Summary of Quarterly Results of Operations The following is a summary of unaudited quarterly results of operations for the years ended April 30, 2003 and 2002, as restated to reflect the effect of the merger exchange ratio discussed in Note C to the consolidated financial statements. Annual earnings per share may not equal the sum of the individual quarters due to differences in the average number of shares outstanding during the respective periods. The Company’s common shares are listed on the New York Stock Exchange — ticker symbol SJM. The table below pres- ents the high and low market prices for the shares and the quarterly dividends declared as restated to reflect the effect of the merger exchange ratio discussed in Note C to the consolidated financial statements. There were 131,570 share- holders of record as of June 16, 2003. Stock Price Data Net Income per Net Income per  Common Share – Quarter Ended  Net Sales Gross Profit Net Income  Common Share Assuming Dilution Fiscal 2003 July 31, 2002 $274,936 $ 92,352 $16,017 $0.39 $0.39 October 31, 2002 366,975 126,412 29,087 0.59 0.58 January 31, 2003 340,826 122,931 27,993 0.56 0.56 April 30, 2003 329,007 114,386 23,245 0.47 0.46 Fiscal 2002 July 31, 2001 $169,792 $ 57,180 $ 8,547  $0.37  $0.37 October 31, 2001 172,844 55,820 7,704 0.34 0.33 January 31, 2002 168,392 55,001 7,947 0.34 0.34 April 30, 2002 176,120 56,990 6,653 0.28 0.28 (Dollars in thousands, except per share data) Quarter Ended High Low Dividends Fiscal 2003 July 31, 2002 $37.50 $28.71 $0.20 October 31, 2002 38.84 32.03 0.20 January 31, 2003 42.25 33.30 0.20 April 30, 2003 40.80 33.00 0.23 Fiscal 2002 July 31, 2001 $29.38 $25.30 $0.17 October 31, 2001 38.20 25.29 0.17 January 31, 2002 39.92 32.80 0.17 April 30, 2002 38.78 32.06 0.17 11