12 3 4 5. Exhibit 3 H. J. HEINZ: ESTIMATING THE COST OF CAPITAL IN UNCERTAIN...

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12 3 4 5. Exhibit 3 H. J. HEINZ: ESTIMATING THE COST OF CAPITAL IN UNCERTAIN TIMES Capital Market Data (yields and prices as of the last trading day in April of the year indicated) 8 Average Historic Yields 10 11 1-year 12 5-year 13 10-year 14 30-year 15 Moody's Aaa 16 Moody's Baa 17 3-month commercial paper 10 2008 2009 2010 2007 2006 2003 2004 2005 1.22% 1.55% 3.33% 4.98% 4.89% 1.85% 0.49% 0.41% 2.85% 3.63% 3.90% 4.92% 4.51% 3.03% 2.02% 2.43% 3.89% 4.53% 4.21% 5.07% 4.63% 3.77% 3.16% 3.69% 4.79% 5.31% 4.61% 5.17% 4.89% 4.49% 4.05% 4.53% 5.53% 5.87% 5.21% 5.95% 5.40% 5.51% 5.45% 5.13% 6.65% 6.58% 5.97% 6.74% 6.31% 6.87% 8.24% 6.07% 1.21% 1.08% 2.97% 4.90% 5.22% 1.91% 0.22% 0.24% 19 Heinz Capital Market Prices of Typical Issues 20 21 Heinz stock price 22 Bond price: 6.750% coupon, semiannual bond due 3/15/32 (Baa rated) 23 Bond price: 6.625% coupon, semiannual bond due 10/15/12 (Baa rated) 24 25 (1) was not issued. The 20-year yield is used for 2003-05, when the 30-year was 26 Note that bond data were slightly modified for teaching purposes. 27 Data sources: Federal Reserve, Value Line, Morningstar, and case writer estimates. 2009 2010 $34.42 $46.87 91.4 116.9 116.5 113.7 28 29 30 Quick Analysis (Ctrl+Q) Use the Quick Analysis tool to quickly and easily analyze your data with some of Excel's most useful tools, such as charts, color-coding, and formulas. + 12 3 4 5. Exhibit 3 H. J. HEINZ: ESTIMATING THE COST OF CAPITAL IN UNCERTAIN TIMES Capital Market Data (yields and prices as of the last trading day in April of the year indicated) 8 Average Historic Yields 10 11 1-year 12 5-year 13 10-year 14 30-year 15 Moody's Aaa 16 Moody's Baa 17 3-month commercial paper 10 2008 2009 2010 2007 2006 2003 2004 2005 1.22% 1.55% 3.33% 4.98% 4.89% 1.85% 0.49% 0.41% 2.85% 3.63% 3.90% 4.92% 4.51% 3.03% 2.02% 2.43% 3.89% 4.53% 4.21% 5.07% 4.63% 3.77% 3.16% 3.69% 4.79% 5.31% 4.61% 5.17% 4.89% 4.49% 4.05% 4.53% 5.53% 5.87% 5.21% 5.95% 5.40% 5.51% 5.45% 5.13% 6.65% 6.58% 5.97% 6.74% 6.31% 6.87% 8.24% 6.07% 1.21% 1.08% 2.97% 4.90% 5.22% 1.91% 0.22% 0.24% 19 Heinz Capital Market Prices of Typical Issues 20 21 Heinz stock price 22 Bond price: 6.750% coupon, semiannual bond due 3/15/32 (Baa rated) 23 Bond price: 6.625% coupon, semiannual bond due 10/15/12 (Baa rated) 24 25 (1) was not issued. The 20-year yield is used for 2003-05, when the 30-year was 26 Note that bond data were slightly modified for teaching purposes. 27 Data sources: Federal Reserve, Value Line, Morningstar, and case writer estimates. 2009 2010 $34.42 $46.87 91.4 116.9 116.5 113.7 28 29 30 Quick Analysis (Ctrl+Q) Use the Quick Analysis tool to quickly and easily analyze your data with some of Excel's most useful tools, such as charts, color-coding, and formulas. +