Guarantor and Non-Guarantor Financial Information

Our Senior Notes are fully and unconditionally guaranteed, on a joint and several basis, by J.M. Smucker LLC and The Folgers Coffee Company (the “subsidiary guarantors”), which are 100 percent wholly-owned subsidiaries of the Company. A subsidiary guarantor will be released from its obligations under the indentures governing the notes (a) with respect to each series of notes, if we exercise our legal or covenant defeasance option with respect to such series of notes or if our obligations under an indenture are discharged in accordance with the terms of such indenture in respect of such series of notes; (b) with respect to all series of notes issued in March 2015, upon the issuance, sale, exchange, transfer, or other disposition (including through merger, consolidation, amalgamation, or otherwise) of the capital stock of the applicable subsidiary guarantor (including any issuance, sale, exchange, transfer, or other disposition following which the applicable subsidiary guarantor is no longer a subsidiary) if such issuance, sale, exchange, transfer, or other disposition is made in a manner not in violation of the indenture in respect of such series of notes; or (c) with respect to all series of notes, upon the substantially simultaneous release or discharge of the guarantee by such subsidiary guarantor of all of our primary senior indebtedness other than through discharges as a result of payment by such guarantor on such guarantees.

Condensed consolidating financial statements for the Company, the subsidiary guarantors, and the other subsidiaries of the Company that are not guaranteeing the indebtedness under the Senior Notes (the “non-guarantor subsidiaries”) are provided below. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with our 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. We have accounted for investments in subsidiaries using the equity method.



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME	Three Months Ended October 31, 2016
	The J.M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	527.9		$	328.7		$	2,714.3		$	(1,657.0	)	$	1,913.9
Cost of products sold	380.8			302.7			2,158.4			(1,670.9		)	1,171.0
Gross Profit	147.1			26.0			555.9			13.9			742.9
Selling, distribution, and administrative expenses and other special project costs	86.5			10.8			292.4			—			389.7
Amortization	2.6			—			49.2			—			51.8
Other operating expense (income) – net	0.1			(0.3		)	(1.7		)	—			(1.9		)
Operating Income	57.9			15.5			216.0			13.9			303.3
Interest (expense) income – net	(41.3		)	0.3			—			—			(41.0		)
Other (expense) income – net	(1.0		)	2.6			1.6			—			3.2
Equity in net earnings of subsidiaries	171.5			37.9			18.1			(227.5		)	—
Income Before Income Taxes	187.1			56.3			235.7			(213.6		)	265.5
Income taxes	9.8			0.1			78.3			—			88.2
Net Income	$	177.3		$	56.2		$	157.4		$	(213.6	)	$	177.3
Other comprehensive (loss) income, net of tax	(10.2		)	0.3			(10.1		)	9.8			(10.2		)
Comprehensive Income	$	167.1		$	56.5		$	147.3		$	(203.8	)	$	167.1



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME	Three Months Ended October 31, 2015
	The J.M. Smucker Company (Parent)			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	827.2		$	341.7	$	2,316.1		$	(1,407.3	)	$	2,077.7
Cost of products sold	629.8			314.3		1,755.1			(1,408.8		)	1,290.4
Gross Profit	197.4			27.4		561.0			1.5			787.3
Selling, distribution, and administrative expenses and other special project costs	62.7			10.2		347.5			—			420.4
Amortization	1.0			—		52.0			—			53.0
Other operating expense – net	—			—		0.1			—			0.1
Operating Income	133.7			17.2		161.4			1.5			313.8
Interest (expense) income – net	(42.8		)	0.3		(0.1		)	—			(42.6		)
Other income (expense) – net	0.6			0.1		(2.3		)	—			(1.6		)
Equity in net earnings of subsidiaries	116.8			32.0		17.3			(166.1		)	—
Income Before Income Taxes	208.3			49.6		176.3			(164.6		)	269.6
Income taxes	32.3			0.1		61.2			—			93.6
Net Income	$	176.0		$	49.5	$	115.1		$	(164.6	)	$	176.0
Other comprehensive income (loss), net of tax	2.1			0.2		(0.9		)	0.7			2.1
Comprehensive Income	$	178.1		$	49.7	$	114.2		$	(163.9	)	$	178.1



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME	Six Months Ended October 31, 2016
	The J.M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	1,503.9		$	639.3		$	5,314.2		$	(3,727.7	)	$	3,729.7
Cost of products sold	1,187.4			582.6			4,220.5			(3,726.4		)	2,264.1
Gross Profit	316.5			56.7			1,093.7			(1.3		)	1,465.6
Selling, distribution, and administrative expenses and other special project costs	171.4			20.9			575.6			—			767.9
Amortization	5.1			—			98.4			—			103.5
Other operating expense (income) – net	0.3			(0.3		)	(2.9		)	—			(2.9		)
Operating Income	139.7			36.1			422.6			(1.3		)	597.1
Interest (expense) income – net	(83.0		)	0.6			(0.1		)	—			(82.5		)
Other income – net	1.1			2.7			0.5			—			4.3
Equity in net earnings of subsidiaries	306.0			72.8			38.8			(417.6		)	—
Income Before Income Taxes	363.8			112.2			461.8			(418.9		)	518.9
Income taxes	16.5			0.2			154.9			—			171.6
Net Income	$	347.3		$	112.0		$	306.9		$	(418.9	)	$	347.3
Other comprehensive (loss) income, net of tax	(7.7		)	0.6			(23.6		)	23.0			(7.7		)
Comprehensive Income	$	339.6		$	112.6		$	283.3		$	(395.9	)	$	339.6



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME	Six Months Ended October 31, 2015
	The J.M. Smucker Company (Parent)			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	1,588.0		$	639.9	$	4,550.1		$	(2,748.3	)	$	4,029.7
Cost of products sold	1,239.7			586.5		3,436.9			(2,749.4		)	2,513.7
Gross Profit	348.3			53.4		1,113.2			1.1			1,516.0
Selling, distribution, and administrative expenses and other special project costs	124.9			20.8		685.2			—			830.9
Amortization	2.1			—		103.9			—			106.0
Other operating (income) expense – net	(0.1		)	0.4		(2.1		)	—			(1.8		)
Operating Income	221.4			32.2		326.2			1.1			580.9
Interest (expense) income – net	(87.4		)	0.6		(0.2		)	—			(87.0		)
Other income (expense) – net	3.5			0.1		(5.1		)	—			(1.5		)
Equity in net earnings of subsidiaries	223.2			65.2		32.3			(320.7		)	—
Income Before Income Taxes	360.7			98.1		353.2			(319.6		)	492.4
Income taxes	48.3			0.2		131.5			—			180.0
Net Income	$	312.4		$	97.9	$	221.7		$	(319.6	)	$	312.4
Other comprehensive (loss) income, net of tax	(19.0		)	0.5		(23.2		)	22.7			(19.0		)
Comprehensive Income	$	293.4		$	98.4	$	198.5		$	(296.9	)	$	293.4



CONDENSED CONSOLIDATING BALANCE SHEETS	October 31, 2016
	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	11.4	$	—	$	110.4	$	—		$	121.8
Inventories	—		152.4		877.2		(1.2		)	1,028.4
Other current assets	596.8		2.9		68.2		(12.9		)	655.0
Total Current Assets	608.2		155.3		1,055.8		(14.1		)	1,805.2
Property, Plant, and Equipment – Net	291.8		572.0		722.9		—			1,586.7
Investments in Subsidiaries	15,376.8		4,390.7		371.0		(20,138.5		)	—
Intercompany Receivable	—		475.0		1,728.5		(2,203.5		)	—
Other Noncurrent Assets
Goodwill	1,494.8		—		4,585.2		—			6,080.0
Other intangible assets – net	423.1		—		5,964.2		—			6,387.3
Other noncurrent assets	55.9		11.9		131.2		—			199.0
Total Other Noncurrent Assets	1,973.8		11.9		10,680.6		—			12,666.3
Total Assets	$	18,250.6	$	5,604.9	$	14,558.8	$	(22,356.1	)	$	16,058.2
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	815.3	$	102.2	$	401.7	$	(12.9	)	$	1,306.3
Noncurrent Liabilities
Long-term debt	4,945.4		—		—		—			4,945.4
Deferred income taxes	69.9		—		2,175.1		—			2,245.0
Intercompany payable	4,904.9		—		—		(4,904.9		)	—
Other noncurrent liabilities	335.0		17.9		28.5		—			381.4
Total Noncurrent Liabilities	10,255.2		17.9		2,203.6		(4,904.9		)	7,571.8
Total Liabilities	11,070.5		120.1		2,605.3		(4,917.8		)	8,878.1
Total Shareholders’ Equity	7,180.1		5,484.8		11,953.5		(17,438.3		)	7,180.1
Total Liabilities and Shareholders’ Equity	$	18,250.6	$	5,604.9	$	14,558.8	$	(22,356.1	)	$	16,058.2



CONDENSED CONSOLIDATING BALANCE SHEETS	April 30, 2016
	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	7.0	$	—	$	102.8	$	—		$	109.8
Inventories	—		143.2		752.0		4.2			899.4
Other current assets	497.3		5.9		71.9		(10.9		)	564.2
Total Current Assets	504.3		149.1		926.7		(6.7		)	1,573.4
Property, Plant, and Equipment – Net	296.3		587.0		744.4		—			1,627.7
Investments in Subsidiaries	15,092.2		4,317.9		331.6		(19,741.7		)	—
Intercompany Receivable	—		404.7		1,543.9		(1,948.6		)	—
Other Noncurrent Assets
Goodwill	1,494.8		—		4,596.3		—			6,091.1
Other intangible assets – net	428.3		—		6,066.1		—			6,494.4
Other noncurrent assets	57.4		10.4		129.7		—			197.5
Total Other Noncurrent Assets	1,980.5		10.4		10,792.1		—			12,783.0
Total Assets	$	17,873.3	$	5,469.1	$	14,338.7	$	(21,697.0	)	$	15,984.1
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	723.3	$	78.9	$	421.6	$	(10.8	)	$	1,213.0
Noncurrent Liabilities
Long-term debt	5,146.0		—		—		—			5,146.0
Deferred income taxes	60.7		—		2,169.6		—			2,230.3
Intercompany payable	4,644.7		—		—		(4,644.7		)	—
Other noncurrent liabilities	290.1		17.9		78.3		—			386.3
Total Noncurrent Liabilities	10,141.5		17.9		2,247.9		(4,644.7		)	7,762.6
Total Liabilities	10,864.8		96.8		2,669.5		(4,655.5		)	8,975.6
Total Shareholders’ Equity	7,008.5		5,372.3		11,669.2		(17,041.5		)	7,008.5
Total Liabilities and Shareholders’ Equity	$	17,873.3	$	5,469.1	$	14,338.7	$	(21,697.0	)	$	15,984.1



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS	Six Months Ended October 31, 2016
	The J.M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	22.4		$	87.9		$	265.0		$	—		$	375.3
Investing Activities
Additions to property, plant, and equipment	(17.0		)	(18.8		)	(48.2		)	—			(84.0		)
Proceeds from disposal of property, plant, and equipment	—			—			0.4			—			0.4
(Disbursements of) repayments from intercompany loans	—			(70.3		)	(189.9		)	260.2			—
Other – net	(0.1		)	1.2			(13.8		)	—			(12.7		)
Net Cash (Used for) Provided by Investing Activities	(17.1		)	(87.9		)	(251.5		)	260.2			(96.3		)
Financing Activities
Short-term borrowings – net	122.0			—			—			—			122.0
Repayments of long-term debt	(200.0		)	—			—			—			(200.0		)
Quarterly dividends paid	(164.9		)	—			—			—			(164.9		)
Purchase of treasury shares	(18.8		)	—			—			—			(18.8		)
Intercompany payable	260.2			—			—			(260.2		)	—
Other – net	0.6			—			—			—			0.6
Net Cash Used for Financing Activities	(0.9		)	—			—			(260.2		)	(261.1		)
Effect of exchange rate changes on cash	—			—			(5.9		)	—			(5.9		)
Net increase in cash and cash equivalents	4.4			—			7.6			—			12.0
Cash and cash equivalents at beginning of period	7.0			—			102.8			—			109.8
Cash and Cash Equivalents at End of Period	$	11.4		$	—		$	110.4		$	—		$	121.8



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS	Six Months Ended October 31, 2015
	The J.M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	104.3		$	73.2		$	405.0		$	—		$	582.5
Investing Activities
Business acquired, net of cash acquired	—			—			7.9			—			7.9
Additions to property, plant, and equipment	(56.3		)	(20.3		)	(40.8		)	—			(117.4		)
Proceeds from disposal of property, plant, and equipment	—			0.1			0.1			—			0.2
(Disbursements of) repayments from intercompany loans	—			(53.3		)	(368.0		)	421.3			—
Other – net	—			0.3			13.0			—			13.3
Net Cash (Used for) Provided by Investing Activities	(56.3		)	(73.2		)	(387.8		)	421.3			(96.0		)
Financing Activities
Short-term borrowings – net	144.0			—			—			—			144.0
Repayments of long-term debt	(450.0		)	—			—			—			(450.0		)
Quarterly dividends paid	(156.5		)	—			—			—			(156.5		)
Purchase of treasury shares	(7.4		)	—			—			—			(7.4		)
Intercompany payable	421.3			—			—			(421.3		)	—
Other – net	0.5			—			—			—			0.5
Net Cash Used for Financing Activities	(48.1		)	—			—			(421.3		)	(469.4		)
Effect of exchange rate changes on cash	—			—			(3.7		)	—			(3.7		)
Net increase in cash and cash equivalents	(0.1		)	—			13.5			—			13.4
Cash and cash equivalents at beginning of period	7.1			—			118.5			—			125.6
Cash and Cash Equivalents at End of Period	$	7.0		$	—		$	132.0		$	—		$	139.0