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Letter from Our Chairman
One of our company's most treasured assets is our reputation for integrity and fairness. Maintaining this reputation is one of our most important jobs. Our Corporate Code of Conduct and Business Ethics requires us to conduct our business consistent with our values and in accordance with applicable laws. It requires that we be responsive to the concerns of the communities in which we operate and exercise the highest degree of honesty and integrity in our dealings with others. These guidelines are intended to help each of us understand our responsibilities and make the right choices. They are also meant to stimulate awareness of ethical issues that we may encounter in our daily business activities. Doing the right thing begins with basic honesty and integrity. More than ever, it also depends on our good judgment and sensitivity to the way others see us and how they may interpret our actions. Each of us is responsible for Smithfield's reputation. I am confident that you will join me in maintaining the honesty and integrity in our business activity that has made Smithfield Foods not only an industry leader, but also a place where we can be proud to work. 
Joseph W. Luter, III Chairman Code of Business Conduct
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