11-K 1 l31612ae11vk.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, 2007 [ ] 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 SAVER PLAN (Title of Plan) H. J. HEINZ COMPANY (Name of Issuer of securities held pursuant to the Plan) 1 PPG Place, Suite 3100 Pittsburgh, PA 15222 (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, 2007 and 2006 3. Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2007 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 May 12, 2008 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 SAVER PLAN (Name of Plan) EMPLOYEE BENEFITS ADMINISTRATION BOARD By: /s/ RANDOLPH W. KEUCH ................................... Randolph W. Keuch Vice President, Total Rewards May 9, 2008 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 the H. J. Heinz Company SAVER Plan (the "Plan") at December 31, 2007 and 2006, and the changes in net assets available for benefits for the year ended December 31, 2007 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 audit 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 H, Line 4i - 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 May 12, 2008 3 H. J. HEINZ COMPANY SAVER PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, -------------------------------- 2007 2006 ----------- ----------- Assets: Investment in Master Trust, at fair value (Notes 4 and 7) $66,437,127 $61,181,385 Cash equivalents 90,769 87,622 Participant loans receivable (Note 1) 3,297,342 170,259 Interest receivable on cash equivalents 440 581 Contributions receivable: Employee 440,245 437,112 Employer 259,626 231,314 ----------- ----------- Total contributions receivable 699,871 668,426 ----------- ----------- Total Assets 70,525,549 62,108,273 ----------- ----------- Liabilities: Accrued administrative expenses 14,673 27,058 ----------- ----------- Total Liabilities 14,673 27,058 ----------- ----------- Net Assets Available for Benefits 70,510,876 $62,081,215 =========== ===========
The accompanying notes are an integral part of the financial statements. 4 H. J. HEINZ COMPANY SAVER PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS for the Year Ended December 31, 2007 Net change in Investment in Master Trust (Note 7) $ 4,836,811 Contributions: Participant contributions 5,383,643 Employer contributions, net 3,528,350 ----------- Increase in Plan assets 13,748,804 ----------- Deductions: Withdrawals and Distributions 6,446,812 Administrative expenses 98,662 ----------- Decrease in Plan assets 6,545,474 ----------- Transfer in from other plan (Note 8) 1,226,331 Net increase in net assets available for benefits for the year 8,429,661 Net assets available for benefits at the beginning of the year 62,081,215 Net assets available for benefits at ----------- the end of the year $70,510,876 ===========
The accompanying notes are an integral part of the financial statements. 5 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (1) PLAN DESCRIPTION: The following description of the H. J. Heinz Company ("Company") SAVER 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 eligible hourly employees actively employed by the Company or any of its affiliated companies, and who are in a division, or plant of a division, of the Company authorized to participate in the Plan. 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. Mellon Bank, N.A. is trustee ("Trustee") of the Plan. Eligibility Regular full time employees are eligible to participate in the Plan beginning with their employment commencement date subject to any probationary period for the specific work unit. Other employees are eligible to participate after completion of 1,000 hours of work. 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. A 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 earnings. 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 $15,500 ($20,500 if over age 50) in 2007 and $15,000 ($20,000 if over age 50) in 2006. The Committee gives a participant affected by these limitations timely notification. 6 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (Continued) Contributions (continued) Participating locations may make matching contributions in the form of Company stock, on a monthly basis. The Board makes the determination of the amount of such contribution after considering recommendations made by appropriate officers of participating affiliated companies or divisions. The amount of such contribution differs by work location. For locations participating, the matching contributions for the years ended December 31, 2007 and 2006 ranged from $.50 to $1.00 per each tax deferred dollar for a total match of up to 5% of participants' eligible earnings. The Company reserves the right to limit the maximum amount of matching contributions that may be contributed on behalf of any participant. Additionally, the Company may, but is not required to, contribute for each Plan year an additional supplemental amount determined by the Committee. The supplemental contribution is allocated to the supplemental contribution accounts of all eligible participants on a pro rata basis according to the ratio of each participant's earnings for the plan year to the total earnings of all participants for the plan year. Supplemental contributions are reflected in the Plan financial statements in the year in which the Committee approves them. The supplemental contribution was $705,985 for the year ended December 31, 2007. At certain locations, the Company will make monthly, age-related contributions to the accounts of eligible employees who direct the investment of such contributions into one or more of the investment funds described in Note 4. The age-related contributions are based on percentages of participants' eligible earnings and range from a rate of 1% for participants who are less than 30 years old to a rate of 8.5% for participants who are 65 years old and over. A participant may transfer amounts received from other retirement plans to the Plan. Amounts that are transferred from other retirement plans are held in a separate rollover account. Participant Accounts Each participant's account is credited with the participant's contributions, the Company's matching, supplemental, and age-related contributions, and Plan earnings. The Company's matching, supplemental and age-related contributions are based on participants' eligible earnings while each participant's investment earnings are determined by the results of the underlying investments selected by the participant. 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. Prior to 2007, participants' matching accounts vested after three years of service, and their age-related and supplemental accounts vested after five years of service. Beginning in 2007, the Plan accelerated the vesting for the age-related and supplemental contributions to three years. However, regardless of a participant's 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 automatically vest any non-vested accounts. 7 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (Continued) Withdrawals and Distributions A participant may elect to withdraw from their after tax or rollover account up to 100% of their account balance. A participant's tax deferred contributions will be available for withdrawal if: (a) The participant is eligible for a "hardship" withdrawal in accordance with the rules established by the Internal Revenue Service ("IRS"), or (b) The participant has attained age 59 1/2. A participant may not make withdrawals from the Company matching, supplemental, or age-related accounts during active employment. A participant who qualifies for a hardship withdrawal is suspended from making contributions to the Plan for six months. Under present IRS rules, a "hardship" means an immediate and heavy need to draw on financial resources to meet obligations related to health, death, education or housing. 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 Effective January 1, 2007, the Plan was amended to allow participants to borrow from their accounts. The minimum loan is $1,000 and the maximum is the lesser of $50,000 or 50% of the vested value of their account. Participants are charged a $50 loan processing fee. The interest rate is set based on the prime rate in effect on the last day of the month before the loan is issued plus 1%. Participant loans established under the Plan before January 1, 2007 continue to be administered in accordance with the rules in effect when they were issued. The Plan also administers participant loans of plans that were merged in the Plan. The interest rates for all outstanding loans for the years ended December 31, 2007 and 2006 ranged from 5.0% to 9.25% and 5.0% to 11.0%, respectively. Payment of principal and interest is by payroll deduction, subject to rules permitting prepayment. Repayments of the loan principal are allocated first to the participant's after tax account, and then to the participant's tax-deferred account. Payments of loan interest 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 elections in effect at the time such interest or principal repayment is received by the Trustee. In the event of default, as described by the Plan, participants are considered to have received a distribution and are subject to income taxes on the distributed amount. Also, participants may be subject to an additional 10% penalty tax on their taxable withdrawal if it occurs prior to age 59 1/2. 8 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (Continued) Cash Equivalents Cash equivalents are defined as highly liquid investments with original maturities of 90 days or less. 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 become fully vested in the Company contributions. The Company has no intention to terminate the Plan at this time. Administration Expenses The Trustee may pay expenses of the Plan including record-keeping fees, administrative charges, professional fees, and trustee fees, from the assets of the Trust Funds unless paid by the Company. Expenses are paid from Plan assets up to 15 basis points of the net asset value during the plan year. In addition, the Company uses the interest on the temporary investment funds ("TIF") maintained for liquidity to pay Plan expenses. The Company pays any Plan expenses not covered by the basis points accrual or the TIF interest. For the year ended December 31, 2007, Plan expenses were $98,662. Expenses are allocated to each investment fund based on the fund's proportion of the total asset value of the Plan. The expense accrual is calculated daily, and Plan expenses are then paid from the available expense accrual. 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 Plan was charged $12,662 for the year ended December 31, 2007. No amount was owed to the Company as of December 31, 2007. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Investment Valuation Investments in the Master Trust are valued as follows: The value of the shares in a mutual fund is based on the market value of the underlying securities in the fund. 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. Purchases and sales of securities are reflected on a trade-date basis. Gains or losses on sales of securities are based on average cost. Company stock dividends are recorded when paid because participants may elect to receive their dividends directly instead of reinvesting them. Mutual fund dividend income is recorded on the record date. Interest is recorded as earned. 9 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (Continued) 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 changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Other The accompanying financial statements are presented on the accrual basis of accounting. Benefits are recorded when paid. 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. (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 26, 2002 that the Plan is designed in accordance with applicable sections of the Code. The Plan was amended and restated effective January 1, 2007 to incorporate amendments relating to the Pension Protection Act of 2006 and certain other changes. 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, 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. The Company has recently submitted the plan to the IRS for review. 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. 10 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (Continued) (4) INVESTMENT PROGRAMS: Mellon Bank N.A. is 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. The Plan currently offers eight Vanguard funds, three Fidelity funds and four other funds in addition to Company Stock. See Note 7. In addition, the Plan holds TIF 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 credited against subsequent Company contributions. Forfeitures were $467,228 for the year ended December 31, 2007. (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, 2007 2006 ------------ ------------ Net Assets: Investment in Master Trust - H.J. Heinz Company common stock $ 488,289 $ 444,901
Year Ended December 31, 2007 ----------------- Employer contributions $ 298,961 Dividends 14,504 Net appreciation 16,507 Transferred to participant-directed investments (285,901) Administrative expenses (683) ----------- Change in net assets $ 43,388 ===========
11 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (Continued) (7) MASTER TRUST: The Company has a Master Trust arrangement with the Trustee. The Trustee maintains separate 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, 2007 ------------------------------------------------------------------------- Saver Plan Percentage Fair Value of Investment Income Net of Interest Investment of ---------------------- Change in the in the Master Trust Dividends Interest Fair Value Master Trust ------------- ----------- -------- ------------- ------------- H.J. Heinz Co. ESOP $ 90,165,511 $ 2,879,647 $113,102 $ 4,729,216 -- H.J. Heinz Co. Stock 15,587,642 463,003 7,796 993,505 100.0% Managed Income Portfolio 22,663,097 1,015,812 -- 1,015,812 4.01% Retirement Govt. Money Market 89,198,021 4,034,555 -- 4,034,555 25.78% Intermediate Bond Fund 17,539,052 844,676 -- 659,086 9.44% Fixed Income Securities Fund 15,332,532 871,023 -- 565,801 7.46% Wellington Fund 40,491,058 1,321,463 -- 3,229,972 7.85% Windsor II Fund 53,606,014 1,299,992 -- 1,335,744 5.76% Institutional Index Fund 54,076,261 1,042,093 -- 2,900,547 8.65% Explorer Fund 17,954,400 105,332 -- 987,725 8.51% International Growth Fund 30,543,003 636,991 -- 4,103,642 5.44% Lord Abbett Small Cap Value 16,045,471 66,097 -- 1,540,222 8.35% Small Cap Index Fund 4,047,049 55,763 -- (11,969) 9.07% Harbor International Fund 18,471,623 260,193 -- 3,051,784 7.89% Developed Markets Index Fund 6,422,535 183,782 -- 539,030 9.21% Oppenheimer Developing 28,919,305 232,930 -- 6,871,107 12.68% Growth Fund of America 39,033,042 485,110 -- 3,705,527 6.64% ------------ ----------- -------- ----------- Total Master Trust $560,095,616 $15,798,462 $120,898 $40,251,306 11.86% ============ =========== ======== ===========
12 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (Continued) (7) MASTER TRUST (CONTINUED):
December 31, 2006 --------------------------------------------------------------------------------------- Investment Income Saver Plan Fair Value of Net Percentage of Investment of Change in Interest in the Master Trust Dividends Interest The Fair Value Master Trust --------------- -------------- ----------- ---------------- ------------------ H.J. Heinz Co. ESOP $92,707,628 $2,833,482 -- $27,347,138 -- H.J. Heinz Co. Stock 14,004,720 385,132 -- 3,800,776 100.0% Managed Income Portfolio 25,945,269 1,048,786 -- 1,048,786 3.41% Retirement Gov't Money Market 78,282,250 3,551,755 -- 3,551,755 28.52% Intermediate Bond Fund 15,735,597 688,171 -- 649,907 8.63% Fixed Income Securities Fund 14,759,787 917,635 -- 351,303 8.73% Wellington Fund 38,524,509 1,165,020 -- 5,175,548 7.49% Windsor II Fund 52,959,809 1,195,605 -- 8,510,668 5.93% Institutional Index Fund 53,057,229 940,968 -- 7,548,379 9.03% Explorer Fund 18,486,548 106,224 -- 1,636,381 9.20% International Growth Fund 25,396,481 551,551 -- 5,473,479 5.21% Lord Abbett Small Cap Value 12,990,279 -- -- 1,751,836 7.03% Small Cap Index Fund 3,515,796 40,912 -- 406,116 9.20% Harbor International Fund 12,429,878 276,294 -- 2,462,717 7.99% Developed Markets Index Fund 4,228,797 98,111 -- 786,588 9.99% Oppenheimer Developing 20,422,944 1,862,214 -- 3,659,590 12.22% Growth Fund of America 32,181,844 342,550 -- 3,126,361 7.22% --------------- -------------- ----------- ---------------- Total Master Trust $515,629,365 $16,004,410 -- $77,287,328 11.87% =============== ============== =========== ================
13 H. J. HEINZ COMPANY SAVER PLAN Notes to Financial Statements (Continued) (8) PLAN AMENDMENTS, ACQUISITIONS AND OTHER: During 2007, the Board approved the merger of the participant balances of the Kabobs, Inc. 401(k) Profit Sharing Plan ("Kabobs Plan") into the Plan. Approximately $1.2 million of assets was transferred into the Plan, including $66,286 in participant loans. (9) RELATED PARTY TRANSACTIONS: The Plan holds a total of $241,382 of TIF which is managed by Mellon Bank N.A., the trustee of the Plan as of December 31, 2007 and for the year then ended. The Company stock investment holds $150,613 of TIF for liquidity. The remainder is maintained to pay expenses. Therefore, these transitions 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 57,064 shares of Company stock at a cost of $2,631,737 and sold 35,229 shares of Company stock for $1,624,516 during Plan year 2007. The Plan received $463,003 in dividends during the 2007 Plan year. (10) NEW ACCOUNTING PRONOUNCEMENTS: In September 2006, the FASB issued Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements" ("SFAS 157"). SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements. It applies to other pronouncements that require or permit fair value but does not require any new fair value measurements. The statement defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." SFAS 157, as it relates to financial assets and liabilities, is effective for the Company beginning January 1, 2008. In February 2008, the FASB issued FSP FAS 157-2, "Effective Date of FASB Statement No. 157" ("FSP FAS 157-2"), which permits a one-year deferral of the application of SFAS 157 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). The Company will adopt SFAS 157 and FSP FAS 157-2 effective January 1, 2008. Accordingly, the provisions of SFAS 157 will not be applied to nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis, until January 1, 2009. The Company is currently analyzing the impact of SFAS 157 on the Plan's financial statements. 14 H. J. HEINZ COMPANY EMPLOYEES SAVER PLAN EIN: 25 - 0542520 PLAN 011 SCHEDULE H, LINE 4i ---- SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2007
(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 -- $66,437,127 * Mellon Bank N.A. EB Temporary Investment Fund $90,769 90,769 * Participant Loans Participant Loans -- 3,297,342 Interest Rates, 5.0% - 9.25%
* 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 May 12, 2008 is filed herein. 16