McCORMICK & COMPANY  2008 ANNUAL REPORT

Earnings per share were $1.94 in 2008 compared with $1.73 in 2007. Included in 2008 earnings per share are restructuring charges and a net gain that related to our Lawry's acquisition which included the sale of our Season-All® business. We also recorded a non-cash impairment charge to reduce the value of our Silvo® brand due to a reduction in distribution in The Netherlands. Excluding these items and the 2007 restructuring charges, earnings per share rose 11%, which was above our initial 2008 goal of 8 to 10%.       With another $11 million of cost savings, our restructuring program has delivered $56 million in annual savings,

versus our $50 million goal. In 2008, our team in Europe consolidated production facilities in France and streamlined our merchandising system in the U.K. and distributor networks in several smaller markets.       Supply chain initiatives across the Company delivered an additional $20 million in savings in 2008. Supply chain initiatives go hand-in-hand with our sustainability efforts. We made great progress in lowering electricity use during 2008, and have set goals to reduce electricity use 15% and solid waste 10% from 2005 to 2010. continued>>