Hormel Foods Corp.

Wednesday, November 22, 2000

Hormel Foods Corp. today announced its 35th consecutive annual increase in the dividend rate.

The annual dividend rate on the common stock of the corporation was raised to $.37 per share from $.35 per share. This represents a 5.7 percent increase in the dividend rate.

Quarterly dividends on the common stock were authorized by the firm’s board of directors at the newly established rate of $.0925 per share. The next quarterly dividend is to be paid Feb. 15, to stockholders of record Jan. 20, 2001.

The Feb. 15 payment will be the 290th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods has paid a regular quarterly dividend without interruption.