Item 8.01 Other Events.

As of the fiscal quarter ended January 31, 2023, The J. M. Smucker Company (the "Company") had 5,811,472 common shares remaining available for repurchase pursuant to authorizations of the Company's Board of Directors (the "Board"). Under the repurchase program, the Company plans to repurchase 2,350,000 common shares between March 2, 2023 and March 31, 2023 in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

On March 2, 2023, the Company also entered into a share repurchase plan (the "Plan") established in accordance with Rule 10b5-1 of the Exchange Act in connection with the remaining common shares authorized for repurchase by the Board. A Rule 10b5-1 plan allows a company to repurchase its shares at times when it otherwise might be unable to do so under the Exchange Act's insider trading rules or during self-imposed trading blackout periods. The Company's designated broker will have authority under the Plan to repurchase up to 2,350,000 of the remaining common shares authorized for repurchase commencing on the consummation of the sale of certain pet food brands to Post Holdings, Inc. ("Post"), which is anticipated to close in the fourth quarter of the Company's current fiscal year ending April 30, 2023, subject to certain closing conditions, including the receipt of required regulatory approvals (the "Transaction"), and expiring 45 calendar days after the closure of the Transaction, unless terminated earlier in accordance with the terms of the Plan. Repurchases under the Plan will be subject to specified parameters and certain price and volume restraints as established in the Plan.

There is no guarantee as to the exact number of common shares that will be repurchased or when such purchases may occur. Any repurchased shares will be held in treasury.

Forward Looking Statements

This communication includes certain forward-looking statements within the meaning of federal securities laws. The forward-looking statements may include statements concerning our current expectations, estimates, assumptions, and beliefs concerning future events, conditions, plans, and strategies that are not historical fact. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expect," "anticipate," "believe," "intend," "will," "plan," "strive," and similar phrases. Federal securities laws provide a safe harbor for forward-looking statements to encourage companies to provide prospective information. We are providing this cautionary statement in connection with the safe harbor provisions. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made, when evaluating the information presented in this communication, as such statements are by nature subject to risks, uncertainties, and other factors, many of which are outside of our control and could cause actual results to differ materially from such statements and from our historical results and experience. These risks and uncertainties include, but are not limited to, the following: uncertainties relating to the timing of the consummation of the sale of certain pet food brands to Post; the possibility that any or all of the conditions to the consummation of the Transaction may not be satisfied or waived, including failure to receive required regulatory approvals; the effect of the announcement or pendency of the Transaction on the Company's ability to retain key personnel and to maintain relationships with customers, suppliers, and other business partners; risks relating to potential diversion of management attention from the Company's ongoing business operations; the Company's ability to generate sufficient cash flow to continue operating under its capital deployment model, including capital expenditures, debt repayment, dividend payments, and share repurchases; the impact of food security concerns involving either the Company's products or its competitors' products, including changes in consumer preference, consumer litigation, actions by the U.S. Food and Drug Administration or other agencies, and product recalls; and those described under "Risk Factors" in reports and statements filed by the Company with the U.S. Securities and Exchange Commission. We do not undertake any obligation to update or revise these forward-looking statements to reflect new events or circumstances.


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