Ann: ACCC consultation on Saputo undertaking, page-2

Saputo cannot walk away once Resolution 1 is approved.

• The Asset Sale Resolution is not conditional on any other Resolution. It is possible that the Asset Sale Resolution could be approved but the other Resolutions not approved. If that occurred, the Asset Sale would proceed but no other element of the Proposals would go ahead. This would mean that the Asset Sale would occur but that Shareholders and Unitholders would not receive the initial distribution of $0.80 per Share/Unit without
a future Shareholder approval.