Mr. Reed Anderson reports

SUNOPTA AMENDS SERIES B-1 PREFERRED SHARE TERMS TO ELIMINATE DIVIDEND

SunOpta Inc. today eliminated the dividend rights attaching to the shares of Series B-1 preferred stock of its subsidiary, SunOpta Foods Inc. (the subsidiary), effective from and after Dec. 31, 2023.

Funds managed by Oaktree Capital Management LP acquired 15,000 Series B-1 preferred shares for $15-million (U.S.) in 2020 in a financing of the company's plant-based foods and beverages business, principally to add capacity via capital projects and to provide incremental liquidity.

The Series B-1 preferred shares previously paid a cumulative dividend of 8 per cent per year that could be paid-in-kind or cash at the company's option, which dividend would have increased from 8 per cent to 10 per cent per year and become payable only in cash at the end of the company's third quarter in 2029. As a result of amendments to the terms of the Series B-1 preferred shares made with the consent of Oaktree, the holders of such shares have ceased to be entitled to receive dividends on such shares from and after Dec. 31, 2023. All other rights and obligations of Oaktree under the amended and restated investor rights agreement, the exchange and support agreement and the voting trust agreement entered into on April 24, 2020, in connection with the issuance of the Series B-1 preferred shares remain unchanged.

Additional information regarding the amendments will be included in a current report on Form 8-K to be filed by the company with the Securities and Exchange Commission and a material change report to be filed by the company on SEDAR+.

About SunOpta Inc.

SunOpta is a United States-based, global pioneer fuelling the future of sustainable, plant-based foods and beverages. Founded nearly 50 years ago, SunOpta manufactures natural, organic and specialty products sold through retail and food service channels. SunOpta operates as a manufacturer for leading natural and private label brands and also proudly produces its own brands, including Sown, Dream and West Life.