Deutsche Bank 2006 High Yield Conference

Deutsche Bank 2006 High Yield Conference October 4, 2006

Dave Meyers CFO 1

Forward-looking Statement Disclaimer During the course of our discussion 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 Del Monte 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, 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. 2

Vision Nourishing Families. Enriching Lives. Every Day. Every product Every innovation Every program 3

A Branded, Top-Tier Consumer Packaged Foods Company Successfully Executing Project Brand We are now: More strategically focused Better positioned for brand-driven innovation More streamlined and efficient More aligned with consumer and customer trends Better competitively positioned To Drive: Higher Growth Margin Expansion 4

Continuing Operations ($ s in Millions, except EPS) FY 06: Selected Financial Results Fiscal Year-End F 2005 F 2006 % Change Net Sales $ 2,899 $ 2,999 3.4% Gross Profit 744 785 5.5% Gross Margin (% of Sales) 25.7% 26.2% SG&A 450 480 6.8% SG&A Margin (% of Sales) 15.5% 16.0% Operating Income 294 305 3.6% OI Margin (% of Sales) 10.2% 10.2% EPS ($ per share) (1) 0.48 0.67 (1) Reflects EPS from Continuing Operations 5

Strong Foundation Business Building Blocks Know our Market ~90% of revenues in U.S. retail market Brand share to support pricing and innovation ~80% of Del Monte s branded retail sales #1 and #2 Competitive scale Top 10 marketer in the center store (1) providing customer and consumer leverage Categories are strong and large (1) Excluding beverage companies 6

Strong Foundation Streamlined Portfolio of Leading Brands Net Sales (Pre-Acquisitions) SIF ~10% Net Sales (Post- Acquisitions) Pet Products ~25% Consumer Products ~65% Note: New net sales is forward-looking Consumer Products ~60% Pet Products ~40% 7

Strong Foundation Brand Strength #1 brand in Fruits, Vegetables and Tomatoes 1 #1 brand in Tuna #1 brand in Dog Biscuits #2 brand in Soft and Chewy Dog Treats #3 brand in Dry Cat Food #2 brand in Wet Cat Food 1. Solid Tomatoes tied for #1 8

Strong Foundation Growing Categories Consumer Categories Pet Categories F06 Size ($B) '03-'06 CAGR F06 Size ($B) '03-'06 CAGR Fruit $1.7 3.7% Vegetable $1.7 1.1% Tomato $1.1-0.3% Broth $0.5 8.4% Tuna $1.6 0.4% Total $6.6 1.8% Dry Dog $6.4 8.0% Dry Cat $2.6 4.2% Pet Snacks $1.9 10.1% $10.9 7.4% Wet Cat $1.8 1.9% Wet Dog $1.5 3.5% $3.3 2.6% Total $14.2 6.2% Source: ACNielsen All-Outlet Household Panel and internal estimates 9

Environment Strong, topline momentum; Pressured operating margins starting in F05 Revenue Growth Operating Margins $M ~3% CAGR (1) 3,050 3,000 $2,999 14% 12% 12.1% 10.2% 2,950 10% 8% 2,900 $2,856 6% 2,850 4% 2,800 2% 2,750 F04 F06 0% F04 F06 (1) Net Sales CAGR 2.5% 10

Strategic Plan Project Brand tenets driving performance Portfolio Optimization w/ Recent Acquisitions, Pricing and Mix Improvement Del Monte Long-Term Growth Targets Innovation and Brand- Driven Growth 7-9% M&A w/ Integration Cost and Asset Streamlining w/ Transformation Initiatives 3-5% Financial Flexibility w/ Debt Reduction Revenue Target EPS Target 11

Portfolio Optimization Mix Improvement Focus: branded, higher margin/growth businesses Fiscal 2006 Going Forward High Margin Pre-Acquisition ~30% of Net Sales High Margin Post Acquisition ~40% of Net Sales High Growth High Growth ~10% NSV Growth Rates ~2X Margins Continue NSV and Margin Momentum 12

Portfolio Optimization Recent Acquisitions Improve portfolio mix through the divestiture and acquisitions Divested Soup and Infant Feeding Non-branded businesses ~$295 FY06 sales Single-digit operating margins (1) Acquired Meow Mix and Milk-Bone Branded businesses ~$430 CY05 sales Double-digit operating margins Long Term Guidance 3-5% Topline Growth 7-9% EPS Growth (1) Reflects standalone businesses 13

Actions Taken M&A Acquisitions enhance financial profile Meow Mix Milk-Bone Large Categories $2.6B $1.6B Strong Category Growth Rates 03-06 4% 11% Center Store Scale 05 Net Sales ~$250M ~$180M Healthy Gross Margins 05 Gross Margins >35% >35% 14

Innovation and Brand-Driven Growth Brand-driven innovation: 3 Initiatives Existing Line Extension Innovation Category Expansion Innovation Category Adjacency Innovation 16

Category Building Innovation Innovation: Products and packaging address key themes/platforms C C O O N N S S U U M M E E R R P P E E T T Wholesome Wholesome Meal Meal Helpers Helpers Feel Feel Good Good Indulgence Indulgence Win Win Win Win Snacks Snacks Bright Bright Eyed Eyed & & Beautiful Beautiful Me Me & & My My Pet Pet Rewarding Rewarding Taste Taste Experience Experience 17

Category Building Innovation F07 Pet Innovation Pet Products leading F07 category building innovation Pet Snacks Dry Pet 18

Transforming Acquisitions Pet acquisitions significantly strengthen financial performance and strategic profile Del Monte Foods Enhances portfolio of leading, high growth/margin brands Improves platform for innovation Increases annual sales growth and gross margin potential Del Monte Pet Products Increases representation from strategic priority pet snacks and dry food business Increases overall presence in Pet Aisle focused on dry pet and pet treats Expands distribution opportunities in under developed channels 20

Del Monte Pet Products Today s pet portfolio strategically positioned against high margin, high growth businesses % of Total DMPP Net Sales by Segment Segment Pet Snacks Dry Dog Dry Cat Wet Dog Wet Cat Other Pre- Acquisition 28% 20% 5% 3% 17% 27% Post- Acquisition 33% 13% 22% 2% 12% 18% Segment Pet Snacks Dry Dog Dry Cat Wet Dog Wet Cat DMPP Market Share Position* Pre- Acquisition #2 #4 #4 #3 #2 Post- Acquisition #1 #4 #2 #3 #2 Total DMPP 100% 100% Total Pet #3 #2 * Source: Nielsen 52 weeks ending April 2006; Food/Mass (xpl) 21

Key Success Drivers Del Monte focus: Build value with the acquisitions Meow Mix Continue the marketing and innovation momentum Capture the synergies Retain talent/transfer the entrepreneurial spirit Leverage Meow Mix brand equity Milk-Bone Revitalize the brand Apply Del Monte s innovation and R&D capabilities Utilize the Del Monte platform Leverage the wholesome brand heritage to capitalize on the growing health and wellness trend in Pet 22

Larry Bodner Vice President 23

Challenging Cost Environment Inflationary and Other Cost Increases 1 GROSS COST INCREASES vs. PRECEEDING YEAR, EXCLUDES SAVINGS INITIATIVES ($ in millions) $160 $140 $120 $100 $80 $60 $40 $20 $0 $150 $120 $120 F05 F06 F07E % Increase ~6% ~5% F07E vs. F06 COST INCREASES LOGISTICS CATEGORY PACKAGING RAW MATERIALS LABOR, BENEFITS, OTHER 1 Reflects information that was provided on the July 20, 2006 Investor Day. The Company has not provided updates to these numbers since that time and does not do so in this presentation 1 IMPACT $M 25 30 20 25 35 40 25 30 1 25

Actions Taken - Cost and Asset Streamlining Aggressive cost reduction programs, 3x increase since F05 ($ in millions) $60 $50 $40 $30 COST REDUCTION $50 $50 STRUCTURAL CHANGES F07E COST REDUCTIONS DRIVER LEAN MANUFACTURING E-SOURCING $20 $10 $0 $18 F05 F06 F07E INTENSIFYING ONGOING EFFORTS YIELD MANAGEMENT CAPITAL EXPENDITURES 26

Actions Taken Announced Transformation Plan 2 Year Payback; >50% Rate of Return Implement Supply Chain Efficiencies Improves forecasting accuracy Improves supply chain efficiency Results in significant improvement in working capital Optimize Pet Manufacturing Matrix Reduces transportation miles Improves capacity management Streamline the Organization Reduces layers, including headcount reduction Realigns resources to increase overall effectiveness Implement Enhanced Trade Fund Management Capabilities Drives improved ROI promotional activity Reduces low-performing events Enables more efficient spend tracking 27

Transformation Plan Expected $110M in costs over the next two years; expect $50M in run rate savings in F09 Costs Savings Trade Fund Management ~15% Trade Fund Management ~10% Supply Chain ~25% Pet Manufacturing Matrix ~30% Supply Chain ~30% Pet Manufacturing Matrix ~45% Streamline Organization ~15% Streamline Organization ~30% 28

Financial Flexibility Exceeded cash flow target F06 Execution Going Forward Executed Share Buyback Continue to Pay A Dividend 1 Initiated a Dividend Reduced Debt (Pre-Acquisitions) Reduce Debt Generate Strong Cash Flow Exceeded Cash Flow Target 1. The actual declaration and payment of future dividends and the establishment of record and payment dates, if any, is subject to final determination by our Board of Directors each quarter after its review of our then current strategy, applicable debt covenants and financial performance and position, among other things 30

Long-Term Guidance Project Brand, acquisitions and transformation plan drive increased long-term growth rate targets Revenue and EPS Growth Rates Operating Margin Cash Flow 7-9% 12% $200M+ 3-5% Revenue Target EPS Target Operating Margin Cash Flow 31

Dave Meyers CFO 32

Executional Excellence Key Focus Continue to Execute Against Project Brand Del Monte Long-Term Growth Targets Integrate Acquired Businesses 7-9% Implement Transformation Plan 3-5% Revenue Target EPS Target 33