Smithfield Foods, Inc. And Subsidiaries
Operating Profit Margins Reconciliation
Third Quarter Fiscal 2010
(in millions)
	Pork			Packaged
	Segment			Meats
Sales	$	2,399.4		$	1,377.3
GAAP Operating Profit		152.8			145.3
Add:
Restructuring Charges		3.8			2.2
Plant Closure Charges		13.1			-
Adjusted Non-GAAP Operating Profit	$	169.7		$	147.5
GAAP Operating Profit Margin		6.4	%		10.5	%
Adjusted Non-GAAP Operating Profit Margin		7.1	%		10.7	%
International Segment Operating Profit Reconciliation
Third Quarter Fiscal 2010
(in millions)
				International
				Segment
GAAP Operating Profit				$	13.1
Add:
Campofrio Debt Restructuring
and Discontinued Operations Charges					11.7
Adjusted Non-GAAP Operating Profit				$	24.8
Prior Year Operating Profit					14.5
Adjusted Non-GAAP Operating Profit Improvement				$	10.3
Impact of Significant Items on Loss from Continuing Operations
Third Quarter Fiscal 2009
(in millions, except per share data)
							Per
				After			Diluted
				Taxes			Share
Reported GAAP measure				$	(108.1	)	$	(.75	)
Add back of significant items:
Restructuring charges in Pork segment					54.0			.38
Gain on sale of Groupe Smithfield investment					(31.4	)		(.22	)
Tax rate impact of Campofrío/Groupe Smithfield merger					20.1			.14
Cattle inventory write downs					12.0			.08
Gain on early extinguishment of debt					(4.8	)		(.03	)
Mark to market adjustment on hedges					34.2			.23
Adjusted Non-GAAP measure				$	(24.0	)	$	(.17	)