Smithfield Director Quits over Equity Offering

Paul Fribourg is the Chairman, President and Chief Executive Officer of Continental Grain Company, the beneficial owner of approximately 8.8 per cent of the Company's common stock.

Mr. Fribourg advised the company that he did not believe that an offering of this magnitude was necessary at this time, given his confidence in the future performance of the company and the attendant dilution to all shareholders.

Michael J. Zimmerman, Executive Vice President and Chief Financial Officer of Continental Grain Company, also submitted his resignation as an Advisory Director.

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