board of directors Jeffrey M. Ettinger Stephen M. Lacy Dakota A. Pippins Christopher J. Policinski John L. Morrison Gary C. Bhojwani Terrell K. Crews Elsa A. Murano, Ph.D. Sally J. Smith Steven A. White Robert C. Nakasone Jody H. Feragen Glenn S. Forbes, M.D. Susan K. Nestegard Stock Performance Chart President and Chief Executive Officer, Pippins Strategies, LLC Director since January 2001 Chairman of the Board, President and Chief Executive Officer, Meredith Corporation Director since September 2011 Chairman of the Board, President and Chief Executive Officer Director since May 2004 Chairman of Allianz Life Insurance Company of North America (resignation effective 1/1/2015) Director since July 2014  President and Chief Executive Officer,  Land O’Lakes, Inc. Director since September 2012 Managing Director, Goldner Hawn Johnson & Morrison Inc. Director since November 2003 Director of Norman Borlaug Institute for International Agriculture,  Professor and President Emerita, Texas A&M University Director since September 2006 Retired Executive Vice President and Chief Financial Officer, Monsanto Company Director since October 2007 President and Chief Executive Officer,  Buffalo Wild Wings, Inc. Director since July 2014  President, Comcast West Division Director since July 2014 Chief Executive Officer, NAK Enterprises Director since September 2006 Executive Vice President and Chief Financial Officer Director since October 2007 Former President, Global Healthcare Sector, Ecolab Inc. Director since October 2009 Retired Executive Board Chair, past CEO Mayo Clinic – Rochester and Emeritus Physician, Mayo Clinic Director since September 2011 * Lead Director Comparison of 5-year cumulative total return * Hormel Foods Corporation  S&P 500 S&P Packaged Foods & Meats  10/23/09  10/29/10  10/28/11  10/26/12  10/25/13 10/24/14 $350 300 250 200 150 100 50 $317.56 $221.18 $202.19 *$100 invested on 10/23/09 in stock or index – including reinvestment of dividends.