Form 425
Investor Presentation
October 2008
Investor Presentation
October 2008
The J. M. Smucker Company
The J. M. Smucker Company
Filed by The J. M. Smucker
Company
Pursuant to Rule 425 under the Securities Act of 1933
and Deemed Filed Pursuant to Rule 14a-6
Under the Securities Exchange Act of 1934
Subject Company: The J. M. Smucker
Company
Commission File No.: 333 -
152451


Forward Looking Statement
Forward Looking Statement
This presentation contains forward-looking statements, such as projected operating results, earnings and cash flows, that
are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from any
future
results,
performance
or
achievements
expressed
or
implied
by
those
forward-looking
statements.
The
projected
financial data included in this presentation reflect numerous estimates and assumptions relating to, among other things,
the
ability
of
Smucker
to
successfully
operate
P&G’s
coffee
business
(the
“Coffee
Business”)
outside
of
P&G
and
Smucker’s existing business operations and are subject to significant economic, industry and competitive uncertainties,
including
those
risk
factors
referenced
below,
and,
accordingly,
such
data
may
not
be
indicative
of
future
results.
You
should understand that the risks, uncertainties, factors and assumptions listed and discussed in this presentation,
including
the
following
important
factors
and
assumptions,
could
affect
the
future
results
of
Smucker
following
the
transactions between P&G and Smucker (the “Transactions”) and could cause actual results to differ materially from those
expressed in the forward-looking statements: (i) volatility of commodity markets from which raw materials, particularly
corn, wheat, peanuts, soybean oil, milk and green coffee beans, are procured and the related impact on costs; (ii) the
successful integration of the Coffee Business with Smucker’s business, operations and culture and the ability to realize
synergies and other potential benefits of the Transactions within the time frames currently contemplated; (iii) crude oil
price trends and their impact on transportation, energy, and packaging costs; (iv) the ability to successfully implement
price changes; (v) the success and cost of introducing new products and the competitive response; (vi) the success and
cost of marketing and sales programs and strategies intended to promote growth in Smucker’s businesses, which will
include the Coffee Business after the completion of the Transactions; (vii) general competitive activity in the market,
including competitors’
pricing practices and promotional spending levels; (viii) the concentration of certain of Smucker’s
businesses, which will include the Coffee Business after the completion of the Transactions, with key customers and the
ability to manage and maintain key customer relationships; (ix) the loss of significant customers or a substantial reduction
in orders from these customers or the bankruptcy of any such customer; (x) changes in consumer coffee preferences, and
other factors affecting the Coffee Business, which will represent a substantial portion of Smucker’s business after the
completion of the Transactions; (xi) the ability of Smucker and Folgers to obtain any required financing; (xii) the timing and
amount of Smucker’s capital expenditures, restructuring, and merger and integration costs; (xiii) the outcome of current
and future tax examinations and other tax matters, and their related impact on Smucker’s tax positions; (xiv) foreign
currency and interest rate fluctuations; (xv) other factors affecting share prices and capital markets generally; and (xvi) the
other
factors
described
under
“Risk
Factors”
in
the
registration
statements
filed
by
Folgers
and
Smucker
with
the
Securities and Exchange Commission and in the other reports and statements filed by Smucker with the Securities and
Exchange Commission, including its most recent Annual Report on Form 10-K and the proxy materials prepared in
connection with the Folgers transaction.
You are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made, when
evaluating the information presented in this presentation. None of Smucker, Folgers, P&G or any of their respective
advisors assumes any obligation to update or revise these forward-looking statements to reflect new events or
circumstances.
1


2
Transaction Overview
Transaction Overview
The transaction is structured as an exchange offer followed by a
merger
Tendering P&G shareholders will exchange their P&G shares for shares in
Smucker
Smucker to guarantee $350MM of Folgers debt upon close
Smucker to finance special dividend
P&G shareholders will own ~53.5% of the combined company
~63MM shares will be issued as part of the transaction
~118MM shares outstanding for the combined Smucker
If the split-off is consummated but not fully subscribed, P&G will distribute
remaining Folgers shares (which will be converted into Smucker shares) to
its shareholders on a pro-rata basis
Tendering & Accepted
Shareholders
Non-Tendering
Shareholders
Variable                       Cap
12%                          20%
Discount


3
Why Invest in Smucker?
Why Invest in Smucker?
A history of solid returns
Clear strategy of owning a strong portfolio of
#1 brands
Making great brands better
Addition of an iconic #1 brand with Folgers 
Enhanced estimated cash flow, margins,
and strong balance sheet
Unique culture
®


4
Over 110 years old
Headquartered in
Orrville, Ohio
Leading North
American brands
Five generations of
family management
Basic Beliefs: quality,
people, ethics, growth,
& independence
The J. M. Smucker Company
The J. M. Smucker Company


5
Share Price Performance
Share Price Performance
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
S&P 500
DJIA
SJM
Note: The graph shows the value of $20 (Smucker’s IPO price in 1959) invested over a 48+ year
period in Smucker’s common stock, the DJIA and S&P 500.
Indexed Share
Price
APR = 10.3%
APR = 10.3%
APR = 6.2%
APR = 6.2%
APR = 5.8%
APR = 5.8%
Base = $20
Base = $20
SJM
versus
Major
Indices
November
30,
1959
through
September
30,
2008


6
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
Net  Sales
$650MM
$1.3B
$2.0B
$2.1B
5-Year CAGR through FY2008 = 15%
10-Year CAGR through FY2008 = 16%
Sales Growth
Sales Growth
$1.4B
$2.2B
$2.5B


7
Income Growth
Income Growth
$0.0
$50.0
$100.0
$150.0
$200.0
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
Net Income
$30.9
$96.3
$129.1
$157.2
$111.4
$143.4
$170.4
5-Year CAGR through FY2008 = 12%
10-Year CAGR through FY2008 = 18%
($ in Millions)


8
Vision Statement
Vision Statement
We will own and market food brands which
hold the #1 market position in their respective
category, with an emphasis on North America
We
will
achieve
balanced
growth
through:
Increased market share of our brands
New products that provide convenience,
are “good and good for you," and make
the consumer smile
Acquisition of other leading food brands


Enhanced Center-of-Store Strategy
Enhanced Center-of-Store Strategy
ABC Store
Greater
relevance to
retailers
Destination
category
Enhanced cross
promotional
opportunities
Capitalize on
relationship with
sales agent
Distribution
efficiency
Center-of-the-store is an important profit center for retailers


10
Pro Forma Sales by Category
Pro Forma Sales by Category
42%
42%
21%
21%
25%
25%
12%
12%
Spreads
Baking
All Other
Coffee
Estimated After Transaction
(1)
(1)
Based
on
FY2008
Smucker
adjusted
for
approximately
$1.8B
of
FY2008
Folgers
net
sales.


11
Source: IRI 52 Week Ending 9/7/08  --
TTL Grocery, Mass, Drug & Walmart  Panel
Does NOT include Private Label
Smucker Market Share Leadership
Smucker Market Share Leadership
#1 in 8 out of 13 categories
Folgers adds another #1 market share
% Dollar Share of Category


12
Growing Market Opportunity
Growing Market Opportunity
$15.0
$8.0
$3.0
$1.0
FY 2002
FY 2004
FY2005
FY2009E
Market opportunity ($ in billions)
Greater opportunity as share of
market in each category expands


13
Acquisition Expertise
Acquisition Expertise
12 Center-of-Store Transactions in 6 years
Enabling
Smaller in size
New capabilities
Capitalize on Smucker resources
Bolt-on
Increase category presence
Leverage existing infrastructure
Transformational
Large in size
Game changing
New markets & categories
(1)  Announced June 4, 2008 with expected closing November 2008


14
Making Great Brands Better
Making Great Brands Better
Increased sales over 40%
Increased market share to
over 40 share points from 34
share points
Increased operating margin
New products including Jif
®
snack nuts and Jif To Go
Packaging and product
innovator
Expanded
Crisco
®
brand
in
oils
segment
New products including Simple
Measures,
Crisco
Puritan
®
with
Omega-3 DHA and Crisco
cooking sprays


15
Making Great Brands Better
Making Great Brands Better
Expanded products and
leveraged existing
presence
Introduced new line
extensions; grew frosting to
the #2 brand
Improved product quality
and enhanced packaging
Increased sales from $2
million to $115 million in
ten years
New offerings
Produce five million
sandwiches per week in
an integrated bakery plant


16
Attractive Strategic Fit
Attractive Strategic Fit
Strong #1 Brand
Strong #1 Brand
Center-of-Store
Center-of-Store
North America
North America
VISION STATEMENT
VISION STATEMENT
We will own and market food
We will own and market food
brands which hold the #1
brands which hold the #1
market position
market position
in
in
their
their
respective category, with an
respective category, with an
emphasis on North America
emphasis on North America


17
Compelling Transaction
Compelling Transaction
Acquisition
of
the
#1
Folgers
brand
Addition
of
rights
to
sell
Dunkin’
Donuts
®
in
retail
Smucker’s first +$1B brand
Expanding
Leading Brands
Strengthened
Product Portfolio
Scale Benefits &
Synergies
Attractive
Financial Impact
(1)
Builds upon established center-of-store strategy
Broadens and diversifies product offering
Provides attractive cross-marketing opportunities
Expect strong synergy opportunities of $80MM+ annually
Significantly enhances Smucker’s scale and expected profitability
Increased financial fundamentals
Expected to increase pro forma EBITDA margins by > 250 bps
Expected to be accretive to earnings
(2)
Expected to more than triple FCF vs. FY2008 Smucker
historical
Enhances already strong balance sheet
(1)
Pro forma FY2009E assumes Folgers transaction had closed on May 1, 2008 and approximately $80MM in run-
rate synergies.
(2)
EPS accretion based on dividend adjusted FY2009 full year run-rate financial projections.


18
Strength of
Folgers
Strength of
Folgers
Superior brand equity
Highest level of unaided consumer
awareness
Strong market leader
#1 retail packaged coffee brand
Leader in product innovation
Folgers
Crystals
Folgers
decaffeinated
AromaSeal
plastic
canister
Folgers Simply Smooth


19
Dunkin’
Donuts
Dunkin’
Donuts
Strong presence in
gourmet coffee
category
Long-term license of
brand for retail
$130MM net sales
from August 2007 to
June 2008


20
Percent of Sales from #1 Brands
Percent of Sales from #1 Brands
75% of Sales
Projected to Come
From #1 Brands


21
The Best Part of Wakin’
Up…
The Best Part of Wakin’
Up…


22
The Best Way to End the Day…
The Best Way to End the Day…


23
Long Term Financial Objectives
Long Term Financial Objectives
Net Sales Growth
Operating Profit
Growth
EPS Growth
Dividend Payment
6%
Organic 3-4%
Acquisitions 2-3%
8%
Improve Efficiencies
Target 40% Payout
> 8%
Share Repurchase
Debt Retirement


24
Net Sales and EBITDA
Net Sales and EBITDA
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
FY2008
FY2009E
FY2010E
Net Sales
$0
$250
$500
$750
$1,000
FY2008
FY2009E
FY2010E
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
EBITDA
(Excluding
Merger
and
Integration
Costs)
Pro forma (1) (2)
$2.5B
$4.7B
$4.9B
$371
$820
$869
14.7%
17.3%
17.5%
Pro forma (2)
(1)  Includes approximately $80 million in run-rate synergies.
(2)  Assumes Folgers transaction had closed on May 1, 2008.
Pro forma
Pro forma


25
Cash Flow From Operations
Cash Flow From Operations
4%
$ 116
$  (76)
$ 192
FY2008
7%          
$ 390
$(115)
$ 505
FY2009E
(1)
Pro forma
$ 425
Free Cash Flow
7%
Free
Cash
Flow
Yield
(2)
$(120)
Capital Expenditures
$ 545
Cash Flow From
Operations
FY2010E 
Pro forma
($ in millions)
(1)  Assumes Folgers transaction had closed on May 1, 2008 and approximately $80MM in run-rate synergies.
(2)  Based on approximately 57 million shares outstanding and market price of $49.88 for FY2008 (based on
closing price of Smucker shares on April 30, 2008) and approximately 118 million shares outstanding and
market price of $50.69 for FY2009E and FY2010E (based on closing
price of Smucker shares on September
30, 2008).


Cash Flow / Allocation of Cash
(after expiration of two year repurchase limitation)
Cash Flow / Allocation of Cash
(after expiration of two year repurchase limitation)
5-Year Historic Use of Cash
28%
28%
22%
22%
Acquisition
Capital
Expenditures
Stock Repurchase
Dividends
26
Free Cash Flow
Free Cash Flow
Free Cash Flow
Cash
From
Operations
Cash
From
Operations
Dividends
Dividends
Acquisition
Acquisition
Repurchase
Repurchase
CapEx =
-
3% of Net Sales


27
Synergy Opportunities
Synergy Opportunities
($ in millions)
4%
$ 80
$ 65
$ 15
Synergy
Estimate
Total Synergies
Estimated Synergies as % of Projected
2009 Folgers Net Sales
SG&A
COGS


28
Debt Profile Supports
Continued Growth
Debt Profile Supports
Continued Growth
Stronger balance sheet post-closing
Ample liquidity
Modest leverage and strong cash flow will facilitate
pursuit of shareholder value
Investments
Acquisitions
Share repurchase / dividends
FY2009E
Standalone Smucker
FY2009E
(1)
Combined Smucker
Total Debt
$790mm
$1,540mm
Debt / EBITDA
2.1x
1.9x
Interest Coverage
8.1x
8.6x
(2)
(1)  Assumes Folgers transaction had closed on May 1, 2008 and approximately $80MM in run-rate synergies.
(2)  Interest coverage assumes an estimated weighted-average borrowing rate of 6.0% on the anticipated financing
in part based on three-month forward LIBOR as of October 1, 2008.


29
Dividends and Share Repurchase
Dividends and Share Repurchase
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009E
Dividends
Share Repurchase
($ in millions)
(1)  Estimated dividends assumes current quarterly dividend rate, payment of special
dividend, and payment of dividend on shares issued in the Transaction for two quarters. 
(1)


30
Core Competencies
Core Competencies
Ability to
Implement
Ability to
Implement
Relationships
Relationships
Emotional
Bond
Emotional
Bond
Strategic
Advantage
Strategic
Advantage


31
Relationships
Relationships
Retailers
Sales Agent
Employees
Suppliers


32
Emotional Bond
Emotional Bond
Focus on Consumer
Mealtime Moments
Memorable Tag Lines
With a Name Like
Smucker’s,
It Has to be Good ”
Choosy Moms Choose Jif ”
The Best Part of
Wakin’
Up ”


33
Ability to Implement
Ability to Implement
Single IS Platform
Acquisition experience
Improved Productivity
$283
$552
$777
$0
$300
$600
$900
$1,200
Sales / Employee
(‘000’s)
Net
Income
/
Employee
(‘000’s)
$13
$35
$52
$0
$20
$40
$60
$80
$100
FY2002
FY2005
FY2008
FY2002
FY2005
FY2008
Continuity of process
and people


34
15.0%
17.0%
19.0%
21.0%
23.0%
25.0%
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
24.6%
21.6%
21.7%
20.0%
20.3%
20.6%
19.4%
SD&A as % of Net Sales
SD&A as % of Net Sales


35
Why Invest in Smucker?
Why Invest in Smucker?
A history of solid returns
Clear strategy of owning a strong portfolio
of #1 brands
Making great brands better
Addition of an iconic #1 brand with Folgers
Enhanced estimated cash flow, margins,
and strong balance sheet
Unique culture


The J. M. Smucker Company
The J. M. Smucker Company
Investor Presentation
October 2008
Investor Presentation
October 2008


Appendix
Appendix


38
Regulation G Compliance
Regulation G Compliance
You are also reminded that during this presentation,
certain non-GAAP financial measures, such as EBITDA
and Free Cash Flow may be discussed.  These measures
should not be considered an alternative to net income, or
any other measure of financial performance or liquidity
presented in accordance with generally accepted
accounting principles (GAAP).  These measures are not
necessarily comparable to a similarly titled measure of
another company.  Please refer to the accompanying
slides for information that reconciles these discussed
figures with the most comparable GAAP measures. 


39
Reconciliation of Non-GAAP 
Financial Measures
Reconciliation of Non-GAAP 
Financial Measures
($ in Millions)
FY2008
Income before income taxes
$  255
Add (deduct):
Interest income
(13)
Interest expense
42
Amortization
4
Share-based compensation expense
12
Depreciation
58
Merger and integration costs
8
Cost
of
products
sold
-
restructuring
2
Other restructuring costs
3
EBITDA
$  371


40
Financial Forecasts
Financial Forecasts
The preceding financial forecasts were prepared by Smucker management in evaluating the Transaction.
For fiscal years after 2009 through 2013, Smucker assumed compounded annual growth rates for Folgers
and Smucker of approximately 2.5% and 5.0%, respectively, for net sales and approximately 3.9% and
6.1%, respectively, for EBITDA, recognizing that year to year increases fluctuate between years. 
Synergies
$  350
$  387
EBITDA
FY2009 Forecast
35
79
Depreciation and amortization
1,304
1,970
Cost of goods sold
$1,910
$2,829
Net sales
291
551
Selling, distribution and administration
606
859
Gross profit
Combined EBITDA
315
308
Earnings before interest and taxes
Folgers
Smucker
$737
83
$820
($ in Millions)


41
Additional Information
Additional Information
Smucker and Folgers have filed registration statements with the U. S. Securities and Exchange
Commission
(“SEC”)
registering
the
common
shares
to
be
issued
to
P&G
shareholders in connection with
the Folgers transaction.  Smucker has also filed a proxy statement with the SEC which has been sent to
the
shareholders
of
Smucker.
Shareholders
are
urged
to
read
the
prospectus
included
in
the
registration
statements and any other relevant documents when they become available, because they will contain
important information about Smucker, Folgers and the proposed transaction.  The proxy statement,
prospectus and other documents relating to the proposed transaction can be obtained free of charge from
the SEC’s website at www.sec.gov.  The documents can also be obtained free of charge from Smucker
upon written request to The J. M. Smucker Company, Shareholder Relations, Strawberry Lane, Orrville,
Ohio  44667 or by calling (330) 684-3838, or from P&G upon written request to The Procter & Gamble
Company, Shareholder Services Department, P.O. Box 5572, Cincinnati, Ohio 45201-5572 or by calling
(800) 742-6253.
This communication is not a solicitation of a proxy from any security holder of Smucker and shall not
constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of
securities in any jurisdiction in which such solicitation or sale would be unlawful prior to registration or
qualification
under
the
securities
laws
of
such
jurisdiction.
However,
P&G,
Smucker
and
certain
of
their
respective directors and executive officers may be deemed to be participants in the solicitation of proxies
from shareholders in connection with the proposed transaction under the rules of the SEC. Information
about the directors and executive officers of The J. M. Smucker Company may be found in its 2008
Annual Report on Form 10-K filed with the SEC on June 27, 2008, and its definitive proxy statement
relating to its 2008 Annual Meeting of Shareholders filed with the SEC on July 14, 2008.  Information
about the directors and executive officers of The Procter & Gamble Company may be found in its 2008
Annual Report on Form 10-K filed with the SEC on August 28, 2008, and its definitive proxy statement
relating to its 2008 Annual Meeting of Shareholders filed with the SEC on August 29, 2008.


42
Additional Information
Additional Information
P&G, Folgers, the Folgers logo, AromaSeal, Folgers Gourmet
Selections,
The
Best
Part
of
Wakin’
Up
is
Folgers
in
your
Cup,
Millstone
and the Millstone logo are the registered trademarks of
The Procter & Gamble Company.  Pillsbury, the Pillsbury Logo,
and Poppin' Fresh the Pillsbury Doughboy are the registered
trademarks of
The
Pillsbury
Company,
LLC.
Carnation
is
the
registered trademark of Societe des Produits Nestle S.A.  Dunkin'
Donuts,
and
the
Dunkin'
Donuts
Logo
are
the
registered
trademarks of DD IP Holder LLC. The following trademarks and
their corresponding logos are the trademarks of their respective
owners: Advantage Sales and Marketing, Cargill, ADM, Wal-Mart,
Kroger, Target, Safeway and Oracle. All other trademarks and
logos are the trademarks of The J. M. Smucker Company.