11-K 1 j1451001e11vk.txt H.J. HEINZ COMPANY 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] FOR THE TRANSITION PERIOD FROM TO ------------------------ ------------ COMMISSION FILE NUMBER 1-3385 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN (Title of Plan) H. J. HEINZ COMPANY (Name of Issuer of securities held pursuant to the Plan) 600 GRANT STREET PITTSBURGH, PA 15219 (Address of Plan and of principal executive office of Issuer) FINANCIAL STATEMENTS AND EXHIBITS The following Plan financial statements, schedules and reports are attached hereto: 1. Report of Independent Registered Public Accounting Firm 2. Statements of Net Assets Available for Benefits as of December 31, 2004 and 2003 3. Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2004 4. Notes to Financial Statements 5. Supplemental Schedule of Assets (Held at End of Year) Exhibits required to be filed by Item 601 of Regulation S-K are listed below and are filed as a part hereof. Documents not designated as being incorporated herein by reference are filed herewith. The paragraph number corresponds to the exhibit number designated in Item 601 of Regulation S-K. 23. The consent of Independent Registered Public Accounting Firm dated June 24, 2005 is filed herein. 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Administration Board has duly caused this Form 11-K Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pittsburgh, Commonwealth of Pennsylvania. H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN (Name of Plan) EMPLOYEE BENEFITS ADMINISTRATION BOARD By: /s/ Randolph W. Keuch .................................. Randolph W. Keuch Vice President, Total Rewards June 28, 2005 2 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To The Participants and the H. J. Heinz Company Employee Benefits Administration Board: In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of H. J. Heinz Company Employees Retirement and Savings Plan (the "Plan") at December 31, 2004 and 2003, and the changes in net assets available for benefits for the year ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ PricewaterhouseCoopers LLP Pittsburgh, Pennsylvania June 24, 2005 3 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, --------------------------------- 2004 2003 ------------ ----------- Assets: Investment in Master Trust (Note 7) $413,934,684 $344,929,048 Cash Equivalents 383,432 -- Investment in ESOP Trust (Note 7) -- 131,260,824 Participant Loans 66,401 88,669 ESOP Dividends receivable 794,968 957,926 Contributions receivable: Employee 875,562 1,241,703 Employer 993,196 1,656,280 ------------ ------------ Total contributions receivable 1,868,758 2,897,983 ------------ ------------ ------------ ------------ Total Assets 417,048,243 $480,134,450 ------------ ------------ Liabilities: Accrued administrative expenses 41,144 179,464 ------------ ------------ Total Liabilities 41,144 179,464 ------------ ------------ Net Assets Available for Benefits $417,007,099 $479,954,986 ============ ============
The accompanying notes are an integral part of the financial statements. 4 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS for the Year Ended December 31, 2004 Net Change in Investment in Master Trust (Note 7) $31,217,544 Loan Repayments (22,268) Additions: Participant contributions 13,810,789 Employer contributions, net 14,790,037 Interest 13,383 ------------- Total additions 28,614,209 ------------- Deductions: Withdrawals and Distributions 39,721,186 Administrative expenses 322,644 ------------- Total deductions 40,043,830 ------------- Transferred to other plans (Note 8) 82,713,542 Net decrease in net assets available for benefits for the year (62,947,887) Net assets available for benefits at the beginning of the year 479,954,986 Net assets available for benefits at ------------- the end of the year $417,007,099 =============
The accompanying notes are an integral part of the financial statements. 5 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (1) PLAN DESCRIPTION: The following description of the H. J. Heinz Company ("Company") Employees Retirement and Savings Plan ("Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. General The Plan is a defined contribution plan covering salaried employees actively employed by the Company or any of the affiliated companies. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The administration of the Plan and the responsibility for interpreting and carrying out its provisions is vested in the Employee Benefits Administration Board ("Committee"). The Committee consists of members appointed by the Board of Directors of the Company ("The Board") upon the recommendation of the Investment and Retirement Plan Oversight Committee of the Company. The members of the Committee are not compensated for serving on the Committee. Effective January 1, 2004, the Board appointed Mellon Bank, N.A. as Trustee of the Plan ("Trustee"). Pursuant to this change, the ESOP trust, established for matching contributions, was incorporated into the master trust. In prior years, Fidelity Management Trust Company was the trustee of the Plan and Mellon Bank, N.A. was trustee of the separate ESOP trust. Eligibility Regular full time employees are eligible to contribute to the Employee Savings Account and to receive a Company Match starting with their employment date. Effective, May 1, 2004, employees hired on or after this date must fulfill a one-year waiting period before monthly contributions are made to the Company Contribution Account. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investment Risks The plan provides for various investment options as described in Note 4. Any investment is exposed to various risks, such as interest rate, market and credit. These risks could result in a material effect on participants' account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits. Contributions Participant contributions to the Plan may be either tax-deferred or after- tax. The total of a participant's tax-deferred and after-tax contributions may not exceed 20% of their compensation. Each participant may make contributions into one or more of the investment funds as described in Note 4, in whole percentages, of not less than 1% of his compensation. Tax-deferred contributions made by certain highly compensated participants may be limited under Internal Revenue Code of 1986, as amended (the "Code") rules. Tax-deferred contributions by any participant under the Plan and any other qualified cash or deferred arrangement were limited to $13,000 ($16,000 if over age 50) in 2004 and $12,000 ($14,000 if over age 50) in 2003. The Committee gives participants affected by these limitations timely notification. Effective May 1, 2004, the Company contributes, on behalf of each participating employee,$.50 for each tax-deferred employee contribution up to 5% of the employee's eligible earnings. Also, an incentive match up to $.50 for each tax-deferred employee contribution up to 5% of the employee's eligible earnings may be awarded based on the earnings per share of the Company. Prior to May 1, 2004, the Company contributed $1.00 for each tax-deferred employee contribution matching up to 3% of the employee's compensation. The Company's matching contributions may be made in cash or in shares of the Company's common stock of equal value. 6 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) Contributions (continued) In addition, the Company makes monthly, age-related contributions to the Company Contribution Account ("CCA") of participating employees who direct the investment of such contributions into one or more of the investment funds as described in Note 4. For employees hired on or after May 1, 2004, these contributions range from 3% of eligible earnings for participants less than 30 years old to 9% for those 60 and over. For employees hired prior to May 1, 2004, the age-related contributions range from 1.5% for participants who are less than 30 years old to 13% for participants 60 and over. A participant may transfer amounts received from other retirement plans to the Plan. Amounts that are rolled over from other retirement plans are held in a separate rollover account. Participant Accounts Each participant's account is credited with the participant's contribution(s) and allocation of (a) the Company's matching and age-related contributions, as defined, and (b) Plan earnings. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Vesting The value of a participant's tax deferred account, after tax account, and rollover account, is fully vested at all times. The value of the Company's matching contribution will be fully vested after the earlier of three years of service, attainment of age 65, disability, or death. The CCA contribution allocated to a participant's account will be fully vested upon the occurrence of any of the following events: completion of 5 years of service, job elimination, workforce reduction, termination of employment in the year of attainment of age 55 or after, attainment of age 65, total and permanent disability, or death. Withdrawals and Distributions A participant may elect to withdraw up to 100% of their after tax or rollover account. A participant's matching account will be available for withdrawal if the participant: (a) has at least 5 years of continuous membership in the Plan, or (b) has attained age 59 1/2. A participant may not withdraw any amount from their tax deferred account during active employment before age 59 1/2 except for hardship as defined in the Plan. A participant may not withdraw any amount from their CCA during active employment before age 70 1/2. A participant who qualifies for a hardship withdrawal and withdraws from their tax deferred account is suspended from making contributions to the Plan for six months. Under present Internal Revenue Service ("IRS") rules, a "hardship" means an immediate and heavy need to draw on financial resources to meet obligations related to health, education or housing. Cash Equivalents Cash equivalents are defined as highly liquid investments with original maturities of 90 days or less. 7 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) Withdrawals (continued) A participant, upon termination of service, may either receive a lump-sum payment of their account balance or transfer their account balance to the trustee or custodian of another eligible retirement plan. Upon retirement, a participant may transfer their account balance to the Employees' Retirement System to purchase an annuity. Loans The Plan was amended effective January 1, 1990, to prohibit the granting or renegotiating of loans. Outstanding loans at December 31, 1989 continue to be administered in accordance with the loan rules established by the Committee as in effect on such date. The interest rates for all outstanding loans for the years ended December 31, 2004 and 2003 ranged from 5.5% to 11.0%. Payment of principal and interest is by payroll deduction, subject to rules permitting prepayment. Repayments of the principal of a loan to a participant will be allocated first to the participant's after tax account, and then to the participant's tax deferred account. Payments of interest on a loan to a participant are allocated to the participant's after tax account and tax deferred account, respectively, in the same proportion that the outstanding principal of the loan was attributable to such accounts at the end of the month preceding the payment. Payments of principal and interest are reinvested in the investment fund(s) in accordance with the participant's investment directions in effect at the time such interest or principal repayment is received by the Trustee. Termination The term of the Plan is indefinite, subject to termination at any time by the Board. In the event the Plan is terminated or the Company contributions are permanently discontinued, participants will be fully vested in the Company contributions. The Company has no intention to terminate the Plan at this time. Administrative Expenses The Trustees may pay expenses of the Plan including record-keeping fees, administrative charges, professional fees, and trustee fees, from the assets of the Trust unless paid by the Company. Beginning in 2004, expenses are paid from Plan assets up to a maximum of 10 basis points of the net asset value during the plan year. The Company pays expenses in excess of 10 basis points. For the years ended December 31, 2004 and 2003 the Plan incurred expenses of $322,644 and $560,018, respectively. Expenses absorbed by the Plan were allocated to the various funds of the Plan based on the net asset value of the individual fund as a percentage of the total net asset value of the Plan's funds. The Company, as permitted by ERISA, may obtain reimbursement from Company sponsored employee benefit plans for certain administrative charges incurred in providing administrative services to such plans. These expenses include salaries, payroll expenses and other miscellaneous charges, and are allocated based on time incurred related to each plan. The allocation of these charges to the Plan for the years ended December 31, 2004 and 2003 was $15,858 and $26,393, respectively. The Plan did not have any amounts due to the Company as of December 31, 2004. The amount was $3,792 at December 31, 2003. 8 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Investment Valuation Investments in the Master Trust are valued as follows: Investments in securities traded on a national exchange are valued at the last reported sales price on the last business day of the year. Temporary investments in short-term investment funds are valued at cost, which approximates market value. Other The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Such change as it relates to those investments held in the Master Trust is included as a component of the Net Change in Investment in Master Trust on the Statement of Changes in Net Assets. Also included in the Net Change in Investment in Master Trust are dividends and interest earned for the year and participant loan repayments. Purchases and sales of securities are reflected on a trade-date basis. Gains or losses on sales of securities are based on average cost. Dividend income is recorded on the ex-dividend date. Interest is recorded as earned. (3) FEDERAL INCOME TAXES: The IRS has made a determination that the Plan is a qualified plan under Section 401(a) of the Code. Therefore, the Trust established under the Plan is exempt from Federal income taxes under Section 501(a) of the Code. The IRS has determined and informed the Company by letter dated August 1, 2002 that the Plan is designed in accordance with applicable sections of the Code. The Plan has been amended since it was submitted for review. However, tax and ERISA counsel to the Company is of the opinion that the Plan continues to be a "qualified" plan under Section 401(a) of the Code, that the Plan contains an employee stock ownership plan that meets the requirements of Section 4975(e)(7) of the Code and that the Plan contains a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code. Therefore, no provision for income tax has been included in the Plan's financial statements. Under present Federal income tax laws and regulations, and as long as the Plan is approved as a qualified plan, participants are not subject to Federal income taxes as a result of their participation in the Plan until their accounts are withdrawn or distributed to them. 9 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (4) INVESTMENT PROGRAMS: Effective January 1, 2004, Mellon Bank N.A. became Trustee for all of the investment funds. Participants may direct the investment of their accounts in multiples of 1%, in any one or more of the Investment funds selected by the Committee. In plan years 2004 and 2003, eight Fidelity funds and seven Vanguard funds were offered in addition to the H.J. Heinz Company Stock Fund. In addition, the Plan holds a temporary investment fund sponsored by Mellon Bank, N.A. for liquidity. (5) FORFEITURES: Company contributions which have been credited to participants' accounts and which have not vested are forfeited upon termination of employment. These forfeitures are used to reduce company contributions. Forfeitures were $1,055,843 for the year ended December 31, 2004 and $1,020,788 for the year ended December 31, 2003. 10 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (6) NONPARTICIPANT-DIRECTED INVESTMENTS: Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows:
December 31, December 31, 2004 2003 ------------ ------------ Assets: Investment in Master Trust - H.J. Heinz Company common stock $980,399 $603,235 Dividends receivable 1,881 4,403 Employer contributions receivable 527 1,350 Liabilities: Accrued administrative fees 97 561 --------- ---------- Net assets $982,710 $608,427
Year Ended December 31, 2004 ----------------- Dividends $ 19,620 Employer contributions 634,503 Net appreciation 62,838 Transfers to participant-directed investments (341,912) Administrative expenses (766) ------------ Change in net assets $ 374,283 ============
11 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (7) MASTER TRUST: The Company has a Master Trust arrangement with the Trustee. The Trustee maintains accounts to record the pro rata share of each participating Plan, reflecting contributions received on behalf of the Plan, benefit payments or other expense allocable to the Plan and its pro rata share of collected or accrued income, gain or loss, general expenses and other transactions allocable to the Investment Funds or the Trust as a whole. The following tables present the Master Trust information for the Plan.
December 31, 2004 ----------------------------------------------------------------------------------------------- Retirement & Investment Income Net Savings Plan Fair Value of Change in Percentage of Investment of The Fair Interest in the Master Trust Dividends Interest Value* Master Trust ------------ ----------- ---------- ------------ --------------- H.J. Heinz Co. ESOP Stock Fund $110,909,580 $ 3,232,544 $ 28,728 $ 4,438,009 100.00% H.J. Heinz Co. Stock Fund 10,563,067 363,400 1,834 461,464 -- Managed Income Portfolio 21,972,515 874,885 -- 874,885 97.88% Magellan Fund 37,247,199 447,421 -- 2,743,669 91.30% Retirement Gov't Money Market 76,188,407 740,925 -- 740,925 74.76% Overseas Fund 11,255,200 95,095 -- 1,320,277 95.78% Equity-Income Fund 26,079,426 1,196,892 -- 2,361,847 94.12% Puritan Fund 22,835,696 1,344,685 -- 2,003,786 93.38% Intermediate Bond Fund 14,981,747 785,505 -- 582,303 93.30% OTC Portfolio 13,101,895 153,888 -- 7,653,548 93.93% Fixed Income Securities Fund 15,678,496 990,584 -- 1,299,542 92.61% Wellington Fund 13,839,961 759,567 -- 1,300,306 94.81% Windsor II Fund 21,644,963 389,039 -- 3,122,873 95.37% Institutional Index Fund 23,944,332 445,378 -- 2,495,016 96.43% U.S. Growth Fund 10,112,548 50,478 -- 755,079 92.32% Explorer Fund 18,656,911 18,428 -- 1,942,177 95.35% International Growth Fund 9,322,341 168,103 -- 1,277,820 97.80% Del Monte Stock Fund -- -- 9,079 (2,625,477) -- ------------ ----------- ---------- ------------ Total Master Trust $458,334,284 $12,056,817 $ 39,641 $ 32,748,049 90.31% ============ =========== ========== ============
* Includes transfers between funds. 12 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (7) MASTER TRUST: (CONTINUED)
December 31, 2003 ----------------------------------------------------------------------------------------------- Retirement & Investment Income Net Savings Plan Fair Value of Change in Percentage of Investment of The Fair Interest in the Master Trust Dividends Interest Value* Master Trust ------------ ----------- ---------- ------------ --------------- H.J. Heinz Co. Stock Fund $ 19,299,416 $ 557,071 $ 3,947 ($527,623) 0.19% Managed Income Portfolio 21,605,382 -- 1,010,691 3,124,109 96.71% Magellan Fund 50,046,968 411,295 -- 7,853,336 88.05% Retirement Gov't Money Market 90,868,284 -- 740,522 (193,120) 66.21% Overseas Fund 12,053,161 117,525 -- 4,641,847 92.69% Equity-Income Fund 30,250,916 986,430 -- 7,451,730 90.91% Puritan Fund 26,778,223 1,058,520 -- 4,887,810 89.71% Intermediate Bond Fund 21,102,860 1,261,555 -- 12,286 90.46% OTC Portfolio 18,202,149 -- -- 6,405,328 89.14% Fixed Income Securities Fund 19,869,437 1,337,627 -- (360,550) 89.53% Wellington Fund 12,930,692 336,582 -- 2,723,101 92.93% Windsor II Fund 17,579,113 345,080 -- 5,853,363 92.00% Institutional Index Fund 26,661,653 380,311 -- 9,215,530 94.05% U.S. Growth Fund 12,362,364 59,605 -- 3,359,317 88.51% Explorer Fund 20,369,189 -- -- 10,541,521 92.54% International Growth Fund 5,701,466 80,335 -- 2,064,150 95.66% Del Monte Stock Fund 18,194,543 -- 4,990 3,686,909 84.93% ------------ ----------- ---------- ------------ Total Master Trust $423,875,816 $ 6,931,936 $1,760,150 $ 70,739,044 81.38% ============ =========== ========== ============
* Includes transfers between funds. 13 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN Notes to Financial Statements (Continued) (8) PLAN AMENDMENTS, ACQUISITIONS AND OTHER: During 2004, Del Monte Foods Company participant balances of $77.5 million were transferred from the Plan to a separate Del Monte Trust. These participant accounts were being administered as part of the Transition Services Agreement between the two companies after the spin-off of certain of the Company's businesses to the Del Monte Foods Company. In addition, approximately $5.2 million was transferred to the Impress USA 401(k) Plan for former Heinz employees. (9) SUBSEQUENT EVENTS: During 2005, the Board approved the merger of the participant balances of salaried employees of the H.J. Heinz Company Foodservice 401(k) Plan into the Plan. The transfer will occur in stages beginning in February 2005 and ending July 2005. (10) RELATED PARTY TRANSACTIONS: The temporary investment fund is managed by Mellon Bank, N.A., the trustee of the Plan as of December 31, 2004 and for the year then ended. Therefore, these transactions qualify as party-in-interest transactions. Certain Plan investments are publicly traded common stock of H.J. Heinz Company, the Plan Sponsor. The Plan purchased 193,193 shares of Company Stock at a cost of $7,161,181 and sold 456,745 shares of Company Stock for $16,911,608 during Plan year 2004. The Plan received $3,232,544 in dividends during the 2004 Plan year. (11) RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500: The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2004 to Form 5500:
2004 Net assets available for benefits per the financial statements $417,007,099 Amounts allocated to withdrawing participants (6,832,582) ------------ Net assets available for benefits per the Form 5500 $410,174,517 ============ The following is a reconciliation of benefits paid to participants per the financial statements for the year ended December 31, 2004 to Form 5500: Benefits paid to participants per the financial statements $ 39,721,186 Add: Amounts allocated to withdrawing participants at December 31, 2004 6,832,582 ------------ Benefits paid to participants per Form 5500 $ 46,553,768 ============
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2004, but not yet paid as of that date. 14 H. J. HEINZ COMPANY EMPLOYEES RETIREMENT AND SAVINGS PLAN EIN: 25 - 0542520 PLAN 009 SCHEDULE H, Line 4i -- SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2004
(c) Description of investment including (b) Identity of issue, borrower, maturity date, rate of interest, (e) Current (a) lessor, or similar party collateral, par or maturity value (d) Cost Value ------- -------------------------------- ----------------------------------------- ------------------- ---------------- * H. J. Heinz Company Master Trust -- $413,934,684 * Participant Loans Participant Loans -- 66,401 Interest Rates, 5.5% - 11.0%
* Denotes a party-in-interest, for which a statutory exemption exists. 15 EXHIBIT INDEX Exhibits required to be filed by Item 601 of Regulation S-K are listed below and are filed as part hereof. Documents not designated as being incorporated herein by reference are filed herewith. The paragraph number corresponds to the exhibit number designated in Item 601 of Regulation S-K. 23. The consent of Independent Registered Public Accounting Firm dated June 24, 2005 is filed herein. 16