HispanicBusiness

By their nature, forward-looking statements are subject to a number of inherent risks and uncertainties. Actual results could differ materially from the conclusion, forecast or projection stated in such forward-looking statements. As a result, the Company cannot guarantee that any forward-looking statements will materialize. Assumptions, expectations and estimates made in the preparation of forward-looking statements and risks that could cause actual results to differ materially from current expectations are discussed in the Company's 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 included in the Company's 2012 Annual Report.

Forward-looking statements are based on Management's current estimates, expectations and assumptions, which Management believes are reasonable as of the date hereof, and, accordingly, are subject to changes after such date. You should not place undue importance on forward-looking statements and should not rely upon this information as of any other date.

Except as required under applicable securities legislation, Saputo does not undertake to update or revise these forward-looking statements, whether written or verbal, that may be made from time to time by itself or on its behalf, whether as a result of new information, future events or otherwise.

OPERATING RESULTS

Consolidated revenues for the quarter ended December 31, 2012 amounted to $1.801 billion, an increase of $4.1 million or 0.2% in comparison to $1.797 billion for the corresponding quarter last fiscal year. This increase was mainly due to a higher average block market per pound of cheese in the USA Dairy Products Sector, as well as a better product mix and higher selling prices in relation to the higher cost of milk in the CEA Dairy Products Sector. Lower sales volumes in the USA Dairy Products Sector, as compared to the corresponding quarter last fiscal year, partially offset this increase. The strengthening of the Canadian dollar decreased revenues by approximately $30 million.

For the nine-month period ended December 31, 2012, revenues totalled $5.244 billion, an increase of $17.5 million or 0.3% in comparison to $5.227 billion for the corresponding period last fiscal year. Higher selling prices in relation to the higher cost of milk as raw material in the Canadian and Argentinian Divisions, as well as a better product mix in the Canadian Division, partially contributed to this increase. A more favourable dairy ingredients product mix in the US also increased revenues. Offsetting this increase was the negative impact of a lower average block market per pound of cheese in the USA Dairy Products Sector, as well as decreased sales volumes in the Argentinian Division, mainly in the export market. The fluctuation of the Canadian dollar increased revenues by approximately $4 million.

Consolidated earnings before interest, income taxes, depreciation and amortization (EBITDA) for the third quarter of fiscal 2013 amounted to $212.5 million, an increase of $5.2 million or 2.5% in comparison to $207.3 million for the same quarter last fiscal year. This increase is explained by favourable market factors of approximately $8 million and improved operational efficiencies offsetting higher operational costs in the US. In the Dairy Products Division (Canada), a better product mix and lower ingredients costs contributed to this increase. These were partially offset by lower selling prices and sales volumes in the Argentinian Division, mainly in the export market. The third quarter of last fiscal year also included an inventory write-down in the USA Dairy Products Sector. The strengthening of the Canadian dollar negatively impacted EBITDA, as compared to the same period last fiscal year.