Rogers Sugar : 2023 ESG Report

ESG REPORT

2023

MAY 2024

TSX: RSI

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TABLE OF CONTENTS

About this Report	03
Forward-Looking Statements	03
Sustainable Development Goals	04
Introduction to "SWEET+"	04
Message from the President & CEO	05
About Rogers	06
Our Facilities	07
Rogers by Numbers	08
Our Vision and Values	09
2023 ESG Highlights	10
ESG Materiality Assessment	11
ESG Priorities	12
ENVIRONMENT	13
Key Indicators	14
Climate Action	15
Climate Performance	15
Climate Risk	16

Water Management	17
Water Use	17
Wastewater	18
Operational Waste	19
Packaging	20
SOCIAL	22
Key Indicators	23
In Rogers	24
Health and Safety	24
Food Safety	24
Human Rights	25
Diversity, Equality and Inclusion	25
Employee Wellbeing	26
Responsible Marketing	26
In Our Supply Chain	27
In Our Communities	27

GOVERNANCE	28
Key Indicators	29
Board	30
Operational	31
Compensation	31
Data Security and Privacy	31
ESG	32
Board Oversight	32
Executive Leadership	32
Operational Program Management	32
RESPONSIBLE SOURCING	33
Ethical and Sustainable Sourcing	34
Traceability	35
APPENDIX	36
SASB Index Table	37
Abbreviations	38

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ABOUT THIS REPORT

This Rogers Sugar Inc. ESG Report covers the operations and activities of the entire Company for the 2023 fiscal year ending on September 30th, 2023. The data presented in this report is based on our fiscal years and reported for both our sugar and maple segments unless otherwise indicated. In this report, we have reported on select metrics from the Sustainability Accounting Standards Board (SASB) Agricultural Products Standard.

All financial figures are in Canadian dollars unless otherwise specified.

The ESG data has not been audited by an independent third party, and some indicators have been manually compiled. The information is accurate to the best of our knowledge.

However, the data presented includes aspirational goals, approximations, assumptions and estimates, which will differ from actual results, and is for informational purposes only. We disclaim any liability whatsoever for errors or omissions.

Our GHG emissions and other ESG data are derived from various internal reporting systems that are generally different from those applicable to the financial information presented in our financial statements and are, in particular, subject to less sophisticated internal documentation as well as preparation and review requirements, including the general internal control environment. We may change our policies for calculating GHG emissions in the future without prior notice. Such changes or improvements to our data collection systems and measurement methodologies may lead to restatements of previously reported data.

This Report represents our current policy and intent and is not intended to create legal rights or obligations. This Report does not provide investment advice, and readers are responsible for making their own financial and investment decisions.

For the purposes of this report, Rogers Sugar Inc. will hereby be referred to as "Rogers", "the Company", "we", "our", or "us".

FORWARD-LOOKING STATEMENTS

This report contains statements or information that are or may be "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian Securities laws. Collectively forward-looking statements may include, without limitation, statements and information which reflect the current expectations of the Company with respect to future events and performance. Wherever used, the words "may," "will," "should," "anticipate," "intend," "assume," "expect," "plan," "believe," "estimate," and similar expressions and the negative of such expressions, identify forward-looking statements. Although this is not an exhaustive list, Rogers cautions stakeholders that statements concerning strategy, ambitions, goals, targets, commitments, efforts, initiatives, programs, and our investments in such activities, efforts, initiatives, and programs; and projected or expected timing, results, achievement, and impacts are, or may be, forward-looking statements.

Forward-looking statements are based on estimates and assumptions made by the Company considering its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Rogers believes are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual performance or results could differ materially from those reflected in the forward-looking statements, historical results or current expectations.

Although Rogers believes that the expectations and assumptions on which forward-looking statement is based are reasonable under the current circumstances, readers are cautioned not to rely unduly on this forward-looking information as no assurance can be given that it will prove to be correct. The forward-looking statements contained herein are made as of the date of this annual ESG report and Rogers does not undertake any obligation to update or revise any forward-looking statement, whether as a result of events or circumstances occurring after the date hereof or other wise, unless so required by law.

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SUSTAINABLE DEVELOPMENT GOALS

The United Nations Sustainable Development Goals (SDGs) hold significant importance in guiding the development of our sustainability strategy, delineating priorities, and establishing future targets for our organization. These globally recognized objectives serve as pivotal reference points as we endeavor to enhance sustainability throughout our operations and value chain. Moreover, the SDGs serve as guiding principles informing the content of our Company's ESG Reports.

INTRODUCTION TO "SWEET+"

As a 135-year-old Canadian company, we are continually striving to find new and innovative ways to provide our customers, partners, and families from across Canada with quality sugar, sweetener, and maple products.

With the launch of Rogers' Sustainability Program, "Sweet+," we apply the same rigour and dedication to how we care for all aspects of sustainability, looking forward to the "Sweeter" legacy we aim to leave behind for the next generation.

MESSAGE FROM

THE PRESIDENT & CEO

ROGERS IS PROUD TO INCORPORATE SUSTAINABILITY INTO OUR CORE VALUES. WE ARE DRIVING FORWARD WITH INCORPORATING SUSTAINABILITY INTO OUR BUSINESS PRACTICES AND EVERYDAY DECISION MAKING, ENSURING TRANSPARENCY, RESPONSIBILITY, AND ACTION IN WHAT WE DO.

The Company once again posted a record year in fiscal 2023 regarding sales volume, revenue and EBITDA, as published in our 2023 Annual Report. We continued to develop the policies and processes across our operations and value chains that are necessary to create a system for long-term sustainability.

As a food manufacturer operating eight facilities across Canada and the United States in both the sugar and maple syrup sectors, we understand the impact our operations and products have on the environment and communities. We take these responsibilities very seriously. We have continued our approach to investing in technologies to increase production efficiency at our plants while minimizing our impact on the environment and communities in which we operate.

To reduce the environmental impact of our packaging we have transitioned Nature's RAW packaging to a recycle-ready mono- polyethylene pouch. We have also removed black caps from all Rogers' own-brand maple syrup products as they were identified a problematic component for recycling. We have made public our commitment to making our packaging more sustainable by joining the Canada Plastics Pact.

To ensure we remain socially accountable and vigilant at our facilities, we recently completed Sedex SMETA (Sedex Members Ethical Trade Audit) audits at our Montreal and Vancouver cane refineries, along with our Taber sugar beet processing plant.

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We have previously disclosed our target to source 100% of raw sugar supply from producers who follow verified or certified sustainable agricultural practices, and the execution of a multi-year supply partnership with Raízen, a source of certified non-genetically modified organism ("non-GMO") and certified Bonsucro raw sugar for our Eastern Canada operations to help us meet this target. In 2023, we established all the logistical requirements to realize this agreement and to ensure the smooth incorporation of this raw sugar into our supply in 2024. In 2023, together with several other leaders within the organization, I had the privilege to travel to the states of São Paulo and Paraná in Brazil to visit and experience the different stages of the supply chain of this non- GMO, Bonsucro-certified sugar.

I noted in our 2022 ESG Report that we were working on developing ESG targets; this process is moving forward very well. Prior to the public release of targets, we are taking the time to truly understand the potential impact of these targets and the investment required to meet them. As an organization, we strongly believe in doing the appropriate due diligence, ensuring that any target we publicly disclose has a pathway to achieving it. We don't see a target as a statement but as an action activator within our organization and our wider value chain.

In closing, I would like to thank all our employees for their dedication and hard work throughout the year, our suppliers and customers for their confidence and our shareholders for their support in our sustainability journey.

Michael Walton

President and Chief Executive Officer

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ABOUT ROGERS

Rogers Sugar Inc. owns all of the common shares of Lantic Inc., which operates cane sugar refineries in Montréal, Québec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Rogers Sugar Inc. is a manufacturing organization, in line with the regulation categorization. Lantic / Rogers' products include granulated (regular and organic), brown, icing, liquid and cubed sugars and specialty syrups, as well as stevia, agave, organic coconut sugar, Nature's RAW™ sugar, maple sugar and flakes and other dry blends.

LEGAL STRUCTURE

Lantic Inc. also owns all of the common shares of The Maple Treat Corporation ("TMTC"). TMTC operates plants in Granby, Dégelis and in St-Honoré-de-Shenley, Québec and in Websterville, Vermont. TMTC's products include maple syrup and derived maple syrup products and are sold mainly under retail private labels brands and various house brands.

Rogers Sugar Inc.

Lantic Inc.

The Maple Treat Corporation

OUR FACILITIES

1

2

Rogers	TMTC
1.	Head Office and	5.	Head Office and Bottling Plant,
	Cane Refinery		Eastern Sales and Distribution
	Vancouver, BC		Granby, QC
2.	Sugar Beet Plant	6	Bottling Plant, Warehousing
	Taber, AB		and Shipping
			Saint-Honoré-de-Shenley, QC
3.	Distribution Centre
	Toronto, ON	7.	Bottling Plant, Warehousing
			and Shipping
4.	Administrative Office		Dégelis, QC
	and Cane Refinery
	Montréal, QC	8.	Bottling Plant, Warehousing
			and Shipping
			Websterville, VT

983

Employees

8

7

6 7

4 5

3

8

Facilities

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ROGERS BY NUMBERS(1)

$1.1B

Total revenues

795,307

Metric tonnes of sugar sold

Sugar vs. Maple Syrup

Revenues

19%

Maple Syrup

Products

81%

Sugar

$110.9M	6.7%
Adjusted EBITDA(2)	Dividend Yield
43,871,000	$583M
Pounds of maple syrup sold	Market Capitalization

Sugar Revenues	Revenues by Geographic
by Segment	Distribution
7%	3%	3%
Export	Europe	Other
	13%
24%	U.S.

Liquid

57%	81%
Industrial	Canada

12%

Consumer

1. For fiscal 2023.
2. See "Non-GAAP Measures" section of FY23 Annual Report for definition and reconciliation to GAAP measures.

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OUR VISION

BE A GREAT COMPANY TO PARTNER WITH, WORK FOR AND INVEST IN, BY OFFERING A BEST-IN-CLASS PORTFOLIO OF NATURAL SWEETENER SOLUTIONS.

OUR VALUES

SAFETY

We act purposefully every day to keep ourselves and our visitors safe.

OUR EMPLOYEES

We work effectively as a team and deliver what we promise.

CUSTOMERS

We build strong relationships and collectively deliver on our commitments to customers.

OUR COMMUNITY

We are committed to provide support to the communities in which we operate.

EXCELLENCE

We consistently look for better ways to do things.

INTEGRITY

We act with high integrity, enthusiasm and resolve.

SUSTAINABILITY

We strive to reduce our environmental footprint and add value to the bottom line.

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2023 ESG HIGHLIGHTS

ENVIRONMENT

3,990,319

Total energy use (GJ)

233,759(1)

GHG emissions (tCO2e)

28,725.5

Total water withdrawals (Mm3)

98.5

Waste diversion (%)

SOCIAL

350,000

Charitable donations ($)

2.6

Lost Time Incident Rate (LTIR)

100

GFSI cerfified facilities (%)

28

Women in management level roles (%)

GOVERNANCE

33

Women on Rogers' Board (%)

100

Independent Directors Rogers Sugar Inc. (%)

100

Managers' incentive pay is linked to one or more ESG objectives (%)

(1) Total Scope 1 & Scope 2 emissions.