Report of Management Management’s Responsibility for Financial Statements Management’s Report on Internal Control Over Financial Reporting The accompanying financial statements were prepared by the  management of Hormel Foods Corporation which is respon- sible for their integrity and objectivity. These statements have  been prepared in accordance with U.S. generally accepted  accounting principles appropriate in the circumstances and,  as such, include amounts that are based on our best esti- mates and judgments. Management of Hormel Foods Corporation is responsible for  establishing and maintaining adequate internal control over  financial reporting for the Company, as such term is defined in  Exchange Act Rule 13a–15(f). The Company’s internal control  system is designed to provide reasonable assurance regarding  the reliability of financial reporting and the preparation of  financial statements for external purposes in accordance with  generally accepted accounting standards. Under the super- vision, and with the participation of management, including  the Chief Executive Officer and Chief Financial Officer, we  conducted an evaluation of the effectiveness of our internal  control over financial reporting based on the framework  in  Internal Control – Integrated Framework  issued by the  Committee of Sponsoring Organizations of the Treadway  Commission (1992 framework). Hormel Foods Corporation has developed a system of inter- nal controls designed to assure that the records reflect the  transactions of the Company and that the established policies  and procedures are adhered to. This system is augmented by  well-communicated written policies and procedures, a strong  program of internal audit, and well-qualified personnel. These financial statements have been audited by Ernst &  Young LLP, an independent registered public accounting firm,  and their report is included herein. The audit was conducted  in accordance with the standards of the Public Company  Accounting Oversight Board (United States) and includes a  review of the Company’s accounting and financial controls and tests of transactions. Based on our evaluation under the framework in  Internal  Control – Integrated Framework , we concluded that our internal control over financial reporting was effective as of  October 26, 2014. Our internal control over financial reporting  as of October 26, 2014, has been audited by Ernst & Young  LLP, an independent registered public accounting firm, as  stated in their report which is included herein. The Audit Committee of the Board of Directors, composed  solely of outside directors, meets periodically with the inde- pendent auditors, management, and the internal auditors  to assure that each is carrying out its responsibilities. Both  Ernst & Young LLP and our internal auditors have full and free  access to the Audit Committee, with or without the presence  of management, to discuss the results of their audit work and  their opinions on the adequacy of internal controls and the  quality of financial reporting. Jeffrey M. Ettinger  Chairman of the Board,  President, Chief Executive  Officer, and Director Jody H. Feragen  Executive Vice President,  Chief Financial Officer, and Director 31