Deutsche Bank Small and

Mid Cap Conference

February 2010
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. 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 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.
Please note that all F10 guidance (including all F10E information and F10 targets) is as of
December 3, 2009 and has not been updated. Accordingly, our F10 guidance does reflect
the impact of our notes offering and tender offer that closed in Q2 F10, but does not
include any expense related to the refinancing of the senior credit facility that closed on
January 29, 2010 (estimated to be $0.06-$0.07 as of February 1, 2010). This presentation
does not and can not update or reaffirm any F10 information.
As our Q3 F10 quarter ended January 31, 2010, we will not be discussing performance or
guidance for the quarter or for fiscal 2010. This presentation does not, and we can not,
update or comment on such performance or guidance.

2
WHY INVEST IN DEL MONTE

Positioned to Deliver Sustained Earnings Growth

● Branded fundamentals
– branded portfolio, healthy categories,
leading brands, financial strength

● Successful growth strategy

● Leveraging considerable
– growth engines, increasedstrengths
marketing
– renewed
investment,platform, leading
productivity brands,
improvements
financial resources

Sustained Growth

3
 THE DEL MONTE FOODS STORY

Del Monte Foods

The Market
● $26B Consumer and Pet Products markets in the U.S.
● Healthy and growing

The Company
● U.S. Focused – ~94% of revenue in U.S.
● Significant U.S. Scale – Top 10 player in the center store1,2
● Integrated Portfolio – OI: ~55% Pet/~45% Consumer
● Leading Brands – Brands #1 or #2 in ~80% of our categories
● Supply Chain – Best-in-class service

The Strategy
● Successfully executing multi-year strategy for sustained growth
– topline growth, margins, sustained earnings growth

1) Information based on Nielsen Grocery scan data plus All Outlet household panel and internal estimates 52 weeks ending 05/02/09.
2) Excluding beverage and bread companies.
4
THE DEL MONTE FOODS STORY
F06-F09: Decisions Made, Actions Taken – Branded Transformation

EPS Trajectory
Brand Driven
Strategy
Competitive CPG Talent
Capabilities Organization
• Invested $100MM

CP/Private Label
Centric
Portfolio

F06 F07 F08 F09

Divested: Private Label Soup, Infant Feeding & • NSV ~$850M
StarKist • EBITDA Margin %: Upper Single Digits

• NSV ~$425M
Acquired: Milk-Bone and Meow Mix
• EBITDA Margin >25%

5
THE DEL MONTE FOODS STORY

The Benefits – Higher Margin, Higher Growth Potential

F10E Net Sales
ME % sales: ~6%

Consumer
Products
~55%

Pet
F05 Net Sales Products
ME % sales: ~3% Consumer
Products

Pet Branded Portfolio

Products
~25% Improved Margins
Consumer
Products Higher Growth
~75%
Improved
Balance Sheet

Note: F10E data reflects information that was provided at the Q2F10 earnings call.
This presentation does not, and we can not, update or comment on this guidance. 6
THE DEL MONTE FOODS STORY

Market Still Catching Up with Del Monte’s Changes

F09 Operating Income 1

DLM vs. Peers EV/EBITDA

Consumer
Pet Consumer Multiples
7-8x
Products Products
~55% ~45%
Pet Multiples 10x

Del Monte 7x

1) Source: Barclay’s Capital – based on CY09 EV/EBITDA estimates as of 12/21/09. Pet multiple based on 12.2x average Pet Food transaction
multiples, then discounted by 20% for control premium (10x). Del Monte multiple based on F09 Actuals.
7
Agenda

Branded Fundamentals

Successful Strategy

Sustained Growth

8
Branded Fundamentals We Are Leveraging

1 Branded Portfolio
+
2 Healthy Categories
+
3 Leading Brands
+
4 Financial Strength

9
#1 BRANDED PORTFOLIO

Strong Branded Portfolio with Pet and Consumer

F07-F09
Business Size GAAP OI % Characteristics Growth Profile

Pet Products
● High margin
● High growth
~$1.7B sales ~15% ● Earnings accelerator

Consumer
Products
● Dependable margins ● Moderate,
sustainable
~$1.9B sales ~9% ● Cash flow generator
growth

10
 #2 HEALTHY CATEGORIES

Two Large and Growing Categories with Attractive Dynamics

Category Category Dynamics

Size Include

● Pet ownership – ~50% of

households have a dog/cat
Pet ● Increased spending per pet –
Products
~$19B highest annual spend/buyer of all
consumable categories

● Increase in healthier eating,

Consumer convenience, dining at home
Products ~$7B ● Pantry center store ~45% of retailer
true profit
● Fruit and Vegetables - Top 5 food
items consumed at home

Source: 2008-2009 APPMA National Pet Owners Survey; Willard Bishop Grocery SuperStudy 2008; Nielsen Grocery scan data plus All
Outlet household panel and internal estimates 52 weeks ended 5/2/09.
Top 5 Fruit and Vegetables: The NPD Group’s National Eating Trends® Service; year ending Feb 2009, includes fresh Fruits and
Vegetables for the Top 5 food items consumed at home.
11
#3 LEADING BRANDS

Powerful and Extendable Brands

Brand Established Category Size Brand Attributes

Shelf-Stable Fruit, ● Spans multiple categories

1892 Vegetables, ~$1.5B ● Reaches all demographics
Tomatoes

Biscuits Dog Snacks ● #1 brand in biscuits

1908 >$200M
Soft & Chewy Dog
Snacks
Soft & Chewy Dog <$100M ● Playful and interactive
1986
Snacks appeal

Dry Cat Food,

1974 Premium Wet Cat >$200M ● Delivering irresistible taste
Food

Dry Cat Food ● Nutrition for the masses

1968 Wet Cat Food
>$200M appeal

Dry Dog Food >$200M ● Differentiated equity for

1981
Wet Dog Food taste-based consumers

12
 #4 FINANCIAL STRENGTH

Margin Expansion Drives Sustainable Returns

Gross Margin (%) Operating Margin (%) ROE (%)

11.1% 10.7%
30.3%
8.9%

27.7%
27.0% 10.0% 10.0%

1 1
F08 F09 F10E F08 F09 F10E F08 F09 F10E

1) For F10E, data shown is midpoint of F10 guidance that was given during the Q2F10 earnings call on 12/3/09
Note: F10E data reflects information that was provided at the Q2F10 earnings call. This presentation does not, and we can not, update or comment on this guidance.
13
Agenda

Branded Fundamentals

Successful Strategy

Sustained Growth

14
ACCELERATED GROWTH PLAN (AGP)

Three Key Strategic Initiatives to Improve Performance

Multi-Year Accelerated Growth Plan (AGP) Strategy

Results
1. Execute ● Offset cost increases
Pricing and
● Maintain margins • Topline growth
Productivity

2. Drive Core ● Grow topline • Improved

Brands ● Improved margins Margins

• Earnings growth
3. Accelerate
Growth ● Drive accelerated growth
• Improved balance
Engines
sheet

15
#1 EXECUTE PRICING AND PRODUCTIVITY

Pricing Power  Key to Maintaining Margins

Gross Margin Average: F07-F10E

Results
Pricing
• Gross Margin
>+100 bps
Costs

Volume/Mix

16
 #1 EXECUTE PRICING AND PRODUCTIVITY
Delivering Significant Productivity Improvements  Key to Maintaining Margins

Productivity Savings(1)
($M)
Key Drivers
~$80

~$70 ● Capex investment

~$60 ● LEAN techniques

~$45 ● Transportation/other
efficiency
~$30
● Packaging innovation

F06 F07 F08 F09 F10E 2

%COGS ~2% ~2% ~3% ~3% ~3%

1) Data includes transformation savings.

2) F10E data reflects information that was provided at the Q2F10 earnings call.
This presentation does not, and we can not, update or comment on this guidance. 17
 #2 DRIVE CORE BRANDS
Major Marketing Investment to Drive Core Brands – Key to Growing Topline and
Margins

Marketing Investment
$M Key Drivers
%
● Increasing marketing
6.0% investment to competitive
$200
levels
– increased ~50% in F09
$150
4.0% – increase by ~60%1 in F10E
% of sales
– F10E ME 3X levels of F06
$100

2.0%
$50

$0 0.0%
1
F06 F07 F08 F09 F10E

1) For F10E, midpoint of guidance stated on Q2F10 earnings call on 12/3/09.

Note : F10E data reflects information that was provided at the Q2F10 earnings call. This presentation does not, and we can not, update or comment on this guidance.

18
 #2 DRIVE CORE BRANDS

Case Study: Leveraging Pup-Peroni Brand

The Campaign

The Results
10%
● F09 HH penetration

Increased
● F10 Focus Brand
Awareness

● First national TV
campaign for Pup-Peroni
● Online, print and TV

Note: HH Penetration data is for F09 and compares to F08. Awareness data is for the period before and after television advertising.
Source: Nielsen Grocery scan data plus All Outlet household panel and internal estimates
19
 #3 ACCELERATE GROWTH ENGINES

Growth Engine Case Study: Fruit Packaged Produce

● Large, fast-growing category on
perimeter
– $750M sales1

● Launched innovative products

– Del Monte Fruit Naturals, Del Monte
Packaged Produce
Citrus Bowls, Del Monte SUPERFRUIT
Del Monte sales ($M)
● Leverages our strengths
– #1 brand, sales force, refrigerated
distribution, packaging, cutting / 13%
sealing technology CAGR
$165M
● Important to customers and
~$130M
consumers
– Drives traffic, minimal shrinkage,
healthy & convenient

F07 F09 Future

1) Packaged Produce Category includes fresh cut as well as processed fruit. Fresh Del Monte Produce Inc. holds the rights to use the Del Monte name and trademark with
respect to fresh fruit, vegetables, and produce throughout the world (including the United States).
F09 sales and CAGR based on Nielsen Grocery scan data plus All Outlet household panel and internal estimates 52 weeks ending 05/02/09
20
#3: ACCELERATE GROWTH ENGINES

Growth Engine: Emerging Pet Platforms

Consumer Consumer Reach

Dynamics • Highly differentiated
• Expandable Consumption brands - meet
unique needs
• Defendable category
segmentation • Brand (not company)
loyalty
• Health and Wellness
• Multi-occasion/purpose
category expansion
potential

1 Nielsen Grocery scan data plus All Outlet household panel and internal estimates 52 weeks ending 5/2/09.
2 2008-2009 APPMA National Pet Owners Survey
21
 RESULTS OF STRATEGY
The Strategy is Working – Strong Topline and EPS Growth

Strong Topline Growth… Earnings Expanding Even Faster

($B) (GAAP $ per share, continuing operations)

~$0.95
~$3.8

$3.6
DLM: +~5% $0.74
Peers2 +~4% DLM +~28%
+14% Peers2 +~9%
$3.2 $0.58
+28%

1 1
F08 F09 F10E F08 F09 F10E

1) For F10E, data shown is midpoint of F10 guidance that was given during the Q2F10 earnings call on 12/3/09 and does not include expense
related to the Senior Credit facility refinancing that closed on 1/29/10. This presentation does not, and we can not, update or comment on
this guidance.
2) The Peer group includes the following companies: CAG, CPB, DF, GIS, HNZ, HSY, HRL, K, KFT, MKC, RAH, and SJM.
22
Agenda

Branded Fundamentals

Successful Strategy

Sustained Growth

23
Key Drivers of Sustained Earnings Growth

1 Strong Topline
+
2 Neutralized Costs
+
3 Improved Mix
+
4 Marketing Investment Momentum

+
5 Cash Flow Focus

24
KEY DRIVERS OF SUSTAINED GROWTH

Why 7-9% Long-Term EPS Growth is Sustainable

Targets Reasons

4-6% ● Consumer – stable growth

top line ● Pet – accelerated growth
growth
6-8%
EPS
Growth
● Margin Maintenance
11% ● Potential for Margin Expansion – Pet
margin

$100-140 ● Strong cash flow generator

/yr debt 1% EPS
● Cash flow applied to reduce debt Growth
reduction

25
 #1: STRONG TOPLINE

Why 4-6% Long-term Topline Growth Is Achievable

F10E1 Long-Term vs. F10E Drivers

● Category growth and normalized

1-2% Greater
elasticity
Volume Volume
● Increased marketing investment
● Innovative new products

3-4% ● Pricing power consistent with

Pricing Lower category/competition
Pricing • Offsetting inflationary costs

1) F10E data reflects information that was provided at the Q2F10 earnings call. This presentation does not, and we can not, update or
comment on this guidance.
26
#2 NEUTRALIZED COSTS
Costs Neutralized Long-Term with Productivity and Pricing/Maintain Margins

Long Term Inflation Productivity

Pricing

27
 # 3 IMPROVED MIX

Pet Products Positively Impacting Mix

Average Operating Margins1

High Growth/Margin Business Focus KeyF07-F09
Drivers
high

Growth Quadrant 15%

• ~45% of F10E Net Sales
• GM ~25% > company
avg. ~2X
HIGH MARGIN

9%
low

low high Consumer Pet

HIGH GROWTH
1) GAAP Operating Margin
2) F10E data reflects information that was provided at the Q2F10 earnings call. This presentation does not, and we can not, update or comment on this guidance.

28
#4: MARKETING INVESTMENT MOMENTUM

$ Investment and ROI Discipline Drives Momentum

Increased
ROI
Marketing
6 Marketing activities to
campaigns drive:
in F10 vs. 1 • Attractive Growth
• Increased Trial
in F09 • Increased Repeat
Increasing • Higher Household
investment Penetration
behind core • Increased Loyalty
brands

29
 #5 CASH FLOW FOCUS

Strong Financial Position – Getting Even Stronger

Adjusted/Cash Flow1 Declining Net Debt… Strengthening

($M) ($B) Balance Sheet
(Net Debt / EBITDA)
$1.9 4.5X
~$195 >$200M
$207 -$205

$167 $1.4
~$1.3 $100-140/Yr 3.3X
Reduction
2.5X 1.5 –
2.5x

2 2 2
F08 F09 F10E LT F08 F09 F10E LT F08 F09 F10E LT

2
1) DLM defines cash flow as cash from operating activities, less cash used in investing activities. DLM also uses adjusted cash flow which, in general, excludes the impact of large
acquisitions or divestitures on the consolidated statement of cash flows for the period, as a financial measure. Adjusted cash flow for F07 excludes $1,310.6M of cash used in the Meow
Mix and Milk-Bone business acquisitions. Adjusted cash flow for F09 excludes $310 million related to the sale of the seafood business, including StarKist. Refer to slide 34 in the
Appendix for the reconciliation of Non-GAAP financial measures.
2) F10E data reflects information that was provided at the Q2F10 earnings call. This presentation does not, and
we can not, update or comment on this guidance.
30
WHY INVEST IN DEL MONTE

Positioned to Deliver Sustained Earnings Growth

● Branded fundamentals
– branded portfolio, healthy categories,
leading brands, financial strength

● Successful growth strategy

● Leveraging considerable
– growth engines, increasedstrengths
marketing
– renewed
investment,platform, leading
productivity brands,
improvements
financial resources

Sustained Growth

31
Appendix

32
Non-GAAP Financial Measures
Del Monte Foods Company reports its financial results in accordance with generally
accepted accounting principles in the United States (GAAP). As part of this presentation,
Del Monte is also providing certain non-GAAP financial measures of cash flow. The non-
GAAP cash flow measures that the Company is using to compare its fiscal 2009 results
to its fiscal 2010 guidance exclude the impact of the sale of the seafood business
(including StarKist) on the fiscal 2009 consolidated statement of cash flows. Del Monte
internally uses cash flow, which it defines as cash provided by operating activities less
cash used in investing activities, as a financial measure. Additionally, Del Monte uses
adjusted cash flow as a financial measure to compare its fiscal 2010 guidance to its fiscal
2009 cash flow or to otherwise compare cash flow year-over-year. Del Monte uses this
non-GAAP financial measure internally to benchmark its performance period-to-period
and believes this information is also helpful to investors. When looking internally at year-
over-year changes in cash flow, the Company generally excludes the impact on the
period’s consolidated statement of cash flows of large acquisition or divestiture
transactions, such as the fiscal 2009 divestiture of the seafood business, the fiscal 2007
acquisitions of Meow Mix and Milk-Bone and the fiscal 2006 divestiture of its soup and
infant feeding businesses, and generally provides year-over-year comparisons on the
same basis. The Company cautions investors that the non-GAAP financial measures
presented are intended to supplement the Company’s GAAP results and are not a
substitute for such results. Additionally, the Company cautions investors that the non-
GAAP financial measures used by Del Monte may differ from the non-GAAP measures
used by other companies.

33
 Non-GAAP Reconciliation
Del Monte Foods Company
Reconciliations of Non-GAAP Financial Measures
(in millions)

----- Fiscal Year -----

(a)
2010E 2009 2008
Net cash provided by operating activities, as reported (GAAP) $ 295-300 $ 200.6 $ 286.9

Net cash provided by (used in) investing activities, as reported (GAAP) (95-100) 277.1 (79.7)
Cash flow 195-205 477.7 207.2

Cash flow impact of large acquisition (divestiture) transactions 1 - (310.5) -

Cash flow, as adjusted $ 195-205 $ 167.2 $ 207.2

1
Cash flow impact of large divestiture transactions consists of:
----- Fiscal Year -----
2009
Net proceeds from disposal of assets (large divestiture) $ 365.8
Restricted cash related to mandatory debt prepayments, resulting from
large divestiture transaction -
Working capital reflected in purchase price proceeds due to timing
of closing (23.0)
Cash tax payments related to asset sale paid during the period (32.3)
$ 310.5

a. As of Q2F10 Earnings Call. This presentation does not, and as we can not, update or comment on this guidance.
34
Non-GAAP Financial Measures
Del Monte Foods Company reports its financial results in accordance with generally
accepted accounting principles in the United States (GAAP). As part of this presentation,
Del Monte is also providing certain non-GAAP financial measures relating to leverage,
namely net debt/EBITDA ratios. Del Monte uses net debt/EBITDA as a measure to
evaluate its leverage and also net debt/EBITDA (calculated with certain adjustments not
reflected below, as required under our senior credit facility) is used as a measure under
our senior credit facility. The Company cautions investors that the net debt/EBITDA
ratios presented are intended to supplement the Company’s GAAP results and are not a
substitute for such results. Additionally, the Company cautions investors that the non-
GAAP financial measures used by Del Monte may differ from the non-GAAP measures
used by other companies.
The following table provides net debt/EBITDA for fiscal years 2008 and 2009, as well as
an estimate of net debt/ EBITDA for fiscal 2010 calculated using the midpoint of earnings
per share guidance.

35
 Non-GAAP Reconciliation
$ in millions Guidance
Reconciliation Historical FYE
2008 2009 2010

Net Income $ 133.1 $ 172.3 $ 192 (3)

Less: (Income)/Loss from Discontinued Operations (15.4) (24.6) $ -
Adjustments to derive EBITDA:
Provision for income taxes 71.9 78.8 $ 118 (4)
Interest expense 131.4 110.3 $ 115 (4)
Depreciation and amortization expense 106.2 104.9 $ 95 (4)
Amortization of debt issuance costs (1) (5.1) (6.3) $ (7)
Discontinued operations depreciation expense (2) (10.0) (1.5) $ -
EBITDA $ 412.1 $ 433.9 $ 513

Net debt $ 1,866.7 $ 1,417.8 $ 1,300

Net debt/EBITDA 4.5x 3.3x 2.5x

(1) Represents adjustments to eliminate duplicative reporting of the amortization of debt issuance costs, which
in the table above is included in both interest expense (as taken from the consolidated statements of income)
and depreciation and amortization expense (as taken from the consolidated statements of cash flows).

(2) Represents adjustments to eliminate depreciation expense relating to the seafood business, including StarKist.

(3) Calculated using the midpoint of earnings per share guidance and assuming 202,200,000 weighted average shares.

(4) Calculated using the midpoint of guidance range

36