Oaktree Announces Acquisition of Additional Securities of SunOpta

LOS ANGELES--()--Oaktree Capital Management, L.P. ("Oaktree"), a leading global alternative investment management firm, announced today that funds managed by Oaktree (the "Investors") have increased their beneficial ownership in common shares (the "Common Shares") of SunOpta Inc. ("SunOpta").

Immediately prior to the transaction that triggered the requirement to file this news release under applicable Canadian securities laws, the Investors owned 85,000 Series A preferred shares (the "Preferred Shares") of SunOpta Foods, Inc., a subsidiary of SunOpta. The Preferred Shares were acquired in connection with the previously announced private placement transaction completed on October 7, 2016 (the "Private Placement"). The Preferred Shares are currently exchangeable into 11,333,333 Common Shares, representing approximately 11.65% of the outstanding Common Shares on a partially diluted basis (excluding all other securities convertible or exchangeable into Common Shares).

As contemplated in the agreements entered into in connection with the Private Placement, between March 3, 2017 and March 6, 2017, the Investors acquired 3,000,000 Common Shares in the aggregate through the facilities of the NASDAQ exchange, representing an increase of approximately 3.08% of the Common Shares beneficially owned by the Investors on an as-exchanged basis. The Common Shares were acquired at a volume weighted average price of US$6.90.

After giving effect to such acquisition, the Investors beneficially own an aggregate of 14,333,333 Common Shares on an as-exchanged basis, representing approximately 14.73% of the outstanding Common Shares on a partially diluted basis (excluding all other securities convertible or exchangeable into Common Shares).

The Investors acquired the Common Shares and the Preferred Shares for investment purposes and the purposes set out below. The Investors intend to continuously evaluate the businesses and prospects of SunOpta and its subsidiaries, alternative investment opportunities and all other factors deemed relevant in determining whether additional securities of SunOpta will be acquired by the Investors or by other accounts or funds associated with the Investors, or whether the Investors or any such other accounts or funds will dispose of the Preferred Shares or Common Shares. At any time, subject to the limitations set forth in the definitive agreements entered into in connection with the Private Placement, additional securities of SunOpta or its subsidiaries may be acquired or some or all of the securities beneficially owned by the Investors may be sold, in either case in the open market, in privately negotiated transactions or otherwise, including, without limitation, by electing to exchange Preferred Shares into Common Shares, or by increasing or decreasing holdings in Preferred Shares or in Common Shares.

An early warning report with additional information in respect of the foregoing matters will be filed and made available on the System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under SunOpta's issuer profile. The Investors are Oaktree Organics, L.P. and Oaktree Huntington Investment Fund II, L.P. In order to obtain a copy of the early warning report, you may also contact Alyssa Linn of Sard Verbinnen & Co. on behalf of Oaktree, at telephone number: 310-201-2040. Oaktree's address is 333 South Grand Ave., 28th Floor, Los Angeles, CA 90071. SunOpta's address is 2233 Argentia Road, Suite 401, Mississauga, Ontario, L5N 2X7.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with US$101 billion in assets under management as of December 31, 2016. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.

About SunOpta Inc.

SunOpta is a leading global company focused on organic, non-genetically modified ("non-GMO") and specialty foods. SunOpta specializes in the sourcing, processing and packaging of organic and non-GMO food products, integrated from seed through packaged products, with a focus on strategic vertically integrated business models. SunOpta's organic and non-GMO food operations revolve around value-added grain, seed, fruit and vegetable based product offerings, supported by a global sourcing and supply infrastructure.

Forward-Looking Information

Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to the Investors' future intentions regarding their investment in SunOpta. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Oaktree is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.


Sard Verbinnen & Co. for Oaktree Capital
Alyssa Linn, 310-201-2040

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