An anonymous director reports

SAPUTO ANNOUNCES THE AMENDMENT OF ITS NORMAL COURSE ISSUER BID

Saputo Inc. has received the approval of the Toronto Stock Exchange to amend its normal course issuer bid in order to increase the maximum number of common shares that may be repurchased from six million common shares to 12 million common shares, representing approximately 3 per cent of the issued and outstanding common shares as at Nov. 9, 2016. The bid is also amended to provide that the repurchase for cancellation of common shares may also be conducted by means of open-market transactions through alternative Canadian trading systems in cash at the market price in addition to the facilities of the TSX.

The amended bid will be effective Feb. 23, 2017, and will end no later than Nov. 16, 2017.

The company believes that the purchase by Saputo of its own shares may, under appropriate circumstances, be a responsible investment of funds on hand.

We seek Safe Harbor.