American Italian Pasta Company

American Italian Pasta Company 2 nd Quarter Fiscal 2010 Results May 6, 2010

Forward Looking Statements This presentation contains statements concerning potential future events. These forward-looking statements are based upon assumptions by our management, including assumptions about risks and uncertainties faced by us. When used, the words "anticipate," "projected," "believe," "estimate," and "expect" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. The statements by the Company regarding the pasta market, cost of goods, and financial performance are forward looking. There are numerous risks and uncertainties that could cause actual future results to differ materially from those anticipated by such forward-looking statements. The risks and uncertainties could be caused by a number of factors, including, but not limited to: (1) our dependence on a limited number of customers for a substantial portion of our revenue; (2) our ability to obtain necessary raw materials and minimize fluctuations in raw material prices; (3) the potential adverse impact on revenue and margins of the highly competitive environment in which we operate; (4) our reliance exclusively on a single product category; (5) our ability to costeffectively transport our products; (6) consumption trends for our product; (7) the status of production capacity in the U.S. and the level of imports from foreign producers; (8) our ability to sustain quality and service requirements for our customers; and (9) our ability to attract and retain key personnel. For a discussion of factors that could cause actual results to materially differ from those anticipated, see the risk factors set forth in item 1A of the Company s Form 10-K for the fiscal year ended October 2, 2009. The Company will not update any forward-looking statements in this presentation to reflect future events. 1

Highlights Success in Store Brands Growth in volume and revenue Strong Margins Q2 10 YTD 10 Gross Margin 36.5% 35.0% EBITDA Margin 29.8% 28.4% Headway into faster growing Better for You Pastas 7.8% of Q2 10 Volume versus 5.6% of Fiscal 2009 2

American Italian Pasta Company Strategic Platform Double Down in Store Brands Aggressively seek to grow within the pasta category in 4 ways: Further penetrate current customers Expand premium store brand offerings Capture competitive accounts when possible at attractive margins Partner with retailers to accelerate the conversion of branded products to store brands Drive expansion into other pasta related categories Invest in and grow the developing side dishes business Adopt Brand Portfolio Management Approach Change the brand portfolio management approach to deliver greater value and minimize organizational complexity Focus on AIPC brands that are #1 or #2 in their markets Optimize Foodservice and Ingredient Contribution Improve margins in the foodservice business Provide consistent per pound cash flow to leverage fixed costs in the ingredient business 3

American Italian Pasta Company Competitive Advantages Geographic Footprint: Positions us in a cost advantaged supply chain situation. Italian subsidiary brings authentic pasta know-how, R&D, and higher-margin Italian imported products. Scale: Provides leverage in procurement, distribution, leverage, labor and SG&A expense, and attraction/retention of skilled personnel. The benefits of scale demonstrated by key per employee metrics in earnings and revenue, very low conversion costs, and low SG&A expense as a percent of revenue. Category Management Skills: Unique advantage to help our customers grow their own brands. Customers who purchase store brands from AIPC enjoy a higher level of store brand penetration. Supply Chain and Operations Capabilities: Allow us to efficiently manage inherent complexity of store brands business model. Manage 3,700+ SKUs with high inventory turns and high levels of customer service. Research & Development: Fast following brand leaders allows us to provide best of the best to our store brand customers. ACV Distribution: Our reach into over 90% of retail ACV provides an efficient distribution network, so our customers can maintain the lowest possible inventory with high levels of in-stocks. It provides a platform for growth of acquisition targets. Store Brand Pasta Market Share Leadership: earned by implementing these competitive advantages and has become its own competitive advantage in terms of cost, focus, reputation, momentum and the best bet. Tolleson, AZ Excelsior Springs, MO Columbia, SC Verolanuova, Italy 4

US Retail Dry Pasta 13 Week Pound & Dollar Share Ending 4/10/2010 Pound Category Size: 369.9M % Change vs. Year Ago: +0.6% Dollar Category Size: $516.9M % Change vs. Year Ago: -2.0% STORE BRANDS: Chg: 4.8% v. YAG STORE BRANDS: Chg: 1.0% v. YAG 33.4% 27.5% 66.6% 72.5% MANUFACTURER BRANDS: Chg: -1.4% v. YAG MANUFACTURER BRANDS: Chg: -3.1% v. YAG Source: Nielsen data 13 weeks ending 4/10/2010 (Grocery and Mass Merchants) 5

12/19/2009 4/10/2010 Dry Pasta Consumption at an All Time High Dry Pasta consumption at 1.42 billion pounds exceeds the all time high of 1.37 billion pounds in 2002 Billions of Pounds Billions of Dollars 1.45 $2.5 1.40 $2.0 1.35 $1.5 1.30 $1.0 1.25 $0.5 1.20 $0.0 Source: Nielsen data 52 weeks ending 4/10/2010 (Grocery and Mass Merchants) 6 12/28/2002 12/27/2003 12/25/2004 12/24/2005 12/23/2006 12/22/2007 12/20/2008 12/19/2009 4/10/2010 12/28/2002 12/27/2003 12/25/2004 12/24/2005 12/23/2006 12/22/2007 12/20/2008 52 Week Totals 52 Week Totals

Better for You Pastas Continue to Grow Accounts for 12.1% of Pounds Better for You Pastas Are targeted for specific benefits such as higher levels of fiber, nutrition, calcium, etc. Tend to sell at higher prices and deliver higher margins accounts for 17.0% of Retail Dollars Create volume growth, increased household penetration, and continuing relevance for pasta 200 52 Weeks Ending 13 Weeks Ending 75 Millions of Pounds 175 150 +20M Millions of Pounds 50 25 +9M 125 4/11/2009 4/10/2010-4/11/2009 4/10/2010 Traditional Pastas Millions of Pounds 1,300 1,200 52 Weeks Ending 13 Weeks Ending +13M -6M Millions of Pounds 350 300 1,100 4/11/2009 4/10/2010 250 4/11/2009 4/10/2010 Source: Nielsen data ending 4/10/2010 (Grocery and Mass Merchants) 7

AIPC Strategic Platform Results Double Down in Store Brands Adopt Brand Portfolio Management Approach Strategic Retail Store Brands plus AIPC Proprietary Brands Year-over-year Volume Growth Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Strategic Retail 18.5% 10.6% 6.9% 9.4% 1.7% 2.7% % Change % Change Q2'10 (13 weeks) vs. YTD'10 (26 weeks) vs. Q2'09 (13 weeks) YTD'09 (27 weeks) Volume Revenue Volume Revenue Strategic Retail 2.7% -2.7% 2.2% -4.1% % Change 13 Weeks vs.prior Year % Change 26 Weeks vs. Prior Year Volume Revenue Volume Revenue 4/10/10 Nielsen Data (Grocery and Mass Merchant) 0.6% -2.0% 1.1% -1.3% Non-Strategic Brands essentially withdrawn from the market. Optimize Foodservice & Ingredient Contribution Institutional margins growing but volume declining: Volume down 10.3% Q2 10 vs. Q2 09, and 10.3% YTD 10 vs. YTD 09 8

Store Brand Better for You Pastas Fast Following 9

Pasta Promotion, Brand Positioning & Pasta Meal Solution Examples 10

Durum Wheat Discussion Large North American crop last fall current supply still high Lower southwest desert plantings down 33% according to the USDA Expecting plantings to be lower in Canada USDA durum loan rate could provide incentive to plant European acreage forecasted to be similar to last year Potential increased exports According to the USDA 24M bushels of durum were exported in the 2008-2009 crop year (June 1st to May 31st) The USDA is projecting 50M bushels of durum exports in the 2009-2010 crop year Prices have stabilized over the last 4 months 11

Financial Highlights Quarter Ended Apr. 2, 2010 Apr. 3, 2009 (13 Weeks) (13 Weeks) Change Gross Profit $ 53,297 $ 44,161 21% Operating Profit $ 36,928 $ 28,509 30% EBT $ 35,903 $ 24,482 47% EBITDA $ 43,484 $ 34,682 25% EBITDA Margin 29.8% 21.4% 8.4 pts Year-to-date Ended Apr. 2, 2010 Apr. 3, 2009 (26 Weeks) (27 Weeks) Change Gross Profit $ 103,261 $ 93,005 11% Operating Profit $ 70,858 $ 60,989 16% EBT $ 68,067 $ 50,989 34% EBITDA $ 83,605 $ 73,549 14% EBITDA Margin 28.4% 22.1% 6.3 pts EBITDA Reconciliation Quarter Ended TTM Ended Year Ended Apr. 2, 2010 Jan. 1, 2010 Oct. 2, 2009 Jul. 3, 2009 Apr. 2, 2010 Oct. 2, 2009 (13 Weeks) (13 Weeks) (13 Weeks) (13 Weeks) (52 Weeks) (53 Weeks) Net Income $ 23,235 $ 20,699 $ 15,832 $ 20,232 $ 79,998 $ 88,288 Interest Expense, Net 1,290 1,776 3,517 3,034 9,617 16,499 Income Tax 12,668 11,465 4,159 5,710 34,002 8,633 Depreciation & Amortization 6,291 6,181 6,155 6,219 24,846 24,987 EBITDA $ 43,484 $ 40,121 $ 29,663 $ 35,195 $ 148,463 $ 138,406 EBITDA Margin 29.8% 26.9% 19.9% 24.2% 25.2% 22.0% 12

Revenue Detail % Change % Change Q2'10 (13 Weeks) YTD'10 (26 Weeks) vs. Q2'09 (13 Weeks) vs. YTD'09 (27 Weeks) % Change YTD'10 vs. YTD'09 Weekly Average Basis * Volume Revenue Volume Revenue Volume Revenue Strategic Retail 2.7% -2.7% 2.2% -4.1% 6.1% -0.4% Non-Strategic AIPC Brands -71.1% -75.0% -72.6% -75.4% -71.6% -74.5% Total Retail -2.5% -8.5% -2.9% -9.6% 0.8% -6.1% Institutional Channels -10.3% -16.1% -10.3% -19.2% -6.9% -16.1% Total Company -4.7% -10.1% -4.9% -11.6% -1.3% -8.2% Total Company Excluding Non-Strategic AIPC Brands -1.2% -5.7% -1.3% -7.4% 2.5% -3.9% % Change 13 Weeks vs.prior Year % Change 26 Weeks vs. Prior Year 4/10/10 Nielsen Data (Grocery and Mass Merchant) 0.6% -2.0% 1.1% -1.3% * The Weekly Averages are simply dividing YTD 09 by 27 and the YTD 10 by 26. 13

Statement of Operations in Thousands Quarter Ended Year-to-date Ended Apr. 2, 2010 Apr. 3, 2009 Apr. 2, 2010 Apr. 3, 2009 (13 Weeks) (13 Weeks) (26 Weeks) (27 Weeks) Revenues $ 145,904 $ 162,325 $ 294,850 $ 333,531 Cost of goods sold 92,607 118,164 191,589 240,526 Gross profit 53,297 44,161 103,261 93,005 % of Revenue 36.5% 27.2% 35.0% 27.9% Selling and marketing expense 6,955 7,290 14,203 14,654 General and administrative expense 9,174 8,104 17,857 16,757 Losses related to long-lived assets 240 258 343 605 Operating profit 36,928 28,509 70,858 60,989 % of Revenue 25.3% 17.6% 24.0% 18.3% Interest expense, net 1,290 4,070 3,066 9,948 Other (income)/expense, net (265) (43) (275) 52 Income before income taxes 35,903 24,482 68,067 50,989 % of Revenue 24.6% 15.1% 23.1% 15.3% Income tax expense/(benefit) 12,668 (1,714) 24,133 (1,235) Net income $ 23,235 $ 26,196 $ 43,934 $ 52,224 % of Revenue 15.9% 16.1% 14.9% 15.7% Earnings per common share Net income per common share $1.09 $1.27 $2.07 $2.56 Weighted-average common shares outstanding 21,372 20,598 21,209 20,421 Earnings per common share - assuming dilution Net income per common share $1.05 $1.21 $2.00 $2.44 Weighted-average common shares outstanding (including dilutive securities) 22,114 21,583 21,977 21,365 14

Non-GAAP Tax Adjusted 2009 Earnings in Thousands Quarter Ended Year-to-date Ended Apr. 2, 2010 Apr. 3, 2009 Apr. 2, 2010 Apr. 3, 2009 (13 Weeks) (1) (13 Weeks) (26 Weeks) (1) (27 Weeks) Reported income before taxes $ 35,903 $ 24,482 $ 68,067 $ 50,989 Income tax expense 12,668 8,638(2) 24,133 18,078(2) Adjusted net income $ 23,235 $ 15,844(3) $ 43,934 $ 32,911(3) Adjusted earnings per common share - assuming dilution Adjusted net income per common share $1.05 (1) $0.73 (4) (1) $2.00 $1.54(4) Weighted-average common shares outstanding (including dilutive securities) 22,114 21,583 21,977 21,365 (1) 2010 numbers are GAAP numbers as reported, without adjustment (2) Prior year tax calculated at the current year rate and excludes certain tax benefit items (3) Non-GAAP adjusted net income (4) Non-GAAP adjusted earnings per share (diluted) Reconciliation of Non-GAAP Measures Quarter Ended Year-to-date Ended Apr. 3, 2009 (13 Weeks) Apr. 3, 2009 (27 Weeks) $ Diluted EPS $ Diluted EPS Adjusted net income and diluted EPS $ 15,844 $0.73 $ 32,911 $1.54 Plus: Non-GAAP income tax expense 8,638 $0.40 18,078 $0.84 Reported income before taxes $ 24,482 $ 50,989 Plus: Reported income tax benefit 1,714 $0.08 1,235 $0.06 Reported net income and diluted EPS $ 26,196 $1.21 $ 52,224 $2.44 15

Balance Sheet in Thousands Balances as of Apr. 2, 2010 Oct. 2, 2009 Cash and cash equivalents $ 35,669 $ 30,959 Trade and other receivables, net 42,970 45,828 Income tax receivable 6,712 - Inventories 41,424 50,996 Other current assets 8,062 6,372 Deferred income taxes 11,147 22,202 Total current assets 145,984 156,357 Property, plant and equipment, net 280,870 291,212 Brands 78,110 79,074 Other assets 2,645 3,420 Total assets $ 507,609 $ 530,063 Accounts payable 18,681 29,852 Accrued expenses 21,952 24,147 Current maturities of long-term debt 45,000 5,900 Total current liabilities 85,633 59,899 Long-term debt, less current maturities - 104,100 Deferred income taxes 55,633 52,972 Other long-term liabilities 3,401 5,676 Total stockholders' equity 362,942 307,416 Total liabilities and stockholders' equity $ 507,609 $ 530,063 16

Cash Flow in Thousands Year-to-date Ended Apr. 2, 2010 Apr. 3, 2009 (26 Weeks) (27 Weeks) Operating Activities: Net income $ 43,934 $ 52,224 Non-cash adjustments 23,887 10,177 Changes in operating assets and liabilities (1,821) (2,736) Net cash provided by operating activites 66,000 59,665 Investing Activities: Additions to property, plant and equipment (5,969) (5,674) Other 18 1,328 Net cash (used in) investing activities (5,951) (4,346) Financing Activities: Principal payments on debt (65,000) (41,705) Excess tax benefit related to share-based compensation 7,496 6,540 Other 2,535 (92) Net cash (used in) financing activities (54,969) (35,257) Effect of exchange rate changes on cash (370) (361) Net increase in cash and cash equivalents $ 4,710 $ 19,701 Cash and cash equivalents, beginning of period 30,959 38,623 Cash and cash equivalents, end of period $ 35,669 $ 58,324 17

Questions & Answers