Saputo Group Inc. Announces the Filing of its Preliminary Prospectus

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(Montreal, December 22, 1997) - Saputo Group announced today that it has filed a preliminary prospectus with securities regulatory authorities in all provinces of Canada.  It relates to the Common Shares issuable upon the exercise of its 9 000 000 Special Warrants sold on December 10, 1997 to a group of underwriters at the price of C $ 25 per Special Warrant.  Each Special Warrant entitles its holder to acquire, without additional payment, one Common Share of Saputo.
 
Saputo has established itself as Canada's leading producer of mozzarella with a share of approximately 34% of Canadian mozzarella production.  Saputo produces and markets other Italian specialty cheeses and by-products such as butter, lactose and whey protein.  Saputo also distributes in Canada fine imported cheeses and a large assortment of other non-dairy products that complement its cheese distribution.  With the acquisition of Stella Foods, Inc., the Company has over 2 700 employees and operates six manufacturing facilities in Canada and fourteen in the United States.  Saputo, on a pro-forma basis,  has annual sales of approximately C $ 1.46 billion (US $ 1 billion) and an EBITDA of C $ 136 million (US $ 98 million).  Saputo's Common Shares are listed on the Montreal and Toronto stock exchanges under the symbol SAP.  Saputo was advised by Schroders on the acquisition.
For further information:           
Camillo Lisio
Executive Vice-President
(514) 328-3314