<SEC-DOCUMENT>0001214659-22-000401.txt : 20220106
<SEC-HEADER>0001214659-22-000401.hdr.sgml : 20220106
<ACCEPTANCE-DATETIME>20220106093459
ACCESSION NUMBER:		0001214659-22-000401
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220106
DATE AS OF CHANGE:		20220106
EFFECTIVENESS DATE:		20220106

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HORMEL FOODS CORP /DE/
		CENTRAL INDEX KEY:			0000048465
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		IRS NUMBER:				410319970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02402
		FILM NUMBER:		22513804

	BUSINESS ADDRESS:	
		STREET 1:		1 HORMEL PL
		CITY:			AUSTIN
		STATE:			MN
		ZIP:			55912-3680
		BUSINESS PHONE:		(507) 437-5611

	MAIL ADDRESS:	
		STREET 1:		1 HORMEL PLACE
		CITY:			AUSTIN
		STATE:			MN
		ZIP:			55912-3680

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HORMEL GEO A & CO
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shareholder Commons
		CENTRAL INDEX KEY:			0001858988
		IRS NUMBER:				843285119
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 7545
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803-545
		BUSINESS PHONE:		302-593-0917

	MAIL ADDRESS:	
		STREET 1:		PO BOX 7545
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803-545
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United States Securities and Exchange Commission</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE OF EXEMPT SOLICITATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Hormel Foods Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption: The Shareholder Commons, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of persons relying on exemption: PO Box 7545, Wilmington, Delaware
19803-7545</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g) (1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SHAREHOLDER REBUTTAL TO HORMEL FOODS CORPORATION</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Commons urges you to vote <B>FOR</B> ITEM 4 on the
proxy (the &ldquo;Proposal&rdquo;), a shareholder proposal requesting that the Board study the external environmental and public health
costs created by the use of antibiotics in the Hormel Foods Corporation&rsquo;s (&ldquo;Hormel&rdquo; or the &ldquo;Company&rdquo;) supply
chain and the impact of those costs on the many diversified Hormel shareholders who rely upon overall market returns to satisfy their
long-term needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Commons is a non-profit organization that protects
the interests of investors by promoting a system-stewardship approach to investment and business that rejects profits that come at the
expense of important social and environmental systems.<B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We support ITEM 4 because, despite the existence of programs that address
antibiotic use, the Company has not disclosed any effort to ensure that its supply chain decisions actually account for the risk that
antibiotics in its supply chain pose to public health or the cost it is imposing on its diversified shareholders by failing to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company sells products containing beef, pork, and turkey. In 2021,
it published <I>Hormel Foods Antibiotic Stewardship Report </I>(the &ldquo;Report&rdquo;),<SUP>1</SUP> describing its antibiotic programs
around the supply chains for these meats, but the Report contains:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>No information regarding the company&rsquo;s beef supply chain</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>No information regarding the use of veterinary antibiotics in pork production (and almost no information about the use of such
antibiotics in turkey production)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>No information regarding the human lives lost from the continued use of antibiotics in animal farming </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>No information regarding the economic cost of the continued use of antibiotics in animal farming or how that cost will affect diversified
shareholders</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>No information explaining how Hormel factors the social cost of its continued use of antibiotics into its decision-making</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By voting <B>FOR ITEM 4, </B>shareholders will encourage the Board
to provide a full report on its use of antibiotics, so that shareholders can understand the effect of Hormel&rsquo;s decisions with respect
to this critical issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal requests that the Board report on the environmental and
public health costs created by the use of antibiotics in Hormel&rsquo;s supply chain, and how those costs affect the Company&rsquo;s diversified
shareholders (an &ldquo;External Cost Analysis&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><I>RESOLVED, shareholders ask that the board commission and disclose
a study on the external environmental and public health costs created by the use of antibiotics in our company&rsquo;s (&ldquo;Hormel&rdquo;)
supply chain and the manner in which such costs affect the vast <FONT STYLE="font-size: 10pt">majority of its shareholders who rely on
a healthy stock market.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <I>See, e.g., Hormel Foods Antibiotic Stewardship Report
</I>(January 2021), available at https://www.hormelfoods.com/wp-content/uploads/Hormel-Foods-Antibiotic-Stewardship-Report.FINAL_.pdf
(the &ldquo;Report&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overuse of Antibiotics in Animal Husbandry Creates Antimicrobial
Resistance, a Grave Threat to Human Life and Economic Prosperity</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to a 2021 external cost report created by YUM! Brands (&ldquo;YUM&rdquo;)
(the &ldquo;YUM Report&rdquo;), antimicrobial resistance (AMR) is caused in part by animal husbandry practices and leads to 3 million
antibiotic-resistant infections in the United States every year, resulting in more than 35,000 deaths.<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The threat of AMR increases every year. A World Bank Study determined
that AMR may decrease global GDP by 3 percent by 2030, and almost 4 percent by 2050.<SUP>3</SUP> At an intermediate discount rate, this
will amount to economic losses by 2050 with a current value of $54 trillion.<SUP>4</SUP> A UK government-commissioned study puts the figure
at $100 trillion.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These losses will have a significant negative effect on the return
of diversified portfolios held by Hormel investors over the long term.<SUP>6</SUP> A healthy economy is a far greater value driver for
diversified portfolios than the profits of any one company within those portfolios. Indeed, a number of studies have shown that systematic
factors explain 75-94 percent of average portfolio return.<SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Report Provides No Useful Information to its Shareholders
about the Connection between Antibiotics in Its Supply Chain and Risks to Diversified Shareholders</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Despite the risk that AMR poses to its shareholders, the Report provides
no information on the costs Hormel externalizes or the risks it creates for the global economy through the use of animals treated with
antibiotics, leaving shareholders without critical information about the risks Hormel imposes on their portfolios. Instead, as discussed
below, it provides limited information about certain antibiotic use and purported efforts to reduce such use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In contrast, YUM, a company that, like Hormel, has poultry, beef, and
pork in its supply chain, has prepared such a report that discusses the threat that antibiotic use in animal husbandry poses to the economy.<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>_____________________________</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I><SUP>2</SUP></I></FONT> 2<FONT STYLE="font-size: 10pt">021
YUM! Antimicrobial Resistance Report, available at https://www.yum.com/wps/wcm/connect/yumbrands/41a69d9d-5f66-4a68-bdee-e60d138bd741/Antimicrobial+Resistance+Report+2021+11-4+-+final.pdf?MOD=AJPERES&amp;CVID=nPMkceo</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>3</SUP></I> http://documents1.worldbank.org/curated/en/323311493396993758/pdf/final-report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>4</SUP></I> Id.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>5</SUP> Antimicrobial Resistance: Tackling a crisis for the
health and wealth of nations</I>, UK Government Review on Antimicrobial Resistance (December 2014), available at https://amr-review.org/sites/default/files/AMR%20Review%20Paper%20-%20Tackling%20a%20crisis%20for%20the%20health%20and%20wealth%20of%20nations_1.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>6</SUP></I> Richard Mattison et el., <I>Universal Ownership:
Why environmental externalities matter to institutional investors,</I> UNEP Finance Initiative and PRI (2011), available at https://www.unepfi.org/fileadmin/documents/universal_ownership_full.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>7</SUP></I> <U>Moving Beyond Modern Portfolio Theory: Investing
that Matters</U> by Jon Lukomnik and James Hawley, Routledge, April 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>8</SUP> See supra, </I>n.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel Has Established Governance Guidelines that Focus
Decision-Making on the Company itself, Regardless of Environmental and Public Health Costs</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Hormel Corporate Governance Principles make it clear that its board
of directors (the &ldquo;Board&rdquo;) prioritizes the Company and its shareholders, so that decisions must serve the Company&rsquo;s
own interests, while also serving shareholders:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><I>Directors are elected by the stockholders and represent the
stockholders as owners of the Company. In this regard, the directors have a responsibility to exercise their business judgment to act
in what they reasonably believe to be in the <U>best interests of the Company and its stockholders</U>.<SUP>9</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed below, this Company-only focus is reflected in Hormel&rsquo;s
failure to address the effect that its decisions regarding antibiotics have on the AMR problem, the broader economy, and&mdash;by extension&mdash;its
diversified shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Report Addresses Programs That Purport to Reduce Antibiotic
Use, but Does Not Make Clear Whether Any Reduction Is Occurring or Whether Any Such Reduction Is Sufficient in Light of the AMR Threat</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel is aware that overuse of antibiotics puts the global health
system at risk, as it makes clear in the Report. Furthermore, it has taken certain steps in a purported effort to reduce that contribution,
such as limiting the use of certain antibiotics from parts of its supply chain and maintaining an antibiotic-free line of products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nevertheless, comparing Hormel's reporting on financial issues with
its reporting on AMR demonstrates that, in keeping with its Corporate Governance Guidelines, its primary concern is its own financial
return, and that internal financial considerations outweigh any environmental or public health considerations that do not directly affect
Hormel itself. The Company&rsquo;s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) does not mention
&ldquo;antibiotics&rdquo; or &ldquo;antimicrobial.&rdquo; In contrast, the 10-K uses the words &ldquo;growth,&rdquo; &ldquo;earnings,&rdquo;
&ldquo;profit,&rdquo; and &ldquo;cash&rdquo; 42, 101, 47, and 126 times. Nor does the Hormel 2020 Annual Report to Shareholders mention
antibiotics.<SUP>10</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The AMR discussion is reported separately, as if financial results
and antibiotic use were separate subjects. In the antibiotic silo, Hormel describes certain actions it has taken involving purported efforts
to reduce antibiotic use. But the Report does not provide a full accounting of the antibiotics in its supply chain. For example, it details
the amount of medically important antibiotics used per pound of turkey produced, but does not address the use of veterinary antibiotics,
which also contribute to AMR.<SUP>11</SUP> It also provides data from &ldquo;representative&rdquo; hog farms within its system, detailing
the use of medically important antibiotics on a per pound basis, again ignoring veterinary antibiotics administered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Hormel Foods Corporation Corporate Governance Principles
(emphasis added), https://s25.q4cdn.com/701713307/files/doc_governance/2021/HRL-Corporate-Governance-Guidelines.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://s25.q4cdn.com/701713307/files/doc_financials/2020/ar/FinalAR2020.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <I>Feeding Resistance: Antimicrobial Stewardship in the
Animal Health Industry, </I>available (paywall) at https://www.fairr.org/research/animal-health/#report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ironically, the Report does give a total antibiotics (inclusive of
veterinary antibiotics) per pound number, but only for Applegate, the Company&rsquo;s antibiotic-free brand. As it turns out, when animals
in the Company&rsquo;s so-called antibiotic-free businesses become sick, they are treated with antibiotics, and simply transferred to
another supply chain.<SUP>12</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Report takes credit for the fact that &ldquo;[w]e never use medically
important antibiotics for growth promotion, feed efficiency or weight gain.&rdquo; What the Report fails to mention is that such use was
banned in the United States in 2017, and the major reduction in such use shown in the Report actually happened that year.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, the data in the Report from Hormel&rsquo;s one company-owned
pig farm show a marked <I>increase</I> in antibiotic use since that date. The Report states that the Company plans to address the spike
in use by improving its treatment of the animals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Report does not address Hormel&rsquo;s beef supply chain at
all.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of the Data in the Report Address the Core Issue of
the Cost Reduction that Leads to More Antibiotic Use</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But simply using fewer antibiotics does not address the AMR problem&mdash;use
of antibiotics in animal husbandry continues to endanger all of us. As is explained on the website of the Company&rsquo;s own anti-biotic-free
brand:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">More than 80 percent of the antibiotics in the United States,
65 percent of those considered &ldquo;medically important,&rdquo; are used on farm animals. Much of the time, the antibiotics are used
sub-therapeutically &ndash; a fancy way of saying to prevent disease from spreading. We believe the overuse of antibiotics isn&rsquo;t
just bad for the animals, but for humans. Studies show it&rsquo;s contributing to the increase of antibiotic-resistant bacteria or superbugs.
That&rsquo;s why we don&rsquo;t use them.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Report makes clear, one way to reduce antibiotic use is to treat
animals better&mdash;to give them more space, later weaning, better ventilation, etc. But these actions cost money, and as the Company&rsquo;s
10-K and Annual Shareholder Report make clear, margin and profit are the priorities. So if, as the Company says, overuse of antibiotics
is bad for humans, how is Hormel deciding whether to make reductions in use that reduce profit?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Report provides no information with respect to the ultimate object
of the Proposal: information that would help a shareholder understand how the continued use of antibiotics in the Company&rsquo;s supply
chain will affect the economy and, consequently, the return on diversified portfolios, and how the Company balances those competing interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unlike the incredibly detailed financial reporting included in its
annual reports, the Report provides no information as to how much Hormel&rsquo;s business is contributing to the growing AMR crisis, or
how that contribution could be reduced if Hormel increased its investments limiting antibiotic use in its supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Applegate website, https://www.applegate.com/mission/animal-welfare.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The simple fact is that the Company must make decisions about how much
to invest in fighting AMR. Diversified shareholders, whose returns depend heavily on sustainable environmental and social systems, might
want that investment to be significantly greater than it is if they had all the relevant facts. On the other hand, the Company&rsquo;s
top managers, who make the decisions as to how to allocate Hormel&rsquo;s limited resources, are paid in equity and are thus less likely
to be diversified than most of the shareholders for whom they are working. This may give them a much greater interest in pushing up Company
sales and profits. The difference in motivation makes it even more critical that the shareholders be given sufficient information about
this crucial topic. The Company also rewards employees directly based on earnings per share:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><I>This annual cash incentive plan rewards employee participants
for Company financial performance, as measured by earnings per share&nbsp;(&ldquo;EPS&rdquo;).&nbsp; The Operators&rsquo; Share Plan rewards
employees as the EPS of the Company rises over time.&nbsp; Improved EPS, over time, results in an increase in the stock price, which improves
stockholder value.</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thus, the compensation plan is designed to <I>discourage</I> changes
in animal husbandry practices that would reduce profit, even if those changes would save lives and preserve the crucial role that antimicrobial
medicine plays in our economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Requested Report Will Disclose Whether the Company
Is Protecting the Interests of Its Own Diversified Shareholders.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel&rsquo;s Corporate Governance Guidelines, along with a review
of the Report, demonstrate that the Company focuses on its internal finances, not AMR and the threats that it poses to public health and
the global economy. Thus, any effort to accelerate the reduction in antibiotic use is constrained by the prioritization of Company financial
returns. A report that addresses the full environmental and public health costs of its use of antibiotics will illuminate any gap between
Hormel&rsquo;s current efforts and what it could do if it chose to optimize for public health outcomes rather than profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">YUM has taken some preliminary steps toward this type of disclosure,
and the results are revelatory. The YUM Report provides the following critical insights for shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD>&ldquo;AMR is a significant healthcare challenge facing society today. AMR impacts are not only measured in direct and indirect financial
costs, but also in the cost of human lives and other societal costs. &hellip; This research appears to show that <B>one of the most significant
barriers to meeting the challenge of AMR is the balance between the rewards of proactive AMR mitigation and the cost of changing established
husbandry practices</B>.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD>&ldquo;The <B>challenge of individual costs and widely distributed societal benefits</B>, a situation common in many sustainability
issues, plays a key role in antimicrobial resistance. This may make it <B>difficult to pursue AMR mitigation while remaining competitive
on costs </B>and highlights the <B>need for strong collaboration between both the public and private sectors</B>.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD>&ldquo;Yum!&rsquo;s efforts to impact this through lobbying, political influence, educational activities and other expenditures could
support a positive impact on the feasibility of AMR mitigation efforts moving forward.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This presents a critical question for shareholders. When a company
or industry prioritizes growth and financial return, the long-run effect may be to lower global economic productivity, as well as human
welfare. This is often a bad trade for diversified shareholders, who rely on long-term economic productivity to buoy their portfolios.
Hormel&rsquo;s disclosure could provide more information on this topic if the Company so chose. A growing body of research attempts to
quantify the costs associated with AMR. For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Antimicrobial Resistance: Tackling a crisis for the health and wealth of nations&mdash;This UK-commissioned report showed that AMR
had the potential to reduce GDP by 2 to 3.5 percent by 2050, costing the world up to $100 trillion.<SUP>13</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Drug-Resistant Infections: A Threat to Our Economic Future&mdash;This World Bank study concluded that AMR could cost the global economy
up to 3.8 percent of its GDP by 2050, with an annual shortfall of $3.4 trillion by 2030.<SUP>14</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Sustainex Foresight note&mdash;This study from Schroders&mdash;a leading asset manager&mdash;developed a methodology to assign social
costs externalized by publicly traded companies around the world, including costs associated with the fast-food industry. It found that
listed companies created social and environmental costs of $2.2 trillion in 2018, including those arising from AMR. Those costs amounted
to more than half of the profits listed companies reported that year, so from the point of view of a diversified shareholder, those companies
were only half as valuable as their income statements would indicate.<SUP>15</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The long-term, macro effects documented in these studies hurt diversified
shareholders, because their returns are dependent on overall market performance, rather than outperformance achieved by any single company
or industry. Thus, when a company like Hormel limits public health measures to those that optimize their profits, they may be acting against
the interests of their own long-term, diversified shareholders, as shown by a United Nations publication illustrating how diversified
shareholders and beneficial owners suffer when corporations impose costs on the economy that lower GDP, reducing overall equity value.<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> <I>See supra, </I>n.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <I>See supra, </I>n.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> Andrew Howard, <I>SustainEx: Examining the social value
of corporate activities, </I>Schroders (April 2019), available at https://www.schroders.com/en/sysglobalassets/digital/insights/2019/pdfs/sustainability/sustainex/sustainex-short.pdf
(last visited May 1, 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <I>Supra, n.6.</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Hormel opposition statement misses the point</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Hormel argues that it is &ldquo;Leading Antibiotic Stewardship&rdquo;</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Claiming leadership is meaningless if it is not measured against an
objective standard. Hormel merely recites what it has done to reduce antibiotic use (including simply complying with law). It has not
provided shareholders with complete information about the level of antibiotics for which it is still responsible, how those antibiotics
contribute to AMR, or how much AMR will affect the economy and the value of a diversified portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Hormel argues that it engages in &ldquo;Continuous Improvement&rdquo;</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is simply irrelevant. The question is not whether the Company
is making incremental progress. The question is whether human health and economic well-being are being sacrificed to improve company margins,
and whether the Company is improving at a pace necessary to avoid the disastrous scenario predicted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Hormel argues that it has made a &ldquo;Commitment to Sustainability
across Our Global Supply Chain&rdquo;</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So what? Imagine if Hormel were losing money year after year, but
announced that it was &ldquo;committed&rdquo; to making profits by 2027 without quantifying its progress against any objective yardstick.
Not only would shareholders not be satisfied&mdash;they would be outraged. Yet that is the scope of Hormel&rsquo;s commitment to addressing
AMR in its supply chains. AMR, which could cost the world $100 trillion by 2050, is much more important to diversified shareholders than
the earnings of a single company. Hormel should provide the necessary information for shareholders to make considered decisions about
this issue. The current disclosure is at the level of &ldquo;<FONT STYLE="font-size: 10pt">take our word for it.&rdquo; That simply is
not good enough for such a critical issue.</FONT><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conclusion</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Please vote FOR Item 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By voting FOR Item 4, shareholders can urge Hormel to account directly
for its contribution to AMR and the resulting costs to public health and society, which in turn affect the economic health upon which
diversified portfolios depend. A report on this question can aid the Board and management in authentically serving the needs of its diversified
shareholders and in preventing the dangerous implications&mdash;to diversified shareholders and others&mdash;of a narrow focus on internal
financial return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Commons urges you to vote <B>FOR</B> Item 4 on the
proxy, the Shareholder Proposal requesting a report on antibiotics and public health costs at the Hormel Foods Corporation Annual Meeting
on January 25, 2022.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding the Hormel Corporation Item 4 &ndash; submitted
by HESTA, please contact Sara E. Murphy, <FONT STYLE="font-size: 10pt">The Shareholder Commons at +1.202.578.0261 or via email at sara@theshareholdercommons.com.
</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE FOREGOING INFORMATION MAY BE DISSEMINATED
TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES, AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT
ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>PROXY CARDS WILL NOT BE ACCEPTED BY FILER
OR THE SHAREHOLDER COMMONS.<BR>
TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">9</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
