content_image/183181.jpg content_image/183182.jpg
## Management’s Responsibility for Financial Statements 

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. 

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. 

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. 

## Management’s Report on Internal Control Over Financial Reporting 

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). 

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. 

<img src='content_image/183181.jpg'>

<img src='content_image/183182.jpg'>

