligosaccharides (GOS),
Non-dairy products 4% dairy ingredient blends, other value-added
dairy-free cheeses, dairy alternative dairy ingredients and nutritional products
beverages and creamers, oil, other products
5 Percentage of consolidated revenues generated by these products for the year ended March 31, 2023.

Our products are sold under our
owned brands and customer brand
Our Brand Portfolio names (private label)
6 Trademarks used under licence: Bailey’s, Heluva Good, International Delight, Scotsburn, and Cracker Barrel.

Our Values
Throughout our history and growth, we have maintained our culture by staying focused on the
values that define us
Efficiency through A family-oriented Ownership and A hands-on Passion

simplicity environment commitment approach
We use our innate We seek the well-being We assume the We are proactive and We enjoy our work and
sound judgement and of colleagues and consequences of our thrive to be where the proudly show it
question the status quo encourage their success decisions and make action is
sure to be available to
help others

Proven History of Integrating Acquisitions FY23
$17.8B
Milestone acquisitions consolidated
revenues
Founded by Lino Saputo and his parents

1954 in Montréal (Canada) with only $500 for
equipment and a bicycle for deliveries
1997 2001 2003 2005
Stella Dairyworld Molfino Fromage Côté
(USA) Foods Hermanos Kingsey Since 1997
1997 / IPO (Canada) (Argentina) (Canada)
$450M
Considerable growth years as demand consolidated 36
1960s for Saputo products increased INDUSTRIAL acquisitions
revenues CHEESE
successfully
BUSINESS
completed
2007 2008 2008 2011
Land’O Lakes Alto Dairy Neilson DCI
(USA)* Cooperative (Canada) (USA)
(USA) Approximately
Acquired several production operations CDN
and developed our Canadian national $9.3B
1970 to distribution network, positioning Saputo
1997 invested to expand
as a leading producer of mozzarella in
operations in Canada,
Canada. Entered the USA market by
the USA, Argentina,
acquiring two cheese plants
Australia, and the UK
2013 2014 2018 2019
Morningstar Warrnambool Murray Dairy Crest
(USA) Cheese and Goulburn (UK)
Butter (Australia)
(Australia)
8
*The activities of Land O’Lakes West Coast industrial cheese business.
Strong and Seasoned Leadership Team
Lino A. Saputo
Chair of the Board, President and CEO
35 years of service
Maxime Therrien Carl Colizza Gaétane Wagner Leanne Cutts Martin Gagnon
Chief Financial Officer President and COO Chief Human Resources Officer President and COO Chief Acquisition and Strategic
and Secretary (North America) 15 years of service (International and Europe) Development Officer
26 years of service 24 years of service 2 years of service* 6 years of service
Frank Guido Haig Poutchigian Tom Atherton Marcelo Cohen Richard Wallace
President and COO President and COO President and COO President and COO President and COO
Dairy Division (USA) Dairy Division (Canada) Dairy Division (UK) Dairy Division (Argentina) Dairy Division (Australia)
8 years of service 7 years of service 17 years of service 21 years of service 26 years of service
9 * Has previously held senior and executive roles at large CPG, pharmaceutical, and banking companies.
The Saputo Promise
We seek to create shared value for all our stakeholders
Our approach to social, environmental, and economic performance underpins every aspect of our business. This framework ensures we embed successful
Environmental, Social, and Governance (ESG) risks and opportunities management across our operations globally.
Seven Pillars that allow us to focus our efforts where it matters:
Food Quality Our Business Responsible Environment Community

Nutrition
and Safety People Ethics Sourcing
Our operating Our employees are Integrity guides the We care deeply Our goal is to Providing nutritious We are committed
principle is always our most important everyday conduct about where our safeguard the products is part of to giving back to the
to put food quality asset of our employees, ingredients come environment while our daily operations communities that
and safety first officers, and Board from and expect the continuing to grow and healthy living is support us and help
members same from our as a world-class at the heart of our us flourish
suppliers dairy processor values
10

How We Do It
11
Our Business Model
Market
Sourcing raw Logistics: segments
material Production warehousing, (customer
1 (milk) and 2 outputs 3 distribution, 4 mix) and
other inputs transport brand
portfolio
R&D / Innovation / Automation
Property, Plant and Equipment
The Saputo Promise
12

It All Starts With Sourcing All our suppliers must comply
1 the Raw Material with our Supplier Code of Conduct
Approx. 11 billion litres

of milk processed annually
All other input costs
Cost of milk (raw material)

incurred to produce dairy
products
May represent up to 85%
of the cost of goods
13

From Inputs to Outputs: We pledge to reduce our energy use,
reuse water, and minimize waste in
2 Making Every Drop Count our operations
Extracting value at every step of the production process
Raw milk
Natural
Fluid & cultured Cream Dairy powders
cheese
Processed Cheese Fluid milk, Flavoured Whole milk Skim milk

Whey Cultured Casein MPC* Lactoferrin Nutritionals
cheese trims creams & milk beverages powder powder
dairy
creamers & shakes
Anhydrous Butters &

Milk Fat spreads
Demineralized Whey
WPC* Lactose
whey powder
Buttermilk Processing
Powder By-product of processing step
Lactose Permeate Product redirected for further processing
GOS*
powder powder
14 * Whey Protein Concentrate (WPC), Galacto-oligosaccharides (GOS) and Milk Protein Concentrate (MPC)

Distributing Our Products Around We provide a wide array of products
that satisfy the nutritional and
3 the World lifestyle needs of consumers
around the world
We sell our products in over 60 countries Domestic distribution in countries

where we operate
In Canada
We built a nationwide distribution network to enable our growth. Today, we
distribute goods beyond dairy, and we also provide distribution services to
peers/competitors
In our other markets

We use third-party distribution infrastructures
▪ direct shipments
▪ national and regional third-party distributors
We also distribute
▪ fine/specialty imported cheeses
▪ certain other dairy and non-dairy products manufactured by third parties
Export market distribution
We leverage our expertise and relationships in the international market to arrange

delivery to a port of entry using third-party carriers and distributors
15

We strive to offer products made
to high industry standards, always
meeting or exceeding customer
4 A Diversified Customer Mix requirements for food quality
and safety
Servicing market segments to mitigate concentration exposure and maximize profitability
RETAIL FOODSERVICE INDUSTRIAL
Supermarket chains,
Manufacturers who use our
mass-merchandisers, convenience
Broadline distributors, restaurants, dairy ingredients, cheeses, and
stores, independent retailers, warehouse
hotels, and institutions other dairy products for further
clubs, specialty food boutiques, and
processing
direct-to-consumer
48%* 33%* 19%*

of revenues* of revenues* of revenues*
16 * % of revenues per market segment for the fiscal year ended March 31, 2023.

Our Strengths… to eliver
a Competitive Advantage Operational excellence and
manufacturing expertise
Best practices to maximize capacity utilization, operating metrics,
and profitability
Attractive market opportunity
The global dairy industry continues to grow at low to mid Flexible and low-cost processor
single-digit rates on an annual basis*
Continuous improvement mindset
Our people High-quality product portfolio

in growing categories
All dairy processors have access to the same raw material
and equipment; what distinguishes us are our dedicated
employees and our strong, seasoned leadership team Diverse product offering across different market segments
Products made with high industry standards for safety, nutritional

values, and quality
17 * Management expectations based on available data.

Our Strengths… to eliver
a Competitive Advantage
Financial strength
Brand power and value-added
Disciplined financial and cash management
customer partnerships
Strong operational cash flow generation
Brands that resonate with consumers: several market-leading brands
Responsible approach for long-term sustainability

Total solution for our customers' dairy needs
Two innovation centres (USA, UK)
Highly resilient and diversified

Market consolidator
global platform
Well positioned to seize opportunities in a fragmented global
Size and scale
dairy market
Diversified business: geographical presence, product portfolio,

Proven track record in acquiring and integrating new businesses
market segmentation
Shared cross-divisional best practices
18

Our
Sectors
Decentralized Operating Structure
We operate and report our business through four sectors and five divisions
Saputo Inc.
International Europe Sector

Canada Sector USA Sector
Sector
Dairy Division Dairy Division Dairy Dairy Dairy Division

(Canada) (USA) Division Division (UK)
(Australia) (Argentina)
20

Dairy Division (Canada)
Canada Sector
In Canada, Saputo is a leading cheese manufacturer Regulatory environment
and fluid milk and cream processor
▪ Highly regulated market through comprehensive
production quotas and price controls
Business overview ▪ Canada’s supply management system aims to
match supply and demand
▪ Import and export restrictions on dairy products
▪ Regulated market provides input cost stability
and protection from large new entrants
18 19
plants distribution
centres
26% 35% Further details available in our 2023 Annual Information Form:
https://www.saputo.com/en/investors/shareholder-reports/2023
Distribution
▪ Company-owned nationwide network of
of consolidated of consolidated
distribution centres (approx. 750 distribution
revenues adjusted EBITDA1
routes)
Approx. Milk sourced exclusively in FY23 in FY23
through the provincial milk
6,000 marketing boards
▪ Direct shipments
employees
▪ Via national and regional third-party distributors
1 Adjusted EBITDA is a total of segments measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the fiscal year ended March 31, 2023, which is incorporated by reference herein, for more
21 information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.

Canada Sector
Products Category-leading brands

▪ In Canada, we produce, market, and distribute DAIRY
everyday and specialty/fine cheeses, fluid milk,
value-added milk, cream, cultured products,
butter, ice cream mixes, dairy ingredients (for
domestic and export), and other dairy and non-
dairy products
A brand which has delivered fresh, Innovative brands featuring on-the-go A brand providing always fresh and
local, high-quality dairy products that and high-protein options in single- local Canadian dairy to families for
have made Western Canadians feel serve bottles to meet the needs of more than 100 years. Proud to be
right at home for more than 100 years. today’s families. With no artificial recognized as a Most Trusted Brand**.
Proud to be recognized as a Most colours, flavours, or preservatives, it’s
Trusted Brand*. a healthy choice parents can feel good
about.
▪ Products sold under owned brands + private
label
SPECIALTY CHEESE EVERYDAY CHEESE
▪ We also distribute fine imported cheeses, which
are complementary to our offering, to specialty
food stores as well as certain dairy and non-
dairy products manufactured by third parties
A brand showcasing international A brand founded by Canadian dairy A brand that stays true to the tradition
award-winning hand-crafted fine farmers in 1902, with generations of of Mediterranean cheesemaking for
cheeses, with a passion still rooted in cheesemakers passing along their modern life. Today, the brand’s master
the lands of Saint-Raymond de knowledge and expertise to bring cheesemakers still treat the process as
Portneuf, Québec, almost 180 years consumers cheddar at its best. A great an art.
later. tasting cheese for everyday and for
everyone.
*Voted Most Trusted Milk Brand in Western Canada by Canadian shoppers based on the 2022 BrandSpark Canadian Shopper Study.
22 **Voted Most Trusted Milk Brand in Ontario by Canadian shoppers based on the 2022 BrandSpark Canadian Shopper Study.

Canada Sector
Revenues FY23 revenues by market segment

$4,696
$4,281
$4,135
FY21 FY22 FY23
Adjusted EBITDA
$551
$447 $475
Retail 56%
Foodservice 36%
FY21 FY22 FY23 Industrial 8%
23 All information in millions of CDN dollars.

Dairy Division (USA)
USA Sector
In the USA, Saputo is one of the top three cheese producers
Regulatory environment
and one of the largest producers of extended shelf-life and
▪ Under federal jurisdiction, milk prices are set by
cultured dairy products the United States Department of Agriculture
(USDA)
▪ No limitation on the volume of milk processors
Business overview can receive
▪ High tariffs on imports of dairy products that
exceed licences. No export restrictions on dairy
products destined to international markets
Further details available in our 2023 Annual Information Form:

29 34 https://www.saputo.com/en/investors/shareholder-reports/2023
plants distribution
centres 47% 31%
Distribution
▪ Via national and regional third-party distributors
Approx. Milk sourced from in FY23 in FY23
cooperatives, and directly
7,800 from farmers and other
employees dairy processors
24 information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.

USA Sector

▪ In the USA, we produce, market, and distribute SNACKING CHEESE EVERYDAY CHEESE
a variety of everyday and specialty cheeses,
dairy alternative cheeses, extended shelf-life
and aseptic dairy and non-dairy fluid products,
cultured products, and dairy ingredients (for
domestic and export)
A snack brand that offers a variety of A true Italian cheese brand, made in
string and stick cheese snacks that are America, that stands for freshness and
convenient, fun, tasty, and nutritious value. It offers a variety of Italian
for every member of the family. cheeses and sizes, adding a fresh take
to any weekly family meal and
traditional recipe.
label
SPECIALTY CHEESE
▪ We also hold an important portfolio of import
licences for specialty cheeses manufactured
abroad
A brand that provides a range of high- An award-winning blue cheese brand, Started in 1936, this brand is the first
quality, wholesome goat cheese offering a full line of products carefully American-made blue cheese. It uses
products made from the freshest milk crafted to be gentler and more only the ingredients of the utmost
from humanely raised goats. palatable for newcomers and blue quality and provides easy, versatile
cheese lovers alike. recipes that help elevate meal
occasions.
25

USA Sector

$8,339
$6,122 $6,409
FY21 FY22 FY23
Adjusted EBITDA
$567
$487
$288
Retail 45%
Foodservice 45%

Dairy Division (Australia) & Dairy Division (Argentina)
International Sector Regulatory environment
Minimally regulated markets with opportunity for
Saputo is the top dairy processor in Argentina and a continued expansion in domestic and export
leading dairy processor in Australia markets:
▪ No milk production limits
▪ Milk prices negotiated between producers and
Business overview – Australia processors
▪ Correlation between milk prices and
international dairy market prices
▪ In Australia: no significant import or export
restrictions on dairy products. In Argentina: no
Approx.
21% 24% direct import restrictions; exports of dairy
products not restricted, but subject to an export
10* 5 tax
plants distribution 2,800 Further details available in our 2023 Annual Information Form:
centres employees https://www.saputo.com/en/investors/shareholder-reports/2023
Business overview – Argentina in FY23 in FY23
Distribution
Domestic
▪ National logistics centre (Australia)
Milk primarily sourced ▪ Via national and regional third-party distributors
Approx. directly from patron
2 11 Export
plants distribution 1,100 farmers
▪ Delivery to a port of entry using third-party
centres employees carriers
▪ Via third-party distributors located within the
export market
Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the fiscal year ended March 31, 2023, which is incorporated by reference herein, for more information
on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.
27 * Includes the facilities in Laverton North, Victoria, and Erskine Park, New South Wales, for which we previously announced the sale

International Sector

Dairy Division (Australia) DAIRY EVERYDAY CHEESE
▪ We produce, market, and distribute in Australia
and internationally a full range of dairy products,
including everyday and specialty cheeses,
butter and butter blends, milk, cream, dairy
beverages, and dairy ingredients and nutritional
A well-known Australian brand, made A brand of lactose-free milk, cheese, Recently rebranded, CHEER Cheese
products
with milk from cows that graze free, and butter helping Australians with is the same recipe that millions of
that spans across the main dairy lactose intolerance. Australians have come to love and will
products of cheese, milk, and spreads. continue to grow up with for
generations to come. Enjoyed sliced,
grated, or melted, CHEER Cheese is
made in Victoria using high-quality
Dairy Division (Argentina) 100% Australian milk.
▪ We produce, market, and distribute in Argentina SPECIALTY CHEESE CHEESE

and internationally a variety of cheeses, butter,
cream, and dairy ingredients. We also
manufacture a dairy alternative beverage for the
domestic market
A much-loved Australian brand best The largest of the Company’s

Traditional brand producing high-
known for its unique crumbly texture Australian specialty cheese brands,
quality cheese and dairy products
and bold vintage flavour that is leading which has been offering a wide range
enjoyed in Argentina and around the
the way for specialty cheddar. of products, such as brie, gouda,
▪ Products sold under owned brands + private label world, celebrating its 100th
cream cheese, and cheddar for over
anniversary.
27 years.
28

International Sector

$3,453 $3,785
$3,221
FY21 FY22 FY23
Adjusted EBITDA
$375
$305
$248
Retail 40%
Foodservice 11%

Dairy Division (UK)
Europe Sector
In the UK, Saputo is a leading manufacturer of Regulatory environment
branded cheese and dairy spreads Minimally regulated market with opportunity for
continued expansion in domestic and export
markets:
Business overview ▪ No milk production limits
▪ Milk prices negotiated between producers and
processors
▪ Strong correlation between milk prices and
international dairy market prices
Approx. ▪ Not subject to import or export restrictions
7*
plants 1,500
employees
6% 10% Further details available in our 2023 Annual Information Form:
https://www.saputo.com/en/investors/shareholder-reports/2023
of consolidated of consolidated Distribution

Sourced directly from in FY23 in FY23 ▪ Direct shipments to customer distribution
patron farmers centres from our national distribution centre
▪ Transport and logistics provided through

a third party
information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.
30 * Includes our Frome facility for which we previously announced the closure

Dairy Division (UK)
Europe Sector

▪ We produce, market, and distribute cheese, CHEESE BUTTERS, SPREADS, AND OILS
specialty cheese, butter, spreads, oils, as well
as dairy alternative spreads and cheeses. In
addition, we manufacture value-added dairy
ingredients, namely demineralized whey powder
and galacto-oligosaccharides (GOS)
The UK’s favourite cheese*. This A dairy spread brand with a deliciously The original one calorie spray. It is the
award-winning cheddar is made from buttery taste and no artificial everyday alternative to cooking oils
100% British milk from the West ingredients. It is simply made with and fats, allowing consumers to use up
Country and is counted among some of buttermilk and with less saturated fat to 95% less fat than oil.
the best-loved food brands in the UK. than butter.
label
DAIRY ALTERNATIVES
An award-winning range of artisan

cheeses, handcrafted to time-
honoured recipes by master
cheesemakers using milk from local
farms. Yorkshire Wensleydale cheese One of the UK market’s leading dairy- A range of award-winning dairy-free,
is protected with European Protected free spread brands, also offering dairy- gluten-free, non-GMO, and certified
Geographical Indication (PGI) status. free alternatives to cheese. Launched vegan cheese alternatives—perfect for
in 1983, this brand makes great-tasting any plant-based diet or those with
free from products without special dietary restrictions, such as
compromising on taste or enjoyment. gluten intolerance.
31 *IRI+Kantar Discounters volume sales 52 weeks ending Feb 20, 2022.

Dairy Division (UK)
Europe Sector

$892 $1,023
$816
FY21 FY22 FY23
Adjusted EBITDA
$152
$144
$140
Retail 71%
Foodservice 3%

Consolidated
Performance
& Financial
Profile
33

Three-Year Consolidated Financial Performance
Fiscal years ended March 31 (in millions of CDN dollars)
Revenues Adjusted EBITDA1 Net earnings Adjusted net

earnings1
$755
$17,843 $626 $622 $715
$1,533
$1,471
$15,035
$14,294
$1,155
$485
$274
2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023
1 Adjusted EBITDA is a total of segments measure, and adjusted net earnings is a non-GAAP financial measure. These financial measures do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.
Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the fiscal year ended March 31, 2023, which is incorporated by reference herein, for more information on these measures, including a reconciliation to net earnings being the most
34 comparable IFRS financial measure.

Revenues
FY23 Revenues by Market Segment
$17,843
FISCAL YEAR 2021 2022 2023

Retail $7,571 $7,461 $8,638
Retail 48%
Foodservice 33% Foodservice $4,082 $4,579 $5,831
Industrial 19% Industrial $2,641 $2,995 $3,374
Total $14,294 $15,035 $17,843
FY23 Revenues by Sector

$17,843
FISCAL YEAR 2021 2022 2023
Canada 4,135 $4,281 $4,696
Canada 26%
USA 47% USA $6,122 $6,409 $8,339
International 21% Int’l $3,221 $3,453 $3,785
Europe 6%
Europe $816 $892 $1,023
Total $14,294 $15,035 $17,843

Adjusted EBITDA1
$1,471 $1,553
$1,155
FISCAL YEAR 2021 2022 2023
Canada $447 $475 $551
Margin1 10.3% 7.7% 8.7%

USA $567 $288 $488
FY21 FY22 FY23
Int’l $305 $248 $374
FY23 Adjusted EBITDA by Sector

Europe $152 $144 $140
Total1 $1,471 $1,155 $1,553

Canada 35%
USA 31%
Net earnings $626 $274 $626
International 24%
Europe 10%
All information in millions of CDN dollars.

1 Adjusted EBITDA and adjusted EBITDA margin are total of segments measures. These financial measures do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. Refer to the section entitled “Non-
36 GAAP measures” of our Management’s Discussion and Analysis for the fiscal year ended March 31, 2023, which is incorporated by reference herein, for more information on these measures, including a reconciliation to net earnings being the most comparable IFRS financial measure.

Financial Guiding Principles
Long-term net Balanced

Disciplined debt1
Strong to adjusted capital structure
approach to operational EBITDA2 and staggered
financial leverage ratio maturity profile to
cash flow
and cash
generation target provide
management
of 2.25x flexibility
We intend to continue to deploy cash in a responsible manner for:

Capex ● Dividends ● Debt repayments ● Acquisitions ● Share repurchases
1 Refer to the “Glossary” section of our Management’s Discussion and Analysis for the fiscal year ended March 31, 2023, which is incorporated by reference herein.
2 Adjusted EBITDA is a total of segments measure and net debt to adjusted EBITDA is a non-GAAP ratio, composed of net debt divided by adjusted EBITDA. Adjusted EBITDA does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar
measures presented by other issuers. Refer to the “Non-GAAP Measures” of our Management's Discussion and Analysis for the fiscal year ended March 31, 2023, which is incorporated by reference herein, for more information, including the definition and composition of this measure as
37 well as the reconciliation to net earnings being the most directly comparable IFRS financial measure.

A History of Strong Operational Cash Flow Generation
Net cash generated from operations over the last 10 years
$1,200
1,200,000
$1,000
1,000,000
$800
800,000 Strong operational
cash flow generation
across commodity
600,000
$600 environments to
drive acquisition
strategy and growth
$400
400,000 initiatives
200,000
$200
0-
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23

Net Debt1 and Leverage Ratio
Credit ratings
Net debt to adjusted EBITDA2 leverage ratio
Saputo targets a long-term leverage of

Target
As at
March 31, 2023
approximately 2.25 times net debt to oody’s
adjusted EBITDA2. From time to time, the
Baa1
2.25 2.43 Company may deviate from its long-term
leverage target to pursue strategic
opportunities
DBRS
Net debt1 and leverage history BBB
FY21 FY22 FY23
Net debt1 $3,806 $4,080 $3,777
Net debt to adjusted EBITDA2 leverage ratio 2.59 3.53 2.43
1 Refer
to the “Glossary” section of our Management’s Discussion and Analysis for the fiscal year ended March 31, 2023, which is incorporated by reference herein.
2 AdjustedEBITDA is a total of segments measure and net debt to adjusted EBITDA is a non-GAAP ratio, composed of net debt divided by adjusted EBITDA. Adjusted EBITDA does not have any standardized
meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Measures” of our Management's Discussion and Analysis for the fiscal year
ended March 31, 2023, which is incorporated by reference herein, for more information, including the definition and compositi on of this measure as well as the reconciliation to net earnings being the most directly
39 comparable IFRS financial measure.

Dividends
Annual dividend paid per Common Share
0.8
$0.80
$0.72
0.7
$0.70
Dividend Policy
0.6
$0.60
0.5
$0.50
Quarterly dividend of
0.4
$0.40
0.3
$0.30
$0.18
per share (FY23)
0.2
$0.20
0.1
$0.10
0
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
(1) (2) (3)
The annual dividends presented take into consideration the effect of three stock splits:
1. Stock split of 2:1 on November 30, 2001
2. Stock split of 2:1 on December 21, 2007
40 3. Stock split of 2:1 on September 29, 2014

How We Grow
41

A Well-Defined Growth Strategy
OUR THREE-PRONGED APPROACH
Organic Strategic
Growth Acquisitions
Global Strategic Plan
Saputo Promise
42

Selected Industry Trends and Themes
We are well positioned to seize key growth opportunities within the dairy industry
Consumers expecting companies to take a proactive

approach to environmental, animal welfare, and societal Sustained demand in natural cheese category
issues
Increased e-commerce activity Dairy alternative foods and beverages on the rise
Large-scale manufacturing projects focused on expanding Slices, shreds, and dairy snacks experiencing stronger
capabilities to adapt to changes in demand growth than the overall dairy market
Ingredients used in sports nutrition, infant formula, and

Industry consolidation continues at a global scale
pharma applications are highly valued
43 The above-mentioned trends and themes are current as of March 31, 2023.

GLOBAL STRATEGIC PLAN

Accelerating our organic growth over a four-year period
TARGET
for the four-year period ending March 31, 2025
To reach $2.125 billion in Adjusted EBITDA1

by the end of FY25
1Adjusted EBITDA is a total of segments measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and
44 Analysis for the fiscal year ended March 31, 2023, which is incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.

GLOBAL STRATEGIC PLAN
Capital Expenditures to Support Our Growth
Base Strategic Total

CAPEX1 CAPEX investment
$1.1B $1.2B $2.3B
• Larger portion of funds to be allocated in the first two years of the

Plan, mostly under Optimize and enhance operations pillar
CAPEX
Highlights • + ~$550 million in incremental total of CAPEX spend over
historical four-year capex spend
FY22-FY25
• Maintaining our usual approach to capital allocation
45 1 Base capex is inclusive of maintenance, implementation of our enterprise resource planning (“ERP”) system, investments to support the execution of our Saputo Promise, and other corporate capex.

STRATEGIC ACQUISITIONS
Accretive targets + disciplined approach

Strategic Acquisitions
to Complement Our
Organic Growth Plan
Right strategic fit to Right conditions
broaden or complement (fair value and terms)
our existing activities
Key regions of interest Our priorities
Cheese Dairy alternatives
USA, Europe, Value-added ingredients USA retail

LATAM, Oceania
Building on our successful track record

for execution and integration
46

SAPUTO PROMISE
Our Promise Drives, Enables, and Sustains Our Growth

This alignment allows us to pursue growth and create shared value for all stakeholders,
ensuring the long-term sustainability of our business
Growth Through
Organic Growth Acquisitions
THE SAPUTO PROMISE

Profit because of purpose, not at the expense of it
47

SAPUTO PROMISE
FY23 SELECTED HIGHLIGHTS

The Saputo Promise
OUR PEOPLE RESPONSIBLE SOURCING
Maintained our progress towards Maintained our efforts to retain Launched our Sustainable Agriculture Policy which defines
our target of having 30% of our talent in a challenging labour the sustainability standards we want to achieve in
senior management composed market. partnership with our producers and milk suppliers to ensure
of women. the responsible production of dairy ingredients.
Funded initiatives in the UK and Australia, through our

% of women Global
25%
in FY23
in senior
management
23%
in FY23
turnover
Supply Chain Pledges funds, to support the capacity building
of dairy farmers around sustainable farming practices.
Sourced 100% RSPO* – certified palm oil

25% in FY22 | 21% in FY21 24% in FY22 | 17% in FY21
ENVIRONMENT NUTRITION
Completed the allocation of our
Approved an additional 19 first $50-million investment, Launched our global Responsible Marketing Guidelines
projects for FY24 with the funding more than 65 projects which aim to ensure we market our products responsibly,
potential to save an estimated: globally, and completing the particularly to younger consumers, as lifelong healthy eating
execution of more than half of habits are established during childhood.
these to support our efforts.
12,800t of CO2e
Continued investments in improving the nutritional
226,000 GJ of energy performance of our products, resulting in the expansion of
Maintained our B score for our
our low-fat Cathedral City cheese range in FY23.
CDP Climate disclosure, above
709,000m3 of water our industry average. We also
obtained a B score for our CDP
Water Disclosure, compared to C
last year, reflecting our
continuous progress in improving
our ESG disclosure.
48 RSPO: Roundtable on Sustainable Palm Oil

The Table Is
Set for Growth A BIGGER, BETTER, STRONGER SAPUTO
Our Goals
Pursue growth while investing in
the long-term sustainability of Enhance profitability Create shared value for all
our business our stakeholders
Growth Strategy
Acquisitions
Organic Accretive M&A

(FY22-FY25)
Our
Food Quality Our Business Responsible
Saputo & Safety People Ethics Sourcing
Environment Nutrition Community
Promise
Our Values Efficiency Through Simplicity Family-Oriented Environment Ownership & Commitment Hands-On Approach Passion
49

Investment
Highlights
50
Saputo Investment Highlights
We strike the right balance between operating responsibly and pursuing growth
Well-defined growth strategy
Organic Strategic
Market offers growth Growth Acquisitions
opportunities Diversified global
platform
Saputo Promise =
resilience
Operational excellence
Global dairy
industry growing Flexible balance sheet Leading presence in
Winning offering:
YOY* and liquidity key dairy regions
• product quality
• brands
• value proposition
51 * Management expectations based on available data.

Investor Relations
Nicholas Estrela
Director, Investor Relations
Saputo Inc.
6869 Métropolitain Blvd. East
Montréal, QC Canada H1P 1X8
514-328-3117
nicholas.estrela@saputo.com
www.saputo.com

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1 6

June 8, 2023 CORPORATE PRESENTATION

2023 Saputo Inc. and affiliates. All rights reserved.

ARGENTINA $17,843 $1,553

Canada USA NET EARNINGS2

2023 Saputo Inc. and affiliates. All rights reserved.

Dairy foods 32% Cheese 47%

2023 Saputo Inc. and affiliates. All rights reserved.

2023 Saputo Inc. and affiliates. All rights reserved.

Efficiency through A family-oriented Ownership and A hands-on Passion

2023 Saputo Inc. and affiliates. All rights reserved.

Founded by Lino Saputo and his parents

Seven Pillars that allow us to focus our efforts where it matters:

Food Quality Our Business Responsible Environment Community

2023 Saputo Inc. and affiliates. All rights reserved.

R&D / Innovation / Automation

Property, Plant and Equipment

The Saputo Promise

2023 Saputo Inc. and affiliates. All rights reserved.

Approx. 11 billion litres

All other input costs

Cost of milk (raw material)

2023 Saputo Inc. and affiliates. All rights reserved.

Extracting value at every step of the production process

Processed Cheese Fluid milk, Flavoured Whole milk Skim milk

Anhydrous Butters &

2023 Saputo Inc. and affiliates. All rights reserved.

We sell our products in over 60 countries Domestic distribution in countries

In our other markets

Export market distribution

We leverage our expertise and relationships in the international market to arrange

2023 Saputo Inc. and affiliates. All rights reserved.

Servicing market segments to mitigate concentration exposure and maximize profitability

RETAIL FOODSERVICE INDUSTRIAL

48%* 33%* 19%*

2023 Saputo Inc. and affiliates. All rights reserved.

Continuous improvement mindset

Our people High-quality product portfolio

Products made with high industry standards for safety, nutritional

17 * Management expectations based on available data.

2023 Saputo Inc. and affiliates. All rights reserved.

Responsible approach for long-term sustainability

Two innovation centres (USA, UK)

Highly resilient and diversified

Diversified business: geographical presence, product portfolio,

Shared cross-divisional best practices

2023 Saputo Inc. and affiliates. All rights reserved.

International Europe Sector

Dairy Division Dairy Division Dairy Dairy Dairy Division

2023 Saputo Inc. and affiliates. All rights reserved.

2023 Saputo Inc. and affiliates. All rights reserved.

Products Category-leading brands

2023 Saputo Inc. and affiliates. All rights reserved.

Revenues FY23 revenues by market segment

FY21 FY22 FY23

23 All information in millions of CDN dollars.

2023 Saputo Inc. and affiliates. All rights reserved.

Further details available in our 2023 Annual Information Form:

2023 Saputo Inc. and affiliates. All rights reserved.

Products Category-leading brands

2023 Saputo Inc. and affiliates. All rights reserved.

Revenues FY23 revenues by market segment

FY21 FY22 FY23