Heinz Reports Double-Digit EPS Growth to $0.90 from Continuing Operations; Reaffirms Previously Announced Fiscal 2013 Full-Year

  Heinz Reports Double-Digit EPS Growth to $0.90 from Continuing Operations;
  Reaffirms Previously Announced Fiscal 2013 Full-Year Sales and Profit
  Outlook

Fiscal 2013 Second-Quarter Results – Continuing Operations, Excluding Fiscal
2012 Productivity Charges:

  *Heinz delivered its 30^th consecutive quarter of organic sales growth
    (volume plus price) of 3.3%.
  *Reported sales grew 0.5% to $2.83 billion, despite a -2.4% foreign
    currency exchange impact.
  *Emerging Markets delivered 13.2% organic sales growth (+10.3% reported)
    and represented 23% of total Company sales.
  *Top 15 Brands delivered organic sales growth of 4.6% (+1.7% reported).
  *Global Ketchup posted 5.0% organic sales growth (+3.8% reported).
  *Net income grew 10.4% to $290 million (+22.3% reported).
  *Marketing investment increased 13.4% on a constant currency basis (10.0%
    reported).
  *Operating income declined 1.0% (+9.4% reported).
  *EPS grew 11.1% (+23.3% reported).
  *On a constant currency basis, sales grew 2.9%, operating income increased
    0.5% and EPS rose 13.6% (excluding charges for productivity initiatives in
    Fiscal 2012).
  *Heinz reaffirms previously announced Fiscal 2013 full-year sales and
    profit outlook.

Reconciliations of non-GAAP amounts are set forth in the attached financial
tables. Results excluding productivity charges in Fiscal 2012 represent the
Company’s reported results adjusted to exclude charges for targeted workforce
reductions, asset write-offs associated with factory closures and other
implementation costs taken in Fiscal 2012 to, among other things, increase
manufacturing effectiveness and accelerate growth.Organic sales are defined
as volume plus price or total sales growth excluding the impact of foreign
exchange and acquisitions and divestitures.Operating free cash flow is
defined as cash from operations less capital expenditures net of proceeds from
disposal of Property, Plant & Equipment.Also, constant currency as used in
this press release is defined as the reported amount adjusted for
translation(the effect of changes in average foreign exchange rates between
the current period and the corresponding prior year) and theimpact of
current-year foreign currency translation hedges.

Business Wire

PITTSBURGH -- November 20, 2012

H.J. Heinz Company (NYSE:HNZ) today reported solid second-quarter results,
with growth of 11.1% in earnings per share from continuing operations
(excluding charges for productivity initiatives in Fiscal 2012). The results
were fueled by dynamic growth in Emerging Markets, continued growth in Global
Ketchup and the Company's Top 15 Brands, and a favorable tax rate. This
enabled Heinz to significantly increase investment in marketing and global
capabilities to drive future growth.

“Heinz delivered solid results while making significant investments in our
businesses and brands to drive growth,” said Chairman, President and CEO
William R. Johnson. “Notably, Heinz delivered its 30^th consecutive quarter of
organic sales growth, led by our trio of growth engines: Emerging Markets,
Global Ketchup and the Company's Top 15 Brands.”

Second-Quarter Results - Continuing Operations

In the second quarter ended October28, 2012, reported sales increased 0.5% to
$2.83 billion, with unfavorable foreign currency impacting sales by 2.4%. Net
pricing increased 1.9% and volume grew 1.4%. Divestitures reduced total sales
by 0.4%.

Heinz delivered organic sales growth of 3.3%, led by Emerging Markets, which
posted organic sales growth of 13.2% for the quarter (10.3% reported). Organic
sales growth was again impacted by prior-year decisions to exit T.G.I.
Friday's^® frozen meals and downsize the Long Fong^® frozen business in China.
Emerging Markets represented 23% of total Company sales.

The Company's Top 15 Brands achieved organic sales growth of 4.6% (1.7%
reported), led by Heinz^®, Quero^®, ABC^®, Classico^®, Golden Circle^®,
Master^® and Ore-Ida^® brands. Global Ketchup delivered organic sales growth
of 5.0% (3.8% on a reported basis), driven by strong performance in the U.S.,
Brazil and Russia.

Gross profit of $1.01 billion grew 4.7% and gross margin increased 140 basis
points to 35.8%. Excluding charges for productivity initiatives in Fiscal
2012, gross profit increased 1.8% and gross margin increased 40 basis points,
despite a $22 million unfavorable impact from foreign exchange and higher
commodity costs.

Marketing increased 13.4% on a constant currency basis (10.0% increase on a
reported basis), reflecting a significant increase in the U.S. and continued
support in Emerging Markets.

SG&A expenses (which excludes marketing) of $502 million increased 0.3% to
17.8% of sales, and increased 2.3% excluding charges for productivity
initiatives in Fiscal 2012, reflecting strategic investments to drive growth
primarily in Emerging Markets and global systems.

Operating income of $392 million grew 9.4%. Excluding charges for productivity
initiatives in Fiscal 2012, operating income declined 1.0% due to a 1.5%
unfavorable impact from foreign exchange.

Heinz benefited from a previously projected low tax rate for the quarter. The
effective tax rate was 9.6% compared to 18.1% a year ago or 19.6% excluding
charges for productivity initiatives in Fiscal 2012. The Company expects a
full-year tax rate of around 20%.

Net income from continuing operations of $290 million grew 22.3%, or 10.4%
excluding charges for productivity initiatives in Fiscal 2012.

Diluted earnings per share from continuing operations of $0.90 grew 23.3%, or
11.1% excluding charges for productivity initiatives in Fiscal 2012. EPS was
unfavorably impacted by $0.02 from foreign currency translation and
translation hedges.

On a constant currency, continuing operations basis, sales grew 2.9% and
excluding charges for productivity initiatives in Fiscal 2012, operating
income increased 0.5% and EPS rose 13.6%. Total Company net income, including
discontinued operations, was $289 million and EPS grew to $0.90.

Fiscal 2013 Outlook

“Heinz remains on track to deliver our previously announced sales and profit
outlook for Fiscal 2013,” Mr. Johnson said.

For the full year, Heinz expects:

  *At least 4.0% organic sales growth;
  *Constant currency EPS growth of 5-8% on a continuing operations basis and
    excluding charges for productivity initiatives in Fiscal 2012; and
  *Strong operating free cash flow of $1 billion plus.

The Heinz Board of Directors on November 14 approved the continuation of the
Company's share repurchase program by authorizing the multi-year repurchase of
up to 15,000,000 additional shares.

SECOND-QUARTER OPERATING RESULTS BY BUSINESS SEGMENT

North American Consumer Products

Sales of $795 million increased 0.1%, while increasing 0.4% on an organic
basis. Volume increased 1.2%, driven by Heinz^® Gravy and Ketchup, Classico^®
pasta sauces and Ore-Ida^® frozen potatoes, partially offset by the exit of
T.G.I. Friday's^® frozen meals. Net pricing declined 0.8%. Sales were
unfavorably impacted 0.6% from the exit of the Boston Market^®license.
Favorable Canadian exchange translation rates increased sales 0.3%. Operating
income of $190 million decreased 5.7%, reflecting a significant increase in
marketing.

Europe

Sales of $808 million declined 4.2%, while increasing 0.1% on an organic
basis. Volume increased 0.3% as strong growth in Russia and the U.K. was
partially offset by declines in Italy and The Netherlands. Net pricing
decreased 0.2%. Divestitures decreased sales by 0.6%. Unfavorable foreign
exchange translation rates reduced sales 3.8%. Operating income of $140
million declined 2.8%, reflecting the impact of foreign currency and higher
marketing investment.

Asia/Pacific

Sales of $606 million grew 2.3%, while increasing 4.1% on an organic basis.
Volume increased 1.9% led by Master^® soy sauce and Heinz^® Ketchup and sauces
in China. These results reflect the planned decreases in Long Fong^® frozen
products. Pricing increased 2.2%, driven primarily by Indonesia. Unfavorable
foreign exchange translation rates reduced sales 1.9%. Operating income of $50
million grew 24.5%, reflecting strong results in both Developed and Emerging
Markets.

U.S. Foodservice

Both reported and organic sales grew 4.1% to $348 million. Volume was
unchanged in the quarter as growth in Heinz^® Ketchup was largely offset by a
decline in soup. Pricing increased sales 4.1%, largely due to prior-year
increases to offset commodity cost increases. Operating income of $44 million
rose 26.8%, due to higher sales and the benefit from productivity initiatives.

Rest of World

Sales of $270 million grew 8.6%, while increasing 19.8% on an organic basis.
Volume increased 6.5%, led by Quero^® in Brazil. Pricing increased 13.3%, led
by Brazil and Venezuela. Unfavorable foreign exchange translation rates
reduced sales 11.3%. Operating income of $27 million decreased 15.6% from a
very strong growth quarter last year, reflecting unfavorable foreign exchange,
inflation in Venezuela and capability investments in Brazil.

Year-to-Date

For the six months ended October28, 2012, sales of $5.62 billion decreased
0.5%, and increased 4.0% on an organic basis. Operating income of $802 million
increased 10.1%, while decreasing 0.6% excluding charges for productivity
initiatives in Fiscal 2012. Net income of $569 million from continuing
operations grew 22.7%. Excluding charges for productivity initiatives in
Fiscal 2012, net income rose 9.9%. The year-to-date tax rate was 13.8% versus
20.7% last year. The lower tax rate reflects foreign tax planning initiatives
and has helped fund marketing capability investments in the business. Diluted
earnings per share from continuing operations of $1.76 grew 23.1% and
increased 10.0% excluding charges for productivity initiatives in Fiscal 2012.
EPS this year was reduced by $0.07 from unfavorable foreign currency
translation. On a constant currency, continuing operations basis, sales grew
3.5% and excluding charges for productivity initiatives in Fiscal 2012,
operating income grew 2.8% and EPS rose 14.4%. Total Company net income
including discontinued operations was $547 million and EPS grew to $1.70.

Discontinued Operations

In the first quarter of Fiscal 2013, Heinz completed the previously announced
sale of its U.S. Foodservice frozen desserts business. This transaction
resulted in a $32.7 million pre-tax ($21.1 million after-tax) loss, which has
been recorded in discontinued operations. The frozen desserts business had
reported sales of $35 million in the six months ended October26, 2011.

Conference Call/Webcast on Second-Quarter Fiscal 2013 Results

H.J. Heinz Company will host a conference call and Webcast for Securities
Analysts and Media (listen only) to discuss the Company’s second-quarter
Fiscal 2013 results and its Fiscal 2013 outlook today, November20, 2012 at
8:00 a.m. Eastern time.

The meeting will be hosted by:

  *William R. Johnson, Chairman, President and Chief Executive Officer
  *Art Winkleblack, Executive Vice President and Chief Financial Officer
  *Margaret Nollen, Senior Vice President, Strategy and Investor Relations

A Webcast of the meeting and the presentation slides will be available to the
general public in real-time and archived for playback on the Company Website,
www.Heinz.com.

Live Event Dial-in Details:

Participants:
Institutional Investors/Analysts – U.S. Dial-In: 1-866-318-8614
Institutional Investors/Analysts – International Dial-In: 1-617-399-5133
Passcode: Heinz Earnings

Listen Only:
Media – U.S. Dial-In: 1-877-280-4953
Media – International Dial-In: 1-857-244-7310
Passcode: Heinz Earnings

SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS:

This press release and our other public pronouncements contain forward-looking
statements within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
generally identified by the words “will,” “expects,” “anticipates,”
“believes,” “estimates” or similar expressions and include our expectations as
to future revenue growth, earnings, capital expenditures and other spending,
dividend policy, and planned credit rating, as well as anticipated reductions
in spending. These forward-looking statements reflect management’s view of
future events and financial performance. These statements are subject to
risks, uncertainties, assumptions and other important factors, many of which
may be beyond Heinz’s control, and could cause actual results to differ
materially from those expressed or implied in these forward-looking
statements. Factors that could cause actual results to differ from such
statements include, but are not limited to:

  *sales, volume, earnings, or cash flow growth,
  *general economic, political, and industry conditions, including those that
    could impact consumer spending,
  *competitive conditions, which affect, among other things, customer
    preferences and the pricing of products, production, and energy costs,
  *competition from lower-priced private label brands,
  *increases in the cost and restrictions on the availability of raw
    materials, including agricultural commodities and packaging materials, the
    ability to increase product prices in response, and the impact on
    profitability,
  *the ability to identify and anticipate and respond through innovation to
    consumer trends,
  *the need for product recalls,
  *the ability to maintain favorable supplier and customer relationships, and
    the financial viability of those suppliers and customers,
  *currency valuations and devaluations and interest rate fluctuations,
  *changes in credit ratings, leverage, and economic conditions and the
    impact of these factors on our cost of borrowing and access to capital
    markets,
  *our ability to effectuate our strategy, including our continued evaluation
    of potential opportunities, such as strategic acquisitions, joint
    ventures, divestitures, and other initiatives, our ability to identify,
    finance, and complete these transactions and other initiatives, and our
    ability to realize anticipated benefits from them,
  *the ability to successfully complete cost reduction programs and increase
    productivity,
  *the ability to effectively integrate acquired businesses,
  *new products, packaging innovations, and product mix,
  *the effectiveness of advertising, marketing, and promotional programs,
  *supply chain efficiency,
  *cash flow initiatives,
  *risks inherent in litigation, including tax litigation,
  *the ability to further penetrate and grow and the risk of doing business
    in international markets, particularly our emerging markets; economic or
    political instability in those markets, strikes, nationalization, and the
    performance of business in hyperinflationary environments, in each case
    such as Venezuela; and the uncertain global macroeconomic environment and
    sovereign debt issues, particularly in Europe,
  *changes in estimates in critical accounting judgments and changes in laws
    and regulations, including tax laws,
  *the success of tax planning strategies,
  *the possibility of increased pension expense and contributions and other
    people-related costs,
  *the potential adverse impact of natural disasters, such as flooding and
    crop failures, and the potential impact of climate change,
  *the ability to implement new information systems, potential disruptions
    due to failures in information technology systems, and risks associated
    with social media,
  *with regard to dividends, dividends must be declared by the Board of
    Directors and will be subject to certain legal requirements being met at
    the time of declaration, as well as our Board’s view of our anticipated
    cash needs, and
  *other factors described in “Risk Factors” and “Cautionary Statement
    Relevant to Forward-Looking Information” in the Company’s Annual Report on
    Form 10-K for the fiscal year ended April 29, 2012 and reports on Forms
    10-Q thereafter.

The forward-looking statements are and will be based on management’s then
current views and assumptions regarding future events and speak only as of
their dates. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by the securities laws.

ABOUT HEINZ: H.J. Heinz Company, offering “Good Food Every Day”™ is one of the
world’s leading marketers and producers of healthy, convenient and affordable
foods specializing in ketchup, sauces, meals, soups, snacks and infant
nutrition. Heinz provides superior quality, taste and nutrition for all eating
occasions whether in the home, restaurants, the office or “on-the-go.” Heinz
is a global family of leading branded products, including Heinz^® Ketchup,
sauces, soups, beans, pasta and infant foods (representing over one third of
Heinz’s total sales), Ore-Ida^® potato products, Weight Watchers^® Smart
Ones^® entrées, T.G.I. Friday’s^® snacks, and Plasmon infant nutrition. Heinz
is famous for its iconic brands on six continents, showcased by Heinz^®
Ketchup, The World’s Favorite Ketchup^®.



H.J. Heinz Company and Subsidiaries

Consolidated Statements of Income
                                                     
                                                            
                          Second Quarter Ended              Six Months Ended
(In Thousands,            October 28,     October 26,       October 28,     October 26,
Except per Share          2012           2011              2012           2011
Amounts)                  FY 2013         FY 2012           FY 2013         FY 2012
Sales                     $ 2,827,210     $ 2,813,964       $ 5,618,434     $ 5,646,562
Cost of products          1,813,801      1,846,345        3,603,037      3,695,311   
sold
Gross profit              1,013,409       967,619           2,015,397       1,951,251
Selling, general
and                       621,712        609,474          1,213,362      1,222,568   
administrative
expenses
Operating income          391,697         358,145           802,035         728,683
Interest income           7,833           9,191             16,191          18,968
Interest expense          69,963          75,177            143,334         146,132
Other
(expense)/income,         (6,264      )   1,244            (3,998      )   (1,036      )
net
Income from
continuing                323,303         293,403           670,894         600,483
operations before
income taxes
Provision for             31,037         52,999           92,624         124,505     
income taxes
Income from
continuing                292,266         240,404           578,270         475,978
operations
Loss from
discontinued              (678        )   (268        )     (22,004     )   (883        )
operations, net
of tax
Net income                291,588         240,136           556,266         475,095
Less: Net income
attributable to
the                       2,144          3,127            8,795          11,972      
noncontrolling
interest
Net income
attributable to           $ 289,444      $ 237,009        $ 547,471      $ 463,123   
H.J. Heinz
Company
Income/(loss) per
common share:
Diluted
Continuing
operations
attributable to           $ 0.90          $ 0.73            $ 1.76          $ 1.43
H.J. Heinz
Company common
shareholders
Discontinued
operations
attributable to           —              —                (0.07       )   —           
H.J. Heinz
Company common
shareholders
Net income
attributable to
H.J. Heinz                $ 0.90         $ 0.73           $ 1.70         $ 1.43      
Company common
shareholders
Average common
shares                    323,058        323,561          322,969        323,910     
outstanding -
diluted
Basic
Continuing
operations
attributable to           $ 0.91          $ 0.74            $ 1.78          $ 1.44
H.J. Heinz
Company common
shareholders
Discontinued
operations
attributable to           —              —                (0.07       )   —           
H.J. Heinz
Company common
shareholders
Net income
attributable to
H.J. Heinz                $ 0.90         $ 0.74           $ 1.71         $ 1.44      
Company common
shareholders
Average common
shares                    320,492        320,876          320,415        321,158     
outstanding -
basic
Cash dividends            $ 0.515        $ 0.48           $ 1.03         $ 0.96      
per share
Amounts
attributable to
H.J. Heinz
Company common
shareholders:
Income from
continuing                $ 290,122       $ 237,277         $ 569,475       $ 464,006
operations, net
of tax
Loss from
discontinued              (678        )   (268        )     (22,004     )   (883        )
operations, net
of tax
Net income                $ 289,444      $ 237,009        $ 547,471      $ 463,123   
(Totals may not
add due to
rounding)
                                                                            



H.J. Heinz Company and Subsidiaries

Segment Data

                                                    
                         Second Quarter Ended              Six Months Ended
(Amounts in              October 28,     October 26,       October 28,     October 26,
thousands)               2012           2011              2012           2011
                         FY 2013         FY 2012           FY 2013         FY 2012
Net external
sales:
North American
Consumer                 $ 794,957       $ 794,271         $ 1,553,809     $ 1,568,892
Products
Europe                   808,427         844,187           1,586,343       1,682,019
Asia/Pacific             606,283         592,825           1,264,216       1,263,591
U.S. Foodservice         348,028         334,436           663,374         642,403
Rest of World            269,515        248,245          550,692        489,657     
Consolidated             $ 2,827,210    $ 2,813,964      $ 5,618,434    $ 5,646,562 
Totals
Operating income
(loss):
North American
Consumer                 $ 190,341       $ 201,927         $ 373,772       $ 392,705
Products
Europe                   140,398         144,470           277,592         281,909
Asia/Pacific             49,784          39,989            122,613         101,234
U.S. Foodservice         44,223          34,886            80,873          67,417
Rest of World            27,094          32,119            58,107          64,415
Other:
Non-Operating            (60,143     )   (57,929     )     (110,922    )   (101,169    )
Productivity             —              (37,317     )     —              (77,828     )
initiatives (a)
Consolidated             $ 391,697      $ 358,145        $ 802,035      $ 728,683   
Totals
                                                                           
The company's revenues are generated via the sale of products in the following
categories:
                                                                           
Ketchup and              $ 1,315,116     $ 1,268,332       $ 2,634,416     $ 2,578,812
Sauces
Meals and Snacks         1,072,892       1,090,462         2,043,544       2,081,912
Infant/Nutrition         285,254         301,508           581,972         623,622
Other                    153,948        153,662          358,502        362,216     
Total                    $ 2,827,210    $ 2,813,964      $ 5,618,434    $ 5,646,562 
                                                                                       

(a) Includes costs in Fiscal 2012 associated with targeted workforce
reductions, asset write-offs associated with factory closures and other
implementation costs in order to increase manufacturing effectiveness and
accelerate productivity on a global scale. Other implementation costs
primarily include professional fees and relocation costs for the establishment
of a European supply chain hub in the Netherlands.



H.J. Heinz Company and Subsidiaries
Non-GAAP Performance Ratios


The Company reports its financial results in accordance with accounting
principles generally accepted in the United States of America ("GAAP").
However, management believes that certain non-GAAP performance measures and
ratios, used in managing the business, may provide users of this financial
information with additional meaningful comparisons between current results and
results in prior periods. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, the Company's reported results
prepared in accordance with GAAP. The following table provides the calculation
of the non-GAAP performance ratios discussed in the Company's press release
dated November20, 2012:

Fiscal 2013 Second Quarter Sales Variances

The following table illustrates the components of the change in net sales
versus the prior year for each of the five reported business segments.

                 Second Quarter Ended October 28, 2012
                                                 Organic       Net                                 Total
                     Volume   +  Price    =  Sales    +  Acquisitions/   +  Foreign   =  Net
                                                 Growth        (Divestitures)       Exchange       Sales
                                                 (a)                                               Change
Segment:
North
American             1.2  %        (0.8 )%       0.4   %       (0.6     )%          0.3   %        0.1  %
Consumer
Products
Europe               0.3  %        (0.2 )%       0.1   %       (0.6     )%          (3.8  )%       (4.2 )%
Asia/Pacific         1.9  %        2.2  %        4.1   %       —        %           (1.9  )%       2.3  %
U.S.                 (0.1 )%       4.1  %        4.1   %       —        %           —     %        4.1  %
Foodservice
Rest of              6.5  %        13.3 %        19.8  %       —        %           (11.3 )%       8.6  %
World
Consolidated         1.4  %        1.9  %        3.3   %       (0.4     )%          (2.4  )%       0.5  %
Totals
                                                                                                   

Fiscal 2012 Results Excluding Charges for Productivity Initiatives

The following table reconciles the Company's Fiscal 2012 reported results to
results excluding charges for productivity initiatives.

(amounts in      Second Quarter Ended October 26, 2011
thousands)
                                                               Results
                                            Charges for        excluding
Continuing           Reported Results  -  productivity  =  charges
Operations                                  initiatives        for
                                                               productivity
                                                               initiatives (b)
Sales                $  2,813,964         $ —              $  2,813,964
Gross Profit         $  967,619             $ (27,451 )        $  995,070
Gross Profit         34.4          %        (1.0      )%       35.4          %
Margin
SG&A
excluding            $  500,797             $ 9,866            $  490,931
marketing
Operating            $  358,145             $ (37,317 )        $  395,462
Income
Effective            18.1          %        31.6      %        19.6          %
tax rate
Income from
continuing           $  237,277             $ (25,534 )        $  262,811
operations,
net of tax
Diluted
earnings per
share from           $  0.73                $ (0.08   )        $  0.81
continuing
operations
                                                                             
(amounts in          Six Months Ended October 26, 2011
thousands)
                                                               Results
                                            Charges for        excluding
Continuing           Reported Results  -  productivity  =  charges
Operations                                  initiatives        for
                                                               productivity
                                                               initiatives (b)
Operating            $  728,683             $ (77,828 )       $  806,511
Income
Income from
continuing           $  464,006             $ (53,982 )       $  517,988
operations,
net of tax
Diluted
earnings per
share from           $  1.43                $ (0.17   )       $  1.60
continuing
operations
                                                                             

Constant Currency

The following table reconciles the Company's results from continuing
operations excluding charges for productivity initiatives in Fiscal 2012 to
constant currency results for the current period.

(amounts in           Results                                                    Constant Currency
thousands,            excluding                                Currency          Results excluding
except           charges for     -    Currency     -  Translation  =  charges for
per share             productivity           Translation       Hedges            productivity
amounts)              initiatives in                                             initiatives in
                      FY12                                                       FY12
Continuing                                                                                     
Operations
                                                                                                 
Sales
Second
Quarter
Ended                 $ 2,827,210            (68,664   )       —                 $ 2,895,874     (c)
October 28,
2012
Second
Quarter
Ended                 $ 2,813,964           —                 —                 $ 2,813,964 
October 26,
2011
Change                $ 13,246                                                  $ 81,910    
% Change              0.5         %                                              2.9         %
                                                                                                 
Six Months
Ended                 $ 5,618,434            (228,062  )       —                 $ 5,846,496     (c)
October 28,
2012
Six Months
Ended                 $ 5,646,562           —                 —                 $ 5,646,562 
October 26,
2011
Change                $ (28,128   )                                              $ 199,934   
% Change              (0.5        )%                                             3.5         %
                                                                                                 
Marketing
Second
Quarter
Ended                 $ 119,553              (3,726    )       —                 $ 123,279       (c)
October 28,
2012
Second
Quarter
Ended                 $ 108,677             —                 —                 $ 108,677   
October 26,
2011
Change                $ 10,876                                                  $ 14,602    
% Change              10.0        %                                              13.4        %
                                                                                                 
Operating
Income
Second
Quarter
Ended                 $ 391,697              (5,775    )       —                 $ 397,472       (c)
October 28,
2012
Second
Quarter
Ended                 $ 395,462       (b)   —                 —                 $ 395,462      (b)
October 26,
2011
Change                $ (3,765    )                                              $ 2,010     
% Change              (1.0        )%                                             0.5         %
                                                                                                 
                      Results                                                    Constant Currency
                      excluding                                Currency          Results excluding
                      charges for      -     Currency      -   Translation   =   charges for
                      productivity           Translation       Hedges            productivity
                      initiatives in                                             initiatives in
                      FY12                                                       FY12
Operating
Income
Six Months
Ended                 $ 802,035              (27,366   )       —                 $ 829,401       (c)
October 28,
2012
Six Months
Ended                 $ 806,511       (b)   —                 —                 $ 806,511      (b)
October 26,
2011
Change                $ (4,476    )                                              $ 22,890    
% Change              (0.6        )%                                             2.8         %
                                                                                                 
Earnings
per share
from
continuing
operations-
Diluted
Second
Quarter
Ended                 $ 0.90                 (0.01     )       (0.01   )         $ 0.92          (c)
October 28,
2012
Second
Quarter
Ended                 $ 0.81          (b)   —                 —                 $ 0.81         (b)
October 26,
2011
Change                $ 0.09                                                    $ 0.11      
% Change              11.1        %                                              13.6        %
                                                                                                 
Six Months
Ended                 $ 1.76                 (0.07     )       —                 $ 1.83          (c)
October 28,
2012
Six Months
Ended                 $ 1.60          (b)   —                 —                 $ 1.60         (b)
October 26,
2011
Change                $ 0.16                                                    $ 0.23      
% Change              10.0        %                                              14.4        %
                                                                                                 

                     Second Quarter Ended October 28, 2012
                                 Organic                                            Total
Organic                  Sales    +  Foreign   +  Acquisitions/  =    Net
Sales                            Growth        Exchange       Divestitures          Sales
                                 (a)                                                Change
Emerging                         13.2  %       (7.6  )%       4.7     %       (d)   10.3 %
Markets
Global                           5.0   %       (1.1  )%       —                     3.8  %
Ketchup
Top 15                           4.6   %       (2.9  )%       —                     1.7  %
Brands
                                                                                    
                                 Six Months Ended October 28, 2012
Total                            4.0   %       (4.0  )%       (0.5    )%            (0.5 )%
Company
                                                                                         

(a) Organic sales growth is a non-GAAP measure that is defined as volume plus
price or total sales growth excluding the impact of foreign currency
translation rates and acquisitions/divestitures.
(b) Excludes costs in Fiscal 2012 associated with targeted workforce
reductions, asset write-offs associated with factory closures and other
implementation costs in order to increase manufacturing effectiveness and
accelerate productivity on a global scale. Other implementation costs
primarily include professional fees and relocation costs for the establishment
of a European supply chain hub in the Netherlands.
(c) Excludes currency translation versus FY12 average rates as well as current
year translation hedge.
(d) Emerging Markets sales in Fiscal 2013 now include the markets of Papua New
Guinea, South Korea and Singapore. Sales in these markets were included in
Developed Markets sales in the prior year and therefore, were treated as an
acquisition variance when comparing current year sales to the prior year for
Emerging Markets.

(Totals may not add due to rounding)



H.J. Heinz Company
Non-GAAP Performance Ratios


Sales Variances

The following table illustrates the components of the change in net sales
versus the prior year.

Total Heinz (Continuing Operations)      2006^(b)(d)  2007^(b)(d)  2008^(d)  Q109^(d)  Q209^(d)  Q309^(d)  Q409^(d)  2009
                             
Volume                                3.9    %      0.8    %      3.9   %    5.4   %    (0.9  )%   (6.2  )%   (1.9  )%   (1.2 )%
Price                                     (0.1   )%     2.2    %      3.5   %    5.3   %    7.2   %    8.1   %    7.6   %    7.2  %
Acquisition                               5.0    %      1.3    %      0.7   %    0.7   %    1.2   %    2.5   %    3.4   %    2.0  %
Divestiture                               (1.2   )%     (3.1   )%     (0.8  )%   —          (0.2  )%   (0.1  )%   (0.2  )%   (0.2 )%
Exchange                                  (1.4   )%     2.8    %      5.2   %    4.1   %    (3.2  )%   (11.3 )%   (13.9 )%   (6.6 )%
Total
Change in                                 6.1    %      3.9    %      12.3  %    15.5  %    4.0   %    (7.1  )%   (5.0  )%   1.3  %
Net Sales
Total
Organic                                   3.8    %      3.0    %      7.4   %    10.7  %    6.3   %    1.9   %    5.7   %    6.0  %
Growth (a)
                                                                                                                             
                    Q110^(d)   Q210^(d)   Q310^(d)      Q410^(d)      2010       Q111^(d)   Q211^(d)   Q311^(d)   Q411^(d)   2011
Volume              (3.9  )%   (3.8  )%   1.2    %      1.6    %      (1.3  )%   2.5   %    0.3   %    0.5   %    (0.3  )%   1.0  %
Price               6.0   %    4.6   %    1.8    %      1.0    %      3.4   %    1.1   %    0.6   %    1.2   %    1.9   %    1.2  %
Acquisition         3.1   %    3.1   %    2.9    %      0.3    %      2.4   %    0.1   %    0.1   %    1.2   %    1.1   %    0.6  %
Divestiture         (0.2  )%   —          —             —             (0.1  )%   —          —          —          —          —
Exchange            (9.0  )%   (1.0  )%   6.9    %      5.5    %      0.5   %    (2.1  )%   (2.3  )%   (1.4  )%   3.3   %    (0.5 )%
Total
Change in           (4.0  )%   2.9   %    12.7   %      8.3    %      4.9   %    1.6   %    (1.2  )%   1.5   %    6.0   %    2.2  %
Net Sales
Total
Organic             2.1   %    0.8   %    3.0    %      2.6    %      2.1   %    3.6   %    0.9   %    1.7   %    1.6   %    2.2  %
Growth (a)
                                                                                                                             
                    Q112       Q212       Q312          Q412^(c)      2012^(c)   Q113       Q213
Volume              (0.6  )%   (2.8  )%   0.5    %      1.5    %      (0.3  )%   2.5   %    1.4   %
Price               3.7   %    4.4   %    4.2    %      3.0    %      3.8   %    2.3   %    1.9   %
Acquisition         4.7   %    5.0   %    3.7    %      3.1    %      4.1   %    —          —
Divestiture         —          (0.6  )%   (0.7   )%     (0.7   )%     (0.5  )%   (0.6  )%   (0.4  )%
Exchange            7.2   %    2.4   %    (0.4   )%     (1.4   )%     1.8   %    (5.6  )%   (2.4  )%
Total
Change in           15.0  %    8.4   %    7.3    %      5.5    %      8.9   %    (1.5  )%   0.5   %
Net Sales
Total
Organic             3.1   %    1.6   %    4.7    %      4.5    %      3.5   %    4.8   %    3.3   %
Growth (a)

____________________________________________________
(a) Organic sales growth is a non-GAAP measure that is defined as volume plus
price or total sales growth excluding the impact of foreign currency
translation rates and acquisitions/divestitures.
(b) Fiscal 2007 had one less week than Fiscal 2006.
(c) Fiscal 2012 had 2 extra business days than Fiscal 2011.
(d) Amounts have not been restated for the disposal of the U.S. Foodservice
frozen desserts business, which was reported in discontinued operations in
Fiscal 2013.

(Totals may not add due to rounding)

Contact:

H.J. Heinz Company
Media:
Michael Mullen, 412-456-5751
Michael.mullen@us.hjheinz.com
or
Investors:
Mary Ann Bell, 412-237-9760
Maryann.bell@us.hjheinz.com
 
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