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This appetite for innovation & influences our business decisions and keeps our investors, consumers and customers top-of-mind '%%,6ccjVaGZedgi when creating safe and wholesome products. Our balanced model ensures everyone can find our wide range of products in a variety of stores and restaurants. AN APPETITE FOR Authentic and adventurous Café hX]^X`Zci^c\VWVaVcXZhidbVidZh!\Vga^X!dc^dcVcYX]^ediaZ eZeeZgh^cVcVji]Zci^XWaZcYgZVYnid]ZViVcYhZgkZ#6ideX]d^XZ d[[ddYhZgk^XZegdk^YZgh!i]Zcafé ha^cZd[[ZghVji]Zci^XVcYVYkZc" ijgdjhÓVkdgh[dghVcYl^X]Zh!lgVeh!iVXdhVcYZcigZZh# Hormel Foods at-a-glance ' <gdXZgnEgdYjXih Grocery Products GZ[g^\ZgViZY;ddYh ?Zcc^Z"DIjg`ZnHidgZ CZiHVaZh -,.#)b^aa^dc &)d[idiVa HeZX^Vain;ddYh 6aaDi]Zg DeZgVi^c\EgdÒi &)&#)b^aa^dc '-d[idiVa I]ZXZciZgd[i]ZhidgZ]VhcZkZgWZZcbdgZZci^X^c\#L^i] '%%,HZ\bZci '%%,HZ\bZci CZiHVaZh DeZgVi^c\Egd[^i XdckZc^ZciegdYjXihi]VihZgkZVhÓVkdg[jaideeZgh!Zi]c^X h^YZY^h]Zhdgi]ZbV^cXdjghZ!djgh]Za["hiVWaZegdYjXihVgZ =dgbZa;ddYh8dgedgVi^dc \jVgVciZZYidZc]VcXZVcnbZVadXXVh^dcVcYeaZVhZVcn eVaViZ#@ZnWgVcYh^ci]^hhZ\bZci^cXajYZHormel, Chi-Chi’s, SPAM, Valley Fresh, Dinty Moore VcY Compleats. Refrigerated Foods CZiHVaZh (!',%#'b^aa^dc *(d[idiVa DeZgVi^c\EgdÒi &,(#.b^aa^dc ()d[idiVa Jennie-O Turkey Store DjggZ[g^\ZgViZYegdYjXihVgZVkV^aVWaZidXdchjbZghVcY CZiHVaZh &!&+'#'b^aa^dc &.d[idiVa [ddYhZgk^XZdeZgVidgh^cVkVg^Zind[egZeVgVi^dchiViZhÄgVl! bVg^cViZYVcYegZ"Xdd`ZYÄidbZZii]Z^gXdd`^c\cZZYhVcYh`^aa# DeZgVi^c\EgdÒi &%+#.b^aa^dc '&d[idiVa ;gdbVaa"cVijgVaid]dbZ"hinaZfj^X`hXgViX]egdYjXih!=dgbZa ;ddYhd[[Zghl]daZhdbZegdYjXihhj^iVWaZ[dgcZlXdd`hVcY Djg^ccdkVi^kZJennie-O Turkey StoreegdYjXih]VkZX]Vc\ZY]dl X]Z[hVi"]dbZid[ddYhZgk^XZegd[Zhh^dcVah# @ZnWgVcYh^ci]^h eZdeaZadd`Viijg`Zn#LZd[[ZgegdYjXihg^\]i[dgZkZgnhZVhdc! hZ\bZci^cXajYZ Hormel, Always Tender, CURE 81, Black Label! ZkZgnbZVaVcYZkZgnXdd`!^cXajY^c\ijg`ZnWjg\Zgh![gZh]\gdjcY Natural Choice, Lloyd’s VcY Farmer John. ijg`Zn!YZa^"ha^XZYhVcYl^X]bZVi!WgZV`[VhihVjhV\ZVcYdjg cd"bZhh!cd"[jhhJennie-O Turkey StoreDkZcGZVYnl]daZijg`Zn VcYijg`ZnWgZVhih# Specialty Foods All Other CZiHVaZh +.'#*b^aa^dc &&d[idiVa CZiHVaZh &--#-b^aa^dc (d[idiVa DeZgVi^c\EgdÒi +&#)b^aa^dc &'d[idiVa DeZgVi^c\EgdÒi '(#&b^aa^dc *d[idiVa LZÉgZWj^aY^c\hXVaZ^c]^\]ediZci^VaXViZ\dg^ZhWnd[[Zg^c\ ;dgi]ZeVhi)%nZVgh!djg^ciZgcVi^dcVaegZhZcXZ]VhXdci^cjZY [ddYhZgk^XZeVX`ZihVcYb^mZh!cjig^i^dcVa[ddYegdYjXihVcY id\gdll^i]\adWVa[Vkdg^iZha^`Z SPAM, StaggX]^a^!Hormel hjeeaZbZcih!VcYXdcigVXibVcj[VXijg^c\#L^i]XjhidbegdYjXih bVeaZ"ÓVkdgZYgZVaWVXdcXgjbWaZhVcYVkVg^Zind[[ddYhZgk^XZ VcYVji]Zci^XÓVkdgh!djgZmeZgi^hZ^cXajYZhVaabV_dgegdiZ^chÄ egdYjXih#I]gdj\]^ccdkVi^kZegdYjXihVcYgZaVi^dch]^ehheVc" WZZ[!X]^X`Zc!edg`VcYijg`Zn#I]^hhZ\bZci^cXajYZh9^VbdcY c^c\i]Z\adWZ!i]Z6aaDi]ZghZ\bZcigZegZhZcih=dgbZa;ddYh 8gnhiVa7gVcYh!8Zcijgn;ddYh>ciZgcVi^dcVaVcY=dgbZa;ddYh ^cVaaaVc\jV\Zh# HeZX^VainEgdYjXih# “Innovation is a top priority at Hormel Foods because it ( creates competitive advantage and builds brand equity.” '%%,6ccjVaGZedgi ?Z[[gZnB#:ii^c\Zg 8]V^gbVcd[i]Z7dVgY! EgZh^YZciVcY8]^Z[:mZXji^kZD[ÒXZg Dear fellow shareholders: 6[iZgi]gZZXdchZXji^kZnZVghd[YdjWaZ"Y^\^ideZgVi^c\ i]Z7^aa^dc9daaVg8]VaaZc\ZlVhidgZVX]&W^aa^dcldgi] ZVgc^c\h\gdli]!ÒhXVa'%%,lVhVbdgZX]VaaZc\^c\nZVg# d[hVaZh[gdb^iZbh^cigdYjXZYh^cXZ'%%%Wni]ZnZVg'%%.# 8dch^YZg^c\i]VilZ]VYiddkZgXdbZbdgZi]Vc-%b^a" >ilVh\gZViidYZXaVgZk^XidgnildnZVghZVgan# a^dcd[]^\]Zg\gV^cXdhihVidjg?Zcc^Z"DIjg`ZnHidgZ LZWZa^ZkZlZVgZi]Z^cYjhignaZVYZg^ckVajZ"VYYZYegd" deZgVi^dc!>VbeaZVhZYl^i]i]ZgZhjaih[dgi]ZnZVg!l^i] iZ^cWZXVjhZd[djgVW^a^inid^ccdkViZ!djgjcYZghiVcY^c\ hVaZhje-eZgXZciVcYhZ\bZcideZgVi^c\egdÒihje*eZg" d[XdchjbZgVcYXjhidbZgcZZYh!VcYdjgZmZXji^dcd[ XZci#6aaÒkZhZ\bZcihgZedgiZYide"a^cZ\gdli]VcY[djg djgeaVch#I]ZhZXdgZXdbeZiZcX^Zh]VkZegdk^YZYjhl^i] djid[i]ZÒkZhZ\bZcihgZedgiZYdeZgVi^c\egdÒi\gdli]# VXdbeZi^i^kZVYkVciV\ZWnWZ^c\ÒghiidbVg`Zi^cbVcn Balanced model d[i]ZkVajZ"VYYZYegdiZ^cXViZ\dg^Zh# DjgWVaVcXZYWjh^cZhhbdYZa^hYZh^\cZYidXgZViZkVajZ Food safety jcYZgbdhibVg`ZiXdcY^i^dch!VcY'%%,lVhV\ddYiZhi >iÉhdjg\dVaidWZi]ZegZ[ZggZYegdk^YZgd[l]daZhdbZ! d[^ihhigZc\i]#I]ZY^kZgh^ÒXVi^dcd[djgedgi[da^degdk^YZh cjig^i^djhVcY\gZViiVhi^c\[ddYegdYjXihiddjgXjhidb" \gZViWVaVcXZl]ZcY^[ÒXjaibVg`ZiXdcY^i^dchdXXjg#LZ ZghVcYXdchjbZgh#IdVXXdbea^h]i]^h\dVa!lZhZikZgn WZa^ZkZdjgjc^fjZXdbW^cVi^dcd[egdiZ^cVcYeVX`V\ZY ]^\]bVcj[VXijg^c\VcY[ddYhV[ZinhiVcYVgYhidYZa^kZg [ddYh!VcYdjgWVaVcXZWZilZZci]Z[ddYhZgk^XZVcYgZiV^a Xdch^hiZci!]^\]"fjVa^inegdYjXih#Djg[ddYhV[ZingZXdgY X]VccZahegdk^YZhi]Zg^\]iaZkZad[Y^kZgh^ÒXVi^dc# ^hdcZd[i]ZWZhi^ci]Z^cYjhignVcYlZXdci^cjZidhZZ` GZ\VgYaZhhd[i]ZZmiZgcVaXdbbdY^in[VXidghi]VidXXjg! djicZl[ddYhV[ZiniZX]cdad\nid`ZZedjgXdbeVcndc lZhiVn[dXjhZYdci]Zi]^c\hlZXVcXdcigdaVcYi]Vi i]ZaZVY^c\ZY\Z# l^aaegdk^YZhjhiV^cVWaZadc\"iZgbegdÒiVWaZ\gdli][dg djgWjh^cZhh#I]^h^cXajYZhWj^aY^c\higdc\WgVcYZfj^in 2007 operating highlights VcY`ZZe^c\djgegdYjXihgZaZkVciidi]ZXdchjbZg#LZ IdYVnÉhXdchjbZghlVci[ddYegdYjXihi]Vid[[ZgXdckZ" hZZ`idjcYZghiVcYXdchjbZghÉZbZg\^c\egZ[ZgZcXZh c^ZcXZ!WdaYÓVkdgh!VcY]ZVai]VcYlZaacZhhWZcZÒih# VcYegdk^YZegdYjXihi]ViYZa^kZgi]ZViig^WjiZhi]ZnVgZ >iÉhcdhjgeg^hZi]Vidjg[VhiZhi\gdl^c\egdYjXihÒii]ZhZ add`^c\[dg#LZhig^kZidZaZkViZi]ZZkZgnYVnZVi^c\ZmeZ" Viig^WjiZhkZgnlZaa#;dgZmVbeaZ!i]ZHormel Compleats g^ZcXZWnbV`^c\=dgbZa;ddYhi]Z[Vkdg^iZeVgid[Vcn b^XgdlVkZigVna^cZd[h]Za[hiVWaZh^c\aZ"hZgkZegdYjXih ZVi^c\dXXVh^dc# ]VYZmeadh^kZ\gdli]i]^hnZVg!je)%eZgXZci#I]ZhZ^iZbh VgZi]Zjai^bViZ^cXdckZc^ZcXZ!egdk^Y^c\VhVi^h[n^c\bZVa Innovation ^c.%hZXdcYh#LZXjggZciand[[Zg'&kVg^Zi^Zh!VcYlZVgZ >ccdkVi^dc^hVideeg^dg^inVi=dgbZa;ddYhWZXVjhZ^i eaVcc^c\idaVjcX]VcZla^cZ^c'%%-[dXjhZYdc]ZVai] XgZViZhXdbeZi^i^kZVYkVciV\ZVcYWj^aYhWgVcYZfj^in# VcYlZaacZhh#I]Zhigdc\YZbVcY[dgi]^ha^cZd[egdYjXih ;^hXVa'%%,lVhVc^bedgiVcinZVg[dg^ccdkVi^dcVhlZ ]VhdjieVXZYdjgegdYjXi^dcXVeVX^in#LZeaVcidVYYbdgZ VX]^ZkZYi]Z7^aa^dc9daaVg8]VaaZc\Z#I]ZWVh^hWZ]^cY XVeVX^in^c'%%-VcYWZndcY# ) CZiHVaZh CZi:Vgc^c\h 9^ajiZY:Vgc^c\hEZgH]VgZ 6ccjVa9^k^YZcY W^aa^dch86<G&%#' b^aa^dch86<G&'#- YdaaVgh86<G&(#% YdaaVgh86<G.#( '#&, +#' +#% (%% (%&#. 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