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IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF VIRGINIA
NORFOLK DIVISION



UNITED STATES OF AMERICA,    

                  Plaintiff,

                  v.

SMITHFIELD FOODS, INC.,

                  Defendant.


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Civil Action No.: 2:04cv526
Judge Robert G. Doumar

Date-stamped: November 10, 2004

STIPULATION

It is stipulated by and between the undersigned parties, by their respective attorneys, that:

  1. The parties consent that the Court may file and enter a Final Judgment in the form attached to this Stipulation, on the Court's own motion or on the motion of any party at any time, and without further notice to any party or other proceedings;
  2. In the event the proposed Final Judgment is not entered pursuant to this Stipulation, this Stipulation shall be of no effect whatsoever and the making of this Stipulation shall be without prejudice to any party in this or any other proceeding;
  3. This Stipulation and the Final Judgment to which it relates are for settlement purposes only and do not constitute an admission by Defendant in this or any other proceeding that Section 7A of the Clayton Act, 15 U.S.C. § 18a, or any other provision of the law has been violated; and
  4. The entry of the Final Judgment in accordance with this Stipulation settles, discharges, and releases any and all claims of Plaintiff, the United States, for civil penalties pursuant to Section 7A(g)(1) of the Clayton Act, 15 U.S.C. § 18a(g)(1), against Defendant and any officer, director, employee or trustee of Defendant, and any affiliates or subsidiaries of Defendant, for failure to comply with Section 7A of the Clayton Act, 15 U.S.C. § 18a, in connection with Defendant's 1998, 1999 and 2000 acquisitions of voting securities of IBP, Inc.

FOR THE DEFENDANT:

_______________/s/________________
Thomas G. Slater, Jr. (VSB No. 05915)
HUNTON & WILLIAMS LLP
Riverfront Plaza, East Tower
951 East Byrd Street
Richmond, Virginia 23219-4074
Telephone: (804) 788-8475
Facsimile: (804) 788-8218
Gregory N. Stillman (VSB No. 14308)
HUNTON & WILLIAMS LLP
500 East Main Street, Suite 1000
Norfolk, Virginia 23510
Telephone: (757) 640-5300

Kevin J. Arquit
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue
New York, New York 10017-3954
Telephone: (212) 455-2000

Dated: November 8 , 2004

FOR THE PLAINTIFF:

_______________/s/________________
C. Alexander Hewes (VSB No. 04922)
United States Department of Justice
Antitrust Division
325 Seventh Street, NW, Suite 500
Washington, DC 20530
Telephone: (202) 305-8519
Facsimile: (202) 616-2441

J. Richard Doidge
Jessica K. Delbaum
David A. Blotner
Caroline E. Laise
Trial Attorneys, Antitrust Division

_______________/s/________________
J. Bruce McDonald
Deputy Assistant Attorney General

J. Robert Kramer II
Director of Operations

Roger W. Fones
Chief, Transportation, Energy &
Agriculture Section

Donna N. Kooperstein
Assistant Chief, Transportation, Energy &
Agriculture Section

Dated: November 8 , 2004