Index Financial Highlights Business Description Our Products Executive Letter U.S. Operations International Operations Officers And Board Of Directors Management's Discussion And Analysis Of Financial Condition ... Responsibilities For Financial Statements Selected Financial Data Consolidated Statements Of Financial Position Consolidated Statements Of Operations Consolidated Statements Of Changes In Shareholders' Investment Consolidated Statements Of Cash Flows Notes To Consolidated Financial Statements Report Of Independent Auditors Shareholder Information

Joel W. Johnson     Chairman of the Board     President and Chief Executive Officer     Director since June 1991 Gary J. Ray     Executive Vice President     Refrigerated Foods     Director since November 1990 Eric A. Brown     Group Vice President     Prepared Foods     Director since January 1997 David N. Dickson     Group Vice President     International and Corporate Development     Director since November 1990 Michael J. McCoy     Senior Vice President     Chief Financial Officer     Director since May 2000 Steven G. Binder     Group Vice President     Foodservice Ronald W. Fielding     Group Vice President     Meat Products James A. Jorgenson     Senior Vice President     Corporate Staff Mahlon C. Schneider     Senior Vice President     External Affairs     General Counsel Richard A. Bross     Vice President     President Hormel Foods International Thomas R. Day     Vice President     Foodservice Sales Forrest B. Dryden, Ph.D.     Vice President     Research and Development Jeffrey M. Ettinger     Vice President     President and Chief Executive Officer     Jennie-O Foods Dennis D. Goettsch     Vice President     Foodservice Marketing Daniel A. Hartzog     Vice President     Meat Products Sales Michael J. McCoy     Senior Vice President     Chief Financial Officer     Director since May 2000 V. Allan Krejci     Vice President     Public Relations Kurt F. Mueller     Vice President     Fresh Pork     Sales and Marketing Gary C. Paxton     Vice President     Prepared Foods Operations Larry J. Pfeil     Vice President     Engineering Douglas R. Reetz     Vice President     Grocery Products Sales

James N. Sheehan     Vice President     Controller William F. Snyder     Vice President     Refrigerated Foods Operations Joe C. Swedberg     Vice President     Meat Products Marketing Larry L. Vorpahl     Vice President     Grocery Products Marketing Jody H. Feragen     Corporate Treasurer Roland G. Gentzler     Assistant Controller Thomas J. Leake     Corporate Secretary     Senior Attorney James W. Cavanaugh     Assistant Secretary Kevin G. Jones     Assistant Secretary John W. Allen, Ph.D.     East Lansing, MI     Professor and Director     Food Industry Alliance     Michigan State University     Director since October 1989 John R. Block     Falls Church, VA     Former U.S. Secretary     of Agriculture     President     Food Distributors     International     Director since October 1997 William S. Davila     Los Angeles, CA     President Emeritus     The Vons Companies, Inc.     Director since January 1993 E. Peter Gillette. Jr.     Minneapolis, MN     Retired President     Piper Trust Company     Director since July 1996 Luella G. Goldberg     Minneapolis, MN     Former Acting President     Wellesley College     Past Board Chair     University of Minnesota     Foundation     Member, Board of Overseers     University of Minnesota     Carlson School of Management     Director since September 1993 Joseph T. Mallof     Racine, WI     President     Asia-Pacific     S. C. Johnson & Sons, Inc.     Director since October 1997 John G. Turner     Minneapolis, MN     Vice Chairman     ING Americas     Refrigerated Foods Operations Robert R. Waller, M.D.     Memphis, TN     Professor of Ophthalmology     Mayo Medical School     President Emeritus     Mayo Foundation     Director since January 1993