p 4 This year was about analyzing and restructuring our business for growth, both domestically and interna- tionally. We sought to balance our portfolio of products and improve our ability to serve our customers. As a result of our analysis, we have streamlined the Company. We put all of the Prepared Foods Group onto Tyson’s information systems, eliminated redundant positions, closed the Foodbrands corporate headquarters and closed six non-performing production facilities. In addition, we restructured our live swine operation and sold our Mallard’s and Specialty Brands businesses. To fill in a gap in retail processed meats, we bought a bacon facility, and we now have the number one share in bacon processing. We will continue to look for opportunities to fill strategic gaps and to expand domestically.  We are making these changes with one overriding purpose in mind: to better serve our customers. Customers are looking for true partners to make their businesses as efficient as possible, and today we can serve them by offering a wide variety of protein-based foods. I think this is a key point of differentiation between Tyson Foods and the competition – the opportunity to bring total value to the customer. Also, we have consolidated our broker network to better serve our retail and foodservice customers by providing a full array of products and services through an integrated supply chain. Our supply chain is unparalleled. We have 130 processing locations, 10 forward warehouses and distribution centers, 11 cold storage warehouses and more than 1,300 tractors and 2,100 trailers. Tyson Foods is the only company with the internal capabilities to produce and ship fresh, refrigerated and multi-protein frozen products. We have a company-wide planning and scheduling system, and our electronic business capabilities include a vendor managed inventory system. We’ve worked hard this past year to build this great new company. Defining principles have played, and will continue to play, an important role in our success. We are pas- sionately focused on driving customer satisfaction; our can-do attitude gets the job done – even when the odds are stacked against us. We believe in honesty, integrity and mutual respect for our team members, customers and shareholders. You see these values reflected in everything we do. As the leader of this growing company,  I have taken the responsibility to define the values that will form the basis for our new culture. We’ve spent a great deal of time planning the direction the business needs  to take, and I want to make sure we instill certain values that will help shape the way our culture develops. I’ve put together, with the help of some of our team members, the values that will form the foundation of our evolving culture. Our commitment to these shared core values will contribute to our growth and success. Tyson Foods’ strong presence is not limited to the United States. We have a two-pronged international strategy – to market domestically produced commodity and value-added products to international destinations and to establish production capabilities in international locations. This allows us to serve Maximizing the Tyson brand is important as we continue to develop the next generation of branded beef and pork products, just as we’ve done with chicken for years. We are the pioneer and leader of case-ready beef and pork. Our fully-cooked product line is the number one selling cooked meat line in America, surpassing the competition earlier this year. Not only are we now the category leader in dollar volume but also in sales velocity, outperforming our nearest competitor 1.4 times. In addition, the new line extension of family-sized hams and cooked pork tenderloins is gaining acceptance quickly.  This strategic decision regarding our brand resulted from extensive research and evaluation of customers and consumers over the past year. Consumers clearly identify the Tyson brand as one of the strongest and most trusted in America with 91 percent recognition. A conversion from the Thomas E. Wilson brand to the Tyson brand will accelerate our ability to meet the needs of our customers, will maximize our brand building efforts with consumers and is the best long-term strategy for our company. This year of analyzing our business also has led us to expand the use of the Tyson brand into other proteins and product categories. The Tyson brand is replacing the Thomas E. Wilson brand on roasts and other further processed beef and pork products and case-ready pork. Initially we are converting all Thomas E. Wilson branded case-ready beef to clear film packaging with no brand affiliation.  Defining the Tyson Culture