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. Forward-looking statements may include, without limitation, statements and information which reflect our current expectations 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, we caution investors that statements concerning the following subjects are, or are likely to be, forward-looking statements:

  • Future demand and related sales volume for refined sugar and maple syrup;
  • our LEAP Project;
  • future prices of Raw #11;
  • expected inflationary pressures on costs;
  • natural gas costs;
  • beet sugar production forecast for our Taber facility;
  • the level of future dividends; and
  • the status of government regulations and investigations

Forward-looking statements are based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe 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. Readers should also refer to the section "Risks and Uncertainties" in this MD&A for additional information on risk factors and other events that are not within our control. These risks are also referred to in our Annual Information Form in the "Risk Factors" section.

Although we believe that the expectations and assumptions on which forward-looking information 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. Forward-looking information contained herein is made as at the date of this MD&A and we do not undertake any obligation to update or revise any forward-looking information, whether a result of events or circumstances occurring after the date hereof, unless so required by law.

2

Agenda

  • Welcoming Remarks and Introduction
  • Management's Presentation - Mike Walton & JS Couillard
    • Global view of Sugar market
    • Business review - Sugar and Maple
    • LEAP Project (Expansion)
  • Visit of the Montreal Sugar Refinery - Adam James & Christian Nassar
  • Lunch and follow-up discussion

3

Global

Sugar Market

Sugar Consumption in the US

• US-Mexico-Canada is almost the World's largest Sugar market.

• Steady growth in consumption since the 90s

• GDP - Historically, driving demand

• US $27B

• Mexico $1.8B

• Canada 2.1B

• Population - Consumption per capita is steady

• US 340M

• Mexico 128M

• Canada 38M

US consumption is the main driver of the North American sugar market. It has

an impact on demand in Canada.

5

Imports Play a Big Role in Meeting US Demand

US rely on imports to meet demand for sweetener.

6

Mexico is not the Solution

Mexico is no longer able to close the gap and alternative supply options are

necessary to meet demand.

7

#16 to #11 Pricing Differential Favoring Canada

The spread between #11 and #16 continues to be wide, and favours Canada. Sugar Containing Products (SCPs) manufacturing companies are taking advantage of the spread and other favourable conditions to build or expand production facilities in Canada.

8

Business Overview

Our Business

Rogers Sugar Inc. is the holding company of Lantic Inc.

  • Lantic makes sugar and other all-natural sweeteners under the Rogers and Lantic brands
  • Lantic owns The Maple Treat Corporation that makes all-natural maple products

Rogers Sugar is traded as RSI on the Toronto Stock Exchange

Rogers Sugar Inc.

TSX: RSI

6.2%1

Dividend Yield

1. As of May 21, 2024.

$742M1

Market Capitalization

10

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Disclaimer

Rogers Sugar Inc. published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 14:53:05 UTC.