August 4, 2022

CORPORATE PRESENTATION
2022
2022
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 a number of 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 9, 2022, available on SEDAR under Saputo's profile at
www.sedar.com.

Such risks and uncertainties include the following: product liability; the COVID-19 pandemic and related ongoing impacts; the availability of raw materials (including as a result of climate change, extreme weather, or global or local supply
chain disruptions caused by the COVID-19 pandemic, geopolitical developments, military conflicts and trade sanctions) and related price variations, along with our ability to transfer those increases, if any, to our customers in competitive
market conditions; supply chain strain and supplier concentration; the price fluctuation of our products in the countries in which we operate, as well as in international markets, which are based on supply and demand levels for dairy
products; our ability to identify, attract, and retain qualified individuals; cyber threats and other information technology-related risks relating to business disruptions, confidentiality, data integrity business and email compromise-related
fraud; the increased competitive environment in our industry; consolidation of clientele; unanticipated business disruption; 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.

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; the availability and cost of milk and other raw materials and energy supplies; 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; 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 contribution of recent acquisitions; the anticipated market supply and demand levels for our products; the anticipated 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. 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, as well as the development and performance of technology, innovation and the future use
and deployment of technology and associated expected future results, 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.

All forward-looking statements included herein speak only as of the date hereof or as of the specific date of such forward-looking statements. 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.

2022 Saputo Inc. and affiliates. All rights reserved.

Who We Are
& What We Do
 One of the Top 10 Dairy
Processors in the World
Approx.
67 plants
Leading positions in Canada, the USA, Australia, 11 billion 70 distribution centres
Argentina, and the UK litres of milk
processed annually
2 innovation centres

CANADA
A leading cheese
manufacturer and UK
fluid milk and cream Largest manufacturer of
processor branded cheese and a top
manufacturer of dairy Approx. Products sold in over
spreads
18,600 60 countries
employees

6% 12%
USA 23% 28%
One of the top three 41%
21%
cheese producers and one
of the largest producers of
extended shelf-life and AUSTRALIA
43%
cultured dairy products Top dairy processor 25%

REVENUES2 ADJUSTED EBITDA1,2

ARGENTINA $15,035 $1,155
Top dairy processor

Canada USA NET EARNINGS2

Saputo also produces, markets, and distributes a range of dairy alternative cheeses and beverages International Europe $274
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, 2022, 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, 2022 (in millions of CDN dollars).

2022 Saputo Inc. and affiliates. All rights reserved.

 Our Product Portfolio
We manufacture, market, and distribute a diversified range of high-quality products

Dairy foods 28% Cheese 46%

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 12%
fluid milk, value-added milk, dairy beverages,
extended shelf-life products (ESL)
By-products / Ingredients 8%
milk powder, whey powder, whey protein
concentrates (WPC), demineralized whey,
lactose, lactoferrin, infant formula,
casein, galacto-oligosaccharides (GOS),
Non-dairy products 6% 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, 2022.

2022 Saputo Inc. and affiliates. All rights reserved.

 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.

2022 Saputo Inc. and affiliates. All rights reserved.

 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

2022 Saputo
2022 Saputo Inc.
Inc. and
and affiliates.
affiliates. All
All rights
rights reserved.
reserved.
 Proven History of Integrating Acquisitions FY22

$15B
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
BUSINESS
successfully
completed
2007 2008 2008 2011
Land’O Lakes Alto Dairy Neilson DCI
(USA)* Cooperative (Canada) (USA)
(USA) Approximately
Acquired several production operations CDN

1970 to
and developed our Canadian national
distribution network, positioning Saputo
$9.3B
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.
2022 Saputo Inc. and affiliates. All rights reserved.
 Strong and Seasoned Leadership Team

Lino A. Saputo Maxime Therrien Gaétane Wagner Martin Gagnon

Chair of the Board, Chief Financial Officer Chief Human Resources Chief Acquisition and Strategic
President and CEO and Secretary Officer Development Officer
34 years of service 25 years of service 14 years of service 5 years of service

Carl Colizza Leanne Cutts

President and COO President and COO
(North America) and (International and Europe)
Dairy Division (USA) < 1 year of service*
23 years of service

Frank Guido Tom Atherton Marcelo Cohen Richard Wallace

President and COO President and COO President and COO President and COO
Dairy Division (Canada) Dairy Division (UK) Dairy Division (Argentina) Dairy Division (Australia)
7 years of service 16 years of service 20 years of service 25 years of service

9
* Has previously held senior and executive roles at large CPG, pharmaceutical, and banking companies.
2022 Saputo Inc. and affiliates. All rights reserved.
 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

2022 Saputo Inc. and affiliates. All rights reserved.

 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

2022 Saputo Inc. and affiliates. All rights reserved.

 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

2022 Saputo Inc. and affiliates. All rights reserved.

 From Inputs to Outputs: We pledge to reduce our energy use,

Making Every Drop Count

reuse water, and minimize waste in
2 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* Nutritionals
cheese trims creams & milk beverages powder powder
dairy
creamers & shakes

Butters &
spreads

Buttermilk
Demineralized Whey
whey
Lactoferrin WPC* Lactose
powder
Processing
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)

2022 Saputo Inc. and affiliates. All rights reserved.

 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

2022 Saputo Inc. and affiliates. All rights reserved.

 We strive to offer products made
to high industry standards, always

A Diversified Customer Mix

meeting or exceeding customer
4 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

50%* 30%* 20%*

of revenues* of revenues* of revenues*

16 * % of revenues per market segment for the fiscal year ended March 31, 2022.

2022 Saputo Inc. and affiliates. All rights reserved.

 Our Strengths… to Deliver
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.

2022 Saputo Inc. and affiliates. All rights reserved.

 Our Strengths… to Deliver
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

2022 Saputo Inc. and affiliates. All rights reserved.

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

2022 Saputo
2022 Saputo Inc.
Inc. and
and affiliates.
affiliates. All
All rights
rights reserved.
reserved.
 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
28% 41% Further details available in our 2022 Annual Information Form:
https://www.saputo.com/en/investors/shareholder-reports/2022

Distribution
 Company-owned nationwide network of
of consolidated of consolidated
distribution centres (approx. 700 distribution
revenues adjusted EBITDA1 routes)
Approx. Milk sourced exclusively in FY22 in FY22
through the provincial milk
5,800 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, 2022, 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.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (Canada)

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.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (Canada)

Canada Sector

Revenues FY22 revenues by market segment

$4,281
$4,135
$4,007

FY20 FY21 FY22

Adjusted EBITDA
$475
$447
$404

Retail 59%
Foodservice 33%
FY20 FY21 FY22 Industrial 8%

23 All information in millions of CDN dollars.

2022 Saputo Inc. and affiliates. All rights reserved.

 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
 Milk prices for several products (cheese, butter,
cultured dairy products dry whey, and non-fat dry milk) are set by the
United States Department of Agriculture
(USDA)
Business overview  No limitation on the volume of milk processors
can receive
 High tariffs on imports of dairy products that
exceed licences. No export restrictions on dairy
products destined to international markets

29 34 Further details available in our 2022 Annual Information Form:

43% 25%
https://www.saputo.com/en/investors/shareholder-reports/2022
plants distribution
centres

Distribution
 Direct shipments
of consolidated of consolidated  Via national and regional third-party distributors
revenues adjusted EBITDA1
Approx. Milk sourced from in FY22 in FY22
cooperatives, and directly
7,300 from farmers and other
employees dairy processors

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, 2022, which is incorporated by reference herein, for more
24 information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (USA)

USA Sector

Products Category-leading brands

 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.
 Products sold under owned brands + private
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

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (USA)

USA Sector

Revenues FY22 revenues by market segment

$7,094 $6,122 $6,409

FY20 FY21 FY22

Adjusted EBITDA

$616 $567

$288
Retail 44%
Foodservice 45%
FY20 FY21 FY22 Industrial 11%

26 All information in millions of CDN dollars.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (Australia) & Dairy Division (Argentina)
International Sector Regulatory environment
Minimally regulated markets with opportunity for
Saputo is the top dairy processor in Australia and continued expansion in domestic and export
Argentina 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.
23% 22% direct import restrictions; exports of dairy
products not restricted, but subject to an export
11 5 tax
plants distribution 2,900 Further details available in our 2022 Annual Information Form:
centres employees https://www.saputo.com/en/investors/shareholder-reports/2022
of consolidated of consolidated
revenues adjusted EBITDA1
Business overview – Argentina in FY22 in FY22
Distribution
Domestic
 National logistics centre (Australia)
 Direct shipments
Milk primarily sourced  Via national and regional third-party distributors
Approx.
2 11 directly from patron
plants distribution 1,100 farmers Export
 Delivery to a port of entry using third-party
centres employees carriers
 Via third-party distributors located within the
export market
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, 2022, which is incorporated by reference herein, for more information
27 on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (Australia) & Dairy Division (Argentina)
International Sector

Products Category-leading brands

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, 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

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (Australia) & Dairy Division (Argentina)
International Sector

Revenues FY22 revenues by market segment

$3,453
$3,221
$3,077

FY20 FY21 FY22

Adjusted EBITDA

$305 $305
$248

Retail 41%
Foodservice 8%
FY20 FY21 FY22 Industrial 51%

29 All information in millions of CDN dollars.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (UK)

Europe Sector
In the UK, Saputo is the largest manufacturer of branded Regulatory environment
cheese and a top manufacturer of 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

7 1  Not subject to import or export restrictions

plants distribution
centre
6% 12% Further details available in our 2022 Annual Information Form:
https://www.saputo.com/en/investors/shareholder-reports/2022

of consolidated of consolidated Distribution

revenues adjusted EBITDA1
Approx. Sourced directly from in FY22 in FY22  Direct shipments to customer distribution
patron farmers centres from our national distribution centre
1,500
employees  Transport and logistics provided through
a third party

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, 2022, which is incorporated by reference herein, for more
30 information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (UK)

Europe Sector

Products Category-leading brands

 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.
 Products sold under owned brands + private
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.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dairy Division (UK)

Europe Sector

Revenues FY22 revenues by market segment

$892

$816
$766

FY20 FY21 FY22

Adjusted EBITDA
$152
$143 $144

Retail 78%
Foodservice 2%
FY20 FY21 FY22 Industrial 20%

32 All information in millions of CDN dollars.

2022 Saputo Inc. and affiliates. All rights reserved.

 Consolidated
Performance
& Financial
Profile

33

2022 Saputo Inc. and affiliates. All rights reserved.

 Three-Year Consolidated Financial Performance
Fiscal years ended March 31 (in millions of CDN dollars)

Revenues Adjusted EBITDA1 Net earnings Adjusted net

earnings1
$14,944 $15,035 $1,468 $1,471
$14,294 $626 $724 $715
$583
$1,155

$485

$274

2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022

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, 2022, 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.

2022 Saputo Inc. and affiliates. All rights reserved.

 Revenues
FY22 Revenues by Market Segment
$15,035

FISCAL YEAR 2020 2021 2022

Retail $7,360 $7,571 $7,461
Retail 50%
Foodservice 30% Foodservice $5,062 $4,082 $4,579
Industrial 20% Industrial $2,522 $2,641 $2,995
Total $14,944 $14,294 $15,035

FY22 Revenues by Sector

$15,035
FISCAL YEAR 2020 2021 2022
Canada $4,007 4,135 $4,281
Canada 28%
USA 43% USA $7,094 $6,122 $6,409
International 23% Int’l $3,077 $3,221 $3,453
Europe 6%
Europe $766 $816 $892
Total $14,944 $14,294 $15,035

35 All information in millions of CDN dollars.

2022 Saputo Inc. and affiliates. All rights reserved.

 Adjusted EBITDA1

$1,468 $1,471

$1,155
FISCAL YEAR 2020 2021 2022

Canada $404 $447 $475

Margin1 9.8% 10.3% 7.7% USA $616 $567 $288

FY20 FY21 FY22

Int’l $305 $305 $248

FY22 Adjusted EBITDA by Sector

Europe $143 $152 $144

Total1 $1,468 $1,471 $1,155

Canada 41%
USA 25%
Net earnings $583 $626 $274
International 22%
Europe 12%

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, 2022, 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.

2022 Saputo Inc. and affiliates. All rights reserved.

 Financial Guiding Principles

Balanced
Disciplined Target net debt1
Strong capital structure
approach to to adjusted
operational and staggered
financial EBITDA2
cash flow maturity profile to
and cash leverage ratio
generation 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, 2022, 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, 2022, 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.

2022 Saputo Inc. and affiliates. All rights reserved.

 A History of Strong Operational Cash Flow Generation
Net cash generated from operations over the last 10 years
$1,200
1200 000

$1,000
1000 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
FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22
38 All information in millions of CDN dollars.

2022 Saputo Inc. and affiliates. All rights reserved.

 Net Debt1 and Leverage Ratio
Credit ratings
Net debt to adjusted EBITDA2 leverage ratio

Saputo targets a long-term leverage of

As at
Target
March 31, 2022
approximately 2.25 times net debt to Moody’s
adjusted EBITDA2. From time to time, the
Baa1
2.25 3.53 Company may deviate from its long-term
leverage target to pursue strategic
opportunities

DBRS
Net debt1 and leverage history BBB
FY20 FY21 FY22

Net debt1 $4,166 $3,806 $4,080

Net debt to adjusted EBITDA2 leverage ratio 2.84 2.59 3.53

1 Refer to the “Glossary” section of our Management’s Discussion and Analysis for the fiscal year ended March 31, 2022, 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, 2022, which is incorporated by reference herein, for more information, including the definition and composition of this measure as well as the reconciliation to net earnings being the most directly
39 comparable IFRS financial measure.

2022 Saputo Inc. and affiliates. All rights reserved.

 Dividends

Annual dividend paid per Common Share CAGR since IPO 14%
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
(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

2022 Saputo Inc. and affiliates. All rights reserved.

 How We Grow

41

2022 Saputo Inc. and affiliates. All rights reserved.

 A Well-Defined Growth Strategy

OUR THREE-PRONGED APPROACH

Organic Strategic
Growth Acquisitions
Global Strategic Plan

Saputo Promise

42

2022Saputo
2022 SaputoInc.
Inc. and
andaffiliates.
affiliates.All
Allrights
rightsreserved.
reserved.
 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, 2022.

2022 Saputo Inc. and affiliates. All rights reserved.

 GLOBAL STRATEGIC PLAN

Five Strategic Pillars to Boost Organic Growth

Increase Create
Strengthen Accelerate Optimize and
the value of enablers
core product enhance
ingredients to fuel
business innovation operations
portfolio investments

Leverage brand power Dairy alternatives Maximize value of whey High quality, low cost One USA
- - - - -
International expansion New offerings Focus on nutritionals Optimize network and supply chain ERP value realization
- - and alternative proteins - -
Optimize portfolio Packaging innovation - Leverage automation Overhead cost reduction
- Commercial partnerships -
E-commerce Integrated business planning
-
Toll manufacturing

44

2022 Saputo Inc. and affiliates. All rights reserved.

 GLOBAL STRATEGIC PLAN

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

Strengthen Accelerate product Increase the value of Optimize and Create enablers
core business innovation ingredients portfolio enhance operations to fuel investments

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
45 Analysis for the fiscal year ended March 31, 2022, 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.

2022 Saputo Inc. and affiliates. All rights reserved.

 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

CAPEX Plan, mostly under Optimize and enhance operations pillar

Highlights • + ~$500 million in incremental total of CAPEX spend over

historical four-year capex spend
FY22-FY25
• Maintaining our usual approach to capital allocation

46 1 Base capex is inclusive of maintenance, implementation of Harmoni (our ERP project), investments to support the execution of our Saputo Promise, and other corporate capex.

2022 Saputo Inc. and affiliates. All rights reserved.

 GLOBAL STRATEGIC PLAN

SELECTED FY22 HIGHLIGHTS

Canada Sector

 Completed mozzarella production capacity expansion

 Kicked off production at new Port Coquitlam plant:

 Fluid milk production transferred from Burnaby plant
 Dairy alternative beverage production for co-packing and private label partners

 Completed automation projects at two facilities

 Optimized and reduced complexity of supply chain activities across network

 Solidified long-term agreements with new and existing foodservice and retail partners

 Maintained category-leading positions for Dairyland and Neilson brands and expanded leading
Armstrong cheese range with new formats

 Launched Vitalite plant-based mozzarella shred and expanded distribution to foodservice

accounts from coast-to-coast

 Further invested in e-commerce capabilities and direct-to-consumer offering; launched new

specialty cheese platform Nibbl.

47

2022 Saputo Inc. and affiliates. All rights reserved.

 GLOBAL STRATEGIC PLAN

SELECTED FY22 HIGHLIGHTS

USA Sector

 Further established roadmap for cheese network optimization; announced first phase:
 $169m to upgrade facilities in WI and CA and support retail ambitions
 Plans to consolidate cut-and-wrap activities on West Coast; closure of Bardsley St. facility in FY23

 Progressed portfolio simplification journey: reduced SKUs across multiple product lines

 Maintained category-leading positions for Frigo Cheese Heads, Montchevre, Salemville, and Frigo

 Introduced dairy alternative cheese under Vitalite brand: distribution in retail and foodservice
market segments

 Commercialized dairy alternative beverages under major private label contracts and through co-
manufacturing agreements

 Began manufacturing aseptic nutritional products sold in retail market under partner’s well-known
brand name

 Expanded aseptic and dairy snacking capabilities with the Carolina Acquisition; Expanded
capabilities to process goat and specialty whey protein and increase the value of whey solids with
the Reedsburg Facility Acquisition

 Finalized ERP rollout in all facilities

48

2022 Saputo Inc. and affiliates. All rights reserved.

 GLOBAL STRATEGIC PLAN

SELECTED FY22 HIGHLIGHTS

International Sector

DAIRY DIVISON (AUSTRALIA)

 Announced the streamlining of operations at two of plants

 Gained further efficiencies in plant utilization: supported customers with private label products

 Successfully completed CHEER cheese rebranding, launched into snacking cheese across
several brands and expanded fast-growing Liddells lactose-free range

 Focused on driving profitable growth by creating the right portfolio and partnering with key
foodservice customers

 Completed the ERP rollout in the remainder of the Division

DAIRY DIVISON (ARGENTINA)

 Gained warehousing efficiencies; significant cost savings for dry products

 La Paulina marked its centenary with a campaign aimed at increasing brand equity and
strengthening its leadership positioning; developed new packaging for soft cheese portions

 Entered the local dairy alternative beverage category under the Vitalite brand

49

2022 Saputo Inc. and affiliates. All rights reserved.

 GLOBAL STRATEGIC PLAN

SELECTED FY22 HIGHLIGHTS

Europe Sector

 Progressed Davidstow cheese plant expansion; ongoing investments to increase capacity

 Undertook plans to outsource Nuneaton facility’s warehouse and distribution activities, creating
opportunities for consolidation:
 Closing Frome plant
 Centralizing cheese packing at Nuneaton

 Cathedral City maintained #1 cheddar brand position in the UK; partnered with major British
grocery chain to launch branded ready meal range

 Kicked off long-term exclusive distribution partnership with Hochland to sell Cathedral City into
Germany; expanded brand’s presence in the USA and Canada

 Won new private label contracts in cheese and spreads

 Leveraged extensive opportunities provided by Bute Island Acquisition and Wensleydale Dairy
Products Acquisition to cross-fertilize products and brands:
 Producing new recipes for English territorial cheeses to be branded as Cathedral City
 Increasing plant-based cheese capacity at Bute Island; initiated development of Cathedral City plant-based cheddar

 Established new demineralized whey supply contracts for broader market access; started evolving
recipes and formats for value-added ingredients to better respond to customer demand

50

2022 Saputo Inc. and affiliates. All rights reserved.

 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

51

2022 Saputo Inc. and affiliates. All rights reserved.

 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

Organic Growth Growth Through

Acquisitions

Strengthen Accelerate Increase Optimize and Create

core business product the value of enhance enablers to fuel
innovation ingredients operations investments
portfolio

THE SAPUTO PROMISE

Profit because of purpose, not at the expense of it

52

2022 Saputo Inc. and affiliates. All rights reserved.

 SAPUTO PROMISE

SELECTED HIGHLIGHTS
Saputo Promise Three-Year Plan (FY20-FY22)
OUR PEOPLE RESPONSIBLE SOURCING
Stepped up our diversity, equity, Increased the number of women Started seeing our health and Launched our Supply Chain Pledges
and inclusion (DE&I) initiatives, in senior management, including safety (H&S) indicators trending to address sustainability challenges
including: at the C-suite level. positively again in FY22 after beyond the scope of our operations.
COVID-related challenges.
 Joining Catalyst for Change;
Joined Pathways to Dairy Net Zero,
 Launching a permanent
an initiative to help accelerate climate
25 1.37
workplace flexibility program; % of women Lost Time
and % in senior Injury Frequency efforts in the dairy industry.
in FY22 management in FY22 Rate (LTFR)
 Rolling out unconscious bias Committed to sourcing 100%
training globally. 16% in FY20 | 21% in FY21 1.36 in FY20 | 1.61 in FY21 RSPO*-certified palm oil.

ENVIRONMENT
Launched our commitment to accelerate progress in our climate, water, and waste performance.

Three-year investment of $50M (FY21-FY23) to From solar energy and water recovery systems to recycled content in our packaging and more efficient
fund more than 65 projects globally to support our boilers — all these investments are getting us closer to achieving our targets.
efforts.
 Signed our first renewable power purchase agreement in Australia, potentially reducing our global
Estimated annual savings of: CO2 footprint by 5%.

58,000 t of CO2  Finalized the installation of a water recovery system in one of our plants in California which has the
potential to reduce our global water footprint by 2.3%.
484,000 GJ of energy  Replaced 33% of virgin plastic with PCR* material across a range of block cheese packaging in our
Dairy Division (UK).
1.9M m3 of water

Our 2022 Saputo Promise Report, including further details on our ESG performance and new three-year plan, will be published in August 2022.
53 * PCR: Post-consumer recycled | RSPO: Roundtable on Sustainable Palm Oil

2022 Saputo Inc. and affiliates. All rights reserved.

 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

Organic Acquisitions
Global Strategic Plan Accretive M&A
(FY22-FY25)

Strengthen Accelerate Increase Optimize and Create

core product the value of enhance enablers to fuel
business innovation ingredients operations investments
portfolio

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

54

2022 Saputo Inc. and affiliates. All rights reserved.

 Investment
Highlights

55
 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 Flexible balance sheet
industry growing and liquidity Leading presence in
Winning offering:
YOY* • product quality key dairy regions
Consistent annual dividend
• brands
increase
• value proposition

56 * Management expectations based on available data.

2022 Saputo Inc. and affiliates. All rights reserved.

Investor Relations
Nicholas Estrela
Director, Investor Relations
Saputo Inc.
6869 Métropolitain Blvd. East
Montréal, QC Canada H1P 1X8
514-328-3117
[email protected]
www.saputo.com