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The J. M. Smucker Company to Merge P&G's Folgers Business into the Company in an All-Stock Transaction
Date:6/4/2008

o $1 billion in 2002. The addition of Folgers, a billion dollar brand, is consistent with Smucker's strategy to own and market number one food brands in North America.

The merger provides investors with a compelling financial story and further strengthens Smucker's ability to deliver enhanced shareholder value over time. Smucker believes that the addition of the Folgers business will benefit Smucker and its shareholders in several important ways, as detailed below:

-- Assuming Folgers was owned for all of Smucker's fiscal year 2009:

-- Net sales are expected to increase to approximately $4.7 billion.

-- It is estimated that the transaction would be accretive by

approximately 9 percent to fiscal year 2009 earnings per share,

excluding merger and integration costs, and after giving effect to

the impact of the special dividend to Smucker shareholders, as

discussed in Transaction Details below.

-- Smucker expects to realize synergies in excess of $80 million.

-- The profit contribution from Folgers and fully realized synergies

of over $80 million are expected to result in estimated earnings

before interest, taxes, depreciation, and amortization ("EBITDA")

of $820 million. This represents an increase in the EBITDA margin

of nearly 300 basis points.

-- Results for fiscal year 2009 will depend on the actual closing date.

Assuming the transaction closes early in the fourth quarter of calendar

2008:

-- Fiscal 2009 net sales are estimated to approximate $4 billion.

-- Fiscal 2009 earnings per share, before one-time costs associated

with the transaction, are estimated to range from $3.45 to $3.50.

-- Fiscal 2010 earnings per share, before one-time costs associated

with the transaction, are estimated to range from $3.62 to $3.72. '/>"/>

SOURCE The J. M. Smucker Company; The Procter & Gamble Company
Copyright©2008 PR Newswire.
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