Investor PresentationApril 2008

Investor PresentationApril 2008

The J. M. Smucker CompanyThe J. M. Smucker Company

Forward Looking StatementDuring the course of our presentation today, we will make statements that may constitute projections, expectations, beliefs or similar forward-looking statements. We would like to caution you that the Company’s actual results could differ materially from the results anticipated or projected in these forward-looking statements. Additional detailed information concerning important factors that could cause the Company’s actual future results to differ materially from the information we will give you today is included in our public filings, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q, which are available on the SEC’s EDGAR database or on our website. The Company does not undertake to update any of these forward-looking statements in light of new information or future events.

Agenda

• Our Company

• Our Business and Brands

• Our Strategy

• Financial Update

1897• Over 110 years old

• Headquartered in Orrville, Ohio

• Leading North American brands

• Five generations of family management

• Commitment to integrity, trust, and quality

Who is The J. M. Smucker Company?

Basic Beliefs

Quality

People

Ethics

Growth

Independence

Core Competencies

Relationships Emotional Bond

Ability to Implement

Sustainability

Corporate Responsibility

Advertising Standards

Community Involvement

Education Initiatives

Our Business

x% of Total Sales

X% Margin

25% of Total Sales21% of Segment

ProfitU.S. Retail Market

• Consumer • Consumer Oils

& Baking

Special Markets

• Canada• Foodservice• Beverage• International

75% of Total Sales79% of Segment

Profit

Smucker Business Segments

ConsumerConsumerConsumer

Consumer Oils / BakingConsumer Consumer Oils / BakingOils / Baking

InternationalInternationalInternational

CanadaCanadaCanada

FoodserviceFoodserviceFoodservice

BeverageBeverageBeverage

Business AreaSegment

Special Special MarketsMarkets

Brands

U.S. U.S. RetailRetailMarketMarket

R.I.

Nevada

California

Arizona

Utah

Oregon

Idaho

Montana

Wyoming

North Dakota

Minnesota

South Dakota

Nebraska

Colorado Kansas

Oklahoma

Louisiana

Arkansas

Missouri

New Mexico

Iowa

Wisconsin

Michigan

OhioIllinois Indiana

Miss. Alabama Georgia

Florida

TennesseeS. Carolina

W. VaVirginia

N. Carolina

MD

Del.

NJ

Maine

NH

VT

Conn

Mass.New York

Pennsylvania

Texas

J.M. Smucker Co.Orrville, OH

Fruit Spreads & Ice Cream Toppings

A. F. Murch Co.Grandview, WAFruit Processing

Smucker Quality BeveragesChico, CABeverages

J.M. Smucker Co.Oxnard, CA

Fruit Processing

Smucker Quality Beverages

Havre de Grace, MDBeverages

J.M. Smucker Co.Memphis, TN

Fruit Spreads & Ice Cream Toppings

JMS Specialty FoodsRipon, WI

Fruit Spreads, Condiments & Ice Cream Toppings

J.M. Smucker (Pennsylvania), Inc.New Bethlehem, PA

Peanut Butter

J.M. Smucker Co..West Fargo, ND

Frozen PB&J Sandwiches

J.M. Smucker Co.Cincinnati, OH

Oils, Shortenings, and Sprays

J.M. Smucker Co.Lexington, KYPeanut Butter

J.M. Smucker Co. Toledo, OH

Baking Mix and Frosting

J.M. Smucker Co.Scottsville, KY

Frozen PB&J Sandwiches

J.M. Smucker Co.El Paso, TX

Sweetened Condensed and Evaporated Milk

The Milnot Co.Seneca, MO

Sweetened Condensed and Evaporated Milk

Washington

Kentucky

Locations and Distribution Network United States

ALLENTOWNDSC Logistics

MIRA LOMADSC Logistics

MEMPHISDSC Logistics

ATLANTADSC Logistics

CINCINNATIExel Logistics

Five Mixing Centers – One order, one invoice across all brands

Quebec

Ontario

Manitoba

Saskatchewan

Alberta

British Columbia

J.M. Smucker Co.Dunnville, Ontario

Condiments & Pickles

J.M. Smucker Co.Ste.-Marie de Beauce, Quebec

Fruit Spreads & Ice Cream ToppingsJ.M. Smucker Co.Markham, Ontario

Canadian Headquarters

J.M. Smucker Co.Dehli Township, Ontario

Tank Farm for Pickles

J.M. Smucker Co.Sherbrooke, Quebec

Carnation Canned and Powdered Milk

Locations and Distribution Network Canada

CalgaryExcel Logistics

HamiltonAtlas Cold Storage Brampton

Thomson Terminals

Go To Market Strategy

• Direct sales force with key accounts

• National broker for remaining accounts

• Trade fund management process

• Category development leadership

Own leading food brands

Sold in the center of the store

Emphasis on North America

Strategy

Strategic Growth Objective

Total 8%

Over our five-year strategic time frame, we expect sales growth to average 8%.

We expect to grow our bottom line at this rate or slightly greater.

Acquisitions4%

New Products1%

Core Business Growth

3%

Core Growth

Strategy Implementation

Growing Our Brands

New Products

Acquisitions

Advertising Campaigns

Advertising expense has increased 240% since FY 2002.

Cross Promotions

Themed Events

Power of Family Meals

Sponsorships

Category Leadership

Core Growth

Strategy Implementation

Growing Our Brands

New Products

Acquisitions

Good & Good For

“You”

Emotional Fulfillment

Adding TasteAdding Health

Fun

Strategic Architecture

Makes “You” Smile

Easy For “You”

Ease of UseEase of Purchase

Strategic Architecture

Makes “You” SmileMakes “You” Smile

Strategic Architecture

Good & Good For “You”Good & Good For “You”

Easy For “You”Easy For “You”

Strategic Architecture

Expanding Brands into New Categories

Core Growth

Strategy Implementation

Growing Our Brands

New Products

Acquisitions

Acquisitions

FY 2003FY 2003

FY 2005FY 2005

FY 2007FY 2007FY 2008FY 2008

KING KELLY

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 (9 months)

SD&A as % of Net Sales

24.6%

21.6% 21.7%

20.0% 20.3% 20.6%

19.2%

2005 Henry Jones Foods (Australia)

2005 Smucker Brazil (Fruit Ingredients)

2005 U.S. Industrial Business (Fruit Ingredients)

2005 Multifoods Foodservice Business

2007 Canadian Non-branded Grain Business

2008 Smucker Scotland (Fruit Fillings)

DivestituresFiscal Year

Supply Chain Initiatives

Plant Closings and Consolidations

2004 Ripon, WI Facilities Combined and Expanded

2004 Woodburn & Watsonville (Fruit Processing)

2006 Salinas (Plant Consolidation)

Other Initiatives2005 Exit Contract Packaging in Europe and U.K.

2006 Distribution Network Realignment

Fiscal Year

Portfolio Transformation

Serving categories totaling over $8 billion

Broader Portfolio Reaching a Broader Market

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

FY2002 FY2003 FY2004 FY2005 FY2006 FY2007

Core Acquisitions

Net Sales

$650MM

$1.3B

$2.0B $2.1B

5-Year Total Business CAGR = 27%

5-Year Base Business CAGR = 7%

Sales Growth

$1.4B

$2.1B

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

FY2002 FY2003 FY2004 FY2005 FY2006 FY2007

Earnings Per Share (Non-GAAP)

$1.38

$2.14

$2.60$2.89

Earnings Growth

$2.42$2.77

5-Year CAGR = 16%

Smucker Market Share Leadership – U.S.

10.3%

14.9%

20.0%21.3%18.8%

41.9%45.3%46.2%47.5%

50.6%

65.9%

75.7%

5.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

% Dollar Share of Category

#2#2 #3#3 #3#3 #3#3#4#4

#4#4

#1#1 #1#1 #1#1 #1#1 #1#1 #1#1#1#1

Shorten. Ice Cream Swtnd. Nat. PB Nat. Fruit Peanut Edible Flour Baking Potatoes Pancake SyrupToppings Cond. Milk Butter Beverages Spreads Butter Oils Mixes Mixes

$183MM $147MM $136MM $119MM $358MM $873MM $1.1B $1.2B $480MM $1.5B $394MM $342MM $570MM

4.1%7.8%8.3%

35.0%

49.5%51.8%52.3%

55.6%59.4%

62.7%

0%

10%

20%

30%

40%

50%

60%

70%

% DollarShare of Category

#1#1 #1#1 #1#1 #1#1

#3#3 #4#4#4#4

Flour Toppings Evap. Milk Swtnd. Cond. Shorten. Condiments Fruit Oils Hot Cereal PeanutMilk Spreads Butter

$106MM $12MM $62MM $21M $29MM $168MM $154MM $127MM $103MM $165MM

#1#1#1#1

#1#1

Smucker Market Share Leadership – Canada

Financial Overview

2008 Financial Results($ in millions, except per share data)

Third Quarter Ended 1/31/08

Nine Months Ended 1/31/08

$% increase (decrease) $

% increase (decrease)

Net Sales $ 665 27% $ 1,935 17%Net Sales (excluding divestitures) $ 665 27% $ 1,935 23%

Operating Income $ 69 7% $ 221 18%Margin % 10.4% 11.4%

Net Income $ 42 5% $ 133 16%E.P.S. $0.75 6% $ 2.33 16%

E.P.S. (non-GAAP) $0.79 10% $ 2.42 13%

Cash Flow from Operations $ 138 32% $ 178 (16%)

2008 3Q Financial Highlights

• Smucker, Jif, Crisco and Pillsbury brands led sales growth

• Acquired Eagle and Carnation brands contributed one-half of top-line growth

• Record level cost for soybean oil and wheat

• Pricing to offset higher raw material costs has not maintained profit margins

• Reduced selling, distribution and administrative expenses from 20.8% to 18.5%

U. S. Retail Market Segment FY 2008 3Q Results

• Sales growth of 28%

• Eagle contributed $57 million

• Consumer up 13%

• Oils and Baking up 46% (13% excluding Eagle)

Special Markets Segment FY 2008 3Q Results

• Sales growth of 26%

• Canada up 49%

• Foodservice up 20% (8% excluding Eagle)

• Improved segment margin

• FY 2008 3Q = 15.4%

• FY 2007 3Q = 13.3%

Margin Challenges

• Commodity cost increases

• Pricing actions lag cost increases

• Categories and brands differ in ability to price

• Customers and consumers response to price increases

• Ability to improve profit margins in short term

43

Commodity Price Changes

Commodity June 2002 March 31, 2008 % Change

Crude Oil $ 27.00 Barrel $ 102.00 Barrel 280 %

Wheat $ 3.00 Bushel $ 9.30 Bushel 210 %

Soybean Oil $ 0.18 lb. $ 0.52 lb. 190 %

Natural Gas $ 3.25 mm Btu $ 10.10 mm Btu 210 %

Corn $ 2.25 Bushel $ 5.67 Bushel 150 %

Sugar $ 0.06 lb. $ .12 lb. 100 %

Milk Class III $ 10.50 CWT $ 18.00 CWT 71 %

Margin Opportunities

• Leveraging brands

• Bolt-on acquisitions

• New product expansion

• Supply chain initiatives

– Smucker Quality Management System (SQMS)

– Strategic sourcing

– Realignment of manufacturing network

$0

$50

$100

$150

$200

$250

$300

FY2002 FY2003 FY2004 FY2005 FY2006 FY2007

Cash Flow From Operations

$273MM

$199MM

$150MM$137MM

$168MM

$70MM

* $178MM for nine months ended January 31, 2008

Share Repurchase $86 MM

CapEx$54 MM

Acquisitions$167 MM

Dividends$51 MM CashCash

Uses of Cash Nine Months Ended January 31, 2008

Dividends and Share Repurchase

($ in Millions)

$0$20$40$60$80

$100$120$140$160

FY04 FY05 FY06 FY07 FY089ME

Dividends Share Buyback

Note: The Company has increased dividends paid in 27 outof the past 30 years. Average increase was 10.7%.

Summary of Capital Structure

6.77% Senior Notes due 6/09 $ 75,0007.94% Series C Senior Notes due 9/10 10,0004.78% Senior Notes due 6/14 100,0006.60% Senior Notes due 11/09 200,000

5.55% Senior Notes due 4/22 400,000

Total Debt $ 785,000

Equity @ 1/31/08 1,850,600

Total Capitalization $ 2,635,600

Debt to Capitalization 30%Debt to EBITDA 2.15X

$0

$20

$40

$60

$80

$100

$120

FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 (E)0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

CapEx % of Net Sales

Capital Expenditures ($ in millions)

$23MM

$48MM

$98MM

$88MM

$64MM$57MM

$70MM

Depreciation $24MM $35MM $36MM $53MM $62MM $57MM $65MM (E)

Why Invest in The J. M. Smucker Company?

• Clear vision

• Strong portfolio of brands

• Long-term growth opportunities

• Strong balance sheet and cash flow

• Continuity of management