Tax Basis Worksheet

Please be aware that the information contained herein is general in nature and should not be construed to be legal, business, or tax advice.  You should consult your personal tax advisor as to the particular tax consequences of each transaction highlighted here, including the applicability and effect of any state, local, and foreign tax laws.

Smucker Spin-off from Procter & Gamble

On May 31, 2002 Procter & Gamble distributed shares of J. M. Smucker stock in a special distribution to its shareholders.  The distribution was a non-taxable event and gave every Procter & Gamble stockholder 1 share of Smucker stock for each 50 shares of P&G owned.  Since the tax basis of the stocks were based upon the combined market value of both issues on May 31^st, the allocation should be:

                        Procter & Gamble                                  99.217 %

                        JM Smucker                                             .783 %

(Based upon the cost basis of Procter & Gamble stock purchased or owned prior to 05/31/2002)

For detailed information please go to Investor Relations on the J. M. Smucker Website www.smuckers.com