JEFF WATTERS PET PRODUCTS SENIOR VICE PRESIDENT

JEFF WATTERS PET PRODUCTS SENIOR VICE PRESIDENT 1

DEL MONTE PET PRODUCTS Value Proposition A key player with significant share positions in the most attractive segments of a large and fast-growing host category A market-facing, scaleable platform that is lean and nimble enough to allow Del Monte Pet Products to move more quickly than the competition A portfolio of differentiated and extendable brands focused on the most profitable segments in the category Snacks, dry pet & premium wet An innovation model that has out-innovated the competition in focus segments in the past and is only getting stronger Superior aisle thought leadership initiatives that drive enhanced consumer shopping experiences and improved sales Strong strategic partnerships with priority retailers founded on collaboration and knowledge transfer 2

LARGE AND GROWING CATEGORIES Combined pet food/snack category is a top 10 center store category in terms of all outlet size Category Size ($ in billions) Top 10 Center Store Categories 1 40 35 30 25 20 15 10 5 $35 $27 $26 $25 $22 $21 $19 $15 $15 $14 0 Bread & Baked Goods Packaged Meat Snacks Cheese Prepared Foods - Frozen Paper Products Cereal Pet Food/Pet Snacks Condiments/ Dressings/ Gravies/ Salads/ Sauces Prepared Deli 1 Excludes beverages. Source: Nielsen Homescan Panel All Outlet Estimates FY2007. Pet Snacks exclude rawhide. 3

LARGE AND GROWING CATEGORIES Strong category growth is supported by key consumer trends Growing Pet Population Growing Spending in the Combined Pet Food & Snacks Category 1 # of HHs (in millions) 45 41 37 33 29 25 34 28 36 32 Dog and Cat Owning HHs 39 32 Dogs 40 35 Cats 1994 1996 1998 2000 2002 2004 2006 41 35 44 38 45 38 ($ in billions) 16 14 12 10 8 6 4 2 0 $11.9 $13.4 $14.4 F04-F07 CAGR = ~9% $15.3 F04 F05 F06 F07 1 Excludes rawhide Source 2007-2008 APPMA National Pet Owners Survey; Nielsen Homescan Panel All Outlet Estimates FY2007. 4

GO-FORWARD PERFORMANCE DRIVERS Key levers drive topline and margin expansion Drivers Larger, Leaner Platform Leading, Differentiated Brands Value-Added Innovation Thought Leadership Strategic Partnerships with Priority Retailers Net Sales Growth Margin Improvement EPS Growth Cash Flow Generation 5

DRIVER: LARGER, LEANER PLATFORM Post acquisitions, we now have the size, assets, margin structure and platform to compete more effectively Scale established; nimbleness retained Legacy Pet MM & MB New Del Monte Pet Products Sales ~$850M ~$425M $1.3 B % of DLM Sales 25% 13% 38% Gross Margin ~32% > 35% > +300 bps Operating Margin % of DLM OI 1 16% > 20% ~18% ~35% ~25% ~60% 1 Corporate expenses allocated as a % of net sales Source: F07 Actuals 6

DRIVER: LEADING, DIFFERENTIATED BRANDS We are now the clear #1 share leader in pet snacks, boasting a strong line-up of pillar brand snacks that cover broad share territory, command price premiums and drive sales for retailers PET SNACKS 1 Category Size: $2.2B Category Growth (F04-F07 CAGR): ~13% Consumer Need Platform #1 Sensory Taste Experience Treating as Connection Wholesome Healthy Nutrition Other 15% Private Label 9% Mars 14% Nestle 26% DLM 36% P I L L A R B R A N D 1 Category size and growth rate reflect Nielsen Homescan Panel All Outlet Estimates FY2007. Market Share data reflects Nielsen SCANTRACK grocery estimates for the 52 weeks ending 4/27/07. All data excludes rawhide. 7

DRIVER: LEADING, DIFFERENTIATED BRANDS Within the Pet Food Category, our Brands are highly differentiated, which increases our reach and competitiveness Positioning Price Placement Brand Core Benefit Point-of-Difference Consumer Segment Value Mid Premium Discount Grocery/ Mass Specialty Taste Ingredient indulgence Animals are people too D O G Nutrition Nutrition All natural All natural for the masses Health-conscious Health-conscious Taste Hispanic focus, value Budgeters C A T Taste Nutrition Nutrition Ingredient indulgence Nutrition for the masses Animals are people too Pragmatists All natural Health-conscious 8

DRIVER: VALUE-ADDED INNOVATION F08 represents a transition year for Del Monte Pet Products innovation, as we evolve our focus from closer-in innovation to bigger, bolder platform launches Today Brand-specific products SKU-Driven Host segment focus Portfolio building Tomorrow Multi-segment platforms Scale driven White space focus Category building Innovation is the key to our ability to grow in-line or ahead of the category in priority segments 9

DRIVER: VALUE-ADDED INNOVATION Consumer insights and brand platforms create branded businesses platforms to drive scalable innovation Consumer Insights Brand Platforms Business Platforms Examples Relationship/Lifestyle Convenient Meals Interactive Snacks Health & Wellness Health-Oriented Snacks Premium Nutrition Meow Mix Market Select Cups Milk-Bone Steak Chew Nature s Recipe Farm Stand Selects Brand Built platforms supporting cumulative innovation through Process Technology Sourcing Selling Distribution Buildable and scalable Platform focused Leverages key assets, including brand equities Resulting innovation fully integrates consumer needs with brand equities 10

DRIVER: VALUE-ADDED INNOVATION Meow Mix Market Select Cups Consumer Insights Benefit Platform Relationship/Lifestyle Product Platform Convenient Meals Brand Platform Meow Mix Market Select Cups New product accelerates extension of this power brand into new segments (premium wet) Business Platform Incorporates: Process Technology New forming technology; Packaging (patent-pending) Sourcing New Asia-based strategic partner Selling -Existing Distribution - Existing Size of the Prize Premium Wet Cat Segment Opportunity Size: ~$1.0B Growth: +13% vs. YAG Source: Nielsen Homescan Panel All Outlet Estimates FY2007 11

DRIVER: VALUE-ADDED INNOVATION Snausages Paw Prints and Breakfast Bites Consumer Insights Benefit Platform Relationship/Lifestyle Product Platform Interactive Snacks Brand Platform Snausages Paw Prints and Breakfast Bites Products activate brand-differentiated occasion-driven positioning targeted at dog-owning HHs with kids Business Platform Incorporates: Process Technology New printing systems Sourcing Existing Selling - Existing Distribution -Existing Size of the Prize Dog Snacks Segment Opportunity Size: ~$2.0B Growth: +8% vs. YAG Source: Nielsen Homescan Panel All Outlet Estimates FY2007 12

DRIVER: VALUE-ADDED INNOVATION Milk-Bone Steak Chew Consumer Insights Benefit Platform Health & Wellness Product Platform Health-Oriented Snacks Brand Platform Milk-Bone Steak Chew Extends Milk-Bone into big and growing LLC segment with first-to-market fusion of advanced taste and nutrition Business Platform Incorporates: Process Technology New injection molding Sourcing New US-based strategic partner Selling -Existing Distribution - Existing Size of the Prize Long Lasting Chew Segment Opportunity Size: ~$0.4B Growth: +10% vs. YAG Source: Nielsen Homescan Panel All Outlet Estimates FY2007 13

DRIVER: VALUE-ADDED INNOVATION Nature s Recipe Farm Stand Selects Consumer Insights Benefit Platform Health & Wellness Product Platform Premium Nutrition Brand Platform Nature s Recipe Farmstand Selects High quality ingredients that are visible to consumers improves quality, nutrition and taste cues Business Platform Incorporates: Process Technology New technology for blending and inclusion of human grade fruits and vegetables Sourcing Existing Selling Existing (dedicated pet specialty network) Distribution Existing (dedicated pet specialty network) Size of the Prize Premium Dog, Pet Specialty Opportunity Size: ~$1.4B Growth: +8% vs. YAG Source: Nielsen Homescan Panel All Outlet FY2007 14

DRIVER: VALUE-ADDED INNOVATION Supporting innovation through marketing and merchandising Example Cause Marketing Opportunity Create an emotional connection by linking adoptions and the brand with a promise of functional nutrition Leverage mobile component to activate the program at retail Year 1 Results 9Lives Share 1 Wet +1.1 pts Dry: +0.6 pts Generated 300M media impressions Placed over 300K homeless cats in households Award-winning cause event 1 Based on Nielsen SCANTRACK data for the 52-weeks ended 4/27/07. 15

DRIVER: VALUE-ADDED INNOVATION Supporting innovation through marketing and merchandising Example Viral marketing Opportunity Utilize digital and sweepstakes marketing to support Brushing Bites cleaner teeth and fresher breath promise in brandappropriate manner America s Most Smoochable Pooch contest allowed pet parents to post a photo of them smooching their pooch online for a vote to be America s Most Smoochable Pooch Year 1 Results 4.9 million votes for the Most Smoochable Pooch Brushing Bites went on to become the #1 Dry Dog Food Launch in the last year! 1 1 Based on Nielsen Total US Food & Mass, 5 weeks ending 1/27/07. 16

DRIVER: THOUGHT LEADERSHIP Category thought leadership initiatives improve consumer shopping experience while driving increased sales Pet Aisle Leadership: Pet Snacks STAR Set Before After Results: Dog Snack Category Avg. Star Customer $ sales Index vs YA Comp Market Index $ Sales vs YA Trend Difference $ Sales 109.0% 104.7% +4.3% Del Monte Pet +6%! 17

DRIVER: STRATEGIC PARTNERSHIPS WITH PRIORITY RETAILERS Disciplined adherence to category management principles has earned Del Monte Pet Products a leading Category Advisory role with some of the biggest, most progressive Pet retailers in the US Category Captain 1 Customer Pet Food Snacks Wal Mart Price Chopper (Golub) Schnucks SuperValu Associated Wholesale Grocers Ahold Delhaize (Food Lion/Hannaford) Giant Eagle Wegman's PetSmart Relationships provide us with a lead role in the development of categorywide assortment, shelving, and merchandising decisions which directly impact the consumer shopping experience 1Reflects customers where DMPP is the designated Category Captain or where it is the designated Advisor at customers that do not use Category Captains. 18

DEL MONTE PET PRODUCTS Value Proposition A key player with significant share positions in the most attractive segments of a large and fast-growing host category A market-facing, scaleable platform that is lean and nimble enough to allow Del Monte Pet Products to move more quickly than the competition A portfolio of differentiated/extendable brands focused on the most profitable segments in the category Snacks, dry pet & premium wet An innovation model that has out-innovated the competition in focus segments in the past and is only getting stronger Superior aisle thought leadership initiatives that drive enhanced consumer shopping experiences and improved sales Strong strategic partnerships with priority retailers founded on collaboration and knowledge transfer 19

Q&A 20