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local markets or expand exports by gaining access to additional international destinations. We have established sales offices in major international markets allowing us to better serve our customers with a full array of Tyson products. 

We continue to increase our internationally-based operations to better serve local markets and their growing demand for value-added protein-based foods. For example, Tyson de Mexico is that country’s largest producer of value-added chicken for both retail and foodservice. Additionally, we have established joint ventures in Panama, China, Ireland and Russia producing a variety of value-added foods. We are pleased with the progress of these businesses and are actively seeking additional expansion opportunities not only in these countries but also in others, including Brazil and Europe. 

It is important you as a shareholder have confidence in Tyson Foods, the management team and the Board of Directors. In the past three years, we have increased the number of independent directors. They have brought diversity and broad experience to the Company and, combined with the experience and expertise of existing members, provide you a strong, knowledgeable Board of Directors to guide Tyson Foods. In addition, we have changed the compensation of our board members to include stock-based compensation to better align directors’ and shareholders’ interests. We will continue to act ethically and responsibly in everything we do, and we will do the right thing by our shareholders. 

I’d like to emphasize that our vision at Tyson Foods is to be the world’s first choice for protein-based food products while maximizing shareholder value. Our strengths are our people, our scale, market share, value-added products, strong customer relationships, a large portfolio of brands, supply chain capability and strong cash flows. We are moving forward with our strategy to be one integrated company with a wide array of value-added protein-based foods for our customers. We will continue our focus on improving our return on invested capital while targeting average double digit EPS growth and paying down debt. 

Because our goal is to be the best food company in the world, we have begun an initiative to analyze and refine the performance of our company to ensure we are working at maximum efficiency and effectiveness. We are streamlining processes and eliminating activities that don’t significantly contribute to our success. We also are working to improve our management processes and to increase the company’s skills and capabilities. We call this initiative “Being, Doing, Doing It Well.” And although the program itself will be completed in 2003, the results will become a part of our culture and our ongoing efforts to improve our operations. I am excited about the results we can bring about and the enthusiasm with which our team members have embraced these efforts. 

As I said earlier this year, in a sluggish economy we’ve done okay – not great, not bad – but okay. With the economy and business environment we faced this year, I’ll take okay for now, but I am enthusiastic about what we can accomplish next year and the future of this company for years to come. 

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## Our Core Values 

We are a company of people engaged in the production of food, seeking to pursue truth and integrity and committed to creating value for our shareholders, our customers and our people in the process. 

## Who we are: 

• We are a company of people gathered to produce food. 

• We strive to be honorable people. 

• We strive to be a faith-friendly company. 

## What we do: 

• We feed our families, the nation and the world with trusted food products. 

• We serve as stewards of the animals, land and environment entrusted to us. 

## How we do it: 

• We strive to earn consistent and satis- factory profits for our shareholders and to invest in our people, products and processes. 

• We strive to operate with integrity and trust in all we do. 

• We strive to honor God and be respectful of each other, our customers and other stakeholders. 

