The Private Securities Litigation Reform Act of 1995 (the  Reform Act) provides a “safe harbor” for forward-looking  statements to encourage companies to provide prospective  information. The Company is filing this cautionary state- ment in connection with the Reform Act. When used in the  Company’s Annual Report to Stockholders, other filings by the  Company with the U.S. Securities and Exchange Commission,  the Company’s press releases, and oral statements made by  the Company’s representatives, the words or phrases “should  result,” “believe,” “intend,” “plan,” “are expected to,” “tar- geted,” “will continue,” “will approximate,” “is anticipated,”  “estimate,” “project,” or similar expressions are intended to  identify forward-looking statements within the meaning of the Reform Act. Such statements are subject to certain risks  and uncertainties that could cause actual results to differ  materially from historical earnings and those anticipated or projected. In connection with the “safe harbor” provisions of the Reform  Act, the Company is identifying risk factors that could affect  financial performance and cause the Company’s actual results  to differ materially from opinions or statements expressed  with respect to future periods. The following discussion of risk  factors contains certain cautionary statements regarding the  Company’s business, which should be considered by investors  and others. Such risk factors should be considered in con- junction with any discussions of operations or results by the  Company or its representatives, including any forward-looking  discussion, as well as comments contained in press releases,  presentations to securities analysts or investors, or other  communications by the Company. The pathogens which may cause food contamination are found  generally in livestock and in the environment and thus may be  present in our products as a result of food processing. These  pathogens also can be introduced to our products as a result  of improper handling by customers or consumers. We do not  have control over handling procedures once our products  have been shipped for distribution. If one or more of these  risks were to materialize, the Company’s brand and business  reputation could be negatively impacted. In addition, revenues  could decrease, costs of doing business could increase, and  the Company’s operating results could be adversely affected. In making these statements, the Company is not undertaking,  and specifically declines to undertake, any obligation to  address or update each or any factor in future filings or com- munications regarding the Company’s business or results,  and is not undertaking to address how any of these factors  may have caused changes to discussions or information  contained in previous filings or communications. Though the  Company has attempted to list comprehensively these import- ant cautionary risk factors, the Company wishes to caution  investors and others that other factors may in the future prove  to be important in affecting the Company’s business or results  of operations. The Company cautions readers not to place undue reliance on  forward-looking statements, which represent current views  as of the date made. Forward-looking statements are inher- ently at risk to any changes in the national and worldwide  economic environment, which could include, among other  things, economic conditions, political developments, currency  exchange rates, interest and inflation rates, accounting stan- dards, taxes, and laws and regulations affecting the Company  and its markets. The Company also utilizes hedging programs to manage its  exposure to various commodity market risks, which qualify  for hedge accounting for financial reporting purposes. Volatile  fluctuations in market conditions could cause these instru- ments to become ineffective, which could require any gains  or losses associated with these instruments to be reported in  the Company’s earnings each period. These instruments may  Volatility in financial markets and the deterioration of national  and global economic conditions could impact the Company’s  operations as follows: • The financial stability of our customers and suppliers may  be compromised, which could result in additional bad debts  for the Company or non-performance by suppliers; and • The value of our investments in debt and equity securities  may decline, including most significantly the Company’s  trading securities held as part of a rabbi trust to fund sup- plemental executive retirement plans and deferred income  plans, and the Company’s assets held in pension plans. 27 Deterioration of economic conditions could harm the  Company’s business.  The Company’s business may be  adversely affected by changes in national or global economic  conditions, including inflation, interest rates, availability of  capital markets, energy availability and costs (including fuel  surcharges), and the effects of governmental initiatives to  manage economic conditions. Decreases in consumer spend- ing rates and shifts in consumer product preferences could  also negatively impact the Company. The Company’s operations are subject to the general risks of  the food industry.  The food products manufacturing industry  is subject to the risks posed by: Risk Factors • food spoilage; • food contamination caused by disease-producing organ- isms or pathogens, such as  Listeria monocytogenes ,  Salmonella , and pathogenic  E coli. ; • food allergens; • nutritional and health-related concerns; • federal, state, and local food processing controls; • consumer product liability claims; • product tampering; and • the possible unavailability and/or expense of liability insurance.