Accelerating Growth in Emerging Markets

Credit Suisse 2nd Annual Emerging Markets Consumer Conference Shanghai, China
September 22, 2009
1

Margaret Nollen
Vice President Investor Relations Vice President Investor Relations H. J. Heinz Company H. J. Heinz Company

Safe Harbor Statement

Please be aware that certain forward-looking statements made during this meeting which are not historical facts, including any statements regarding the Companys targets, beliefs or expectations, are forward-looking statements that are being made in an effort to assist you in understanding the Company and its results. Forward-looking statements involve inherent risk and uncertainty. There are a number of important factors that could cause actual results to differ materially from those contained in such statements. These risk factors are described in the Companys annual report on form 10-K for the fiscal year ended April 29, 2009. The Company may also use pro-forma financial exhibits, which could differ from reported results using Generally Accepted Accounting Principles (GAAP). Reasons for differences from GAAP versus non-GAAP pro-forma statements are that the latter typically exclude special charges, which are not expected to occur routinely in future periods. The Company uses the non-GAAP financial exhibits internally to focus management on period-to-period changes in the Companys businesses and gauge our business operating performance. Management believes this information is also helpful to investors in understanding trends in the business. The most directly comparable GAAP financial measures and reconciliations to non-GAAP financial measures are set forth in both the slides accompanying these presentations and the Form 8-K and its exhibits furnished to the SEC in connection with the Companys current earnings release and the earnings releases for fiscal years 2003, 2004, 2005, 2006, 2007, 2008, and 2009 which are posted at www.heinz.com in the Heinz Newsroom. These forwardlooking statements speak only as of the date of the presentations and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of future events or otherwise, except as required by the securities laws. The majority of the following discussion will focus on earnings from continuing operations excluding special items in prior years. 3

H.J. Heinz Company World-Class Iconic Brands Organic Growth(1) in Core Business Strong International Portfolio Profitable Emerging Markets Growth Excellent Cash Flow Results and Return to Shareholders Experienced and Proven Global Leadership Team
(1) Volume plus price

H.J. Heinz Transformation

Portfolio

Shed non-core businesses and added to core categories, geographies and brands Upgraded Talent Outwardly focused and internally collaborative Incenting the right performance Enhancing process discipline Leveraging global scale Enhanced trade spend management Implementing global SAP 5

People

Process

Systems

Targeted Portfolio Changes

Acquisitions and Divestitures (Revenue $ Billion)
$2.0

Classico Delimex TGIF

$1.8B HP/L&P Petrosoyuz

Golden Circle

$0.0

Euro Seafood Tegel Chicken HAK Vegetables U.S. Seafood U.S. Pet Food
($3.5)

($3.2B)

FY 2002

2003

2004

2005

2006

2007

2008

2009

Total

Focused Portfolio
Geographies Developed Markets Emerging Markets United States United Kingdom Western Europe Italy Australia/ New Zealand Canada 96% of Sales 86% of Sales Indonesia Latin America India China Russia Poland South Africa 14% of Sales

Categories Ketchup & Sauces Meals & Snacks Infant/Nutrition

60% of Sales are International

Based on FY09 Full Year Sales Based on FY09 Full Year Sales

Well-Positioned in Three Core Categories

Ketchup and Sauces
R 2 CAG les ((2)) 6% Sa f 2% o 4
(1 ) (1 )

Meals and Snacks

( 1) GR( ((2)) A 4% C Sales 2 of 43 % 1)

Infant / Nutrition
( 1) GR( ((2)) A 9% C Sales 2 f 1% o 1 1)

(1) 3-Year CAGR Based on FY09 Full Year Sales (2) Based on FY09 Full Year Sales Note: All financial information presented in these slides are from continuing operations, excluding special items, unless otherwise stated.

Portfolio of Leading Brands

~70% of Sales From Top 15 Brands

9

Health & Wellness

Lifestyle
Promotes general health & wellness, lifestyle preferences

Childrens Nutrition
Infants and Toddlers

Weight Management
Enables/ promotes reduction, maintenance of weight loss

Health Management
Science Influenced Food & Beverages

10

Four Strategic Pillars

Grow the Core Portfolio
Grow through health & wellness, taste, and convenience Leverage the science of innovation Continue to invest in the business Execute strategic M&A

Accelerate Growth in Emerging Markets

Invest for double-digit sales & profit growth Leverage infrastructure/Expand distribution Win with global customers/modern trade Grow through health & wellness, taste, and convenience Leverage the science of innovation Execute strategic M&A

Strengthen and Leverage Global Scale

Innovation transfer Global procurement Global customers Global process design Wall-to-Wall SAP Productivity

Make Talent an Advantage

Right leadership Strengthen bench Excel at recruitment/ development Right incentives Optimize talent placement

11

Reported Results - FY06 to FY09

Sales - $MM EPS

Average Organic (4) Growth 5.1%(4)

8,643 9,002

10,071

10,148

CAGR +11.4%
2.38 2.10

2.90 2.63

FY06 (1)

FY07

FY08

FY09

FY06 (1)

FY07

FY08

FY09

Operating Free Cash Flow(2) - $MM 4 Year Average (1) 109% of Net Income(1)

After-Tax ROIC

945(3) 895

+360 BPS
15.8% 14.8% 16.8%

18.4%

864

878

880

FY06

FY07

FY08

FY09

FY06

FY07

FY08

FY09

(1) FY06 amounts are continuing operations, excluding special items (2) Operating Free Cash Flow is cash from operations less capital expenditures net of proceeds from disposal of PP&E (3) Excludes discretionary pension funding of $65 million (4) Volume plus Price

12

Q1 FY10 Results
Versus Q1 FY09 Sales Operating Income

EPS of $0.67
EPS
9.7%

4.5%

5.6%

(4.5%)

(6.7%)
Constant (1) Currency(1) Reported Constant (2) Currency(2)

(6.9%)
Reported Constant (3) Currency(3)

Reported

Increased Operating Free Cash Flow(4) by $176 Million

(1) Excludes currency translation impact of $233 million. (2) Excludes currency translation impact of $35 million and UK transaction impact of $13 million. (3) Excludes currency translation impact of $26 million, UK transaction impact of $10 million and the impact from currency translation hedges. (4) Cash from operations less capital expenditures net of proceeds from disposal of PP&E.

13

17 Consecutive Quarters of Organic Sales Growth(1)

10.2% 8.1% 7.3% 6.0% 4.2% 2.5% 0.8% 2.8% 1.6% 1.7% 3.7% 5.3% 5.3%
(2)

8.6%

5.7%

5.8%

5.2%

Flat(2)

-1.7%

1Q

(3)

2Q

(3)

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q
FY10

FY06

FY07

FY08

FY09

(1) Volume plus price (2) Adjusted for approximate impact of 7% for the extra week in Q4 FY06 and one less week in Q4 FY07 (3) Not restated for discontinued operations

14

Emerging Markets A Key Strategic Pillar

Grow the Core Portfolio
Grow through health & wellness, taste, and convenience Leverage the science of innovation Continue to invest in the business Execute strategic M&A

Accelerate Growth in Emerging Markets

Invest for double-digit sales & profit growth Leverage infrastructure/Expand distribution Win with global customers/modern trade Grow through health & wellness, taste, and convenience Leverage the science of innovation Execute strategic M&A

Strengthen and Leverage Global Scale

Innovation transfer Global procurement Global customers Global process design Wall-to-Wall SAP Productivity

Make Talent an Advantage

Right leadership Strengthen bench Excel at recruitment/ development Right incentives Optimize talent placement

15

GDP in Emerging Markets Remains Strong

GDP Growth
4.7%

Heinz Emerging Markets GDP Growth

8.5% 6.5%

1.5%

0.6%

3.5% 1.5%
(3.8%)

1.3%

Avg. Developed

Avg. Emerging

China

India

Indonesia

Russia

Poland

2009E GDP Growth 2009E GDP Growth

2010E GDP Growth 2010E GDP Growth

Source: IMF, April dataset and July 8, 2009 update Source: IMF, April dataset and July 8, 2009 update

16

Emerging Markets Approach

National
Self-sustaining investment Self-sustaining investment Acquisitions to extend product line Acquisitions to extend product line Accelerate investment in marketing, Accelerate investment in marketing, fixed costs, and distribution fixed costs, and distribution Active acquisition approach Active acquisition approach Leverage existing Heinz resources Leverage existing Heinz resources Opportunistic acquisition approach Opportunistic acquisition approach

Regional

City

White Space

Opportunistic acquisition approach Opportunistic acquisition approach

Buy, Build and Grow Strategy

17

Growth in Emerging Markets

Full Year Performance
% of Total Sales

16% 14% 13% 12%

11% 9%

FY05

FY06

FY07

FY08

FY09

Q1FY10

Targeting ~20% of Total Sales by 2013

18

Chris Warmoth
Executive Vice President, Heinz Asia // Pacific Executive Vice President, Heinz Asia Pacific H. J. Heinz Company H. J. Heinz Company

19

Emerging Markets By Category and Penetration

Other Infant / Nutrition Meals & Snacks
FY09 Net Sales By Category

Other Ketchup & Sauces Top 6 Markets (each $100MM+)

FY09 Net Sales

~$1.4 Billion in FY09 Net Sales

20

Six Key Brands

Brands Categories Markets

Ketchup & Sauces, Latin America, Russia, Infant Nutrition, Meals China, Middle East Ketchup & Sauces, Meals, Beverages K&S, Meals Childrens nutrition Nutrition Meals, K&S Indonesia Poland India India China

~75% of Total Emerging Markets Sales

FY09 Net Sales

21

Strong Brand Equities

High
Russia - Ketchup Strong Growing Equity Russia - Baby Food Equity China - Baby Food

Voltage
Little Equity Poland Russia China

Declining India Equity Indonesia

Low

Low

Presence % Relative to Category Average

High

High Consumer Recognition and Familiarity

Source: Millward Brown Brand Dynamics Study 2007 and 2008.

22

Success in Growing Acquisitions

Advantaged local brands

We acquire over time when the right target is available

Sept. 1994 through May 2005

Sales Have Multiplied Up to Five Times Since Acquisition

FY09 Net Sales

23

Local Market Execution With Global Support

Global Processes/ Functional Expertise
Local Organizations
DEVELOPED MARKETS

Local Consumers

EMERGING MARKETS

24

Strategies for Winning with Local Consumers

Support Strong Brands
Great consumer understanding, converted into Innovation, Advertising, Packaging, Sampling and Promotion

Winning In-Store
Broad distribution Right distributors Key account management Use Foodservice channel to generate trial

Offer Attainable Pricing

Precise positioning to desired consumer class Keep costs under control Quality products

25

Driving Distribution Market by Market

Distribution Methods

Type Type

100% handled by 100% handled by distributors distributors

Distributors and Distributors and own distribution own distribution

100% own 100% own distribution distribution

Examples Examples

India India

Russia Russia

Java in Java in Indonesia Indonesia

Method is adjusted based on market

26

Emerging Markets Portfolio

Poland Russia

China Latin America

India

Indonesia

27

Winning With Local Consumers

Before Shopping While Shopping After Shopping

New ideas Innovation process Effective messaging Word of Mouth

Available Visible Clear graphics Promotion/ Display Price

Meets/beats expectations Easy to use Clear instructions Stores well

28

Indonesia

aringn C Ne illio AB 0 M $25 Sales

in

Most Developed Emerging Market for Heinz

FY09 Net Sales

29

ABC Master Brand Emphasis

Soy Oyster Sauce Shrimp Paste Chili Sauce Sardines

30

ABC Ready to Drink Beverages

31

ABC Syrups
SQUASH DELIGHT Improved taste Sell value relative to soft drinks SPECIAL GRADE Thicker than competition New flavors Ramadan In-store Activity

32

Latin America
Over llion 0 Mi s $30 Sale

in

FY09 Net Sales

33

Mexico Baby Food

June-Sept: introduced 100% fruit and vegetable products New factory in Guadalajara Endorsed by Mexican Association of Pediatrics

34

Mexico Ketchup
11.6% share in Ketchup growing fast Introduced Chamula hot sauce

Source: Nielsen 12-week value share as of May 2009

35

India
ver lion O il 50 M les $1 a

in S

FY09 Net Sales

36

Complan in India: Sales Tripled in 5 Years

Complan Net Sales (Local Currency)
400 0

New Campaign Starts

300 0

ars 5 ye in ~3X

200 0

Business Flat

100 0

FY03

FY04

FY05

FY06

FY07

FY08

FY09

1. Winning Complan Advertising Over the Years

Bus FY05

PT FY06

Gym FY07

H. Tom FY08

Saffron Almond FY08

37

Complan Re-Launches
2. Kesar Badam (Saffron and Almond)

3. Re-launch behind clinicallyproven growth claim

38

Glucon D: India
Brand Line-up Brand Idea

Regular

Orange

Lime-Lemon

Voted Indias most trusted cold beverage in Economic Times poll

Glucon-D Puts Back the Energy Which the Sun and Life Sucks Out of You 39

Russia

h i ng n roacillio App0 M $20 Sales

in

FY09 Net Sales

40

Wide Variety of Russian Baby Foods

41

Heinz Value Share Growth in Russia

Ketchup & Sauces
23.7%

16.2%

in R #1
2009

p etchuces K d Sau ssia an u

2007

Infant Feeding - Biscuits

28.4%

Infant Feeding - Cereals

25.2%

17.5%

2.6% 2007 2009

2007 2009

Source: A C Nielsen, Value Share for eight weeks ended May for Ketchup & Sauces, June for Infant Feeding Source: A C Nielsen, Value Share for eight weeks ended May for Ketchup & Sauces, June for Infant Feeding

42

Increasing Distribution in Russia

FY08 Coverage FY10 Planned Coverage

Heinz Coverage

Population Reached

25MM

100MM+
43

Source of population data: Russia State Statistics Bureau and management estimates

Poland

Overllion 0 Mi s $15 Sale in

FY09 Net Sales FY09 Net Sales

44

Pudliszki a Master Brand

Polish Style Ready Meals Ketchups and Sauces

Canned Local Vegetables

Tomato Paste

Pasta Sauces

45

Polish Ready Meals

z

Beef Tripe

Meatballs

Beans in Tomato Sauce

Beef Goulash

Sauerkraut and Sausage

Stuffed Cabbage

Insight: No time to cook the traditional dishes my family like best and Im skeptical about the taste and quality of jars Kitchen Secrets Concept: Recipes from consumers for a home-made taste 46

China
Baby Baby Food Food

n illio 50 Mles ~$1 Sa

in

Long Fong Long Fong

FY09 Net Sales

47

Long Fong Broad Range of Products

Dumplings Dumplings

Rice Balls Rice Balls

Dim Sum Dim Sum

Steam Bread Steam Bread

Hot Pots Hot Pots

48

Long Fong Product Price Tiering

Premium Medium Mass

Dumpling Dumpling

Rice Ball Rice Ball

Steamed Steamed Bread Bread

Dim Sum Dim Sum

Hot Pot Hot Pot

49

Long Fong Distribution

Selling Directly and Through Distributors Methods of Distribution:
Retail Direct Retail Distributors Foodservice Export

Direct Selling in Areas Where Heinz Has Presence Selling Through Distributors in Smaller Cities
Reshaping Distribution System and Streamlining Product Offerings

50

China Infant Feeding

Base Re-Launch

Upgrade Base and Add Premium Items

Premium

New! New Product, New Graphics, New Package

Chewable

Intelligence Many Many

Reposition as Scientifically Formulated

New Premium Segment 51

Baby Food and Supplements

Baby Nutritional Noodles
1g nutrient sachet

Innovation, Brand Strength Drive Growth

Supplements Colostrum Milkmate
60 x 1g sachets

Egg, Carrot and Spinach

Taps Into Local Adult Food Habit

3 Active Immune Proteins

Pre-biotic with Pre-biotic with 3 Chinese 3 Chinese Natural Natural Ingredients Ingredients
For Heatiness For Heatiness

Using the Heinz Brand to Enter New Categories

52

Baby Food and Supplements Continuing Innovation

Noodles

Line Extensions

New Products
Fruit Crush Golden Sleep

Premium Version

Upgrades

Re-Launch
Teething Rusks

From From Heinz Heinz Italy Italy

53

Baby Food
2 Factories 30 Sales Offices / Branches

Distributors Enable Market Penetration

Factory Sales office/branch Covered city

Strong Presence in Key and A/B Cities Strengthening Distribution & Visibility in C/D Cities

54

Chinese Consumers: Spending in the Downturn

Look for better deals on loans, insurance, etc. Cut down on out-of-home entertainment Cut down on holidays / short breaks Delay replacement of major household items Spend less on new clothes Switch to cheaper grocery brands
25% 36% 41% 36% 45% 30% 28% 30% 36% 30% 25% Global Average 20%

41%

1H2009

2H2008

Still Saving; Cutting Back on Durable Goods and Intangibles

Source: A.C. Nielsen, What Makes Chinese Consumers Quietly Confident, June 2009 Source: A.C. Nielsen, What Makes Chinese Consumers Quietly Confident, June 2009

55

Chinese Consumer Confidence Relatively Stable

China
110

105

106 98 95 96 89

Global

100

95

90

80

70

60

50

2nd Half '06

1st Half '07

2nd Half '07

1st Half '08

2nd Half '08

1st Qtr '09 2nd Qtr '09

% Change

1%

8%

3%

1%

7%

7%

Chinese Consumer More Confident Than Other Countries

Source: A.C. Nielsen, Where Are Chinas Most Confident Consumers and Are They Ready to Spend?, September 2009 Source: A.C. Nielsen, Where Are Chinas Most Confident Consumers and Are They Ready to Spend?, September 2009

56

Chinese Consumer Top Concerns

Job Security The Economy Work/Life Balance Health Increasing Food Prices
14%

29%

14%

25%

17%

14%

8%

14%
Biggest Concern

6%

9%

2nd Biggest Concern

Job Security Largest Concern, Followed By the Economy

Source: A.C. Nielsen, What Makes Chinese Consumers Quietly Confident, June 2009 Source: A.C. Nielsen, What Makes Chinese Consumers Quietly Confident, June 2009

57

Heinz Core Emerging Markets Poised for Growth

Population (millions) GDP Growth (07-11) Packaged Food Spend ($/capita) Packaged Food Spend Growth (07-11)

Russia India China Indonesia Poland Latin America*

140 1,166 1,339 240 38 138

0.9% 6.5% 8.8% 4.1% 2.3% 0.4%

424 15 84 65 565 523

14.1% 14.2% 8.3% 11.9% 4.2% 11.7%

Total Emerging
World

3,061
6,790

4.8%
2.8%

98
272

10.2%
4.0%

Source: Euromonitor, World Fact Book, IMF *Venezuela and Mexico *Venezuela and Mexico

58

Emerging Markets Category Development

RUSSIA INDONESIA

INDIA

CHINA

59

South Africa Market Leader

Puff Pastry and Pastry Snacks Canned Soups

Sauces

Pies

60

Emerging Markets Key Take-Aways

1. Attractive Portf olio 2. Clear Strategy
Categories, cou ntries, brands

Local market ex ecution

ity to Execute il Proven Capab 3. ning moments al Three win Many Addition nd Momentum a 4. Real 3 Opportunities l Sales in 201 f Tota
of , argeting ~20% T ew categories re, n rtunities in co Oppo new markets

61

H.J. Heinz Company

World-Class Iconic Brands Organic Growth(1) in Core Business Strong International Portfolio Profitable Emerging Markets Growth Excellent Cash Flow Results and Return to Shareholders Experienced and Proven Global Leadership Team
(1) Volume plus price

62

63

Non-GAAP Performance Ratios

H. J. Heinz Company and Subsidiaries Non-GAAP Performance Ratios The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (GAAP). However, management believes that certain non-GAAP performance measures and ratios, used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Companys reported results prepared in accordance with GAAP. The following table provides the calculation of the non-GAAP performance rations discussed in this presentation.

64

Non-GAAP Performance Ratios (continued)

H. J. Heinz Company Constant Currency Results

The following tables reconcile the Company's reported results to constant currency results for both the current and prior year periods. The constant currency changes presented during this presentation represent the change in this year's constant currency results versus the prior year constant currency results.
(amounts in thousands) Reported Results Net Sales Gross Profit Gross Profit Margin Marketing SG&A Operating Income Net Interest/Other Expenses NPBT Net Income Noncontrolling interest H.J. Heinz Company Net Income Diluted EPS Segment Operating Income: N.A. Consumer Products Europe Asia Pacific US Foodservice Rest of World $2,467,923 $874,147 35.4% $94,112 $414,066 $365,969 ($59,746) $306,224 $219,092 ($6,528) $212,564 $0.67 Currency Translation ($232,677) ($79,479) 0.1% ($9,216) ($35,307) ($34,955) $1,498 ($33,457) ($26,262) $21 ($26,240) ($0.08) First Quarter ended July 29, 2009 UK Currency Translation Transaction Hedges NA ($13,335) (0.5%) NA NA ($13,335) NA ($13,335) ($9,602) NA ($9,602) ($0.03) NA NA NA NA NA NA ($4,579) ($4,579) ($2,805) NA ($2,805) ($0.01) Constant Currency Results (1) $2,700,600 $966,961 35.8% $103,328 $449,373 $414,259 ($56,665) $357,595 $257,761 ($6,549) $251,211 $0.79

$184,205 $125,641 $53,264 $31,170 $18,103

($4,618) ($20,787) ($10,041) NA $490

NA ($13,335) NA NA NA

NA NA NA NA NA

$188,823 $159,763 $63,305 $31,170 $17,613

(1) Excludes currency translation and UK transaction impact versus FY09 average rates as well as current year currency translation hedges.

65

Non-GAAP Performance Ratios (continued)

Constant Currency Results (Continued) (amounts in thousands) First Quarter ended July 30, 2008 Reported Currency Translation Constant Currency Results Hedges Results (2) $2,583,208 $934,136 36.2% $100,130 $441,741 $392,264 ($65,882) $326,383 $234,284 ($5,320) $228,964 $0.72 NA NA NA NA NA NA ($1,150) ($1,150) ($704) NA ($704) $0.00 $2,583,208 $934,136 36.2% $100,130 $441,741 $392,264 ($64,732) $327,533 $234,988 ($5,320) $229,668 $0.72 Constant Currency Change (3) 4.5% 3.5% (0.4) pp 3.2% 1.7% 5.6% (12.5%) 9.2% 9.7% 23.1% 9.4% 9.7%

Net Sales Gross Profit Gross Profit Margin Marketing SG&A Operating Income Net Interest/Other Expenses NPBT Net Income Noncontrolling interest H.J. Heinz Company Net Income Diluted EPS Segment Operating Income: N.A. Consumer Products Europe Asia Pacific US Foodservice Rest of World

$168,108 $156,740 $66,519 $24,940 $12,650

NA NA NA NA NA

$168,108 $156,740 $66,519 $24,940 $12,650

12.3% 1.9% (4.8%) 25.0% 39.2%

(2) Excludes prior year translation hedges. (3) Change is calculated by taking Q1 FY10 constant currency results versus the Q1 FY09 constant currency results. (Totals may not add due to rounding)

66

Non-GAAP Performance Ratios (continued)

H. J. Heinz Company Operating Free Cash Flow

(amounts in millions) Cash provided by/(used for) operating activities Capital expenditures Proceeds from disposals of property, plant and equipment Operating Free Cash Flow (Totals may not add due to rounding)

First Quarter Ended July 29, 2009 July 30, 2008 FY 2010 FY 2009 $ 168.9 $ (13.9) (48.7) (41.6) 0.6 $ 120.8 $ 0.7 (54.9)

67

Non-GAAP Performance Ratios (continued)

H. J. Heinz Company H. J. Heinz Company Sales Variance Analysis Sales Variance Analysis
(Unaudited) (Unaudited)

2006** 2006** Total Heinz: Total Heinz: Volume Volume Price Price Acquisition Acquisition Divestiture Divestiture Exchange Exchange Total Change in Net Sales Total Change in Net Sales Total Organic Growth Total Organic Growth 3.8% 3.8% (0.1%) (0.1%) 5.6% 5.6% (1.2%) (1.2%) (1.5%) (1.5%) 6.7% 6.7% 3.7% 3.7%

2007** 2007** 0.7% 0.7% 2.1% 2.1% 1.5% 1.5% (3.1%) (3.1%) 2.9% 2.9% 4.1% 4.1% 2.8% 2.8%

2008 2008 3.6% 3.6% 3.3% 3.3% 0.6% 0.6% (0.8%) (0.8%) 5.1% 5.1% 11.9% 11.9% 6.9% 6.9%

Q109 Q109 5.0% 5.0% 5.2% 5.2% 0.7% 0.7% 0.0% 0.0% 4.0% 4.0% 14.9% 14.9% 10.2% 10.2%

Q209 Q209 (1.3%) (1.3%) 7.1% 7.1% 1.2% 1.2% (0.2%) (0.2%) (3.3%) (3.3%) 3.5% 3.5% 5.8% 5.8%

Q309 Q309 (6.4%) (6.4%) 8.0% 8.0% 2.5% 2.5% (0.1%) (0.1%) (11.4%) (11.4%) (7.5%) (7.5%) 1.6% 1.6%

Q409 Q409 (2.3%) (2.3%) 7.5% 7.5% 3.3% 3.3% (0.2%) (0.2%) (13.9%) (13.9%) (5.6%) (5.6%) 5.2% 5.2%

2009 2009 (1.5%) (1.5%) 7.0% 7.0% 2.0% 2.0% (0.1%) (0.1%) (6.6%) (6.6%) 0.8% 0.8% 5.5% 5.5%

Q110 Q110 (4.3%) (4.3%) 6.0% 6.0% 3.1% 3.1% (0.2%) (0.2%) (9.0%) (9.0%) (4.5%) (4.5%) 1.7% 1.7%

** Fiscal 2007 had one less week than Fiscal 2006 ** Fiscal 2007 had one less week than Fiscal 2006 (Totals may not add due to rounding) (Totals may not add due to rounding)

68

Non-GAAP Performance Ratios (continued)

H. J. Heinz Company Consolidated Statements of Cash Flows
(Unaudited)

(In Millions) Cash Flows from Operating Activities Net income Adjustments to reconcile net income to cash provided by operating activities: Depreciation Amortization Deferred tax (benefit)/provision Other items, net Changes in current assets and liabilities, excluding effects of acquisitions and divestitures: Receivables securitization facility Receivables Inventories Prepaid expenses and other current assets Accounts payable Accrued liabilities Income taxes Cash provided by operating activities Investing activities: Capital expenditures Proceeds from disposals of property, plant and equipment Operating Free Cash Flow

2006*

2007

2008

2009

Q110

651.3

800.0

856.5

938.0

219.1

227.5 36.4 (57.7) 81.3

233.4 32.8 52.2 (4.6)

250.8 38.1 18.5 (4.9)

241.3 40.1 109.0 (225.2)

61.3 11.6 36.3 (155.9)

115.6 (47.4) 13.6 56.5 57.4 (59.5) 1,075.0 (230.6) 19.4 863.8

11.0 (82.5) 14.2 56.5 (4.5) (46.3) 1,062.3 (244.6) 60.7 878.4

(55.8) (133.6) 5.7 89.2 28.3 95.6 1,188.3 (301.6) 8.5 895.2

(10.9) 50.7 1.0 (62.9) 24.6 61.2 1,166.9 (292.1) 5.4 880.2

131.8 57.3 (29.7) (28.2) (73.7) (102.7) 41.7 168.9 (48.7) 0.6 120.8

*Includes amounts from the European Seafood and Tegel poultry businesses that were discontinued in Fiscal 2006. *Includes amounts from the European Seafood and Tegel poultry businesses that were discontinued Amounts and presentation have been restated pursuant with the Fiscal 2010 adoption of FAS 160. Amounts and presentation have been restated pursuant with the Fiscal 2010 adoption of FAS 160. (Totals may not add due to rounding) (Totals may not add due to rounding)

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