IN THE UNITED STATES DISTRICT COURT

FOR THE EASTERN DISTRICT OF VIRGINIA

NORFOLK DIVISION

_________________________________

)

UNITED STATES OF AMERICA,	)

)

Plaintiff,	)

)	Civil Action No.: 2:04cv526

v.	)	Judge Robert G. Doumar

)

SMITHFIELD FOODS, INC.,	)	Date-stamped: November 10, 2004

)

Defendant.	)

_________________________________)

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)	Gregory N. Stillman (VSB No. 14308)

HUNTON & WILLIAMS LLP	HUNTON & WILLIAMS LLP

Riverfront Plaza, East Tower	500 East Main Street, Suite 1000

951 East Byrd Street	Norfolk, Virginia 23510

Richmond, Virginia 23219-4074	Telephone: (757) 640-5300

Telephone: (804) 788-8475

Facsimile: (804) 788-8218	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)	J. Bruce McDonald

United States Department of Justice	Deputy Assistant Attorney General

Antitrust Division

325 Seventh Street, NW, Suite 500	J. Robert Kramer II

Washington, DC 20530	Director of Operations

Telephone: (202) 305-8519

Facsimile: (202) 616-2441	Roger W. Fones

Chief, Transportation, Energy &

J. Richard Doidge	Agriculture Section

Jessica K. Delbaum

David A. Blotner	Donna N. Kooperstein

Caroline E. Laise	Assistant Chief, Transportation, Energy &

Trial Attorneys, Antitrust Division	Agriculture Section

Dated: November 8 , 2004