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|           | x**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES EXCHANGE ACT OF 1934**      **For the fiscal year ended August 27, 2005**
**or**
    
o**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF  THE SECURITIES EXCHANGE ACT OF 1934**     **For the  transition period from       ** 	** to       **
**Commissionfile number 333-115164**

**U.S. PREMIUM BEEF, LLC***(Exact name ofregistrant as specified in its charter)*

**DELAWARE**

**20-1576986**

**(State  or other jurisdiction of	incorporation  or organization)**

**(I.R.S.  employer	identification  number)**

**12200 North Ambassador DriveKansas City****, MO 64163****(Addressof principal executive offices)**

**Telephone: (866) 877-2525(Registrant'stelephone number, including area code)**

**Securitiesregistered pursuant to Section 12(b) of the Act:  NoneSecuritiesregistered pursuant to Section 12(g) of the Act:  None**

Indicate by check mark whether the registrant(1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past90 days. Yes x No o

Indicate by check mark if disclosure ofdelinquent filers pursuant to Item 405 of Regulation S-K is not containedherein, and will not be contained, to the best of registrant's knowledge, indefinitive proxy or information statements incorporated by reference in PartIII of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether theregistrant is an accelerated filer (as defined in Rule 12b-2 of the ExchangeAct). Yeso Nox

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act). Yeso No x

The Registrant's equity is not traded on anyexchange or other public market; however, there have been private transactions. The aggregate value of the interest held by non-affiliates approximates $47.3 million,based on the weighted average of the last sales approved.  As of November21, 2005, there were 691,845 Class Aunits and 691,845 Class B units outstanding. 

 

1

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**TABLE OF  CONTENTS**

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**PART I.**

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**Page No.**

Item 1.

Business.

4

Item 2.

Properties.

26

Item 3.

Legal Proceedings.

27

Item 4.

Submission of Matters to a Vote of Security Holders.

27

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**PART II.**

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Item 5.Market for Registrant's Common Equity, Related Stockholder  Matters	And Issuer Purchases of Equity Securities.
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Item 6.

Selected Financial Data.

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Item 7.Management's Discussion and Analysis of Financial  Condition and	Results of Operation.
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Item 7A.

Quantitative and Qualitative Disclosures About Market  Risk.

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Item 8.

Financial Statements and Supplementary Data.

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Item 9.Changes in and Disagreements with Accountants on  Accounting and	Financial Disclosure.
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Item 9A.

Controls and Procedures.

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Item 9B.

Other Information.

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**PART III.**

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Item 10.

Directors and Executive Officers of the Registrant.

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Item 11.

Executive Compensation.

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Item 12.

Security Ownership of Certain Beneficial Owners and  Management	 and Related Unitholder  Matters

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Item 13.

Certain Relationships and Related Transactions.

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Item 14.

Principal Accountant Fees and Services.

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**PART IV.**

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Item 15.

Exhibits and Financial Statement Schedules.

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Signatures

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** MARKET AND INDUSTRY DATA AND FORECASTS**

Market data and certain industry forecasts usedthroughout this report were obtained from internal surveys, market research,consultant surveys, publicly available information and industry publicationsand surveys. Industry surveys, publications, consultant surveys and forecastsgenerally state that the information contained therein has been obtained fromsources believed to be reliable, but that the accuracy and completeness of suchinformation is not guaranteed. We have not independently verified any of thedata from third-party sources nor have we ascertained the underlying economicassumptions relied upon therein. Similarly, internal surveys, industryforecasts and market research, which we believe to be reliable based upon ourmanagement's knowledge of the industry, have not been independently verified.Forecasts are particularly likely to be inaccurate, especially over longperiods of time. In addition, we do not know what assumptions regarding generaleconomic growth were used in preparing the forecasts we cite.

**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

This report contains"forward-looking statements," which are subject to a number of risks anduncertainties, many of which are beyond our control. Forward-looking statementsare typically identified by the words "believe," "expect," "anticipate,""intend," "estimate" and similar expressions. Actual results could differmaterially from those contemplated by these forward-looking statements as aresult of many factors, including economic conditions generally and in ourprincipal markets, the availability and prices of live cattle and commodities,food safety, livestock disease, including the identification of cattle withBSE, competitive practices and consolidation in the cattle production andprocessing industries, actions of domestic or foreign governments, hedgingrisk, changes in interest rates and foreign currency exchange rates, consumerdemand and preferences, the cost of compliance with environmental and healthlaws, loss of key customers, loss of key employees, labor relations andconsolidation among our customers. In light of these risks and uncertainties,there can be no assurance that the results and events contemplated by theforward-looking information contained in this report will in fact transpire.Readers are cautioned not to place undue reliance on these forward-lookingstatements. We do not undertake any obligation to update or revise anyforward-looking statements. All subsequent written or oral forward-lookingstatements attributable to us or persons acting on our behalf are expresslyqualified in their entirety by these factors.  Please review the *RiskFactors*, included in Item 1. *Business* in this report, for otherimportant factors that could cause actual results to differ materially fromthose in any such forward-looking statements.

Unless the context indicates orotherwise requires, the terms "the Company", "we", "our" and "us" refer to U.S.Premium Beef, LLC (formerly known as U.S. Premium Beef, Ltd.) and itsconsolidated subsidiaries. As used in this report, the term "NBP" refers toNational Beef Packing Company, LLC (formerly known as Farmland National BeefPacking Company, LP (FNB)), a Delaware limited liability company and "USPB"refers to U.S. Premium Beef, LLC (formerly known U.S. Premium Beef, Ltd.) priorto consolidation.  As used in this report, the terms "FYE" and "fiscal yearended" refer to our fiscal year, which ends on the last Saturday in August.

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**PART I**

**ITEM 1.                 BUSINESS  **

**BUSINESS OF U.S. PREMIUM BEEF, LLC.**

**Overview**

U.S. Premium Beef (USPB) wasorganized in July 1996 as a Kansas cooperative by a steering committee ofcattle producers. USPB's goal is to provide market access and improve themarketing and processing of beef products requiring higher quality cattle forwholesale and retail customers and consumers while providing higher returns tocattle producers. USPB operates an integrated cattle processing and beefmarketing enterprise where consumer and processor demands and requirements areimplemented through changes in genetics, feeding and management. U.S. PremiumBeef's unitholders benefit from its supplier alliance with National BeefPacking Co., LLC (NBP) through (i) premiums received in excess of cash marketprices for higher quality cattle, (ii) allocations of profits and losses and potentialdistributions, (iii) potential unit price appreciation, and (iv) informationthat permits unitholders to make informed production decisions.  

On June 12, 2003, U.S. Premium Beef entered into an agreement with Farmland Industries, Inc. (Farmland) toacquire all of the partnership interests in Farmland National Beef PackingCompany (FNB) held by Farmland.  USPB formed NB Acquisition, LLC (NBAcquisition) to consummate the acquisition. To finance the acquisition, USPB,NBPCo Holdings, LLC (NBPCo Holdings) and certain members of FNB's management teampurchased equity in NB Acquisition for $46.0 million in cash.  FNB issued$160.0 million of Senior Notes (Senior Notes), amended its credit facility andtransferred a portion of the proceeds of the offering of the Senior Notes andborrowings under its amended credit facility to NB Acquisition. Subsequently, NB Acquisition merged into FNB, and FNB then converted intoa limited liability company under Delaware law and became known as NationalBeef Packing Company, LLC (NBP).  These transactions (the Acquisition) closedon August 6, 2003.  

Effective August 29, 2004, the cooperative restructured into a limited liability company (the Conversion). The business of USPB,the cooperative, is being continued in the limited liability company (LLC) formof business organization.

U.S. Premium Beef, NBPCo Holdings and NBP managementeach hold Class A and Class B interests in NBP. In addition, members of NBPmanagement will be issued a fixed number of additional Class A and Class Cinterests in NBP in lieu of cash payments owed under existing employmentarrangements. USPB holds approximately 53.2% of the Class B interests, as wellas Class A interests with an aggregate face amount of approximately $88.8million, NBPCo Holdings owns approximately 20.2% of the Class B interests, aswell as Class A interests with an aggregate face amount of approximately $31.6million, and members of NBP management own approximately 26.6% of the Class Binterests, as well as Class A interests with an aggregate face amount ofapproximately $1.5 million. After a specified period following the completionof the Acquisition, certain members of NBP management will be issued a fixednumber of additional Class A interests with an aggregate face amount ofapproximately $9.1 million and Class C interests with an aggregate face amountof approximately $0.9 million in lieu of cash payments owed under prior orexisting employment arrangements pursuant to deferred compensation agreementsentered into in connection with the Acquisition.

**Products and Production**

USPB provides an integrated cattle production,processing and marketing system for the benefit of its owners and associates.As the basis of that system, USPB's owners have a guaranteed right plus**anobligation (on a one head per Class A unit per year basis) to deliver cattle toUSPB, pursuant to the Uniform Delivery and Marketing Agreement (See *CattleDelivery Arrangements*). Cattle delivered to USPB are then delivered to NBPfor processing and subsequent product distribution and marketing. Shortly afterthe cattle are processed, cattle suppliers receive, at no extra charge,reliable individual animal carcass data previously considered proprietary bymany processors. This carcass data assists producers in refining productionmethodologies, thereby improving the product quality and subsequently enhancingthe return to the producer investor. 

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We believe the primary advantage of USPB'sownership in NBP centers around USPB's ability to provide NBP with a consistentsupply of quality beef from a verified source, allowing NBP to target highermargin value-added markets. Consumers have historically demonstrated theirwillingness and desire to buy branded products that offer better value in otherconsumer product markets, with the Certified Angus Beef® product linebeing an example in the beef industry. 

**Cattle Producers' Uniform Delivery and Marketing Agreements**

USPB purchases all of its cattlerequirements from its owners and associates. Under the cooperative structure,each share of common stock held by a shareholder entitled and obligated thatshareholder to deliver one head of cattle per year to the cooperative. Eachshareholder was required to enter into a Uniform Delivery and Marketing Agreementwith the cooperative whereby the shareholder was committed to supply adesignated number of cattle on an annual basis to be delivered during thedelivery periods set forth in the delivery agreement. In the LLC structure,each Class A unit held by a unitholder entitles and obligates that unitholderto deliver one head of cattle per year to USPB.  Each delivery agreement isfor a term of 10 years, with the term of the cooperative's agreements continuingfollowing the Conversion. These arrangements are described in greater detail in*Cattle Delivery Arrangements*. 

**Company Background**

USPB was organized as a taxexempt cooperative within the meaning of Section 521(b)(l) of the InternalRevenue Code. The cooperative began operations on December 1, 1997, when the cooperative acquired its initial interest in Farmland National Beef, nowknown as National Beef Packing Company, LLC. In connection with thecooperative's purchase of its interest in Farmland National Beef, thecooperative obtained the right, and became subject to the obligation to delivercattle annually to NBP relative to: (i) USPB's ownership in NBP and (ii) thenumber of cattle processed annually by NBP.  That arrangement continuesfollowing the conversion of the cooperative into the LLC.  Under thatarrangement, USPB has delivered nearly five million head of cattle to NBP forprocessing since it commenced deliveries.   

On August 6, 2003, USPB became the majority owner in NBP.

On August 18, 2004, the shareholders of U.S. Premium Beef, Ltd. approved the conversion of the cooperativeinto a Delaware LLC.  Under the new ownership structure, each share of commonstock of the cooperative was converted to one unit of Class A interest and oneunit of Class B interest.  Immediately following the Conversion, there were691,845 units of Class A interests and 691,845 units of Class B interests.  Fora period to be determined by the board of directors, each Class A unit will belinked to its corresponding Class B unit and each pair of linked units must, iftransferred, be transferred together.  Patronage Refunds for Reinvestment inthe cooperative were carried over at their face amount into the LLC asPatronage Notices.  

Holders of Class A units areentitled to a pro rata share of 33% of the profits and losses; to receivedistributions of USPB's net cash flow when declared by the board of directors;to participate in the distribution of USPB's assets if it dissolves orliquidates after payment of the Patronage Notices, and, if the holder is amember, to vote on matters submitted to a vote of USPB's members.  Holders ofClass A units are committed under Uniform Delivery and Marketing Agreements todeliver one head of cattle to USPB annually for each unit held.  

Holders of Class B units areentitled to a pro rata share of 67% of the profits and losses; to receivedistributions of USPB's net cash flow when declared by the board of directors;to participate in the distribution of USPB's assets if it dissolves orliquidates after the payment of the Patronage Notices, and, if the holder is amember, to vote on matters submitted to a vote of USPB's members.  Holders ofClass B units have no cattle delivery commitment.

Patronage Notices do notconstitute units or membership interests in USPB, and holders will not beunitholders or members of USPB by virtue of holding Patronage Notices.  As wasthe case in the cooperative, Patronage Notices will be paid by USPB at suchtime and in such amounts as may be determined by the board of directors in itssole and absolute discretion.  Upon liquidation, holders of Patronage Noticeswill be paid before holders of Class A and Class B linked units.  PatronageNotices carry no other or additional rights.

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**Employees**

USPB has nine employees. USPB's governance andstrategic oversight responsibilities with NBP and the complexity of USPB'sobligations under its various contracts with NBP require USPB to retain theservices of key senior management personnel with the experience, skill andexpertise necessary to manage an enterprise competitive with othersophisticated participants in the beef and meat industries. Each employee iscompensated through the payment of a base salary with management being eligiblefor incentive bonuses. In addition, each employee is eligible to participate inbenefits programs maintained by USPB. These programs include group medicalinsurance, accidental death and dismemberment insurance and similar programs.

USPB's employees are notunionized and USPB believes that its relationship with its employees is good.

**Governmental Regulation and Environmental Matters**

The Company is subject to federal and stateregulations relating to grading of animals, quality control, labeling, sanitarycontrol and waste disposal. However, as many of the Company's operationalactivities are conducted through its majority-owned subsidiary, NBP, and as USPBdoes not directly operate any processing facilities itself, the significantefforts with respect to governmental and environmental regulation are conductedby NBP. See *Business of National Beef Packing Company, LLC - GovernmentRegulation and Environmental Matters*. 

**Sales, Marketing and Customers**

USPB's sole customer is its majority-ownedsubsidiary, NBP. The ultimate customers of and the market for the productsresulting from the processing of cattle supplied by USPB's members aredescribed in *Business of National Beef Packing Company, LLC - Descriptionof Business Segments*.  

**Beef Industry, Markets and Competition**

As indicated above, USPB's business activitiesare focused on supplying cattle produced by its owners and associates to USPB'smajority-owned subsidiary, NBP. Information regarding the beef industry, themarket for beef and beef products and competition within the beef industry aredescribed in *Business of National Beef Packing Company, LLC - IndustryOverview*. 

**Intellectual Property**

USPB owns little intellectual property becauseUSPB's sales are transacted through NBP. However, USPB maintains a trademark ona U.S. Premium Beef logo that it uses periodically on certain, selectedproducts. 

**Research and Development**

USPB does not conduct any research anddevelopment activities independent of the activities of NBP. 

**CATTLEDELIVERY ARRANGEMENTS**

**Cattle Producers' Uniform Delivery and Marketing Agreements and Paymentsto Owners and Associates for Cattle**

USPB purchases all of its cattlerequirements from its owners and associates. Under the cooperative structure,each share of common stock held by a shareholder entitled and obligated thatshareholder to deliver one head of cattle per year to the cooperative. Eachshareholder was required to enter into a Uniform Delivery and Marketing Agreementwith the cooperative whereby the shareholder was committed to supply adesignated number of cattle on an annual basis to be delivered during thedelivery periods set forth in the delivery agreement.  In the LLC structure,each Class A unit held by a unitholder entitles and obligates that unitholderto deliver one head of cattle per year to USPB.  Each delivery agreement is fora term of 10 years, with the terms of the cooperative's agreementcontinuing following the Conversion. 

 

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Cattle delivered to USPB by itsowners and associates are delivered by USPB to NBP for processing (with theeffect that NBP is USPB's sole customer). The resulting beef and beef productsare marketed by NBP. Each owner or associate is paid for the cattle deliveredto USPB based on a market-based purchase price that is subject to theagreements between USPB and NBP. 

Pursuant to the Uniform Delivery andMarketing Agreement, payment for cattle is based on the individual carcass qualityof cattle delivered to the Company. In addition to the payments described inthis section, the cooperative paid patronage dividends from its taxable income,in accordance with its bylaws. Such patronage dividends were based on thecooperative's taxable income and were distributed to the cooperative'sshareholders and associate members in proportion to the number of cattledelivered to the cooperative by its shareholders and associate members. As aresult, the patronage dividends received by the cooperative's shareholders andassociate members reflect the benefits and profits, if any, obtained fromvalue-added marketing of the beef and beef products created from the cattledelivered to the cooperative for processing. As a limited liability company,allocations of profits and losses and potential distributions are not tied tocattle delivery, but rather to the number of units held and the respectiverights of the Class A and Class B units.

**BUSINESS OF NATIONAL BEEF PACKING COMPANY, LLC**

**General**

NBP is the fourth largest beef processing companyin the United States, accounting for 12.3% of the United States fed cattleprocessed in its FYE 2005. NBP processes, packages and delivers fresh beef forsale to customers in the United States and international markets. NBP'sproducts include boxed beef and beef by-products, such as hides and offal. Inaddition, NBP sells value-added beef products including branded boxed beef,case-ready beef and pork, chilled and frozen export beef and portion controlbeef. NBP markets products to retailers, distributors, food service providersand the United States military. In FYE 2005, NBP processed in excess of threemillion fed cattle at its facilities and generated total net sales of $4.3billion.  NBP's relationship with U.S. Premium Beef facilitates a verticallyintegrated business model and provides NBP with a significant portion of thehigh-quality cattle used in its boxed beef and value-added products. 

Steven D. Hunt, one of NBP'sthree managers and the Chief Executive Officer of U.S. Premium Beef, has over23 years of experience in the beef industry. Mr. Hunt has been an integralmember of NBP's team and has helped to increase its supply of high-qualitycattle by facilitating the growth of the membership base at U.S. Premium Beef.

On June 12, 2003, U.S. Premium Beef entered into an agreement with Farmland Industries, Inc. (Farmland) to acquire all ofthe partnership interests in FNB held by Farmland.  U.S. Premium Beefformed NB Acquisition, LLC (NB Acquisition) to consummate the acquisition. Tofinance the acquisition, U.S. Premium Beef, NBPCo Holdings, LLC (NBPCoHoldings) and certain members of NBP management team purchased equity in NBAcquisition for $46.0 million in cash.  FNB issued $160.0 million of SeniorNotes (Senior Notes), amended its credit facility and transferred a portion ofthe proceeds of the offering of the Senior Notes and borrowings under itsamended credit facility to NB Acquisition.  

Subsequently, NB Acquisition merged into FNB, andFNB then converted into a limited liability company under Delaware law andbecame known as National Beef Packing Company, LLC.  These transactionsclosed on August 6, 2003.  NBP continues to hold all of the same assets it heldbefore the consummation of the transactions, including equity in itssubsidiaries, except that concurrent with the closing of these transactions, ittransferred to Farmland a 49% interest in its subsidiary National Beef aLF,LLC, which holds a 47.5% interest in aLF Ventures, LLC.  After the transaction, NBP holds a 24.2% interest in aLFVentures, LLC through its 51% interest retained in National Beef aLF, LLC.  Farmlandhas a right to request that NBP repurchase this interest at fair market valueany time from July 2006 to July 2008.   If NBP does not repurchase theinterest, NBP agrees to put the entire interest up for sale. 

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**Industry Overview**

Beef products represent the largest segment ofthe U.S. meat industry based on retail sales and the U.S. is the largestproducer of beef in the world, producing  approximately 24.5 billion pounds ofbeef in 2004.  Beef production, from the birth of the animal to the delivery ofmeat products to the end distributor, is comprised of two primary segments:production and processing. The production segment raises cattle for slaughterand the processing segment slaughters cattle and packages beef for delivery tocustomers.  A typical 1,200 pound animal yields about 580 pounds of saleablemeat in addition to by-products.  Cattle supply in the beef industry typically followsa ten to twelve year cycle, consisting of about six to seven years of expansionfollowed by one to two years of consolidation and three to four years ofcontraction. This cycle is unique to cattle as other animals can eithergenerate multiple offspring or have shorter incubation periods.  In 2004, therewere 63 federally inspected processing plants in the U.S. that each slaughtered50,000 or more head of cattle.

Beef carcasses are fabricated into boxed beefcuts for sale to retailers and food service operators who further process thecuts for sale to consumers. NBP estimates that approximately 80% of beef soldin the U.S. is sold as boxed beef.  Recently, meat processors have begunslicing and repackaging cuts, thereby reducing the amount of handling by the endretailer. These case-ready products may be placed directly into the retaildisplay case for selection by the consumer. Case-ready products allow retailstores to shift butcher shop square footage to revenue-generating activities,reduce labor costs and workplace injuries associated with slicing beef, andpotentially reduce food safety liability.

The domestic beef industry is characterized byprices that change daily based on seasonal consumption patterns and overallsupply and demand for beef and other proteins in the United States and abroad.In general, domestic and worldwide consumer demand for beef products determinesbeef processors' long-term demand for cattle, which is filled by feedlotoperators. In order to operate profitably, beef processors seek to acquirecattle at the lowest possible costs and to minimize processing costs bymaximizing plant operating rates. Cattle prices vary seasonally and areaffected by inventory levels, the production cycle, weather, feed prices andother factors.

In FYE 2005, approximately 26.3 million fedcattle were processed in the United States.  In recent periods, demand for beefproducts in the United States has been relatively stable, with populationgrowth the primary factor in determining increased aggregate demand. 

***BSE and Related Export Bans***

The closureof U.S. borders to the importation of Canadian feeder and fattened (ready forslaughter) animals, which occurred in May 2003 following the discovery ofbovine spongiform encephalopathy (BSE) in Alberta that same month, tightenedthe U.S. cattle supply.  The closure of the U.S. border to Canadian livestockresulted in higher overall feeder and fed cattle prices in the U.S., negatively impacting raw material prices.  Although the U.S. border opened toCanadian produced boxed beef in September 2003, the entire U.S. beef industry continued at a price disadvantage for both raw materials and boxed beefprices while the ban on importation of Canadian livestock was maintained.  Theban on the importation of Canadian cattle was in place from May 2003 to July2005.  

On December 23, 2003, it was announced by the United States Department of Agriculture (USDA)that a single Holstein dairy cow was discovered in the state of Washington to have tested positive for BSE.  The origin of the animal was subsequentlytraced to a farm in Canada.  Shortly after the announcement, several countries,including Japan, representing a substantial share of NBP's export business,closed their borders to the importation of edible beef products from the United States.  Certain by-products have been classified as Specified Risk Materials(SRMs), and have been banned from use in feedstocks and the human food chain.Some of these products previously enjoyed a market in foreign countries.  Theclosure of most foreign markets to U.S. beef following the discovery of thiscow in Washington state, and lack of alternative U.S. markets for many productswhich previously were exported, negatively impacted the revenue per headenjoyed by the U.S. packing industry.  

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All of thesechallenges resulted in tremendous volatility in U.S. livestock market pricesduring FYE 2003, FYE 2004 and FYE 2005.  In FYE 2003, 2004 and 2005, NBP'stotal export sales were approximately 17%, 10% and 7%, respectively, of total netsales.

On December 29, 2004, the USDA announced it had established conditions under which it wouldallow imports into the U.S. of live cattle under 30 months of age and certainother commodities from regions with effective BSE prevention and detection measures. Prior to being able to import to the U.S., each country must undergo a thoroughrisk assessment to be recognized as a "minimal-risk region."  Canada was thefirst country recognized as a minimal-risk region and, as such, would have beeneligible to export to the U.S. live cattle under 30 months of age (subject tocertain restrictions), as well as certain other animals and products.  The riskassessment conducted by the USDA, as part of the rulemaking process todetermine Canada's status as a minimal-risk region, included consideration ofthe possibility that Canada could experience additional cases of BSE.  Thefinal rule was published in the January 4, 2005 *Federal Register* and wasto become effective March 7, 2005, but was delayed by litigation.  

On March 2, 2005, the U.S. District Court in Billings, Montana granted a preliminaryinjunction to delay the implementation of USDA's minimal-risk regions rule,temporarily blocking the opening of the Canadian border to the importation oflive cattle under 30 months of age into the U.S.  On March 17, 2005, the U.S. Department of Justice, on behalf of the USDA, filed a request with the U.S.Court of Appeals for the Ninth Circuit requesting that the court overturn thedecision issued by the U.S. District Court in Montana, which would re-establishtrade with Canada for beef products and live cattle under 30 months of age. The National Meat Association along with the Canadian Cattlemen's Associationand the Alberta Beef Producers, who were all denied leave to intervene in thetrial court, also appealed seeking to overturn the preliminary injunction.  InJuly 2005, the U.S. Court of Appeals for the Ninth Circuit overturned the March2005 preliminary injunction issued by the U.S. District Court in Billings, Mo  ntana, which had continued the closure of the Canadian border to imports oflive cattle. The U.S. Court of Appeals ruling resulted in the immediatereopening of the Canadian border to live cattle imports.  A petition forrehearing of the Ninth Circuit's ruling to the entire panel of Ninth Circuitjudges was rejected by the Ninth Circuit on October 13, 2005.  Although the Court of Appeals action does not completely dispose of the action in the lowercourt, the lower court may or may not enter final rulings that will permitcontinued trade in live animals and beef products between the two countries.

Announcementsof inconclusive, preliminary test results for BSE can be expected from time totime as a result of the sensitivity of the new screening regime.  Since theUSDA enhanced surveillance program for BSE began in 2004, approximately 510,000cattle have been tested for BSE using a rapid test.  Three of these animalstested inconclusive and were subsequently subjected to immunohistchemistry, orIHC, testing.  The IHC is an internationally recognized confirmatory test forBSE.  All three inconclusive samples tested negative using IHC.  The threesamples were then tested by a second internationally recognized confirmatorytest, referred to as the Western Blot test.  Of the three samples, two werenegative but the third came back reactive.  Because of the conflicting results,the samples from the animal that tested reactive were sent to Weybridge,England for further testing and the results of that testing were confirmed onJune 24, 2005 as positive for BSE.  In a USDA statement issued June 29, 2005, the cow was identified as born and raised in a herd in Texas and wasapproximately 12 years old.  In the USDA statement, USDA Chief VeterinarianJohn Clifford stated that the USDA believes, "it was most likely infected byconsuming feed prior to the implementation of the ruminant-to-ruminant feed banin 1997," and he emphasized "that this animal did not enter the human foodchain."  Although the Secretary of the USDA has stated that there is no risk toanimal or human health related to this case, the impact on the market createdby this or other future tests is not possible to predict.  Prior to this secondconfirmed case of BSE in the U.S., many countries had reopened their borders toallow the import of U.S. beef; however, this second confirmed case of BSE hasled to uncertainty as to whether or when additional markets may reopen, andwhether or when existing open markets may close.

On October 31, 2005, a Japanese food safety panel responsible for recommendations concerningthe importation of beef concluded that the risk of BSE in cattle 20 months ofage and younger from the United States was very low.  The recommendation setsin motion a series of actions, including a month-long period for publiccomments, which could lead to the resumption of U.S. beef imports potentiallybefore the end of the calendar year.  There can be no assurance that thisaction will result in the resumption of trade, or if so, when this will occur.

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The Companycannot presently assess the full economic impact of the consequences of BSE onthe U.S. beef packing industry or on its operations.  The Company's revenuesand net income may be materially adversely affected in the event existingimport restrictions continue indefinitely, additional countries announcesimilar restrictions, additional regulatory restrictions are put into effect ordomestic consumer demand for beef declines substantially.

**Business Strategy**

*Increase Supplier Alliances.*    NBP intends to continue to increase the number ofhigh-quality cattle that it purchases from supplier alliances to increaserevenue and improve profitability. The cattle NBP purchases through supplieralliances, such as its relationship with U.S. Premium Beef, are purchased oneither a value-based formula, which sets the price for carcasses according toboth quality and yield, or a secondary-market basis, whereby NBP purchasescattle from suppliers outside of its primary supply territory. The percent ofcattle NBP purchases pursuant to each of these methods fluctuates from periodto period; the number of cattle NBP purchased on either a value-based formulaor a secondary market basis was approximately 49% of its total cattle purchasedin FYE 2005.  Based on NBP's experience and on actual results, it believes thatthese purchasing methods allow it to increase the percentage of high-qualitycattle that it processes relative to NBP's total cattle processed.  NBP hasfocused on building relationships with and educating its suppliers on themutual benefits of these purchasing methods and believes that it will be ableto increase its high-quality cattle purchases utilizing these methods in thefuture. 

*Continue to Improve Operating Efficiencies.*    NBP plans to continue to focus on increasing its profitmargins by improving operating efficiencies and increasing processing yields.Since 1995, NBP has invested over $260 million and successfully expanded itsprocessing facilities, creating an efficient and high volume business. 

*Pursue Strategic Acquisitions.*    NBP's management team has a history of successfullyexecuting and integrating acquisitions in core or complementary businesses. NBPintends to continue to evaluate and selectively pursue acquisitions, particularlyof underperforming processing facilities, which it believes are strategicallyimportant based on their potential to: (i) meet NBP's customers' needs,(ii) diversify NBP's product offerings and customer base, (iii) broaden NBP'sgeographic production and distribution platform and (iv) increase cash flow.  Itmay pursue any such acquisitions subject to the covenants contained in its debtagreements.

**Competitive Strengths**

*Vertically Integrated BusinessModel.    *In connection with USPB's purchase of itsinterest in Farmland National Beef, USPB obtained the right, and became subjectto the obligation, to deliver cattle annually to NBP relative to: (i) USPB's ownershipin NBP and (ii) the number of cattle processed annually by NBP.  USPB'sownership of and contractual supply relationship with NBP enhances NBP'sability to deliver a consistent, high-quality, value-added product to itscustomers. USPB is a limited liability company and its owners and associatesconsist of cattle ranchers and feedlot owners and operators. In FYE 2005, USPB andits owners and associates provided NBP with approximately 19% of its totalcattle requirements through the pricing grid process as more fully described initem 13. *Certain Relationships and Related Transactions*. NBP believesthis supply relationship with USPB provides NBP with significant competitiveadvantages; including: (i) consistently supplying high-quality cattle, and (ii)an ability to consistently provide NBP's customers with higher margin,value-added products.

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*Modern and Efficient Facilities.*    NBPhas invested more than $260 million since 1995 to modernize its facilities,expand capacity and increase the rate at which cattle are processed. Thesefacility upgrades and expansions have enabled NBP to more than double thenumber of cattle it processes. NBP management believes that its beef processingfacilities in Liberal, Kansas and Dodge City, Kansas are among the largest,most modern and efficient processing facilities in the United States. At these two facilities combined, NBP process over 11,000 cattle per day. NBPbelieves that the efficiency improvements at these facilities have allowed NBPto achieve higher capacity utilization rates, lower operating costs and higheroperating margins than those of major competitors. Furthermore, theseefficiencies have helped NBP increase its market share of the United States supply of fed cattle processed from approximately 7.5% in 1997 toapproximately 12.3% in 2005. NBP's two case-ready facilities in Hummels Wharf, Pennsylvania and Moultrie, Georgia, which began operating in 2001, areoutfitted with state-of-the-art processing and packaging equipment that allows NBPto serve customers, such as Wal-Mart, in this growing niche market. Inaddition, its facilities are strategically located to enable NBP to sourcecattle and beef products efficiently and to effectively serve customers.

*Significant Value-Added Product Portfolio.*    NBP'svalue-added product portfolio consists of branded boxed beef, case-ready beefand pork, chilled and frozen export beef and portion control beef. NBP's totalvalue-added sales were approximately $970.9 million in FYE 2005, comprisingapproximately 22.4% of its total net sales. NBP's value-added productscontribute significantly more, in terms of gross margin, than its traditionalboxed beef products and are an important component of NBP's profitability. Prior to the discovery of a single dairy cow in Washington state infected withBSE on December 23, 2003, NBP's chilled and frozen export beef products,which primarily consist of premium cuts, had been its primary export to theinternational beef market, particularly to Japan. Notwithstanding the loss ofexport markets in Japan and South Korea for all of FYE 2005, NBP has increased itssales of value-added products by $155.6 million from FYE 2004 to FYE 2005.

*Focus on Food Safety.*    NBPhas continually focused on food safety. Its processing facilities utilize NBP'sproprietary BioLogic® Food Safety System to facilitate the production of clean,fresh, safe and high-quality beef products. Each of its processing facilitiesis divided into five zones that separate different stages of the productionprocess and minimize the risk of contamination. NBP continually tests itsproducts and facilities to track and trend the process effectiveness.

NBP believes that it is an industry leader indeveloping new food safety technologies. NBP is continuing to develop activatedLactoferrin (aLF) through aLF Ventures, LLC, a joint venture it founded withDMV USA LP, a subsidiary of Campina Melkunie BV, the Netherlands' largest dairycooperative. aLF is a new food safety technology that has been found toeliminate up to 99% of harmful bacteria found on beef products in testsconducted at California Polytechnic State University. 

*Supplier, Customer and ChannelDiversification.    *NBP's beef processing facilitiesare located in southwest Kansas, and its primary market area for the purchaseof cattle includes Kansas, Texas and Oklahoma.  According to information fromthe USDA, cattle on feed in the Kansas, Texas and Oklahoma area representedapproximately 53% of the fed cattle marketed in the U.S. during 2004.  Theclose proximity of NBP's facilities to large supplies of cattle gives itsbuyers the ability to visit feedlots on a regular basis, which enables them todevelop strong working relationships with its suppliers.  Additionally, theclose proximity of NBP's facilities to large supplies of cattle encourages its suppliersto tailor their production decisions to efficiently meet the demands of NBP'scustomers, reduces NBP's reliance on any one cattle supplier and lowerstransportation costs. In FYE 2005, excluding NBP's supply arrangement with USPB,NBP's largest supplier accounted for 5.7% of total purchases and NBP's top 25suppliers accounted for 39.7% of its total purchases.

NBP also has a diversified sales mix acrossdistribution channels and customers. This approach provides multiple avenues ofpotential growth and reduces its dependence on any one market or customer. NBPsells products to retailers, distributors, food service providers, furtherprocessors, the United States military and through other channels. In FYE 2005,approximately 55% of NBP's total net sales were to retailers and 30% to foodservice providers. Across these channels, NBP serves over 800 customers, whichrepresent most major retailers and food service providers in the U.S. In FYE 2005, no one customer represented more than 3.7% of total net sales, other thanWal-Mart and its affiliate Sam's Club, which together represented 7.0% of NBP'stotal net sales. NBP's top 10 customers represented 29.2% of total net sales inFYE 2005.

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*ExperiencedManagement.    *NBP is led by an experienced managementteam with, on average, over 20 years of experience in the beef processingindustry. John R. Miller, Chief Executive Officer, has over 25 years ofexperience in the beef processing industry. Mr. Miller has been recognized byForbes magazine for his achievements and leadership within the U.S. beef processing industry. He has assembled a team of professionals, including NBPPresident, Timothy M. Klein, who have worked together over the past 14 years indeveloping NBP into a profitable and premium supplier of beef products.

**Description of Business Segments**

NBP reports in two business segments:  Core Beefand Other. NBP measures segment profit as operating income.

***Core Beef***

*Products, Sales and Marketing*

The majority of NBP's revenues are generated fromthe sale of fresh meat either as a boxed beef product or a case-ready product.These products accounted for approximately 89% of its revenues in FYE 2005. Inaddition, NBP sells beef by-products to a variety of meat, feed processing,fertilizer and pet food industries. NBP also sells cattle hides to tanners, whoprimarily supply the clothing and automotive industries for both domestic andinternational use. NBP emphasizes the sale of higher-margin, branded beefproducts, and markets these products under several brand names, including NationalBlack Angus BeefTM, Black Canyon® Angus Beef, CertifiedPremium BeefTM and Naturewell® Natural Beef.  Also partof our value-added product line is Certified Angus Beef®, a registeredtrademark (used with permission) of Certified Angus Beef, LLC, a wholly-ownedsubsidiary of the American Angus Beef Association; and Certified Hereford Beef®,a registered trademark (used with permission) of Certified Hereford Beef, LLC.

NBP's focus continues to be adding furtherprocessing, specialized cutting, packaging and other value-added components to itsproducts that generate higher profitability. In 2001, NBP opened twostate-of-the-art case-ready facilities, which enabled it to expand margins byadding value to the beef it processes. NBP's case-ready operations furtherprocess its boxed beef products, as well as third-party pork products, bytrimming and cutting these products into individual portions, and in someinstances injecting with a solution to tenderize and moisturize the products.These portions are then packaged, oxygenated and sealed in a plastic case toincrease the shelf-life of these products by up to five times versustraditional packaging methods. 

During FYE 2005, NBP sold its beef products tomore than 800 customers located in 25 countries. NBP markets its beef productsthrough several channels, including:
-  nationaland regional retailers, including supermarket chains, independent grocers, clubstores and wholesale distributors such as Sam's Club, Royal Ahold, AssociatedWholesale Grocers and Sherwood Foods;nationalretailers such as Wal-Mart, who purchase a substantial portion of NBP'scase-ready and branded products;thefood service industry, including food service distributors, hotel chains andother institutional customers such as U.S. Foodservice, Sysco, and MBMCorporation;furtherprocessors, including Oscar-Mayer and ConAgra; andinternationalmarkets, including China, Mexico, South Korea, Hong Kong and Thailand. Subsequent to the December 23, 2003 discovery of a single case of BSE in Washington state, export beef products are currently limited to boxed beef products fromcattle younger than 30 months to Mexico and other limited, smaller foreignmarkets.  Many international importers, such as Japan and South Korea (who were two of NBP's largest export markets for beef products in FYE 2003),closed their borders to U.S. edible beef products after this report of BSE.Neither Japan nor South Korea has reopened the borders yet to U.S. edible beef products, which has continued to negatively impact NBP's export sales inFYE 2005.
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As of August 27, 2005, NBP's domestic sales team consisted of 26 employees. The sales office for domestic sales is located in NBP'sheadquarters building in Kansas City, Missouri. The sales team in this officeis responsible for selling and coordinating the movement of approximately 39 millionpounds of boxed beef products per week to NBP customers nationwide. Thiscentralized sales concept allows NBP to respond quickly to customer requestsfor pricing and load information. NBP has also integrated the satellitetracking capabilities of refrigerated carriers into its website allowingcustomers to track shipments in process. While providing significant customeradvantages, NBP's centralized sales concept also enables its sales force toshare key market intelligence in a manner that allows them to react to changingmarket conditions in an efficient manner.

The sales office for international sales islocated in Chicago, Illinois. This office coordinates all aspects of sales,pricing and shipping to all destinations outside of the United States. NBP also has two satellite offices in Japan and South Korea that assist inthe coordination of sales in those regions, historically two of its largestinternational markets.

NBP's marketing efforts include engaging inbusiness-to-business programming and communications to create preferences forproducts among its customers. In addition, NBP supports its value-added,branded beef business through in-store merchandising and feature advertisingsupport.

*Raw Materials and Procurement*

NBP's primary raw material for its processingplants is live cattle. During FYE 2005, NBP obtained approximately 19% of itscattle requirements from U.S. Premium Beef and its owners and associates throughthe pricing grid process. During FYE 2004 and FYE 2003, NBP obtainedapproximately 18% and 22% of its cattle requirements from USPB. NBP'sarrangement with USPB provides it with a consistent supply of high-qualitycattle. For information regarding this agreement, see Item 13. *CertainRelationships and Related Transactions* and Note 9. *Related PartyTransactions* to USPB's consolidated financial statements in Item 8, both ofwhich are included in this report.  NBP also purchases cattle on a cash bidbasis from its primary and secondary markets.  NBP also sponsors other,non-affiliated supplier alliances that provide it with high-quality cattle. NBPbelieves that it is a first choice processor for suppliers seeking to attainpremium pricing for their high-quality cattle and that cattle suppliers view NBPmore favorably than its competitors due to its vertically integrated businessmodel, which emphasizes building relationships and cooperating with suppliersand paying a premium for high-quality cattle. During FYE 2005, approximately1,100 suppliers provided NBP with cattle.

All of NBP's cattle suppliers are required todocument the quality of their feedlot operations. Each cattle supplier mustverify that its use of antibiotics or other agricultural chemicals follows themanufacturer's intended purpose. They must also confirm that they use only Foodand Drug Administration (FDA) approved pharmaceutical compounds and comply withdosage and administrative standards. Furthermore, each cattle supplier mustconfirm that they do not use feed containing animal based protein products,which have been associated with outbreaks of BSE.  Many of NBP's producersparticipate in state beef quality assurance training programs and haveestablished certification and verification practices.  These programs emphasizemeeting and exceeding the FDA, USDA, Food Safety Inspection Service (FSIS) andU.S. Environmental Protection Agency (EPA) standards for food safety andfurther protect the nation's beef supply utilizing hazard analysis and criticalcontrol point principles.  Using guidelines established by National Cattleman'sBeef Association (NCBA), beef safety and quality assurance programs areadministered and audited annually by various state beef associations.  Stateassociations certifying NBP's suppliers include, among others, Texas CattleFeeders Association, Kansas Livestock Association and Nebraska Cattlemen'sAssociation.

*Processing Facilities and Operations*

NBP operates a total of four beef processingfacilities in the United States. NBP's Liberal, Kansas and Dodge City, Kansas facilities are geographically positioned near its suppliers to efficiently sourceraw materials by reducing transportation costs. Two of NBP's facilities arecase-ready facilities that supply beef and pork products to its customers. NBP'scase-ready facilities are located in close proximity to key customer marketsresulting in decreased delivery times. NBP's case-ready facilities are alsolocated in areas with a highly skilled and cost-effective labor force.   SeeItem 2. *Properties* in this report for further information about thesefacilities.

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Cattle delivered to NBP's facilities aregenerally processed into beef products within 36 hours after arrival. Approximately65% of the cattle processed in any week are committed to sale before the cattleare delivered to NBP's facilities. NBP processed in excess of three million fedcattle at its facilities in FYE 2005. NBP's facilities utilize modern, highlyautomated equipment to process and package beef products. NBP strives tomaintain and enhance its facilities and has invested more than $260 millionsince 1995 to expand capacity and increase efficiency at its facilities. Thedesign of NBP's facilities emphasizes worker safety to ensure compliance withall regulations and to reduce worker injury and turnover.  Additionally, NBPhas placed a substantial amount of ammonia piping on the roof versus in theproduction areas, not in response to regulatory requirements, but in theinterest of worker safety.  These and other changes designed the workplace tobetter fit NBP's employees.  All expansions are reviewed by internal personnel,including NBP's Corporate Environmental Director, Vice President of Safety,Vice President of Technical Services, Vice President of Engineering andCorporate Project Engineer, for regulatory compliance prior to construction.  NBP'sfacilities are also designed to reduce waste products and emissions and disposeof waste in accordance with applicable environmental standards.

NBP distributes beef products domesticallydirectly from its processing facilities and case-ready facilities. NBP utilizesits subsidiary National Carriers and third party carriers to deliver productsto its customers.

***Other***

*Products, Sales and Marketing*

NBP also sells beef products through its portioncontrol business, Kansas City Steak Company, in which NBP has an approximate 75%interest. Kansas City Steak Company provides trimmed and cut individualportions both directly to consumers on a branded basis through televisionoutlets (such as the QVC Channel) and direct mail catalogs; and directly torestaurants (such as Outback Steakhouse) and the food service industry on anunbranded basis.  On March 28, 2003, FNB acquired National Carriers, arefrigerated and livestock contract carrier service with terminals in Liberal, Kansas; Dallas, Texas; and Denison, Iowa.  National Carriers currently operatesapproximately 1,200 refrigerated and livestock units.  NBP contracts asignificant portion of its freight services from National Carriers.  Forfurther information regarding this relationship, see Note 8. *Related PartyTransactions* to NBP's consolidated financial statements in Item 8. 

*Raw Materials and Procurement*

NBP's primary raw material for itsportion control processing facility is boxed beef.  Approximately 30% of itsboxed beef purchases are made through contractual agreements predetermined bythe customer for whom the product is produced.  These contractual agreementsare typically one year in duration and stipulate from whom the boxed beef canbe purchased. The balance of NBP's raw material is purchased at its discretionon the open market from primary and secondary suppliers with similar qualityand yield grade specifications as required under NBP's contracts.   NBPperiodically conducts comprehensive cutting tests of potential suppliers' boxedbeef to determine composition and quality.

*Processing Facilities and Operations*

NBP has a portion control facility in Kansas City, Kansas, which processes trimmed and cut individual portions for sale throughKansas City Steak Company.  See Item 2. *Properties* in this report forfurther information about this facility. National Carriers has offices locatedin Liberal, Kansas and Dodge City, Kansas, both of which are within closeproximity to NBP's beef processing facilities in those locations, enabling NBPto efficiently transport product by reducing transportation costs.   NationalCarriers also has an office in Denison, Iowa, and administrative officeslocated in Kansas City, Missouri.

** **

 

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**Food Safety**

NBP remains committed in the area of food safetyby continuing to develop activated Lactoferrin through aLF Ventures, LLC, ajoint venture NBP founded with DMV USA LP, a subsidiary of Campina Melkunie BV,the Netherlands' largest dairy cooperative. aLF is an activated form ofLactoferrin, a naturally occurring milk protein that has been shown to preventharmful bacteria from attaching and growing on the surface of beef. In testsconducted at California Polytechnic State University, it was shown that aLF waseffective in providing a high level of protection on fresh beef products frommore than thirty different strains of harmful bacteria, including *E. coli*0157:H7, *Salmonella*, *Campylobacter*, radiation-resistant strainsand other pathogens.  aLF Ventures, LLC has an exclusive worldwide license touse aLF for food safety purposes on meat, dairy, produce and animal feedproducts.  aLF Ventures, LLC may not be able to commercially develop aLF into aproduct capable of achieving future revenues.  NBP has an approximately 24%interest in aLF Ventures, LLC.

NBP's food safety efforts incorporate acomprehensive network of leading technology that minimizes the risks involvedin beef processing. NBP's proprietary BioLogic® Food Safety System promotes theproduction of clean, fresh, safe, high-quality beef products. The BioLogic®Food Safety System is an integrated company philosophy that helps to establishnew principles in food safety. The BioLogic® Food Safety System divides NBP'sproduction facilities into five zones based on the potential for microbialcontamination during the processing procedures that take place in each zone.Within each of the five zones, BioLogic® employs its "Test, Track and Treat"approach, which provides on-going testing in each of the zones, effectivetracking of the results of such tests and continuous treatments throughout thefacilities. The Test, Track and Treat approach includes preventative measuressuch as equipment sterilization, hygiene, temperature control and ongoingtesting to greatly reduce contamination risks.

**Intellectual Property**

NBP holds a number of trademarks and domain namesthat it believes are material to its business and which are registered with theUnited States Patent and Trademark Office, including National Beef®, BioLogic®,Food Safety System, Black Canyon® Angus Beef, NaturewellTM Natural Beef andLeading the Way in Quality BeefTM. NBP has also registered the National Beef®trade name and trademark in most of the foreign countries to which NBP sells products.Currently, NBP has a number of trademark registrations pending in the United States and in foreign countries. In addition to trademark protection, NBP attemptsto protect its unregistered marks and other proprietary information under tradesecret laws, employee and third-party non-disclosure agreements and other lawsand methods of protection. All other trademarks or trade names referred to inthis report are the property of their respective owners.

**Competition**

The beef processing industry is highlycompetitive. Competition exists both in the purchase of live cattle, as well asin the sale of beef products. NBP's products compete with a large number ofother protein sources, including pork and poultry, but NBP's principalcompetition comes from other beef processors, including Tyson Foods, Inc.,Cargill Inc., Swift & Company and Smithfield Foods, Inc. NBP managementbelieves that the principal competitive factors in the beef processing industryare price, quality, food safety, customer service, product distribution,technological innovations and brand loyalty. Some of NBP's competitors havegreater financial and other resources and enjoy wider recognition for theirconsumer branded products.

**Employees**

As of August 27, 2005, NBP had approximately 6,700 employees. Approximately 2,700 of NBP's employees at the Liberal, Kansas facility are represented by the United Food and Commercial Workers InternationalUnion under a collective bargaining agreement that expires on December 16, 2007. NBP considers its relations with its employees and the United Food andCommercial Workers International Union to be good.

** **

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**Government Regulation and Environmental Matters**

NBP's operations are subject to extensiveregulation by the USDA, the Grain Inspection Packers and StockyardsAdministration (GIPSA), the FDA, the EPA and other state, local and foreignauthorities regarding the processing, packaging, storage, distribution,advertising and labeling of products, including food safety standards.Recently, the food safety practices and procedures in the beef processingindustry have been subject to more intense scrutiny and oversight by the USDA. Forexample, on January 12, 2004, FSIS published an interim final rule on SpecifiedRisk Materials (SRMs) and requirements for non-ambulatory disabled cattle dueto the finding of BSE in routine testing. NBP immediately implemented theappropriate programs/policies to ensure compliance with FSIS rules. The ruledealt with three Interim Regulations that prohibit the slaughter ofnon-ambulatory disabled cattle, require the description and removal of SRMsthat are considered to be inedible, and restrict the use of captive boltstunners that deliberately inject compressed air into the cranium of an animal.NBP continues to work closely with the USDA and any regulatory agencies toensure that its operations comply with all applicable food safety laws andregulations.

Wastewater, stormwater, and air discharges from NBP'soperations are subject to extensive regulation by the EPA and other state andlocal authorities. NBP's Dodge City, Kansas and Liberal, Kansas facilities aresubject to Title V permitting pursuant to the federal Clean Air Act and theKansas Air Quality Act and implementing regulations.  These permits wererenewed on January 11, 2005, and will expire on January 25, 2010.  NBP has an Environmental Compliance Management System (ECMS) in place for the Dodge City and Liberal plants that requires periodic and systematic self-auditing ofcompliance with all environmental requirements applicable to its operations.  NBPhas a Compliance Calendar System in place at its Hummels Wharf, Pennsylvania and Moultrie, Georgia facilities.  Through the implementation of the ECMSsystem, NBP has identified violations of the Kansas Air Quality Law andimplementing regulations at its Dodge City, Kansas and Liberal, Kansas facilities. NBP has reported these violations to the Kansas Department of Health andEnvironment (KDHE) and Region VII of the EPA.  These violations have beenresolved through settlement agreements with KDHE without material costs to thecompany.  NBP's Dodge City, Kansas, Liberal, Kansas, Hummels Wharf, Pennsylvania and Moultrie, Georgia facilities are also subject to risk management planningpursuant to the federal Clean Air Act.

All of NBP's facilities are indirect dischargersof wastewater to publicly-owned treatment works and are subject to requirementsunder the federal Clean Water Act and corresponding state laws and agreementsor permits with municipal or county authorities.  Agreements are in effect for NBP's  Dodge City, Kansas and Moultrie, Georgia facilities that will continue unlessamended or revoked pursuant to their terms.  NBP holds a permit for its Hummels Wharf, Pennsylvania facility from the Eastern Snyder County Regional Authority thatautomatically renews each year unless suspended or revoked pursuant to itsterms.  NBP does not expect material costs in the continuation of theseagreements and permit.  Stormwater discharges from NBP's Hummels Wharf, Pennsylvania and Moultrie, Georgia facilities are regulated pursuant to general permitsissued by the states of Pennsylvania and Georgia, respectively.  The Pennsylvania general permit expires on June 30, 2006.  NBP's coverage under the Georgia general permit expired on May 31, 2003.  NBP anticipates coverage under a newgeneral permit, which was issued by the Georgia Environmental ProtectionDivision, but has been stayed pending resolution of two appeals of the permit. NBP's coverage is anticipated to begin when the permit becomes final afterresolution of the appeals.  Thereafter, NBP expects these permits to bereissued by the respective states, and does not expect material costs insecuring coverage under such permits.  NBP's Dodge City, Kansas facility hasfiled a notice of intent to be subject to the Kansas General Permit forStormwater Discharges when promulgated.  Its Liberal, Kansas facilitydischarges stormwater to the publicly owned treatment works and thus has notbeen required to file a notice of intent.  NBP's Dodge City, Kansas, Liberal, Kansas and Hummels Wharf, Pennsylvania facilities are supplied by water from NBP ownwells.  NBP holds public water supply permits for its Dodge City, Kansas and Liberal, Kansas facilities that do not have expiration dates.

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NBP is also subject to laws that provide forstrict, and in certain circumstances joint and several, liability forremediation of hazardous substances at contaminated sites that could includecurrent or former facilities or other sites where wastes it generated have beendisposed.  NBP's Dodge City, Kansas and Liberal, Kansas facilities are smallquantity or conditionally exempt generators of hazardous waste and are subjectto recordkeeping, but not permit requirements.  Solid waste generated at the Dodge City,   Kansas and Liberal, Kansas facilities is disposed of or composted.  A specialwaste permit is maintained by NBP's Dodge City, Kansas facility for thedisposal of certain animal parts for which no market currently exists.  Thesolid waste generated at its Hummels Wharf, Pennsylvania and Moultrie, Georgia facilities is disposed of in a municipal landfill if it is general plant trash and is takento renderers if it is usable waste.  NBP is not aware that it has any actual orpotential liability under the Comprehensive Environmental Response,Compensation and Liability Act (Superfund).  NBP's plants are subject tocommunity right to know reporting requirements under the Superfund Amendmentsand Reauthorization Act of 1986, which requires yearly filings as to thesubstances used on the plant premises.

NBP's domestic operations are subject to thePackers and Stockyards Act of 1921 (PSA). This statute generally prohibits meatpackers in the livestock industry from engaging in certain anti-competitivepractices. In addition, this statute requires NBP to make payment for itslivestock purchases before the close of the next business day following thepurchase and transfer of possession of the livestock it purchases, unlessotherwise agreed to by its livestock suppliers. Any delay or attempt to delaypayment will be deemed an unfair practice in violation of the statute. Underthe PSA, NBP must hold its cash livestock purchases in trust for its livestocksuppliers until they have received full payment of the cash purchase price. Asof August 27, 2005, NBP has secured a bond of $25.7 million to satisfy theserequirements.  The bond is supported by a $12.5 million letter of credit.

From time to time NBP receives notices fromregulatory authorities and others asserting that NBP is not in compliance withsome laws and regulations. In some instances, litigation ensues.  NBP iscurrently in receipt of one such notice from the Bureau of Immigration andCustoms Enforcement (BICE) that it does not believe will result in materialliability, if any.  In May 2003, NBP received a request for information from BICEregarding the immigration status of its employees, and it has provided BICEwith all requested information.  No fines or penalties have been suggested ordiscussed.  

We believe that we currently are in substantialcompliance with all governmental laws and regulations and maintain all materialpermits (other than the stormwater permit for our Moultrie, Georgia facility discussed previously) and licenses relating to our operations.  We are not aware ofany violations of environmental or other laws and regulations that are likelyto result in material penalties or pending changes in such laws or regulationsthat are likely to result in material cost increases.

**RISK FACTORS**

As described throughout this document, USPB'sbusiness involves the operation of an integrated cattle processing and beefmarketing enterprise in which USPB's owners and associates supply cattle thatare processed at the facilities owned and operated by USPB's majority-ownedsubsidiary, National Beef Packing Co, LLC.  NBP markets and distributes thebeef and beef products produced from both cattle supplied by USPB's owners andassociates and other cattle purchased by NBP from other sources.  The financialresults of NBP's operations therefore are the single largest influence onUSPB's financial performance.  Consequently, those factors and risks thatimpact the performance of NBP's business have a direct and immediate influenceon USPB's performance.  However, there are also some risks that are unique toUSPB.  This *Risk Factors* section is divided into two parts, with onesubsection focusing on the risk factors that influence the performance of NBPand another subsection discussing certain risk factors that are directlyapplicable to USPB itself. ** **

USPB's business operations and the implementationof our business strategies are subject to significant risks inherent to ourbusinesses, including, without limitation, the risks and uncertaintiesdescribed below.  The occurrence of any one or more of the risks oruncertainties described below could have a material adverse effect on ourfinancial condition, results of operations and cash flows.****

**Risk Factors Associated With Operations of NBP**

**Outbreaks of disease affecting livestock canadversely affect NBP's business.**

An outbreak of disease affecting livestock, suchas BSE or foot-and-mouth disease, could result in restrictions on sales ofproducts to NBP's customers or purchases of livestock from its suppliers. Also,outbreaks of these diseases or concerns of such disease, whether or not resultingin regulatory action, can lead to cancellation of orders by customers andcreate adverse publicity that may have a material adverse effect on consumerdemand and, as a result, on NBP's results of operations. Furthermore, anoutbreak of disease could lead to widespread destruction of cattle, which couldhave a negative impact on NBP. 

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**If NBP's products become contaminated, it maybe subject to product liability claims and product recalls that would adverselyaffect its business.**

NBP may be subject to significant liability ifthe consumption of any of its products causes injury, illness or death and itmay in the future recall products in the event of contamination or damage. Contamination of products also may create adverse publicity that couldnegatively affect NBP's business.  NBP may encounter the same risks ofcontamination or negative publicity if a third party tampers with itsproducts.  The occurrence of any of these risks may increase costs and decreasedemand for its products.  Organisms producing food borne illnesses aregenerally found in the environment and there is a risk that as a result of foodprocessing they could be present in NBP's products.  For example, *E. coli*0157:H7 is one of many food borne bacteria commonly associated with beef products.Once contaminated products have been shipped for distribution and consumption,illness or death may result if the pathogens are present, increase due tohandling or temperatures, and are not otherwise eliminated at the furtherprocessing, food service or consumer level.

**If the products of NBP's competitors becomecontaminated, the beef industry may be subject to adverse publicity, whichcould negatively affect NBP's business.**

If the products of NBP's competitors, in the United States or elsewhere, become contaminated, the beef industry may face adversepublicity. Any such adverse publicity could result in consumers lowering theirdemand for NBP's beef products, which may negatively affect its business,financial condition, results of operations and cash flows.

**NBP's substantial debt could adversely affect its business.**

NBP has a significant amount of debt.  Asof August 27, 2005 NBP had $308.8 million of long-term debt, none of which wasclassified as a current liability.  As of August 27, 2005, NBP's amended andrestated credit facility consisted of a $120.0 million term loan, of which$120.0 million was outstanding, and a $140.0 million revolving line of creditloan, which had outstanding borrowings of $15.0 million, outstanding letters ofcredit of $44.0 million and available borrowings of $74.1 million based on themost restrictive financial covenant calculations.  In addition to outstandingborrowings on the amended and restated credit facility, NBP had outstandingborrowings under industrial revenue bonds of $13.8 million, senior notes of$160.0 million, and operating lease commitments of $35.0 million as of August 27, 2005.  See  Item 7.*Management's Discussion and Analysis of FinancialCondition and Results of Operations.*

NBP's substantial debt could:
-  make itdifficult for NBP to satisfy its obligations, including making interest payments	on the exchange notes and on other debt obligations;	limit NBP's ability to obtain additional financing to operate its business;	require NBP to dedicate a substantial portion of its cash flow to payments	on its debt, reducing its ability to use cash flow to fund working capital,	capital expenditures and other general operational requirements;	limit NBP's flexibility to plan for and react to changes in its business and	the beef processing industry;	place NBP at a competitive disadvantage relative to some competitors that	have less debt than NBP; and	increase NBP's vulnerability to general adverse economic and industry	conditions, including changes in interest rates, changes in cattle prices or a downturn inits business or the economy.
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The occurrence of any one of these events couldhave a material adverse effect on NBP's business, financial condition andresults of operations.

**Despite NBP's current levels of debt, it may still incur significantlymore debt, which could intensify the risks described above.**

NBP may incur significant additional debt in thefuture. The terms of the indenture governing NBP's senior notes permit it toincur additional debt in the future and its amended credit facility permitsadditional borrowings under certain circumstances. As of August 27, 2005, NBP had approximately $74.1 million of availability under the most restrictivefinancial covenant calculations in its amended and restated credit facility.NBP may borrow funds to fund its capital expenditures and working capitalneeds. NBP also may incur additional debt to finance future acquisitions. 

**Restrictive covenants under NBP's amended andrestated credit facility and the indenture will limit its ability to operateits business.**

NBP's amended and restated credit facility andthe indenture governing NBP's senior notes, contain, among other things,restrictive covenants that will limit NBP's and its subsidiaries' ability tofinance future operations or capital needs or to engage in other businessactivities. The indenture and NBP's amended and restated credit facilityrestrict, among other things, NBP's ability and the ability of its subsidiariesto:
-  incuradditional indebtedness or issue guarantees;createliens on NBP's assets;makedistributions on or redeem equity interests;makeinvestments or acquisitions;makerestricted payments;create orpermit restrictions on the ability of NBP's restricted subsidiaries to pay dividendsor make other distributions to NBP;issue ordistribute capital stock of its subsidiaries;enter intotransactions with affiliates;enter intosale and leaseback transactions;engage inunrelated business activities;transferor sell assets; andengage inmergers, consolidations or sell substantially all of NBP's assets.
In addition, NBP's amended and restated creditfacility requires NBP to meet specified financial ratios and tests. Theseratios and tests could have an adverse effect on NBP's business by limiting itsability to take advantage of financing, merger and acquisition or othercorporate opportunities and to fund its operations. Events beyond NBP'scontrol, including changes in general business and economic conditions, may affectits ability to meet those financial ratios and tests. Any future debt couldalso contain financial and other covenants more restrictive than those imposedunder the indenture governing the senior notes or NBP's amended and restated creditfacility. 

NBP may not meet those ratios and tests and itslenders may not waive any failure to meet those ratios and tests. A breach ofany of those covenants or failure to maintain such ratios would result in adefault under NBP's amended and restated credit facility and any resultingacceleration under NBP's amended and restated credit facility may result in adefault under the indenture governing the senior notes. If an event of defaultunder NBP's amended and restated credit facility occurs, the lenders couldelect to declare all amounts outstanding thereunder, together with accruedinterest, to be immediately due and payable which would result in an event ofdefault under the senior notes. NBP's assets or cash flow may not be sufficientto repay in full its outstanding debt, including the senior notes. 

 

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**NBP may be unable to generate sufficient cash flow to service its debt,which could adversely affect its financial condition and results of operations.**

To service its debt, NBP will require asignificant amount of cash. If its cash flow and capital resources areinsufficient to fund its debt service obligations, NBP may be forced to reduceor delay capital expenditures, sell material assets or operations, obtainadditional capital or restructure debt. NBP's ability to generate cash, makescheduled payments or to refinance obligations depends on its successfulfinancial and operating performance. NBP's financial and operating performance,cash flow and capital resources depend upon prevailing economic conditions andcertain financial, business and other factors, many of which are beyond NBP'scontrol. These factors include among others:
-  economic,industry and competitive conditions;operatingdifficulties, increased operating costs or pricing pressures NBP may experience;anddelays inimplementing any strategic projects.
**NBP's margins may be negatively impacted by fluctuating raw materialcosts and selling prices and other factors that are outside of its control.**

NBP's margins are dependent on the price at whichits beef products can be sold and the price it pays for its raw materials,among other factors. These prices can vary significantly over a relativelyshort period of time as a result of a number of factors, including the relativesupply and demand for live cattle and beef products, as well as the market forother protein products, such as pork and poultry. For example, beginning inMarch 2002, a month-long Russian trade embargo on chicken imported from the United States had the effect of increasing chicken supplies in the United States, which put downward pressure on demand and prices for red meat products.  Inaddition, closure of international markets to U.S. beef product exports as aresult of the December 23, 2003 BSE discovery negatively affected U.S. beefproduct margins, as certain by-products, classified as SRMs, have been bannedfrom use in feedstocks and the human food chain.  Some of these productspreviously enjoyed a market in foreign countries.  Smaller export markets havereopened their borders to U.S. beef; however, with the June 2005 announcementby the USDA of a second confirmed case of BSE in the U.S. there is furtheruncertainty as to whether or when additional markets may reopen, and whether orwhen existing open markets may close.

The supply and market price of the livestock thatconstitute NBP's principal raw material and represent the substantial majorityof its cost of goods sold are dependent upon a variety of factors over which ithas little or no control, including fluctuations in the size of herdsmaintained by producers, the relative cost of feed, weather and livestockdiseases.  Additionally, the closure of the U.S. border to Canadian livestockfrom May 2003 until July 2005 constrained the supply of cattle in the U.S. which resulted in higher overall fed cattle prices in the U.S. compared to Canada, and the closure prompted Canada to increase its processing capabilities, which mayalso have an adverse impact on our future margins.

Severe price swings in raw materials, and theresulting impact on the prices NBP charges for its products, have at times had,and may in the future have, a material adverse effect on its financialcondition, results of operations and cash flows. If NBP experiences increasedcosts, it may not be able to pass them along to its customers. 

**NBP generally does not have long-term contracts with its customers, and,as a result, the prices at which it sells its beef are subject to market forces.**

Other than existing arrangements with APC, Inc.and the United States military, NBP generally does not have long-term salesarrangements with customers and, as a result, the prices at which it sellsproducts to them are determined in large part by market forces. NBP'scustomers, including those with which it has long-term contracts, place ordersfor products on an as-needed basis and, as a result, their order levels havevaried from period to period in the past and may vary significantly in thefuture. The loss of one or more of its key customers, a significant decline inthe number of orders from one or more of its key customers or a significantdecrease in beef product prices for a sustained period of time could have amaterial adverse effect on its business, financial condition or results ofoperations.

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**Wal-Mart's failure to continue purchasing from NBP could have a materialadverse effect on NBP's sales.**

Sales to Wal-Mart Stores, Inc., or Wal-Mart,which does not cover NBP's sales to Wal-Mart's affiliate Sam's Club,represented approximately 5% of NBP's total net sales in FYE 2005. NBP'sagreement with Wal-Mart expired on January 31, 2004 and NBP has not entered into a new agreement. If Wal-Mart does not continue to purchase from NBP, itcould have a material adverse effect on NBP's sales.

**NBP is subject to extensive governmental regulation and any noncompliancewith, or changes in applicable requirements, could adversely affect NBP'sbusiness, financial condition, results of operations and cash flows.**

NBP's operations are subject to extensiveregulation and oversight by the USDA, the GIPSA, the FDA, and other state,local and foreign authorities regarding the processing, packaging, storage,distribution, advertising and labeling of its products, including food safetystandards. Recently, the food safety practices and procedures in the meatprocessing industry have been subject to more intense scrutiny and oversight bythe USDA. NBP is also subject to a variety of environmental laws andregulations, including those relating to wastewater and stormwater discharges,air emissions, waste handling and disposal, and remediation of soil andgroundwater contamination that are administered by the EPA, state, local andother authorities. Failure to comply with applicable laws and regulations couldsubject NBP to administrative penalties and injunctive relief, civil remedies,including fines, injunctions, recalls of NBP's products or seizures of itsproperties, as well as potential criminal sanctions or personal injury or otherdamage claims. These remedies, changes in the applicable laws and regulationsor discovery of currently unknown conditions could increase NBP's costs andlimit its business operations. 

**Compliance with environmental regulations may result in significant costsand failure to comply with environmental regulations may result in civil aswell as criminal penalties, liability for damages and negative publicity.**

NBP's operations are subject to extensive andincreasingly stringent regulations pertaining to the discharge of materialsinto the environment and the handling and disposition of wastes. Failure tocomply with these regulations can have serious consequences for NBP, includingcriminal as well as civil and administrative penalties and negative publicity.NBP has incurred, and will continue to incur, significant capital and operatingexpenditures to avoid violations of these laws and regulations. Additionalenvironmental requirements imposed in the future could require currentlyunanticipated investigations, assessments or expenditures, and may require NBPto incur significant additional costs. Because the nature of these potentialfuture charges is unknown, NBP management is not able to estimate the magnitudeof any future costs and NBP has not accrued any reserve for any potentialfuture costs.

Some of NBP's facilities have been in operationfor many years. During that time, NBP and previous owners of these facilitieshave generated and disposed of wastes that are or may be considered hazardousor may have polluted the soil or groundwater at these facilities, including adjacentproperties. The discovery of previously unknown contamination of propertyunderlying or in the vicinity of NBP's present or former properties ormanufacturing facilities and/or waste disposal sites could require it to incurmaterial unforeseen expenses. Occurrences of any of these events may have amaterial adverse effect on NBP's business, financial condition, results ofoperations and cash flows. 

**NBP's international operations expose it to political and economic risksin foreign countries, as well as to risks related to currency fluctuations.**

In FYE 2005, exports, primarily to China, Mexico, South Korea, Hong Kong, and Thailand accounted for approximately 7% of NBP'stotal net sales. NBP's international activities expose it to risks not faced bycompanies that limit themselves to the domestic market. One significant risk isthat the international operations may be affected by tariffs, other tradeprotection or food safety measures and import or export licensing requirements.

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For example,on December 23, 2003, it was announced by the USDA that a single Holstein dairy cow was discovered in the state of Washington to have tested positive forBSE.  The origin of the animal was subsequently traced to a farm in Canada.  Shortly after the announcement, several countries representing a substantial shareof NBP's export business closed their borders to the importation of edible beefproducts from the United States.  Responding to the loss of export markets,live cattle prices in the United States declined by approximately 18% within 3days.  During the second quarter of FYE 2004, NBP recorded charges to earningstotaling approximately $18.8 million due to the market impacts of theclosure of international borders as a result of the BSE discovery in lateDecember.  While exports of some beef products commenced once again to Mexico in April 2004, NBP cannot anticipate the duration of other continuing beef importbans or whether additional countries may impose similar restrictions.  In June2005, the USDA announced a second confirmed case of BSE in the U.S., furthering uncertainty as to whether or when additional markets may reopen, andwhether or when existing markets may close.  Thus far, the effect ofresumed export of beef products to limited, smaller export markets has beenmarginal on the U.S. beef industry. Thus far, the effect of resumed export ofbeef products to Mexico has been marginal on the United States beef industry.

Other risks associated with NBP's internationalactivities include:
-  changes inforeign currency exchange rates and hyperinflation or deflation in the foreigncountries in which NBP operates;exchangecontrols;changes ina specific country's or region's political or economic conditions, particularlyin emerging markets;potentiallynegative consequences from changes in regulatory requirements; andinternationalconflict, including terrorist acts, which could significantly impact NBP'sfinancial condition and results of operations.
The occurrence of any of these events couldincrease NBP's costs, lower demand for its products or limit its operations,which could have a material adverse effect on its business, financialcondition, results of operations or prospects.

**Failure to successfully implement its business strategy may impede NBP'splans to increase revenues, margins and cash flow.**

NBP's revenues, margins and cash flows will notincrease as planned if it fails to implement the key elements of its strategy,and its ability to successfully implement this strategy is dependent at leastin part on factors beyond NBP's control. For example, the willingness ofconsumers to purchase value-added products depends in part on economicconditions. In periods of economic uncertainty, consumers tend to purchase moreprivate label or less-expensive products. Thus, if NBP encounters periods ofeconomic uncertainty, the sales volume for its value-added products couldsuffer. Also, NBP may not be successful in identifying favorable internationalexpansion opportunities. 

**Changes in consumer preferences could adversely affect NBP's business.**

The food industry in general is subject tochanging consumer trends, demands and preferences. NBP's products compete withother protein sources, such as pork and poultry, and other foods. Trends withinthe food industry change often and failure to anticipate, identify or react tochanges in these trends could lead to, among other things, reduced demand andprice reductions for NBP's products, and could have a material adverse effecton NBP's business, financial condition, results of operations and cash flows.In addition, NBP does not have any other material lines of business or othersources of revenue to rely upon if it is unable to efficiently process and sellbeef products or if the market for beef declines. This lack of diversificationmeans that NBP may not be able to adapt to changing market conditions orwithstand any significant decline in the beef industry.

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**The beef processing industry is highly competitive and NBP's customersmay not continue to purchase its products.**

The beef processing industry is highlycompetitive. Competition exists both in the purchase of live cattle and in thesale of beef products. In addition, NBP's products compete with a number ofother protein sources, including pork and poultry.

NBP's principal competition arises from otherbeef processors, including Tyson Foods, Inc., Cargill Incorporated, Swift &Company and Smithfield Foods, Inc. The principal competitive factors in thebeef processing industry are price, quality, food safety, product distribution,technological innovations and brand loyalty. NBP's ability to be an effectivecompetitor will depend on its ability to compete on the basis of thesecharacteristics. Some of NBP's competitors have greater financial and otherresources and enjoy wider recognition for their consumer branded products. NBPcannot assure you that it will be able to compete effectively with thesecompanies and its ability to compete could be adversely affected by itssignificant debt levels.

**The sales of beef products are subject to seasonal variations and, as aresult, NBP's quarterly operating results may fluctuate.**

The beef industry is characterized by prices thatchange based on seasonal consumption patterns. The highest period of demand forNBP's products is usually the summer barbecue season. As a result of theseseasonal fluctuations, NBP's operating results may vary substantially betweenfiscal quarters.

**NBP depends on the service of key individuals, theloss of which could materially harm its business.**

NBP's success will depend, in part, on theefforts of its executive officers and other key employees. In addition, themarket for qualified personnel is competitive and NBP's future success willdepend on its ability to attract and retain these personnel. NBP does not havelong-term employment agreements with some of its executive officers, and NBPdoes not maintain key-person insurance for some of its other officers,employees or members of its board of managers. NBP may not be able to negotiatethe terms of renewals of any existing long-term employment agreements on termsfavorable to NBP or at all. The loss of the services of any of NBP's keyemployees or the failure to attract and retain employees could have a materialadverse effect on its business, results of operations and financial condition.

**NBP's performance depends on favorable labor relations with itsemployees. Any deterioration of those relations or increase in labor costscould adversely affect NBP's business.**

NBP has approximately 6,700 employees worldwide.Approximately 2,700 employees at its Liberal, Kansas facility are representedby the United Food and Commercial Workers International Union under acollective bargaining agreement that expires on December 16, 2007. A labor-related work stoppage by these unionized employees could limit NBP's ability toprocess and ship products or increase its costs, which could adversely affectits results of operations and financial condition. In addition, it is possiblethat any labor union efforts to organize employees at NBP's non-unionizedfacilities might be successful and that any labor-related work stoppages atthese non-unionized facilities in the future could adversely affect its resultsof operations and financial condition. In general, any significant increase inlabor costs, deterioration of employee relations, slowdowns or work stoppagesat any of NBP's locations, whether due to union activities, employee turnoveror otherwise, could have a material adverse effect on its business, financial condition,results of operations and cash flows. 

**The consolidation of NBP's retail and foodservice customers may putpressures on its operating margins.**

In recent years, the trend among NBP's retail andfoodservice customers, such as supermarkets, warehouse clubs and foodservicedistributors, has been towards consolidation. These consolidations, along withthe entry of mass merchants into the grocery industry, have resulted incustomers with increasing negotiating strength who tend to exert pressure on NBPwith respect to pricing terms, product quality and new products. As NBP'scustomer base continues to consolidate, competition for the business of fewercustomers is expected to intensify. If NBP does not negotiate favorable termsof sale with its customers and implement appropriate pricing to respond tothese trends, or if it loses its existing large customers, NBP's profitabilitycould decrease.

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**NBP may not be able to successfully integrate future acquisitions, whichcould result in it not achieving the expected benefits of the acquisition, thedisruption of its business and an increase in its costs.**

NBP continually explores opportunities to acquirerelated businesses, some of which could be material to it. NBP's ability tocontinue to grow may depend upon identifying and successfully acquiringattractive companies, effectively integrating these companies, achieving costefficiencies and managing these businesses as part of NBP.

NBP may not be able to effectively integrate theacquired companies and successfully implement appropriate operational,financial and management systems and controls to achieve the benefits expectedto result from these acquisitions. NBP's efforts to integrate these businessescould be affected by a number of factors beyond its control, such as regulatorydevelopments, general economic conditions and increased competition. Inaddition, the process of integrating these businesses could cause theinterruption of, or loss of momentum in, the activities of NBP's existingbusiness. The diversion of management's attention and any delays ordifficulties encountered in connection with the integration of these businessescould negatively impact NBP's business and results of operations. Further, thebenefits that NBP anticipates from these acquisitions may not develop.

**Risk Factors Associated with USPB**

**U.S. Premium Beef sells all of the cattle provided byits owners and associates to National Beef Packing Company, LLC and does nothave arrangements for alternative markets for its owners and associates cattle.**

USPB's sole customer for thecattle provided by USPB's owners and associates is National Beef PackingCompany, LLC.   Given USPB's ownership of a majority interest in NBP, USPB hasnot developed alternative customers for the cattle provided by USPB's ownersand associates.  If events were to occur which would prevent NBP frompurchasing and processing the cattle supplied by USPB's owners and associates,USPB would need to exercise provisions in its agreements with both NBP andUSPB's owners and associates that would permit USPB to reduce the number ofcattle acquired from owners and associates and sold to NBP.  While suchprovisions would mitigate harm to USPB, it is likely that the value of theClass A and Class B linked units and the associated delivery rights held byUSPB's owners would be impaired.

**The other members of National Beef Packing Company, LLCdo not deliver cattle to NBP for processing, creating the possibility that theinterests of those other members of NBP could conflict with the interests ofU.S. Premium Beef and its members. **

The other members of NBP do notdeliver cattle to NBP for processing and marketing.  As a result, conflicts ofinterest may arise between USPB and NBP relating to cattle purchases.  If adispute were to arise, the settlement of any such dispute may not be on termsas favorable to USPB as would be expected if all of the members of NBP wereinvolved in the delivery of cattle to NBP for processing.  

**The restructuring of thecooperative was a taxable event for both the cooperative and its shareholders.**

Therestructuring of the cooperative to become an LLC was a taxable event for boththe cooperative and its shareholders. The tax consequences to the cooperativedepended on the value of its assets and apportionment of the value among specificassets, both of which involved risks described in the following risk factors.

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Theshareholders recognized gain or loss depending on when and how their shares inthe cooperative were acquired. The amount depended on the value of thecooperative's assets, net of liabilities, and customary discounts allowed, bothof which involved valuation risks described in the following risk factors. Thetaxable gain or loss that was recognized depended on whether the value of theClass A and Class B linked units received in the restructuring for those shareswas greater or less than the tax basis in the common stock of the cooperative.If the shares were purchased in the cooperative's initial stock offerings, theyhad a gain on this portion of the restructuring. Values were subject to closingdate adjustments and the possibility of future challenges by the Internal RevenueService. 

The intendedtax treatment of the restructuring is subject to the possibility of futurechallenges by the Internal Revenue Service that could have adverse consequencesfor the LLC, as the successor to the cooperative's obligations, and to the unitholders.

**The board of directors andsenior management relied on an appraisal that is not binding on the InternalRevenue Service.**

In evaluatingthe tax consequences of the restructuring, USPB has relied, in part, on theappraisal prepared by American Appraisal Associates. Their appraisal is notbinding on the Internal Revenue Service. There is a risk that the Internal RevenueService might determine that the Company or the cooperative's shareholders atthe point of restructuring must recognize additional taxable income or gain forfederal income tax purposes. 

**The Internal Revenue Servicecould also challenge other aspects of the restructuring that could materially adverselyaffect the LLC and its unitholders.**

In additionto challenging the overall valuation of the cooperative and the LLC unitsreceived in the restructuring, the Internal Revenue Service might alsochallenge: 
-  the cooperative's     apportionment of values to specific assets and the treatment of the     resulting gains or losses as capital gain or loss or ordinary income or     loss; the treatment of the     restructuring as a constructive distribution of specific assets rather     than as a distribution of interests in the LLC. There are anti-netting     rules that may become operative if these challenges are mounted by the     IRS. Specifically, the cooperative's capital losses cannot be offset against     any income other than capital gains and, likewise, patronage losses cannot     be offset against  nonpatronage income or gain; and the tax treatment of the     cooperative's patronage notices that became obligations of the LLC is uncertain     and the IRS could challenge the intended treatment of the patronage     notices in calculating the shareholders' gain or loss on the     restructuring. 
If theInternal Revenue Service challenges the transaction on any of these grounds, itcould materially adversely affect the LLC and subject the unitholders and theLLC, as successor to the cooperative's obligations, to additional taxliability.

**The Internal Revenue Servicecould also challenge post-restructuring tax reporting positions to be taken bythe LLC that could materially adversely affect the LLC unitholders.**

USPB believesthat the LLC will be treated as a partnership for federal income tax purposes. Thismeans that the LLC will pay no federal or state income tax and unitholders willpay tax on their share of the LLC's net income. However, the LLC would becometaxable as a corporation if it elects corporate tax status or if it is treatedas a publicly traded partnership because of the manner in which units aretransferred. The LLC's taxable income each year will depend in part on thedepreciation, amortization and other cost recovery of the tax basis of itsassets. The LLC's initial aggregate basis will be based on the fair marketvalue of assets deemed to be received by the members in the restructuring.However, the method of apportioning basis to specific LLC assets is uncertain,and the IRS could challenge the apportionment of basis to specific assets so asto increase the allocation to longer lived assets or assets that cannot be depreciatedor amortized. This generally would defer the timing of some of the LLC'sdepreciation, amortization or other cost recovery deductions. The patronagenotices for which the LLC became obligated in the restructuring are expected tohave a face value substantially in excess of their negative present value that wasused in valuing the liquidating distribution deemed to be received by theshareholders. It is expected that capital loss deduction will be available tothe LLC, and therefore to its unitholders, when cumulative payments made by theLLC to the holders of the patronage notices exceed their restructuring datenegative present value. Because of the lack of controlling legal authority onthis issue, the IRS could challenge the capital loss deduction. Also,limitations on the deductibility of capital losses could reduce or eliminatethe benefit of the deduction.

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**Failure to achieve and maintain effective internalcontrols could have a material adverse effect on USPB's business, operatingresults and financial condition.**

The Company is in the process of documenting andtesting its internal control procedures in order to satisfy the requirements ofSection 404 of the Sarbanes-Oxley Act, which requires annual managementassessments of the effectiveness of its internal controls over financialreporting and a report by its independent auditors addressing theseassessments. This process is both costly and challenging.  During the course oftesting the Company may identify deficiencies which it may not be able toremediate in time to meet the deadline imposed by the Sarbanes-Oxley Act forcompliance with the requirements of Section 404. In addition, if the Companyfails to achieve and maintain the adequacy of its internal controls, as suchstandards are modified, supplemented or amended from time to time, it may notbe able to ensure that it can conclude on an ongoing basis that it haseffective internal controls over financial reporting in accordance with Section404 of the Sarbanes-Oxley Act. Moreover, effective internal controls arenecessary for the Company to produce reliable financial reports and areimportant to helping prevent financial fraud.  If the Company cannot providereliable financial reports or prevent fraud, its business and operating resultscould be harmed, investors could lose confidence in its reported financialinformation, and its business, results of operation and financial conditioncould be adversely affected.  

**USPB depends on the service of key senior management personnel, the lossof which could materially harm its business.**

USPB's success will depend, in part, on theefforts of its key senior management personnel. The market for qualifiedpersonnel is competitive and USPB's future success will depend on its abilityto attract and retain these personnel. USPB does not have long-term employmentagreements with most of its senior management. USPB may not be able tonegotiate either new contracts or renewals of any existing long-term employmentagreements on terms favorable to USPB or at all. The loss of the services ofany of USPB's key senior management personnel or the failure to attract andretain highly skilled personnel in the future could have a material adverseeffect on its business, results of operations and financial condition.

**ITEM 2.                  PROPERTIES**

USPB's corporate office is located at 12200 Ambassador Drive, Suite 501, Kansas City, Missouri, in proximity to thecorporate offices of NBP.  The Company leases its office space from HDP - Kansas City, LLC, with offices at c/o Kessinger/Hunter & Co., 2600 Grand Blvd.,  Suite 700, Kansas City, Missouri 64108.     

NBP owns its Dodge City, Kansas, Liberal, Kansas and Hummels Wharf, Pennsylvania facilities. It leases its headquarters facility in Kansas City, Missouri, its Kansas City Steak Company processing facility in Kansas City, Kansas and its case-ready facility in Moultrie, Georgia. NBP also leases itsoffices in Chicago, Illinois, Salt Lake City, Utah, Denison, Iowa, Dallas, Texas, Tokyo, Japan and Seoul, South Korea.  NBP's amended and restated creditfacility is secured by a first priority lien on substantially all of itsassets.  The facility locations and approximate daily processing levels areshown in the table below:

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**Location**

**Daily Processing**

Processing Facilities:

Liberal, Kansas

6,000  head

Dodge City, Kansas

5,700  head

Case-Ready Facilities:

Hummels Wharf, Pennsylvania	

101,000  pounds

Moultrie, Georgia

153,000  pounds

Portion Control Facility:

Kansas City, Kansas

38,500  pounds

**ITEM 3.                 LEGAL PROCEEDINGS**

For information regarding legal proceedings, seeNote 12. *Legal Proceedings* to our consolidated financial statementsincluded in Item 8 of this report.****

**ITEM 4.                 SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS**

No matters were submitted to a vote of the unitholdersduring the last quarter of the fiscal year covered by this report. 

**PART II**

**ITEM 5.                 MARKET FOR THE REGISTRANT'S COMMON EQUITY,RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

There is no established publictrading market for any class of common equity of U.S. Premium Beef, LLC.  As ofNovember 21, 2005, there were 436 recordholders of Class A and Class B interests.  There have been no sales of thelinked combination of Class A and Class B units since the end of the fiscalyear.  During the first quarter of the fiscal year ended August 27, 2005, the sales price for the linked combination of one Class A unit and oneClass B unit ranged from $55.00 to $172.00, while sales prices during thesecond quarter of the fiscal year ranged from $55.00 to $175.00.  Duringthe third quarter of the fiscal year, sales prices for the linked combinationof one Class A unit and one Class B unit ranged from $152.50 to $170.00. During the fourth quarter of the fiscal year, sales prices for the linkedcombination of one Class A unit and one Class B unit ranged from $60.00 to$170.00.  However some of the sales that occurred during the fiscal yearwere not sales at arms length and, therefore, the sales priceranges disclosed above are not necessarily indicative of the marketvalue of the units during the periods in question. 

USPB made a cash distribution on December 22, 2004 of approximately $1.2 million to help offset the potential tax liabilityto unitholders due to the conversion from a cooperative to a limited liabilitycompany.  The payment of cash dividends are made only from assets legallyavailable for that purpose and depend on the Company's financial condition,results of operations, and other factors then deemed relevant by USPB's boardof directors.  Cash distributions are paid to the interest holders of Class Aand Class B units at the discretion of the board of directors and  to theextent permitted by USPB's senior lenders.  See Item 12*. Security Ownershipof Certain Beneficial Owners and Management and Related Unitholder Matters*.

Patronage dividends of $2,118,532 and $20,923,789were allocated to the cooperative's patrons for FYE 2004 and FYE 2003 earnings,respectively.  Approximately forty-five percent of the FYE 2004 patronagedividend was paid in cash and the remaining approximate fifty-five percent wasretained as patronage refunds for reinvestment.  Forty percent of the FYE 2003patronage dividend was paid in cash and the remaining sixty percent wasretained as patronage refunds for reinvestment.   Patronage refunds forreinvestment, known as patronage notices in the LLC, will be paid by the LLC atsuch time and in such amounts as may be determined by the board of directors inits sole and absolute discretion.   In addition, in the event ofliquidation of the LLC, any patronage notice amounts that had not beenpaid previously would be entitled to be paid after the debts andliabilities of the LLC had been paid, but prior to any distributions based onownership of units in the LLC. 

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USPB did not sell any equity securities duringFYE 2005 that were not registered under the Securities Act of 1933, as amended.

**ITEM 6.                  SELECTED FINANCIAL DATA**

The following selected data presented under the captions "Statement ofOperations Data" and "Selected Balance Sheet Data" for, and as of the end of,each of the years in the five-year period ended August 27, 2005 arederived from the consolidated financial statements of the Company and itssubsidiaries, which financial statements have been audited by KPMG LLP,independent registered public accountants. The consolidated financial statementsas of August 27, 2005 and August 28, 2004 and for each of the yearsin the three-year period ended August 27, 2005, and the report thereon,are included elsewhere in this document. The selected data should be read inconjunction with the consolidated financial statements for the year ended August 27, 2005, the related notes and the independent auditors' report.

      Historical per share data has been omittedbecause, under the cooperative structure, earnings of the cooperative aredistributed as patronage dividends to members and associate members based onthe level of business conducted with the cooperative as opposed to commonstockholder's proportionate share of underlying equity in the cooperative. Proforma per unit data has been included below because as an LLC, the restructuredentity will, beginning in FYE 2005, make distributions to its unitholders basedon their proportionate share of the underlying equity in the Class A and ClassB linked units, 33% and 67%, respectively, as opposed to the level of businessconducted with the LLC. The pro forma per unit data gives effect to theexchange of one Class A unit and one Class B unit of the newly formedLLC for each share of common stock of the cooperative, effective August 29, 2004. Class A units and Class B units shall be issued, redeemed, andtransferred together on a one for one basis until the board of directorsdetermines the extent and conditions under which Class A units and Class B linkedunits may be issued, redeemed, and transferred separately.

As described in Note 1 to the consolidatedfinancial statements under Item 8. *Financial Statements and SupplementaryData,* USPB acquired a controlling interest in NBP on August 6, 2003 and since that date has consolidated the results of NBP in its consolidated financialstatements.  As a result of the acquisition of a controlling interest in NBP, anew basis of accounting was established for NBP on the date of acquisition. Prior to August 7, 2003, USPB accounted for its interest in FNB under the equitymethod of accounting.  For these reasons the financial position and operatingresults after the Acquisition are not comparable with those before the Acquisition.

The following table should be read in conjunctionwith Item 7. *Management's Discussion and Analysis of Financial Condition andResults of Operations* and Item 8. *Financial Statements and SupplementaryData* (including the accompanying notes) contained elsewhere in this report.

 

 

 

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 **Fiscal Years Ended	(1)**           **August 27, 2005** **August 28, 2004** **August 30,		2003** **August 31, 2002** **August 25,		2001** **(In millions, except unit, share, and per unit data)****Statement of Operations Data:**         Net sales$4,338.9  $4,093.5  $871.8  $697.4  $572.4 Costs and expenses:                    Cost of sales 4,229.9   3,973.7   853.6   697.4   572.4       Selling, general & administrative 34.0   34.8   5.7   3.6   2.6       Depreciation and amortization 24.4   21.2   2.1   -   -Operating income (loss) 50.6   63.8   10.4   (3.6)  (2.6)Other income (expense):                    Minority owners' interest in net income of                         National Beef Packing Co. (8.5)  (19.4)  (4.9)  -   -       Equity in income from Farmland National                         Beef Packing Co. -   -  22.6   20.3   21.2       Interest income 0.7   0.7   0.2   0.3   0.9       Interest expense (29.0)  (26.6)  (2.4)  (0.7)  (3.2)      Interest rate exchange agreement 0.1   0.6   -  (1.0)  (1.2)      Other, net (5.3)  -   (1.7)  0.5   0.1 Total other (expense) income (42.0)  (44.7)  13.8   19.4   17.8 Net income$8.6  $19.1  $24.2  $15.8  $15.2                 **Selected Balance Sheet Data:**                    Cash and cash equivalents$54.4  $43.6  $42.2  $16.1  $14.3       Total assets$656.1  $663.8  $641.2  $107.2  $128.4       Long-term debt, less current maturities$314.0  $331.8  $312.7  $8.2  $28.1       Minority interest$65.0  $63.1  $54.0  $- $-      Capital shares and equities$124.0  $118.0  $98.4  $82.4  $76.5                      Common shares outstanding -  691,845   691,845   691,845   691,845       Class A and Class B Linked Units Outstanding 691,845   -   -   -   -               **Per Linked Unit Data:**              Earnings Per Unit                    Basic$12.49                   Diluted$12.25                             Outstanding weighted-average units                    Basic 691,845                   Diluted 705,063                            Proforma amounts assuming the conversion to                    an LLC is applied retroactively:              Earnings Per Unit                    Basic$12.49  $27.60  $35.02  $22.78  $21.90       Diluted$12.25  $27.10  $34.43  $22.45  $21.64                 Outstanding weighted-average units                    Basic 691,845   691,845   691,845   691,845   691,845       Diluted 705,063   704,748   703,761   701,844   700,201 
(1)  Our fiscal yearends on the last Saturday in August.  Fiscal year ended 2002 consisted of53 weeks.  All others consisted of 52 weeks.

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**ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS**

The following discussion should be read inconjunction with our consolidated financial statements and related notes and otherfinancial information appearing elsewhere in this report.  In addition tohistorical information, the following discussion and other parts of this reportcontain forward-looking information that involves risks and uncertainties. Ouractual results could differ materially from those anticipated by suchforward-looking information due to the factors discussed under Item 1. Business- *Risk Factors*, *Disclosure Regarding Forward-Looking Statements*and elsewhere in this report.

**Overview**

USPB was formed as a closed marketing cooperativeon July 1, 1996. Its mission is to increase the quality of beef andlong-term profitability of cattle producers by creating a fully integratedproducer-owned beef processing system that is a global supplier of highquality, value-added beef products responsive to consumer desires. 

On December 1, 1997, the cooperative became operational by acquiring 25.4966% of FNB, a partnership owned by thecooperative and Farmland Industries, Inc. (Farmland). The cooperative acquiredan additional 3.29% partnership interest in February 1998, bringing itsownership to 28.7866% of FNB. Farmland then owned the remaining 71.2134%. 

On May 31, 2002, Farmland and four of its subsidiaries filed voluntary petitions to reorganize under Chapter 11 ofthe United States Bankruptcy Code. FNB was not a party of these filings.Provisions of FNB's operating agreement and its financing agreement restrictedpartners' access to FNB's assets. In the fourth quarter of fiscal year 2003, asa result of the acquisition of Farmland's interest by the cooperative andothers, as more fully described below, the cooperative acquired a controllinginterest in the former FNB, now NBP, and the assets, liabilities and operatingresults of NBP are consolidated with those of USPB effective August 7,2003. Prior to the acquisition date, the cooperative accounted for its 28.7866%non-controlling interest in FNB under the equity method of accounting. 

In connection with the cooperative's purchase ofits interest in FNB, the cooperative obtained the right, and became subject tothe obligation to deliver cattle annually to NBP  relative to: (i)  USPB'sownership in NBP and (ii) the number of cattle processed annually by NBP.  Thatarrangement continues following the conversion of the cooperative into theLLC.   The price received for cattle is based upon a price grid determined by USPB and NBP, which reflects current market conditions. The cattle purchaseagreement is effective as long as the USPB is an owner in NBP. Cattle deliveredby USPB are processed in NBP's two processing plants. 

USPB acquires all its cattle requirements fromits owners and associates. Under Uniform Delivery and Marketing Agreements, ownersare obligated to deliver a designated number of cattle to USPB during specifieddelivery periods, as defined. The agreements are for a term of ten years andprovide for minimum quality standards, delivery variances, and terminationprovisions, as defined. Cattle acquired pursuant to the agreements areconcurrently sold to NBP pursuant to the cattle purchase agreement. Salestransactions are based upon prevailing cash market prices, and purchases are onterms no less favorable to NBP than would be obtained from an unaffiliatedparty. 

On June 12, 2003, the cooperative entered into an agreement with Farmland to acquire all of the partnership interestsin FNB held by Farmland, which approximated 71.2%. As a result of thisacquisition, the cooperative gained voting control of FNB and converted it to alimited liability company, National Beef Packing Company, LLC, under Delaware law. These transactions (the Acquisition) closed on August 6, 2003. NBP assumed both the Uniform Delivery and Marketing Agreements and the cattle purchaseagreement. NBP continues to hold all of the same assets its predecessor heldbefore the consummation of the transactions, including equity in subsidiaries,except that Farmland retained a 49% interest in a NBP subsidiary National Beef aLF,LLC, which holds a 47.5% interest in aLF Ventures, LLC. After the Acquisition,NBP holds a 24.2% interest in aLF Ventures, LLC through its 51% interestretained in National Beef aLF, LLC. From July 2006 to July 2008, Farmlandhas a put right of this interest in National Beef aLF, LLC to NBP at its thenfair market value. If the interest in NBP aLF, LLC is not repurchased, NBP isrequired to put the entire interest up for sale. Due to uncertainties in aLFVentures, LLC's ability to generate future revenues, no amounts were allocatedto the put option in the consolidated financial statements. 

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On August 18, 2004, the shareholders of U.S. Premium Beef, Ltd. approved the merger of the cooperative intoa wholly-owned subsidiary, U.S. Premium Beef, Inc., a Delawarecorporation.  The merger was effective on August 29, 2004. The Delaware corporation then, in a statutory conversion authorized under Delaware law,converted into a Delaware limited liability company.  Following theeffective date of the merger and the statutory conversion, the business of thecooperative was continued in the limited liability company form of businessorganization.

NBP is the fourth largest beef processing companyin the United States. In FYE 2005, NBP accounted for approximately 12.3% of thefed cattle processed in the United States. NBP processes, packages and deliversfresh beef for sale to customers in the United States and internationalmarkets. NBP's products include boxed beef and beef by-products, such as hidesand offal. In addition, they sell value-added beef products including brandedboxed beef, case-ready beef and pork, chilled and frozen export beef andportion control beef. NBP markets its products to retailers, distributors, foodservice providers and the United States military. The relationship between the USPBand NBP facilitates a vertically integrated business model and provides NBPwith a significant portion of the high-quality cattle used in its boxed beefand value-added products.  

The 2003 results discussed below include thehistorical results of FNB as an equity investment using the equity method ofaccounting for the periods prior to the Acquisition from September 1, 2002 through August 6, 2003. For the periods subsequent to the Acquisition, theoperating results of NBP have been consolidated and intercompany transactionseliminated. This new basis of accounting was established on the date of theclosing of the Acquisition (see description of the Acquisition in Note 1of our consolidated financial statements), and, therefore, the financialposition and operating results after the Acquisition are not comparable withthose before the Acquisition. As a result, we have provided an overview of theoperations of NBP (formerly FNB) below to provide a better understanding of theimpact that our ownership in NBP (approximately 53.2% for the 24 daysended August 30, 2003 and thereafter, and approximately 28.8% for theperiod prior to August 7, 2003) had on our operations. 

As a result of the Acquisition and resultingconsolidation of NBP, there were significant increases in the year of theAcquisition to the Company's consolidated assets, liabilities and expenses incomparison to prior periods. The Company's assets increased by 405%, with debtincreasing by 3,800% and liabilities other than debt increasing by 726%. The Company'srevenues for the 2003 fiscal year increased by approximately 469% in comparisonto the prior year.

 

 

 

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The following table presents the historicalconsolidated statements of operations data expressed in millions of dollars forNBP (formerly FNB) for the periods indicated:   

 
 **Successor**  **Successor**     **Successor**  **Predecessor**             **Farmland** **National Beef**  **National Beef**     **National Beef**  **National Beef** **Packing**  **Packing**     **Packing**  **Packing** **Company, LLC**  **Company, LLC**     **Company, LLC**  **Company, L.P.** **and**  **and**     **and**  **and** **Subsidiaries**  **Subsidiaries**  **Combined**  **Subsidiaries**  **Subsidiaries** **52 Weeks**  **52 Weeks**  **364 Days**       **Ended**  **Ended**  **Ended**  **24 Days Ended**    **August 27,**  **August 28,**  **August 30,**  **August 30,**  **340 Days Ended****(in millions)****2005**  **2004**  **2003**  **2003**  **August 6, 2003**              Net sales$4,338.9   $4,093.5   $3,661.4   $282.8   $3,378.6                    Costs and expenses:                        Cost of sales 4,229.9    3,973.7    3,515.7    264.8    3,250.9       Selling, general & administrative 30.5    29.6    26.5    2.1    24.4       Depreciation and amortization 24.4    21.2    20.3    2.0    18.3                           Operating	income 54.1    69.0    98.9    13.9    85.0                    Other income (expense):                                            Interest income 0.4    0.6    0.5    -    0.5       Interest expense (28.6)   (25.9)   (7.3)   (1.7)   (5.6)      Other, net (5.1)   0.3    (3.1)   (1.7)   (1.4)Total other expense, net (33.3)   (25.0)   (9.9)   (3.4)   (6.5)                   Net income$20.8   $44.0   $89.0   $10.5   $78.5 
 

The combined consolidatedstatement of operations data for the 364 days ended August 30, 2003 includes the results of Farmland National Beef Packing Company, L.P. for the340 days ended August 6, 2003 and the results of National BeefPacking Company, LLC for the 24 days ended August 30, 2003. The results have been combined for the 364 day period to facilitate comparison. Theresults of operations for the 24 days ended August 20, 2003 are within a period for which demand for beef products was at a seasonally high level.

The net income for the FYE 2005 was $20.8 millioncompared to $44.0 million for the FYE 2004, a decrease of $23.2 millionor 52.7%.  This is attributed to decreased margins as noted below, decreasedother, net due primarily to the write-off of debt issuance costs in FYE 2005 andan increase in interest expense primarily due to higher interest rates in FYE2005.  Sales were higher, principally due to the higher number of cattleslaughtered and processed at higher average weights.  Cost of sales werehigher, principally due to the higher number of cattle slaughtered andprocessed at higher average weights, partially offset by a decrease in averagelive cattle prices.  Operating income decreased $14.9 million or 21.6%over the prior year.  As a percent of sales, operating income was 1.2% and 1.7%for FYE 2005 and FYE 2004, respectively.  

The net income for the FYE 2004 was $44.0 millioncompared to $89.0 million for the FYE 2003, a decrease of $45.0 million or50.6%.  This is attributed to decreased margins and an $18.6 million increasein interest expense due to the increased borrowings as a result of theAcquisition.  While sales and cost of sales were higher, principally due to thehigher live cattle prices and corresponding higher selling prices of beefproducts, operating income decreased $29.9 million or 30.2% over the prioryear.  As a percent of sales, operating income was 1.7% and 2.7% for FYE 2004and FYE 2003, respectively.  In May 2003 a cow in Canada was diagnosed withBSE, so the U.S. closed its border to the importation of live cattle from Canada.  The single case of BSE discovered in Washington state in December 2003 caused manyinternational importers to close their borders to U.S. beef products.  As aresult of these actions and their corresponding effects on the aggregate supplyof cattle and aggregate demand for beef products, the U.S. beef industry experienced a noticeable compression of industry margins during thelatter part of FYE 2004 and throughout FYE 2005.

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**Financial Statement Accounts**

*Net Sales.* Pursuant to the cattle purchaseagreement between USPB and NBP, all of the USPB sales are eliminated, leavingonly sales of NBP. Prior to the Acquisition, pursuant to the cattle purchaseagreement between the cooperative and FNB, all of the cooperative's sales wereto FNB. NBP's net sales are generated from sales of boxed beef, case-ready beefand pork, chilled and frozen export beef, portion control beef and beefby-products. They are affected by the volume of animals processed and the valuethat is extracted from each animal. The value that is extracted from cattleprocessed, the cut-out value, is affected by beef prices and product mix, aspremium products and further processed products generate higher prices andoperating margins. NBP's total value-added sales were approximately $970.9million in FYE 2005, comprising approximately 22.4% of total net sales. NBP'svalue-added products contribute significantly more, in terms of gross margin,than its traditional boxed beef products and are an important component ofprofitability. Wholesale beef prices fluctuate seasonally because of higherdemand during the summer months. Wholesale beef prices also fluctuate becauseof changes in supply and demand for competing proteins and other foods, as wellas changes in cattle supply, which have typically followed an ten to twelveyear cycle, consisting of about six to seven years of expansion followed by oneto two years of consolidation and three to four years of contraction. Webelieve we are currently in the expansion phase of this cycle. In addition,beef and by-product sales are affected by the general economic environment andother factors.

*Cost of Sales.*    USPB'scost of sales, both prior to and subsequent to the Acquisition are accountedfor in the same manner as net sales. NBP's cost of sales is comprised of thecost of livestock and plant costs such as labor, packaging, utilities, andother facility expenses. Livestock is the highest cost component, representing 83.1%of cost of sales in FYE 2005. Total livestock costs are a function of thevolume of animals processed and the price paid for each animal. Cattle pricesvary over time and are affected by production cycles, weather, feed prices andother factors that affect the supply of and demand for livestock. Historically,changes in cut-out values, a representation normally expressed on a per hundredweight basis, of the sales value of a beef carcass, for beef products andcorresponding livestock costs have been positively correlated. As a result, profitabilityis primarily affected by the difference between cut-out value and livestockcost, the volume of livestock processed and its processing yields, the amountof saleable product, typically expressed as a percentage of a total carcassweight. Labor and freight represented 4.2% and 2.7%, respectively, of cost ofsales in FYE 2005.

*Selling, General and Administrative Expenses.*    Sellingexpenses consist primarily of salaries, trade promotions, advertising,commissions and other marketing costs. General and administrative costs consistprimarily of general management, insurance and professional expenses.

**Outlook**

The recentopening of the Canadian border to live cattle imports to the U.S. and the continued uncertainty of additional border openings in key markets creates adifficult environment for beef industry participants.  In general, domesticcattle supplies are anticipated to improve over the next two to three years,but with questions remaining regarding international market access, margins canbe expected to continue to be negatively impacted.

**Recent Developments and Market Trends**

** **The closureof U.S. borders to the importation of Canadian feeder and fattened (ready forslaughter) animals, which occurred in May 2003 following the discovery ofbovine spongiform encephalopathy (BSE) in Alberta that same month, tightenedthe U.S. cattle supply.  The closure of the U.S. border to Canadian livestockresulted in higher overall feeder and fed cattle prices in the U.S., negatively impacting raw material prices.  Although the U.S. border opened toCanadian produced boxed beef in September 2003, the entire U.S. beef industry continued  at a price disadvantage for both raw materials and boxed beefprices while  the ban on importation of Canadian livestock was maintained.  Theban on the importation of Canadian cattle was in place from May 2003 to July2005. 

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On December 23, 2003, it was announced by the United States Department of Agriculture (USDA)that a single Holstein dairy cow was discovered in the state of Washington to have tested positive for BSE.  The origin of the animal was subsequentlytraced to a farm in Canada.  Shortly after the announcement, several countries,including Japan, representing a substantial share of NBP's export business,closed their borders to the importation of edible beef products from the United States.  Certain by-products have been classified as Specified Risk Materials(SRMs), and have been banned from use in feedstocks and the human food chain.Some of these products previously enjoyed a market in foreign countries. Theclosure of most foreign markets to U.S. beef following the discovery of thiscow in Washington state, and lack of alternative U.S. markets for many productswhich previously were exported, negatively impacted the revenue per headenjoyed by the U.S. packing industry.  

All of thesechallenges resulted in tremendous volatility in U.S. livestock market pricesduring FYE 2003, FYE 2004 and FYE 2005. In FYE 2003, 2004 and 2005, NBP's totalexport sales were approximately 17%, 10% and 7% of total net sales.

During thesecond quarter of FYE 2004, NBP recorded charges to sales and cost of salestotaling approximately $18.8 million due to the market impacts of theclosure of international borders as a result of the BSE discovery in lateDecember 2003.      

On December 29, 2004, the USDA announced it had established conditions under which it wouldallow imports into the U.S. of live cattle under 30 months of age and certainother commodities from regions with effective BSE prevention and detectionmeasures.  Prior to being able to import to the U.S., each country must undergoa thorough risk assessment to be recognized as a "minimal-risk region."  Canadawas the first country recognized as a minimal-risk region and, as such, wouldhave been eligible to export to the U.S. live cattle under 30 months of age(subject to certain restrictions), as well as certain other animals andproducts.  The risk assessment conducted by the USDA, as part of the rulemakingprocess to determine Canada's status as a minimal-risk region, includedconsideration of the possibility that Canada could experience additional casesof BSE.  The final rule was published in the January 4, 2005 *Federal Register* and was to become effective March 7, 2005, but was delayed by litigation.

On March 2, 2005, the U.S. District Court in Billings, Montana granted a preliminaryinjunction to delay the implementation of USDA's minimal-risk regions rule,temporarily blocking the opening of the Canadian border to the importation oflive cattle under 30 months of age into the U.S.  On March 17, 2005, the U.S. Department of Justice, on behalf of the USDA, filed a request with the U.S.Court of Appeals for the Ninth Circuit requesting that the court overturn thedecision issued by the U.S. District Court in Montana, which would re-establishtrade with Canada for beef products and live cattle under 30 months of age. The National Meat Association along with the Canadian Cattlemen's Associationand the Alberta Beef Producers, who were all denied leave to intervene in thetrial court, also appealed seeking to overturn the preliminary injunction.  InJuly 2005, the U.S. Court of Appeals for the Ninth Circuit overturned the March2005 preliminary injunction issued by the U.S. District Court in Billings, Montana, which had continued the closure of the Canadian border to imports oflive cattle.  The U.S. Court of Appeals ruling resulted in the immediatereopening of the Canadian border to live cattle imports.  A petition forrehearing of the Ninth Circuit's ruling to the entire panel of Ninth Circuitjudges was rejected by the Ninth Circuit on October 13, 2005. Although the Court of Appeals action does not completely dispose of the action in the lowercourt, the lower court may or may not enter final rulings that will permitcontinued trade in live animals and beef products between the two countries.

Announcementsof inconclusive, preliminary test results for BSE can be expected from time totime as a result of the sensitivity of the new screening regime.  Since theUSDA enhanced surveillance program for BSE began in 2004, approximately 510,000cattle have been tested for BSE using a rapid test.  Three of these animalstested inconclusive and were subsequently subjected to immunohistchemistry, orIHC, testing.  The IHC is an internationally recognized confirmatory test forBSE.  All three inconclusive samples tested negative using IHC.  The threesamples were then tested by a second internationally recognized confirmatorytest, referred to as the Western Blot test.  Of the three samples, two werenegative but the third came back reactive.  Because of the conflicting results,the samples from the animal that tested reactive were sent to Weybridge,England for further testing and the results of that testing were confirmed onJune 24, 2005 as positive for BSE.  In a USDA statement issued June 29, 2005, the cow was identified as born and raised in a herd in Texas and wasapproximately 12 years old.  In the USDA statement, USDA Chief VeterinarianJohn Clifford stated that the USDA believes, "it was most likely infected byconsuming feed prior to the implementation of the ruminant-to-ruminant feed banin 1997," and he emphasized "that this animal did not enter the human foodchain."  Although the Secretary of the USDA has stated that there is no risk toanimal or human health related to this case, the impact on the market createdby this or other future tests is not possible to predict. Prior to this secondconfirmed case of BSE in the U.S., many countries had reopened their borders toallow the import of U.S. beef; however, this second confirmed case of BSE hasled to uncertainty as to whether or when additional markets may reopen, andwhether or when existing open markets may close.

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On October 31, 2005, a Japanese food safety panel responsible for recommendations concerningthe importation of beef concluded that the risk of BSE in cattle 20 months ofage and younger from the United States was very low.  The recommendation setsin motion a series of actions, including a month-long period for publiccomments, which could lead to the resumption of U.S. beef imports potentiallybefore the end of the calendar year.  There can be no assurance that thisaction will result in the resumption of trade, or if so, when this will occur.

The Companycannot presently assess the full economic impact of the consequences of BSE onthe U.S. beef packing industry or on its operations.  NBP's revenues and netincome may be materially adversely affected in the event existing importrestrictions continue indefinitely, additional countries announce similarrestrictions, additional regulatory restrictions are put into effect ordomestic consumer demand for beef declines substantially.

**Critical Accounting Policies and Estimates**

The following discussion and analysis offinancial condition and results of operations are based on our consolidated financialstatements, which have been prepared in accordance with accounting principlesgenerally accepted in the United States of America. The preparation of thesefinancial statements requires  management to make estimates and judgments thataffect the reported amounts of assets, liabilities, revenues and expenses, andrelated disclosures of contingent assets and liabilities. On an ongoing basis,management evaluates and revises its estimates based on historical experienceand other assumptions that we believe are reasonable under the circumstances.Actual results may differ from those estimates. Changes in our estimates couldmaterially affect our results of operations and financial condition for anyparticular period. Our fiscal year ends on the last Saturday in August. Webelieve that our most critical accounting policies are: 

*Accounting for Investment in NBP.*  Priorto the Acquisition, FNB was accounted for as an equity investment under theequity method of accounting. USPB's share of FNB's income was recognized asequity in earnings of FNB in a single line item in our consolidated statementsof operations and recorded in the consolidated balance sheet in a single lineitem - Investment in FNB. Distributions received from FNB reduced theinvestment balance. Upon acquiring a controlling interest in the Acquisition,in accordance with accounting principles generally accepted in the United States of America, NBP's financial position and results of operations areconsolidated into our financial statements and all transactions between the twocompanies are eliminated in the consolidation. A minority interest is presentedwhich represents the earnings of NBP attributable to those holding a minorityinterest in NBP. 

*Allowance for Returns and Doubtful Accounts.*The allowance for returns and doubtful accounts reflects reserves for customerreceivables to reduce receivables to amounts expected to be collected. Managementuses significant judgment in estimating uncollectible amounts. In estimatinguncollectible amounts, management considers factors such as current overalleconomic conditions, industry-specific economic conditions, historical customerperformance, and anticipated customer performance. Specific accounts are alsoreviewed for collectibility. While management believes these processeseffectively address our exposure to doubtful accounts, changes in the economy,industry or specific customer conditions may require adjustment to the recordedallowance for doubtful accounts. Management uses significant judgment inestimating amounts expected to be returned. Management considers factors suchas historical performance and customer conditions in estimating return amounts.

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*Inventory Valuation.* Inventories of NBP'sbeef processing operations, except supplies inventories, are determined usingthe first-in, first-out cost method or market. The cost of all otherinventories is determined using the first-in, first-out method, specific oraverage cost methods. Management periodically reviews inventory balances andpurchase commitments to estimate if inventories will be sold at amounts (net ofestimated selling costs) less than their carrying amounts. If actual resultsdiffer from management estimates with respect to the selling of inventories atamounts less than their carrying amounts, NBP would adjust its inventorybalances accordingly. 

*Goodwill*.  In connection with theTransaction, we recognized excess cost over the fair value of the net tangibleand identifiable intangible assets acquired, and recorded this excess asgoodwill.  On an annual basis, we assess the goodwill balance for impairment. In accordance with Statement of Financial Accounting Standards (SFAS) 142, *Goodwilland Other Intangible Assets,* this test involves comparing the fair value ofeach reporting unit to the unit's book value to determine if any impairmentexists.  We calculate the fair value of each reporting unit using estimates offuture cash flows.  Goodwill was tested for impairment, and, as of August 27, 2005, management determined there was no impairment.

*Workers' Compensation Accrual.* NBP incurscertain expenses associated with workers' compensation. To measure the expenseassociated with these costs, management must make a variety of estimatesincluding employee accidents incurred but not yet reported. The estimates usedby management are based on our historical experience as well as current factsand circumstances. NBP uses third-party specialists to assist management inappropriately measuring the expense associated with these costs. 

**Results of Operations**

Thefollowing table shows consolidated statements of operations data for theperiods indicated:
 **Fiscal Years Ended** **August 27,** **August 28,** **August 30,** **2005** **2004** **2003**   **(in millions)**  Net sales$4,338.9  $4,093.5  $871.8          Costs and expenses:              Cost of sales 4,229.9   3,973.7   853.6       Selling, general & administrative 34.0   34.8   5.7       Depreciation and amortization 24.4   21.2   2.1                Operating income 50.6   63.8   10.4          Other income (expense):                       Minority owners' interest in net income of                 National Beef Packing Co. (8.5)  (19.4)  (4.9)      Equity in income from Farmland National                 Beef Packing Co. -   -   22.6       Interest income 0.7   0.7   0.2       Interest expense (29.0)  (26.6)  (2.4)      Interest rate exchange agreement 0.1   0.6   -       Other, net (5.3)  -   (1.7)               Total other (expense) income (42.0)  (44.7)  13.8          Net income$8.6  $19.1  $24.2 
 

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The results of operations of NBP for the FYE August 27, 2005, the FYE August 28, 2004 and the 24 days ended August 30, 2003 are consolidated in the respective periods and transactions between the USPBand NBP have been eliminated. Accordingly, these operating results for FYE 2005and FYE 2004 are not consistent with FYE 2003 operating results. 

***FYE August 27, 2005 compared to August 28, 2004***

*Net Sales.*    Netsales were $4,338.9 million for FYE 2005, an increase of $245.4 million, or 6.0%,compared to $4,093.5 million for FYE 2004. The increase resulted primarily froman increase of approximately 4.4% in the number of cattle processed,  ataverage weights about 2.9% higher than the prior year, which translates to anincrease in pounds of beef products sold in the period.  Overall volume washigher due in part to long-term expansion at the Dodge City beef processingfacility, partially offset by market instability caused by the uncertaintiescreated by  BSE discoveries in the U.S.

*Cost of Sales.*    Costof sales were $4,229.9 million for FYE 2005, an increase of $256.2 million, or6.4%, from $3,973.7 million for FYE 2004. The majority of the increase came asa result of an increase of approximately 4.4% in the number of cattle processed,at average weights about 2.9% higher than the prior year, partially offset byan approximate 1.7% decrease in average live cattle prices.  Cost of sales, asa percentage of net sales, was 97.5% and 97.1% for FYE 2005 and FYE 2004,respectively.

*Selling, General and Administrative Expenses.*Selling, general and administrative expenses were $34.0 million for FYE 2005compared to $34.8 million for FYE 2004, a decrease of $0.8 million or2.3%. The decrease was the result of a $2.2 million recovery of a bad debt inFYE 2005 that had been written off in FYE 2003 due to the bankruptcy of one of NBP'scustomers, and a decrease of approximately $0.5 million in professionalservices partially offset by a $1.3 million increase in payroll and relatedexpenses and an expense for state franchise taxes of approximately $0.3 million.Selling, general and administrative expenses, as a percentage of net sales,were 0.8% and 0.9% for FYE 2005 and FYE 2004, respectively.

*Depreciation and Amortization Expense.*Depreciation and amortization expenses were $24.4 million for FYE 2005 comparedto $21.2 million for FYE 2004, an increase of $3.2 million, or 15.1%.This increase was due to additional assets being placed into service primarily atour beef processing plants during FYE 2005 and FYE 2004.

*Operating Income.* Operating income was $50.6 millionfor FYE 2005 compared to $63.8 million for FYE 2004, a decrease of $13.2 million,or 20.7%. Operating income, as a percentage of net sales, was 1.2% for FYE 2005and 1.6% for FYE 2004. A small number of cases of BSE in Canada and the U.S. since May 2003 has caused many international importers to close theirborders to U.S. beef products.  As a result of these actions and theircorresponding effects on the aggregate supply of cattle and aggregate demandfor beef products, the U.S. beef industry has experienced a noticeablecompression of industry margins during the latter part of FYE 2004 and all ofFYE 2005.

*Minority Owners' Interest in NBP.* Minorityinterest in NBP in FYE 2005 was $8.5 million compared to $19.4 million in FYE2004, a decrease of $10.9 million, or 56.2%. The decrease is primarily due tolower net income earned by NBP. The minority interest in NBP represents theminority owners' equity in NBP's earnings. 

*Interest Expense.* Interest expense was $29.0 millionfor FYE 2005 compared to $26.6 million for FYE 2004, an increase of $2.4 million,or 9.0%. The increase was due primarily to the higher average interest rates inFYE 2005 compared to FYE 2004 as evidenced by an increase of approximately 200basis points in the published LIBOR index interest rates as of August 27, 2005 compared to August 28, 2004, which is the basis for interest rates on mostof our variable rate borrowings.

*Other, Net.* Other, net expenses were $5.3 millionfor FYE 2005 compared to $0.0 million for FYE 2004. Other, net expenses arelower in FYE 2005 compared to FYE 2004 due to $3.2 million in expense for the write-offof unamortized loan costs associated with amending and restating NBP's existingsenior credit facility, and income tax expense of $1.9 million recorded on theincome for FYE 2005 for National Carriers, Inc., which is organized as a C corporation.FYE 2004 includes a $1.1 million gain received through the demutualizationof a company which held annuities for NBP employees, offset by income taxexpense of $0.7 million recorded on the income for FYE 2004 for NationalCarriers, Inc. and tax accruals of $0.5 million in consideration of thepotential recharacterization of income from patronage-source tononpatronage-source, which could be asserted by the IRS. 

37

***FYE August 27, 2004  compared to August 30, 2003***

*Net Sales.* Net sales were $4,093.5 millionfor FYE 2004 compared to $871.8 million for  FYE 2003, an increase of $3,221.7 millionor 369.5%. The increase was the direct result of consolidating NBP's sales of$4,093.5 million and eliminating the intercompany sales of$614.3 million from the cooperative to NBP. The decline in thecooperative's sales to NBP of $10.9 million, or 1.7%, was driven by adecrease of 15.0% in the number of cattle sold, offset by an increase in theaverage sales price of 16.2%. 

*Cost of Sales.* Cost of sales were $3,973.7 millionfor FYE 2004 compared to $853.6 million for FYE 2003, an increase of $3,120.1 millionor 365.5%. The increase was the direct result of consolidating NBP's cost ofsales of $3,973.7 million and eliminating the intercompany cost of salesof $614.3 million. 

*Selling, General and Administrative Expenses.*Selling, general and administrative expenses were $34.8 million for FYE2004 compared to $5.7 million for FYE 2003, an increase of $29.1 millionor 510.5%. The increase was the direct result of consolidating NBP's expensesof $29.6 million that were not consolidated in the 2003 period. 

*Depreciation and Amortization Expense.*Depreciation and amortization expenses were $21.2 million for FYE 2004compared to $2.1 million for FYE 2003, an increase of $19.1 millionor 909.5%. This increase was the direct result of consolidating NBP'sdepreciation of $21.2 million which included increases that resulted fromdepreciation on new capital projects placed in service, from the depreciationof assets acquired in the acquisition of National Carriers, Inc.  Additionally,a small increase resulted from the amortization of intangible assets identifiedin the purchase accounting under the Acquisition. 

*Operating Income.* Operating income was $63.8 millionfor FYE 2004 compared to $10.4 million for FYE 2003, a favorable increaseof $53.4 million. Operating income, as a percentage of net sales, was 1.6%for FYE 2004 and 1.2% for FYE 2003. This is the direct result of consolidating NBP'sresults of operations in 2004 of $69.0 million which was 1.7% of ourconsolidated sales. 

*Equity in Earnings.* In FYE 2004 theresults of NBP were consolidated while earnings in FNB were $22.6 millionfor FYE 2003. The minority interest in NBP represents the minority owners'equity in NBP's earnings.  

*Interest Expense.* Interest expense was $26.6 millionfor FYE 2004 compared to $2.4 million for FYE 2003, an increase of $24.2 million.The increase was due primarily to the higher level of borrowings in FYE 2004 asa result of the Acquisition. 

*Other, Net.* Other, net was income of$0.0 million for FYE 2004 compared to an expense of $1.7 million for FYE2003. In 2004, NBP received $1.1 million through the demutualization of acompany which held annuities for NBP employees, and the loss in NBP's equityinvestment of aLF Ventures, LLC of $0.8 million. These were offset by taxaccruals of $0.5 million in consideration of the potential recharacterization ofincome from patronage-source to nonpatronage-source, which could be asserted bythe IRS. FYE 2003 is primarily due to the consolidation of NBP's net expense of$1.7 million for the 24 day period from August 7 to August 30, 2003. This net expense consisted of $1.7 million of bridge loancommitment fees, $1.6 million in the write-off of unamortized debtissuance costs (both associated with the Acquisition), $0.9 million ofexpenses associated with an investment in an electronic commerce venture, asoffset by receipt of a $2.3 million award in an antitrust vitaminlitigation. 

**Liquidity and Capital Resources**

As of August 27, 2005 we had net working capital of $178.6 million, which included $1.9 million in distributions payable, andcash and cash equivalents of $54.4 million, including $3.9 million restrictedto IRB approved expenditures.  As of August 28, 2004, we had net working capital of $179.9 million, which included $3.1 million in partner and member distributionspayable, and cash and cash equivalents of $43.6 million, including $8.4 millionrestricted to IRB approved expenditures.  Our primary sources of liquidity arecash flow from operations and available borrowings under our amended andrestated credit facility. 

38

As of August 27, 2005, we had $315.0 million of long-term debt, of which $1.0 was classified as a current liability.  As of August27, 2005, NBP's amended and restated credit facility consisted of a $120.0million term loan, of which $120.0 million was outstanding, a term loan withCoBank of which $6.2 million was outstanding and a $140.0 million revolvingline of credit loan, which had outstanding borrowings of $15.0 million,outstanding letters of credit of $44.0 million and available borrowings of $74.1million, based on the most restrictive financial covenant calculations.  Cashflow from operations and borrowings under NBP's amended and restated creditfacility have funded its working capital requirements, capital expenditures andother general corporate purposes.  We were in compliance with all financialcovenants as of August 27, 2005.

In addition to outstanding borrowings under its amendedand restated credit facility, NBP had outstanding borrowings under industrialrevenue bonds of $13.8 million and senior notes of $160.0 million as of August 27, 2005.

Capital spending through FYE 2006 is expected toapproximate $40.0 million, with projects already initiated at August 27, 2005 accounting for $5.5 million of that amount. These expenditures, as well asproposed new capital projects expected to start during FYE 2006, are primarilyfor plant expansion, renewals and improvements.

The Company believes that available borrowingsunder NBP's amended and restated credit facility and cash provided by operatingactivities will be sufficient to support its working capital, capitalexpenditures and debt service requirements for the foreseeable future.  NBP's abilityto generate sufficient cash, however, is subject to certain general economic,financial, industry, legislative, regulatory and other factors beyond their control.

*Operating Activities*

Net cash provided by operating activities was $60.0million in FYE 2005 and $39.7 million in FYE 2004. The $20.3 million increasewas due primarily to an increase in working capital resulting partially fromincreased accounts receivable collections, offset by lower net income in FYE2005. 

Net cash provided by operating activities was $39.7million in FYE 2004 and $20.4 million in FYE 2003. The $19.3 million increasewas due primarily to the consolidation of NBP.

*Investing Activities*

Net cash used in investing activities was $16.7million in FYE 2005 compared to $31.2 million for FYE 2004, a decrease of $14.5million. The decrease was due primarily to decreased capital spending in FYE2005.  

Net cash used in investing activities was $31.2million in FYE 2004 compared to $227.9 million for FYE 2003, a decrease of $196.7million. The decrease was due primarily to the 2003 funding of the Acquisitionand funding of the acquisition of National Carriers.  

*Financing Activities*

Net cash used in financing activities was $32.5million in FYE 2005 compared to $7.2 million for FYE 2004. The increase in FYE2005 of $25.3 million was due primarily to a lower revolving credit linebalance in FYE 2005, partially offset by a decrease in the member distributionspaid in FYE 2005.

Net cash used in financing activities was $7.2million in FYE 2004 compared to cash provided by financing of $233.7 millionfor FYE 2003. The decrease in FYE 2004 of $240.9 million was due primarily tothe FYE 2003 issuance of Senior Notes and member contributions associated withthe Acquisition.

*** ***

*** ***

39

***CoBank Term Debt***

USPB's CoBank term debt of approximately $6.2million is payable in quarterly installments with final payment due in July2011, bearing interest at the 90 day LIBOR index plus 2.50%, adjusted quarterly(6.01% at August 27, 2005, 4.10% at August 28, 2004 and 3.36% atAugust 30, 2003). 

The debt agreement with CoBank contains certaincovenants which require, among other things:        
-  reportingrequirements;    aminimum working capital reserve;  aminimum debt service coverage ratio (not required if working capital fallsabove the greater of one half the aggregate commitment or $4 million and NBP is in compliance with their loan covenants).aminimum net worth of $70.0 million                                               	restrictionson transactions with related parties; and,                                                  	restrictionson dividend payments; 
The Company was in compliance with all CoBankdebt covenants as of August 27, 2005. The debt is secured by USPB's interest inNBP. 

USPB's rate margin, which is adjusted annually,is determined pursuant to a table based on the NBP leverage ratio, as of theend of each fiscal year of NBP. Based on the table, the rate margin was 2.50%at both August 27, 2005 and August 28, 2004 and 2.25% at August 30, 2003.  

***Amended Senior Credit Facility***

Effective December 30, 2004, NBP amended and restated its existing senior credit facility with aconsortium of banks.  The facility now consists of a $120.0 million term loanthat matures in December 2014 and a $140.0 million revolving line of creditloan that matures in December 2009 that is subject to certain borrowing baselimitations.  The amendment and restatement is within the scope of the EmergingIssues Task Force (EITF) 96-19, *Debtor's Accounting for a Modification orExchange of Debt Instruments* as well as EITF 98-14, *Debtor's Accountingfor Changes in Line-of-Credit or Revolving-Debt Arrangements*.  Inaccordance with that guidance, a portion of the unamortized loan costs ofapproximately $2.6 million from the previous credit facility as well asadditional finance and legal charges associated with the new amended andrestated credit facility of approximately $0.6 million were recorded in Other,net in the Statement of Operations during fiscal year 2005.  

Theborrowings under the revolving loan are available for NBP's working capitalrequirements, capital expenditures and other general corporate purposes.  Theamended and restated credit facility is secured by a first priority lien onsubstantially all of NBP's assets.  The principal amount outstanding under theterm loan is due and payable in equal quarterly installments of $6.0 million onthe last business day of each March, June, September and December commencing onMarch 31, 2010 and ending on December 29, 2014.  Prepayment is allowed at anytime.

NBP's amendedand restated credit facility contains covenants that limit its ability to incuradditional indebtedness, sell or dispose of assets, make capital expenditures, paycertain dividends and prepay or amend certain indebtedness among othermatters.  The amended and restated credit facility also contains a provisionfor a conversion to more favorable interest rates and more restrictivefinancial covenants on the earlier of (a) June 1, 2006 or (b) our election (the Conversion Date).  At NBP's election, interest may be computed atthe Base Rate (as defined in the credit agreement) plus an applicable margin ora LIBOR rate plus an applicable margin.  As of August 27, 2005, the interest rate for the term loan was equal to LIBOR plus 275 basis points (6.1%) and theweighted average interest rate for the revolving loan was equal to LIBOR plus 250basis points (6.0%).  After the Conversion Date the interest rate for the termloan and revolving loan is determined by reference to a matrix of rates keyedto our funded debt to EBITDA ratio.

 

40

The amended andrestated credit facility also imposes certain financial covenants.  FromDecember 30, 2004 until the Conversion Date, NBP is required to (i) have as of the end of each fiscal quarter a minimum four-quarterrolling EBITDA of $50.0 million and (ii) maintain at all times a minimumBorrowing Base Availability (as defined in the credit agreement) of at least$25.0 million.  After the Conversion Date, NBP will be subject to covenantsimposing a specified maximum funded debt to EBITDA ratio, a maximum seniorsecured funded debt to EBITDA ratio, a minimum four-quarter rolling EBITDA anda minimum four-quarter rolling debt service coverage ratio.  As defined in theamended credit facility, EBITDA contains specified adjustments.  On August 27, 2005, NBP was in compliance with all financial covenants.

Effective July7, 2005, the amended and restated credit facility was further amended to allow NBPto purchase up to $30 million in cumulative purchase price (including anypremium) of our 10‐1/2% Senior Notes due August 1, 2011 so long as NBP isnot in default under the facility at the time of the purchase or as a result ofthe purchase.

Effective October 14, 2005, NBP further amended its existing senior credit facility to reflect changesin the covenant limiting its net capital expenditures.  There were no changesto the remaining covenants in the credit facility.  NBP's net capital expendituresare now limited to $64 million in the combined period of FYE 2005 and FYE 2006,$35 million in FYE 2007 and $40 million in FYE 2008 and fiscal yearsthereafter.  Prior to this amendment, FYE 2005 and FYE 2006 were separatelylimited to $32 million each year.

***Industrial Revenue Bonds***

In conjunction with the amendment and restatementof its credit facility, effective December 30, 2004, NBP entered into a transaction with the City of Dodge City, Kansas, in order to provide NBPproperty tax savings.  Under the transaction, the City purchased our Dodge City facility (the "facility") by issuing $102.3 million in bonds due in December2014, and leased the facility to NBP for an identical term under a capitallease.  The City's bonds were purchased by NBP using proceeds of its term loanunder the amended and restated credit facility.  Because the City has assignedthe lease to the bond trustee for the benefit of NBP as the sole bondholder, NBP,in effect, controls enforcement of the lease against itself.  As a result ofthe capital lease treatment, the facility will remain a component of property,plant and equipment in NBP's consolidated balance sheet.  As a result of thelegal right of offset, the capital lease obligation and the corresponding bondinvestments will be eliminated in consolidation.  The transaction provides NBPwith property tax exemptions for the leased facility, which, after nettingpayments to the City and local school district under payment in lieu of taxagreements, result in an annual property tax savings of approximately 25%.  Thefacility remains subject to a prior mortgage and security interest in favor ofthe lenders under the senior credit facility.  Additional revenue bonds may beissued to cover the costs of certain improvements to this facility.  The totalamount of revenue bonds authorized for issuance is $120.0 million.

The cities of Liberal and Dodge City, Kansas issued an aggregate of $13.8 million of industrial development revenue bonds on NBP'sbehalf to fund the purchase of equipment and construction of improvements at itsfacilities in those cities. These bonds were issued in 1999 and 2000 in fourseries of $1.0 million, $1.0 million, $6.0 million and $5.8 million and are dueon February 1, 2029, March 1, 2027, March 1, 2015 and October 1, 2009. Pursuant to a lease agreement, NBP leases the facilities, equipment andimprovements from the respective cities and make lease payments in the amountof principal and interest due on the bonds. Each series of bonds is backed by aletter of credit under NBP's amended and restated credit facility.

The bonds issued in 1999 and 2000 are variablerate demand obligations that bear interest at a rate that is adjusted weekly,which rate will not exceed 10% per annum. The average per annum interest ratefor each series of bonds was 2.3% in FYE 2005. NBP has the option to redeem aseries of bonds at any time for an amount equal to the principal plus accruedinterest to the date of such redemption. The holders of the bonds have theoption to tender the bonds upon seven days' notice for an amount equal to parplus accrued interest. To the extent that the remarketing agent for the bondsis unable to resell any of the bonds that are tendered, the remarketing agentwill use the letter of credit to fund such tender. 

41

***Utilities Commitment***

EffectiveDecember 30, 2004, NBP finalized an agreement with the City of Dodge City,Kansas, whereby in consideration of certain improvements made to the city waterand wastewater systems, NBP has committed to make a series of service chargepayments totaling $19.3 million over a 20 year period of which $0.8 million waspaid in fiscal year 2005.  Payments under the commitment will be $1.2 millionin fiscal year 2006, $1.4 million in fiscal year 2007, $1.4 million in fiscalyear 2008, $1.4 million in fiscal year 2009 and $1.7 million in fiscal year2010, with the balance of $11.4 million to be paid in subsequent years.

***10 1⁄2% Senior Notes***

Concurrent with the Acquisition, NBP issued the10 1⁄2% Senior Notes that will mature on August 1, 2011.  Interest on the Senior Notes is payable semi-annually in arrears on August 1 and February 1 of eachyear, which commenced on February 1, 2004.  The Senior Notes are seniorunsecured obligations, ranking equal in right of payment with all of our othersenior unsecured obligations.  With limited exceptions, the Senior Notes arenot redeemable before August 1, 2007.  During the 12 month period commencing August 1, 2007 and August 1, 2008, the Senior Notes may be redeemed at 105.250% and 102.625%,respectively, of the principal amount.  Thereafter, the Senior Notes may beredeemed at 100% of face value.  The Indenture governing the Senior Notescontains certain covenants that restrict NBP's ability to:
-  incur additional indebtedness;
-  make restricted payments;
-  make distributions on or redeem our equity interests; 
-  sell our assets;
-  create liens;
-  merge or consolidate with another entity; and 
-  enter into transactions with affiliates.

***Cash Payment Obligations***

The following table describesour cash payment obligations as of August 27, 2005 (in thousands):

**Total**

**Year  1	FY06**

**Year  2	FY07**

**Year  3	FY08**

**Year  4	FY09**

**Year  5	FY10**

**After   	Year  5**

Term loan  facility

$  126,178

$      1,030

$    1,030

$      1,030

$      1,030

$    13,030

$  109,028

Revolving credit facility

15,000

-     

-     

-     

-     

15,000

-     

Senior Notes

160,000

-     

-     

-     

-     

-     

160,000

Industrial Revenue Bonds

13,850

-     

-     

-     

-     

5,850

8,000

Operating leases

34,962

8,514

7,067

6,115

4,109

3,650

5,507

Purchase  commitments

4,708

4,708

-     

-     

-     

-     

-     

Cattle commitments	(1)

61,019

61,019

-     

-     

-     

-     

-     

Utilities  commitment

18,503

1,179

1,418

1,399

1,379

1,737

11,391

     Total

$  434,220

$    76,450

$    9,515

$   8,544

$  6,518

$    39,267

$  293,926

                    

(1)  NBP makes a verbal commitment to cattle producers to purchase cattleabout one week in advance of delivery of the live animals to our plants, withthe actual price paid for the cattle determined after the cattle are deliveredand inspected at our facilities.   This amount approximates our outstanding cattlecommitments at August 27, 2005.

42

**Off-Balance Sheet Arrangements**

As of August 27, 2005 we did not have any significant off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of SECRegulation S-K.

**Inflation**

We believe that our results of operations are notmaterially affected by moderate changes in the inflation rate. Inflation andchanging prices did not have a material affect on our operations in FYE 2005,2004 and 2003. Severe increases in inflation, however, could affect the globaland U.S. economies and could have an adverse affect on our business, financialcondition and results of operations.

**Seasonality and Fluctuations in Operating Results**

The Company's operating results are influenced byseasonal factors in the beef industry. These factors affect the price that wepay for livestock as well as the ultimate price at which NBP sells its products.The seasonal demand for beef products is highest in the summer and fall monthsas weather patterns permit more outdoor activities and there is an increaseddemand for higher value items that are grilled, such as steaks. Both livecattle prices and boxed beef prices tend to be at seasonal highs during thesummer and fall. Because of higher consumption, more favorable growingconditions and the housing of animals in feedlots for the winter months, thereare generally more cattle available in the summer and fall.

**ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Market Risk Disclosures**

The principal market risks affecting our businessare exposure to changes in prices for commodities, such as livestock and boxedbeef.

*Commodities.*    NBPuses various raw materials, many of which are commodities. Raw materials aregenerally available from several different sources, and NBP presently believesthat it can obtain them as needed. Commodities are subject to pricefluctuations that may create price risk. When appropriate, NBP may hedgecommodities in order to mitigate this price risk. While this may tend to limit NBP'sability to participate in gains from commodity price fluctuations, it alsotends to reduce the risk of loss from changes in commodity prices. NBP reflectscommodity contract gains and losses as adjustments to the basis of underlyingcommodities purchased; gains or losses are recognized in the statement ofoperations as a component of costs of goods sold.

NBP purchases cattle for use in its processingbusinesses. When appropriate, NBP enters into forward purchase contracts atprices determined prior to the delivery of the cattle. The commodity price riskassociated with these activities can be hedged by selling (or buying) theunderlying commodity, or by using an appropriate commodity derivativeinstrument. The particular hedging instrument NBP uses depends on a number offactors, including availability of appropriate derivative instruments.

NBP sells commodity beef products in itsbusiness. Commodity beef products are subject to price fluctuations that maycreate price risk. When appropriate, NBP enters into forward sales contracts atprices determined prior to shipment. While this may tend to limit NBP's abilityto participate in gains from commodity price fluctuations, it also tends toreduce the risk of loss from changes in commodity beef prices. NBP reflectscommodity contract gains and losses as adjustments to the basis of underlyingcommodities sold; gains or losses are recognized in the statement of operationsas a component of net sales.

43

NBP may use futures contracts in order to reduceexposure associated with entering into firm commitments to purchase live cattleat prices determined prior to delivery of the cattle as well as firmcommitments to sell certain beef products at sales prices determined prior toshipment. In accordance with SFAS No. 133, *Accounting for DerivativeInstruments and Hedging Activities*, as amended, NBP accounts for futurescontracts and their related firm commitments at fair value. Most firmcommitments are treated as "normal purchases and sales" and not marked to market. SFAS No. 133 imposes extensive recordkeeping requirements in order to treat aderivative instrument as a hedge for accounting purposes. Derivatives qualifyfor treatment as hedges when there is a high correlation between the change infair value of the instrument and the related change in fair value of theunderlying commitment. For derivatives that qualify as effective hedges, thechange in fair value has no net effect on earnings until the hedged transactionaffects earnings. For derivatives that are not designated as hedginginstruments, or for the ineffective portion of a hedging instrument, the changein fair value does affect current period net earnings.

While NBP management believes each of theseinstruments help mitigate various market risks, they are not designated andaccounted for as hedges under SFAS No. 133 as a result of the extensiverecordkeeping requirements of this statement. Accordingly, the gains and lossesassociated with the change in fair value of the instrument and the offsettinggains and losses associated with changes in the market value of certain of thefirm commitments related to the futures contracts are recorded to income andexpense in the period of change.

The following table describes the number offutures positions and the fair value of those positions and related firmcommitments at August 27, 2005 and August 28, 2004.  A position in live cattle consists of 40,000 pounds.  Firm commitments for purchase are for live cattleand firm commitments for sales are for boxed beef (dollars in thousands).
 **Positions expiring**   **within one year** **Fair Value****August 27, 2005**   Live Cattle      Futures long  -    Futures short443 (51)   Firm Commitments Purchase  62    Firm Commitments Sale  - **August 28, 2004**   Live Cattle      Futures long  -    Futures short55 96    Firm Commitments Purchase  (96)    Firm	Commitments Sale   - 
*Foreign Operations.*    Transactionsdenominated in a currency other than an entity's functional currency may exposethat entity to currency risk. Although NBP operates in international marketsincluding Japan and South Korea, product sales are predominately made in United States dollars and therefore currency risks are limited.

*Interest Rates.*    Asa result of the Company's normal borrowing and leasing activities, ouroperating results are exposed to fluctuations in interest rates, which wemanage primarily through our regular financing activities. We generallymaintain limited investments in cash and cash equivalents.

We have short-term and long-term debt withvariable interest rates. Our variable interest expense is sensitive to changesin the general level of interest rates.  As of August 27, 2005, most of our debt is borrowed at LIBOR plus a weighted average margin. As of August 27, 2005, the weighted average interest rate on our $155.0 million of variableinterest debt was approximately 5.8%.

We had total interest expense of approximately $29.0million in FYE 2005 and approximately $26.6 million in FYE 2004. The estimatedincrease in interest expense from a hypothetical 200 basis point increase inapplicable variable interest rates would have been approximately $3.3 millionin FYE 2005 and approximately $3.4 million in FYE 2004.

**ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**           **The consolidated financial statements and notes thereto,and other information required by this Item 8 are included in this reportbeginning on page F-1.

44

**ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE**

**           **None.

**ITEM 9A.  CONTROLS AND PROCEDURES**

The Company maintains a system of controls andprocedures designed to provide reasonable assurance as to the reliability ofthe Consolidated Financial Statements and other disclosures included in thisreport, as well as to safeguard assets from unauthorized use or disposition. Weevaluated the effectiveness of the design and operation of our disclosurecontrols and procedures as defined in the Securities Exchange Act of 1934Rules 13a-15(e) and 15d-15(e) under supervision and with the participationof management, including our Chief Executive Officer and Chief Reporting andCompliance Officer. Based upon that evaluation, as of the end of the periodcovered by this Annual Report on Form 10-K, our Chief Executive Officer andChief Reporting and Compliance Officer concluded that our disclosure controlsand procedures were effective in alerting them, in a timely manner, to materialinformation required to be included in our periodic Securities and ExchangeCommission filings.  There have been no changes in our internal control overfinancial reporting during the thirteen weeks ended August 27, 2005 that havematerially affected, or are reasonably likely to materially affect, our internalcontrol over financial reporting.  The design of any system of controls andprocedures is based in part upon certain assumptions about the likelihood offuture events. 

**ITEM 9B.  OTHER INFORMATION**

None. 

**PART III**

**ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

**Board of Directors**

U.S. Premium Beef's business and affairs aregoverned by its board of directors. The board of directors currently consistsof seven directors. The board of directors has full authority to act on behalfof USPB. The board of directors acts collectively through meetings, committeesand senior management members it appoints. In addition, USPB employs a staff ofexecutives to manage the day-to-day business of USPB. The members of the boardof directors and the senior members of the executive team are identified below.

 

 

 

45

**Senior Management and Members of the Boardof Directors**

** **

**Term Expires**

**Name and Address**

**Age**

**Position**

**After FY**

Terry Ryan

53

Chairman of the Board 

2006

Mark Gardiner

44

Vice Chairman of the Board	

2007

John Fairleigh

40

Secretary/Treasurer of the  Board 

2006

John Adams

45

Director 

2005

Kelly K. Giles

45

Director 

2005

Douglas A. Laue

54

Director 

2007

Jerry Bohn 

55

Director 

2007

Steven D. Hunt

46

Chief Executive Officer	

-

Stan Linville

46

Chief Operating Officer	

-

Danielle Imel

30

Treasurer

-

Scott J. Miller

41

Chief Reporting and  Compliance Officer

-

*Terry Ryan.* Mr. Ryanmanages HRC Feedyards, Inc., near Scott City, Kansas, and has been involved inthe commercial cattle feeding industry since 1977. He is also a partner in thefamily farm operation in Rawlins County, Kansas. He is a member of the NationalCattlemen's Beef Association and the Kansas Livestock Association (KLA).Mr. Ryan is a past member of the KLA board of directors. Mr. Ryan hasserved as a member of USPB's board of directors since 1996. He was elected tothe Chairman of USPB's board of directors in 2004. Mr. Ryan attended Colby Community College with an emphasis on Animal Science and Farm and Ranch Management.

*Mark Gardiner.* Mr. Gardiner isPresident of Gardiner Angus Ranch, Inc. (GAR), a family owned purebred andcommercial Angus operation headquartered at Ashland, Kansas, with nineseedstock satellite cowherds across the United States and Australia. Gardiner Angus Ranch markets over 1,500 bulls and 600 females per year to bothcommercial and seedstock beef producers throughout the United States. Gardiner Angus Ranch also runs an embryo transfer program that makes morethan 2,000 transfers per year, including more than 60% of GAR's 1,500-plus headof registered Angus calves born each year. A percentage of its calves arefinished at commercial feedlots to provide carcass data on all Gardiner sires.In addition to a native range program, Gardiner Angus Ranch operates asignificant dryland farming enterprise. Mr. Gardiner is a member of theNational Cattlemen's Beef Association, Kansas Livestock Association, AmericanAngus Association, Kansas Angus Association and the Beef ImprovementFederation. Mr. Gardiner has served as a member of USPB's board ofdirectors since 1996. He was elected Secretary/Treasurer of USPB's board in2003 and Vice Chairman of the board in 2004. Mr. Gardiner holds aBachelor's degree from Kansas State University in Animal Sciences and Industry.

*John Fairleigh.*Mr.. Fairleigh is President and CEO of Fairleigh Companies, a family-ownedbusiness in Scott City, Kansas, consisting of a 44,000 head commercialfeedyard, Fairleigh Ranch, a 10,000 acre backgrounding and grazingoperation, Fairleigh Farms and L&M Western Tire and Oil Company. He is amember of the National Cattlemen's Beef Association and Kansas LivestockAssociation. Mr. Fairleigh has served as a USPB board member since 1999and was elected Secretary/Treasurer of the board in 2004. Mr. Fairleighholds a Bachelor's degree in Business from Kansas State University.

*John Adams.* Mr. Adams is a fourthgeneration partner in Adams Cattle Company and manages operations in Meade andSeward counties in Kansas and in Beaver County in Oklahoma. Mr. Adams'sfamily has engaged in that business for more than 100 years. Most of thecalves off that ranch are backgrounded at the family's northeast Kansas ranch, where they are grown to feeder weight. Mr. Adams also runs an extensivefarming operation that includes irrigated and dryland crops and hay production,as well as a wheat grazing program. Mr. Adams is a member of the NationalCattlemen's Beef Association, Kansas Livestock Association and the OklahomaCattlemen's Association. Mr. Adams has served as a member of USPB's boardof directors since 1999. Mr. Adams attended the University of KansasSchool of Business.

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*Kelly K. Giles*.  Mr. Giles is a thirdgeneration cow-calf, stocker/feeder and seed stock operator.  Mr. Giles isthe General Manager of Giles Enterprises, LLC, a genetics, marketing andprocurement company based in Ashland, Kansas, with a business office in Canyon,Texas.  He is also a General Partner in Giles Land Co., LP of Ashland,Kansas, which owns the Giles Ranch that has been in operation since 1947. Mr. Giles is a member of the National Cattlemen's Beef Association, the KansasLivestock Association, and the American Angus Association.  He holds aBachelor's degree in Animal Science and Industry from Kansas State University and a Masters of Business Administration degree in Finance from Texas A&M University.  Mr. Giles has served as a member of USPB's Board ofDirectors since 1996.

*Douglas A. Laue.* Mr. Laue owns andoperates Black Diamond Customer Feeders, Inc. in Herington, Kansas, and runs agrazing program in the Kansas Flint Hills. He is a member of the NationalCattlemen's Beef Association and Kansas Livestock Association (KLA).Mr. Laue previously served as the Chairman of the KLA Feeders Council.Mr. Laue has been a member of USPB's board of directors since 1996 andserved as Vice Chairman of USPB's board of directors from 1996 through 2002.Mr. Laue holds a Bachelor's degree in Animal Sciences and Industry from Kansas State  University.

*Jerry Bohn.*Mr. Bohn has served as the General Manager of Pratt Feeders since 1989.Pratt Feeders has a one-time capacity of 115,000 head in four feedlots in Kansas and Oklahoma. In this capacity he oversees more than 100 employees.  Mr. Bohn alsoowns and manages a 5,000 to 6,000 head cattle operation which includes grazingand finishing cattle. Mr. Bohn previously was employed as Director of Market Analysisfor Cattle-Fax, an industry market analysis firm. Mr. Bohn has served asPresident of the Kansas Livestock Association. He has been a board member ofthe Kansas Beef Council, the National Cattlemen's Beef Association (NCBA) andFeeders Advantage, a private animal health product distribution company. Mr.Bohn has also served on the NCBA's Executive Committee and as Chairman ofNCBA's Live Cattle Marketing Committee. He has served as a member of USPB'sboard of directors since 2004. Mr. Bohn is a graduate of Kansas State University with a Bachelor's degree in Animal Sciences and Industry.

*Steven D. Hunt.* Mr. Hunt was namedChief Executive Officer in July 1996 and was instrumental in the developmentand establishment of U.S. Premium Beef. Prior to his employment with USPB,Mr. Hunt owned and operated SDH Cattle Company at Winfield, Kansas, until 1996. As Vice President of Corporate Lending with CoBank, ACB from January1987 to October 1988, Mr. Hunt also has experience in many areas ofcommercial banking, including direct agricultural lending, commercial lending,finance, business analysis, training, marketing and personnel. Mr. Huntholds a Bachelor's degree in Agricultural Economics from Kansas State University.

*Stan Linville**.* Mr. Linville isUSPB's Chief Operating Officer and joined USPB in 1997. He oversees cattlescheduling and technical operations. Before joining USPB, he operated a familyfarming operation near Holcomb, Kansas. He also worked in the cattle divisionof Brookover Enterprises at Garden City, Kansas, and as a grain merchandiserfor Bartlett Grain Co. in Kansas City. Mr. Linville holds a Bachelor'sdegree in Agricultural Economics from Kansas State University. 

*Danielle Imel**.* Ms. Imel isUSPB's Treasurer and joined USPB in 1998. She oversees the Company's financefunctions and is directly responsible for Company treasury activities. She wasemployed by the CPA firm of Kennedy, McKee and Co., LLC of Dodge City, Kansas,prior to joining USPB. Ms. Imel earned a Bachelor's degree in Accountingand a second Bachelor's degree in Agricultural Economics from Kansas State University.

*Scott J. Miller*. Mr. Miller is USPB'sChief Reporting and Compliance Officer and joined USPB in 2005.  He overseesfinancial reporting and will ensure compliance with internal policies andregulatory requirements.  Before joining USPB, he worked as the Manager,Capital Markets for Sprint Corporation from 2001 to 2005 and, prior to that, invarious finance and accounting positions with Farmland Industries.  Mr. Miller earneda Bachelors degree in Accounting from Benedictine College and an MBA with anemphasis in Finance from the University of Missouri-Kansas City (UMKC).  He haspassed the Certified Public Accounting exam and the Certified Cash Managersexam.

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**Board of Directors**

Under USPB's LLC operating agreement, the numberof directors is set by the board of directors but may not be less than seven(7) directors. Directors must be unitholders of USPB and will be electedby holders of USPB Class A units. The operating agreement states that at leastone director will represent Seedstock breeders and the balance of the directorswill be evenly divided between directors who are unitholders who have Even Slotdelivery agreements and unitholders who have Odd Slot delivery agreements. Current representation is as follows:
-  Seedstock - Mr. Gardiner 
-  Even Slot - Messrs. Ryan, Fairleigh and Laue 
-  Odd Slot - Messrs. Adams, Bohn and Giles 

The directors are elected at the annual meetingof the unitholders and hold office for a term of three years. The terms of thedirectors are staggered in such a manner that approximately one-third of thedirectors will be elected each year. All directors will hold office until theirsuccessors are elected and qualified. Any vacancy in the board, other than avacancy resulting from expiration of a term of office, will be filled by amajority vote of the remaining directors. In case a vacancy in the board ofdirectors extends beyond the next annual meeting, the vacancy will be filled bythe remaining directors until such meeting, at which meeting a director will bechosen by the unitholders for the unexpired term of such vacancy. 

In the discretion of the board of directors, thenumber of directors may be increased by up to an additional five (5) directors.Those additional directors may be elected or appointed by either the board ofdirectors or by the holders of USPB Class B units, although the majority of themembers of the board of directors will be elected by members holding USPB ClassA units.

**Compensation of Directors**

The board of directors meets from time to time atsuch time and place as may be fixed by resolution adopted by a majority of thewhole board of directors. Members of the board of directors receive a per diempayment of $250 for each activity on behalf of USPB, as well as directreimbursement of travel expenses related to service on the board of directors.

  **AuditCommittee**

The board of directors has anaudit committee consisting of Messrs. Ryan, Giles and Laue . Mr. Giles isan "audit committee financial expert" within the meaning of the rules andregulations of the Securities and Exchange Commission and has sufficientbackground and experience in sophisticated financial and accounting mattersnecessary to fulfill the duties and obligations of the audit committee. 

**Code of Ethics**

USPB has adopted a corporate Codeof Conduct that is enforced throughout all levels of management and a Code of EthicsFor Financial Officers for its chief executive officer, principal financial andaccounting officer and treasurer within the meaning of the rules andregulations of the Securities and Exchange Commission; that are, to deterwrongdoing and promote honest and ethical conduct; provide full, fair,accurate, timely and understandable disclosure in public reports; comply withapplicable laws; ensure prompt internal reporting of code violations; andprovide accountability for adherence to the code.  

 

 

48

**ITEM 11.  EXECUTIVE COMPENSATION**

The goal of USPB's executive compensation policyis to ensure that an appropriate relationship exists between executive pay,USPB's financial performance and the creation of unitholder value, while at thesame time motivating and retaining key employees. The base salaries for seniormanagement are reviewed periodically to determine if such salaries fall withinthe range of those persons holding comparably responsible positions at othercompanies. Individual salaries are also based upon an evaluation of otherfactors, such as individual past performance, potential with USPB and level andscope of responsibility. Those responsibilities include, among otherresponsibilities, oversight of the activities of USPB's majority-owned subsidiary,NBP, as well as analysis of and negotiations regarding the pricing grid used toestablish the payments members USPB receive for their cattle. USPB believesthat the base salaries of the members of senior management as a whole arecomparable with the base salaries of other persons similarly situated. 

USPB's relationship with NBP and the complexityof USPB's obligations under its various contracts with NBP require USPB toretain the services of key senior management personnel with the experience,skill and expertise necessary to manage an enterprise competitive with othersophisticated participants in the beef and meat industries. Each employee iscompensated through the payment of a base salary with eligibility for incentivebonuses. In addition, each senior management employee is eligible toparticipate in benefits programs maintained by USPB. These programs includegroup medical insurance, disability and accidental death and dismembermentinsurance, retirement plan and similar programs. 

The following tableshows the compensation paid to the Chief Executive Officer (Chief ExecutiveOfficer prior to the conversion) and the three other individuals who wereserving as senior executive officers at the end of fiscal year 2005. 

 

 

 

 

 

 

 

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**Summary Compensation Table** **Annual Compensation**            **Long Term**        **Other Annual** **Compensation**  **Fiscal** **Salary** **Bonus** **Compensation** **Payouts** **Name and Principal Position****Year** **($)** **($)** **($)** **($)**            Steven D.		Hunt
2005 550,000      519,369     (1)-     (5)-     (3)Chief		Executive Officer2004 562,500      745,235     (1)-     (5)204,765     (3) 2003 287,500      483,382     (1)-     (5)850,506     (3)Stan Linville2005 98,667      18,180     (2)24,798      29,250     (4)Chief Operating Officer2004 101,022      29,250     (2)22,713      26,152     (4) 2003 90,395      34,152     (2)18,902      8,373     (4)Scott J.		Miller (6)2005 13,674      -      1,591      -      Chief		Reporting and Compliance Officer2004 -      -      -      -       2003 -      -      -      -      Danielle Imel2005 90,673      26,543     (2)22,308      25,556     (4)Treasurer2004 89,125      35,556     (2)20,594      22,741     (4) 2003 79,311      34,741     (2)17,682      7,070     (4)
 

 
(1)Represents		amounts paid under the annual salary and annual incentive provisions of		the CEO Employment Contract. The CEO Employment Contract Plan has been		established to provide additional incentive-based compensation		opportunities for the CEO of USPB. Bonuses are paid under the Plan if		USPB attains highly focused specified performance objectives in the		applicable fiscal year. The Board of Directors determines the		performance goals. Does not include $281,330 earned, but not yet paid,		under the CEO Employment Contract in fiscal year 2005.(2)Represents		amounts paid for discretionary bonuses and bonuses pursuant to the		Management Incentive Plan. The Management Incentive Plan provides		incentive compensation opportunities for designated management employees		of USPB based on the attainment of certain performance goals.		Participation in the Management Incentive Plan is determined by the		Chief Executive Officer for each fiscal year. Upon the attainment of the		performance goals, the participant receives a cash bonus, one half of		which is payable in the current calendar year. The other one half is		paid at the end of the following calendar year if the executive is an		active employee at the end of the following fiscal year and is disclosed		in "Long Term Compensation Payouts" above in the year paid (see "(4)"		below). Does not include $29,331 earned by, but not yet paid to, the		executives in fiscal year 2005.(3)Represents		amounts paid under long-term and full-term provisions of the CEO		Employment Contract. Provides long-term incentive-based compensation		based on the attainment of highly focused long-term performance goals		and full-term compensation if the executive is employed through the term		of the contact. Does not include $788,474 accrued, but not yet paid in		fiscal year 2005 pursuant to the provisions of the CEO Employment		Contract.(4)Represents the		amount of the Management Incentive Plan cash bonus that is contingent on		employment at the end of the following fiscal year (see "(2)" above).		Does not include $29,873 and $33,222 earned by, but not yet paid to, the		executives in fiscal year 2005 and fiscal year 2004 pursuant to the		Management Incentive Plan.(5)None of the		perquisites and other benefits paid to the executive exceeded the lesser		of $50,000 or 10% of the total annual salary and bonus received by the		executive.(6)Mr. Miller commenced employment on July 11, 2005.
 

 

 

50

 

 

**Employment Agreements**

USPB is party to an employment agreement with itsChief Executive Officer, Steven D. Hunt. The agreement provides forMr. Hunt's employment for an initial period from September 1, 2003 through August 31, 2009. Under the agreement, USPB is to payMr. Hunt an annual base salary of $550,000 for the years ending August 31, 2004, August 31, 2005, and August 31, 2006; and $700,000 for the years ending August 31, 2007, August 31, 2008, and August 31, 2009. USPB shall, if Mr. Hunt is still employed by USPB as of the last dayof each fiscal year during the term of the agreement, pay an annual "incentive"bonus equal to two percent (2.0%) of the sum of the total financial benefits tothe Company (USPB Total Benefits) that exceed $18,000,000. USPB Total Benefitsare: (1) audited fiscal year-end USPB earnings before tax; and(2) two times the fiscal year USPB grid premiums which is the net sum ofall USPB member grid premiums and discounts calculated through the USPB grid,taking into account all calculators including, but not limited to, base price,dressing percent, quality grade, outlier cattle and other specific categories,less the base price calculator excluding any set base price premium. Inaddition to Mr. Hunt's base salary and annual incentive bonus, ifMr. Hunt is employed by USPB as of August 31, 2006, and as ofAugust 31, 2009, he will be paid a "long-term incentive" bonus based on apercentage of the amount that USPB Total Benefits exceed certain benchmarks, asof August 31, 2006, and as of August 31, 2009, respectively.Mr. Hunt is also entitled to a "full-term" bonus in the amount of $550,000if he is employed by USPB through August 31, 2006, and additionally, $700,000 if he is employed through August 31, 2009. The agreement also vests phantom unit rights to 20,000 phantom Class A units of USPB with anexercise price of $55 per unit and 20,000 phantom Class B Units of USPBwith an exercise price of $0 per unit in Mr. Hunt. Mr. Hunt isentitled to receive paid vacations, holidays and sick days; reimbursement ofreasonable business expenses and other fringe benefits under the USPB's groupbenefit plans. If USPB terminates the agreement for cause or if Mr. Huntterminates the agreement for any or no reason, USPB needs only pay salaryearned to the date of the termination. If USPB terminates the agreement for anyreason other than cause, or if Mr. Hunt terminates the agreement for goodreason, Mr. Hunt shall be entitled to salary and benefits throughAugust 31, 2009; the annual incentive bonus for the year in which thetermination occurs and each subsequent year through August 31, 2009; thelong-term incentive bonus that would have accrued had Mr. Hunt beenemployed through August 31, 2009; and the payment on or beforeOctober 2, 2006 or 2009 of the full-term bonuses that would have accruedif Mr. Hunt had remained employed through August 31, 2006 orAugust 31, 2009, respectively. 

The Company has established a savings plan forcertain qualifying employees. Under the plan, employees may contribute a portionof their compensation to a vested account under the savings. The employee'scontribution is eligible for a matching contribution by the Company for up to4% of the employee's qualifying compensation. 

 

 

 

 

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**ITEM 12.  SECURITY OWNERSHIP OF CERTAINBENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS**

The following table furnishes information, as of November21, 2005 regarding ownership of the LLC's Class A and Class B units by each person known by us tobeneficially own more than 5% of the LLC's issued and outstanding units, eachof the LLC's directors and senior management and all of the LLC's directors andsenior management as a group. 

**Beneficial Ownership of**

**Class A and Class B Units**

**Name**

**Number(1)**

**Percentage(2)**

Douglas A. Laue(3)

95,000

13.7314

Terry Ryan(4)

49,450

7.1476

John Fairleigh(5)

52,288

7.5578

Jerry Bohn(6)

19,161

2.7696

Mark Gardiner(7)

3,000

0.4336

John Adams(8)

1,000

0.1445

Kelly K. Giles(9)

200

0.0289

Steven D. Hunt 

-

-

Stan Linville 

-

-

Danielle Imel 

-

-

Scott J. Miller

-

-

Officers and Directors as a group (11 persons)(10)

220,099

31.8133
 
(1) 

Each cooperative shareholder received one Class A  unit and one Class B unit in the LLC for each share of cooperative  common stock held prior to the conversion. 
   
(2) 

Represents the percentage of Class A units and the  percentage of Class B units held by the named party. 
   
(3) 

Includes i) 90,000 Class A and Class B units  held by Black Diamond Cattle Co., Inc., of which Mr. Laue is the owner  and ii) 5,000 Class A and Class B units held by Black Diamond Custom  Feeders, of which Mr. Laue is the owner. 
   
(4) 

Includes i) 43,200 Class A and Class B units  held by Crown H Cattle Co., Inc., of which Mr. Ryan is the manager, and  ii) 2,250  Class A and Class B units held by AELA Cattle Company,  of which Mr. Ryan has sole voting and investment power. In each case,  Mr. Ryan holds voting power with respect to the unitholder's LLC membership.   
   
(5) 

Includes 52,288 Class A and Class B units held by  Fairleigh Corporation, of which Mr. Fairleigh is an owner. 
   
(6) 

Includes i) 11,800 Class A and Class B units  held by Pratt Feeders, LLC, of which Mr. Bohn is the general manager and  ii) 7,361 Class A and Class B units held by Hays Feeders, LLC, of which  Mr. Bohn is the general manager. 
   
(7) 

Includes 3,000 Class A and Class B units held by the  Mark Gardiner Revocable Trust, over which Mr. Gardiner has sole voting  and investment power. 
   
(8) 

Includes 1,000 Class A and Class B units held by  Adams Cattle Co., of which Mr. Adams is an owner. 
   
(9) 

Includes 200 Class A and Class B units held by Giles  Land Co., of which Mr. Giles is an owner. 
      (10) Reflects unit ownership by all seven directors and  four members of senior management of the LLC. 
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**ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

**Directors who are unitholders**

All of the USPB's directors hold unitsof the LLC and are also agricultural producers. By virtue of their unitholder statusand ownership of Class A units, each of these individuals is obligated todeliver cattle to USPB. The amount and terms of the payments received by theseindividuals (or the entities they represent) for the delivery of cattle aremade on exactly the same basis as those received by other owners and associatesof the LLC for the delivery of their cattle. 

**Certain Arrangements in connection with the Acquisition**

 Simultaneouswith the Acquisition, all of the holders of NBP's membership interests enteredinto a limited liability company agreement that provides for, among otherthings, election of its board of managers, the powers of its board of managersand its officers, approval rights for certain of its equity holders,restrictions and rights related to the transfer, sale or purchase of itsmembership interests, and preemptive and repurchase rights. 

 Thelimited liability company agreement provides that NBPCo Holdings and themembers of NBP management who hold membership interests in NBP have the rightto request that NBP purchase their membership interests under certaincircumstances.  

**Transactions with NBP** 

In December 1997, USPB entered into acontract with FNB to deliver cattle annually to NBP relative to: (i) USPB'sownership in NBP and (ii) the number of cattle processed annually by NBP. DuringFYE 2005, USPB and its owners and associates provided approximately 19% of NBP'stotal cattle requirements.  The purchase price for the cattle is determined bypricing grids, which, under the terms of our agreement with NBP, must becompetitive with the formula pricing of our competitors and may not be lessfavorable than formula pricing it offers to other suppliers. Under the terms ofthe Acquisition, any new purchase agreements and payment formulas with NBP mustbe consistent with the agreement existing at the time of the Acquisition.

**Transactions with Beef Products, Inc.** 

Since 1994, NBP has had abusiness relationship with Beef Products, Inc. (BPI), which is an affiliate ofNBPCo Holdings, whereby NBP sold beef trimmings, referred to as trim, to BPI,and purchased processed lean beef from BPI for use in its ground beefoperations. NBP's aggregate sales of trim to BPI totaled approximately $61.2million in FYE 2005.  NBP's aggregate purchases of processed lean beeffrom BPI totaled approximately $19.1 million in FYE 2005. 

**Transactions with John R. Miller**

In December 1998, the Predecessorentered into an aircraft lease agreement under which it leased a business jetaircraft from John R. Miller Enterprises, L.L.C., a Utah limited liabilitycompany of which John R. Miller, NBP's Chief Executive Officer, is thebeneficial owner. The term of the lease was for five years and could have beenterminated by either John R. Miller Enterprises, L.L.C. or NBP on 90 days'prior written notice. During the FYE August 27, 2005, NBP paid $0.07 million to lease the aircraft and $0.03 million into an engine replacement reserveaccount. The funds in the reserve account are to be used to finance new enginesinstalled on the aircraft.  The lease expired on December 15, 2003.  NBP still uses this aircraft on an as needed basis, with the payment terms, including thepayments into the engine replacement reserve account, essentially identical tothe lease agreement, except the monthly usage payment is calculated on theactual hours used, not to exceed the monthly lease payment we paid while thelease was active.  There is no lease agreement in effect for this aircraft.

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In October 2003, NBP entered intoan aircraft lease agreement under which it leases a business jet aircraft fromJohn R. Miller Enterprises III, L.L.C., a Utah limited liability company ofwhich John R. Miller, our Chief Executive Officer, is the beneficial owner. Theterm of the lease is 81 months. The monthly lease payments will range from$25,400 in the first year of the lease to $45,380 in the fourth year of thelease and thereafter, and are adjusted quarterly based on the change in thethree month LIBOR interest rate.  During the FYE August 27, 2005, NBP paid $0.5 million to lease the aircraft and $0.1 million into an engine replacementreserve account.  The funds in the reserve account are to be used to financenew engines installed on the aircraft. 

In December 2004, NBP enteredinto an aircraft lease agreement under which it leases a business jet aircraftfrom John R. Miller Enterprises, L.L.C., a Utah limited liability company ofwhich John R. Miller, NBP's Chief Executive Officer, is the beneficial owner.The term of the lease is 72 months. This aircraft replaces an aircraft leasedfrom John R. Miller Enterprises, L.L.C. in March 2001.  The base monthly leasepayments will range from $35,400 in the first year of the lease to $45,380 inthe fourth year of the lease and thereafter, and are adjusted quarterly basedon the change in the three month LIBOR interest rate.  During the FYE August 27, 2005, NBP paid $0.5 million to lease the aircraft and $0.06 million into anengine replacement reserve account.  The funds in the reserve account are to beused to finance new engines installed on the aircraft.    

NBP believes that the terms ofthese aircraft leases are at least as favorable as it could have obtained fromunaffiliated third parties. 

We paid a per person fee forlodging and meals of $0.1 million in FYE 2005 to J. R. Miller Ranches, LLC, inwhich John R. Miller holds a beneficial interest, for management meetings heldat John R. Miller's property in Montana. 

**ITEM 14.  PRINCIPAL ACCOUNTANT FEES ANDSERVICES**

KPMG LLP, an independent registered public accountingfirm, served as our auditors for the fiscal years ended August 27, 2005 and August 28, 2004 (dollars in thousands).

 
Type of Service FYE 2005 FYE 2004       Audit Fees $325 $271Audit Related Fees  17  239Tax Fees  164  202All Other Fees  0  0  $506 $712
 

**Audit Fees**

Audit fees relate to theaudits of our consolidated financial statements including the audit of theconsolidated financial statements of NBP filed on Form 10-K and the reviews ofquarterly reports on Form 10-Q.  

**Audit-Related Fees**

Audit-related fees in FYE 2005 relate to meetingsdiscussing implementation of the Sarbanes-Oxley Act of 2002.  The fees in FYE 2004primarily related to our filings of Registration Statements on Form S-4 and NBP'sProspectus under Rule 424(b)(3) of the Securities Act of 1933 for its seniornotes and other consultations on accounting related matters.  

**Tax Fees**

Tax fees related to tax compliance, tax adviceand tax planning services.

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**All Other Fees**

We did not pay any other typeof fee and did not receive any other services from KPMG LLP during FYE 2005 andFYE 2004. 

Our audit committee appoints our independentauditors.  The audit committee is solely and directly responsible for theapproval of the appointment, re-appointment, compensation and oversight of ourindependent auditors.  The audit committee approves in advance all work to beperformed by the independent auditors.

** **

**PART IV**

**ITEM 15.  EXHIBITS AND FINANCIAL STATEMENTSCHEDULES.**

**(a) Financial Statements and Financial StatementSchedules**

(1)**     **Theconsolidated financial statements filed as part of this report at Item 8 are listedin the Index to the Consolidated Financial Statements on page F-1 containedherein.

(2)       Thefinancial statement schedule required to be filed by Item 8 of this report is setforth in "Item 15(c) Financial Statement Schedules" contained herein.

**(b) The following documents are filed or incorporated byreference as exhibits to this report:**

2.1       Agreement and Plan ofMerger between U.S. Premium Beef, Ltd. and U.S. Premium Beef, Inc.(incorporated herein by reference to Appendix A to voting materials-prospectuscontained in U.S. Premium Beef, Inc. Registration Statement on Form S-4 (FileNo. 333-115164) filed with the SEC on August 5, 2004).

2.2       Plan of Conversionadopted by U.S. Premium Beef, Inc. (incorporated herein by reference toAppendix B to the voting materials - prospectus contained in U.S. Premium Beef,Inc. Registration Statement on Form S-4 (File No. 333-115164) filed with theSEC on August 5, 2004).

3.1       Certificateof Formation of U.S. Premium Beef, LLC (incorporated herein by reference toAppendix C to the voting materials - prospectus contained in U.S. Premium Beef,Inc. Registration Statement on Form S-4 (File No. 333-115164) filed with theSEC on August 5, 2004).

3.2       LimitedLiability Agreement of U.S. Premium Beef, LLC (incorporated herein by referenceto Appendix D to the voting materials - prospectus contained in U.S. PremiumBeef, Inc. Registration Statement on Form S-4 (File No. 333-115164) filed withthe SEC on August 5, 2004).

3.3       LimitedLiability Company Agreement of National Beef Packing Company, LLC, dated as of August 6, 2003 (incorporated herein by reference to Exhibit 3.1(a) to the Company'sQuarterly Report on Form 10-Q for the quarter ended May 28, 2005, filed with the SEC on July 11, 2005).

3.4       Amendment to theLimited Liability Company Agreement of National Beef Packing Company, LLC,dated as of July 7, 2005 (incorporated by reference to Exhibit 3.1(b) to theCompany's Quarterly Report on Form 10-Q for the quarter ended May 28, 2005, filed with the SEC on July 11, 2005).
 
 

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3.5       Certificate ofIncorporation of NB Finance Corp.  (incorporated herein by reference to Exhibit3.2 to Registration Statement on Form S-4 (File No. 333-111407) filed with theSEC on December 19, 2003).

3.6       Bylaws of NB FinanceCorp.  (incorporated herein by reference to Exhibit 3.3 to RegistrationStatement on Form S-4 (File No. 333-111407) filed with the SEC on December 19, 2003).

4.1       Indenture dated as ofAugust 6, 2003 by and among National Beef Packing Company, L.P., NB FinanceCorp and U.S. Bank National Association  (incorporated herein by reference toExhibit 4.1 to Registration Statement on Form S-4 (File No. 333-111407) filedwith the SEC on December 19, 2003).

4.2       Form of Series B SeniorNote due 2011 (incorporated herein by reference to Exhibit 4.1 to RegistrationStatement on Form S-4 (File No. 333-111407) filed with the SEC on December 19,2003).

4.3       Registration RightsAgreement dated as of August 6, 2003 by and among National Beef PackingCompany, L.P., NB Finance Corp., Deutsche Bank Securities Inc., U.S. BancorpPiper Jaffray Inc. and Rabo Securities USA, Inc.  (incorporated herein byreference to Exhibit 4.3 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

10.1     Cattle Purchase and SaleAgreement dated as of December 1, 1997 by and among Farmland National BeefPacking Company, L.P. and U.S. Premium Beef, Ltd.  (incorporated herein byreference to Exhibit 10.7 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

10.2     Form of Uniform Deliveryand Marketing Agreement - Even Slots (incorporated herein by reference toExhibit 10.2 to U.S. Premium Beef Registration Statement on Form S-4 (File No.333-115164) filed with the SEC on August 5, 2004)

10.3     Form of Uniform Deliveryand Marketing Agreement - Odd Slots (incorporated herein by reference toExhibit 10.3 to U.S. Premium Beef Registration Statement on Form S-4 (File No.333-115164) filed with the SEC on August 5, 2004).

10.4     Office Lease by and between HDP - Kansas City, LLC and U.S. Premium Beef, Ltd.  (incorporated herein byreference to Exhibit 10.5 to U.S. Premium Beef Registration Statement on FormS-4 (File No. 333-115164) filed with the SEC on August 5, 2004).

10.5     * U.S. Premium Beef, Ltd.Management Incentive Plan (incorporated herein by reference to Exhibit 10.8 toU.S. Premium Beef Registration Statement on Form S-4 (File No. 333-115164)filed with the SEC on August 5, 2004).

10.6     Fifth Amendment to CreditAgreement, dated September 30, 2004, by and among U.S. Premium Beef, LLC. and CoBank, ACB, as agent for the benefit of the syndication parties.  (incorporatedherein by reference to Exhibit 10.6 to the Annual Report on Form 10-K for thefiscal year ended August 28, 2004, filed by U.S. Premium Beef with the SEC on November26, 2004)

10.7     Fourth Amendment toCredit Agreement, dated August 6, 2003, by and among U.S. Premium Beef, Ltd.and CoBank, ACB, as agent for the benefit of the syndication parties.(incorporated herein by reference to Exhibit 10.9 to U.S. Premium BeefRegistration Statement on Form S-4 (File No. 333-115164) filed with the SEC on August 5, 2004).

10.8     Third Amendment to CreditAgreement, dated August 29, 2002, by and among U.S. Premium Beef, Ltd. and CoBank, ACB, as agent for the benefit of the syndication parties  (incorporatedherein by reference to Exhibit 10.10 to U.S. Premium Beef RegistrationStatement on Form S-4 (File No. 333-115164) filed with the SEC on August 5,2004).
 
56

10.9     Second Amendment toCredit Agreement, dated August 24, 2001, by and among U.S. Premium Beef, Ltd.and CoBank, ACB, as agent for the benefit of the syndication parties(incorporated herein by reference to Exhibit 10.11 to U.S. Premium BeefRegistration Statement on Form S-4 (File No. 333-115164) filed with the SEC onAugust 5, 2004).

10.10   First Amendment to CreditAgreement, dated February 25, 2000, by and among U.S. Premium Beef, Ltd. and CoBank, ACB, for its own benefit as a lender and as agent for the benefit ofthe syndication parties (incorporated herein by reference to Exhibit 10.12 toU.S. Premium Beef Registration Statement on Form S-4 (File No. 333-115164)filed with the SEC on August 5, 2004).

10.11   Credit Agreement, datedNovember 25, 1997, by and among U.S. Premium Beef, Ltd. and CoBank, ACB, forits own benefit as a lender and as agent for the benefit of the syndicationparties (incorporated herein by reference to Exhibit 10.13 to U.S. Premium BeefRegistration Statement on Form S-4 (File No. 333-115164) filed with the SEC onAugust 5, 2004).

10.12   *CEO Employment Agreementby and between Steven D. Hunt and U.S. Premium Beef, LLC adopted September 1,2004 (incorporated herein by reference to Exhibit 10.14 to U.S. Premium BeefRegistration Statement on Form S-4 (File No. 333-115164) filed with the SEC onAugust 5, 2004).

10.13   Purchase Agreement dated July 31, 2003 by and among NB Acquisition, LLC, National Beef Packing Company, L.P., NBFinance Corp., Deutsche Bank Securities Inc., U.S. Bancorp Piper Jaffray Inc.and Rabo Securities USA, Inc.  (incorporated herein by reference to Exhibit10.1 to Registration Statement on Form S-4 (File No. 333-111407) filed with theSEC on December 19, 2003).

10.14* Employment Agreement datedas of August 6, 2003 by and between National Beef Packing Company, LLC and JohnR. Miller (incorporated herein by reference to Exhibit 10.2 to RegistrationStatement on Form S-4 (File No. 333-111407) filed with the SEC on December 19,2003).

10.15* DeferredEquity Incentive Compensation Agreement dated August 6, 2003 by and betweenNational Beef Packing Company, LLC and John R. Miller (incorporated herein byreference to Exhibit 10.3 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

10.16* EmploymentAgreement dated as of August 6, 2003 by and between National Beef PackingCompany, LLC and Timothy M. Klein (incorporated herein by reference to Exhibit10.4 to Registration Statement on Form S-4 (File No. 333-111407) filed with theSEC on December 19, 2003).

10.17* DeferredEquity Incentive Compensation Agreement dated August 6, 2003 by and betweenNational Beef Packing Company, LLC and Timothy M. Klein (incorporated herein byreference to Exhibit 10.5 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

10.18   FourthAmended and Restated Credit Agreement dated as of December 29, 2004 ("Credit Agreement") by and between National Beef Packing Company, LLC and certain agents,lenders and issuers (incorporated by reference to Exhibit 10.1 to the Company'sCurrent Report on Form 8-K filed with the SEC on January 6, 2005).

10.19   FirstAmendment to Credit Agreement dated as of July 7, 2005, by and among the Company, certain agents, lenders and issuers (incorporated by reference to Exhibit10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended May 28, 2005, filed with the SEC on July 11, 2005).
 
57

10.20   Waiverdated September 2, 2005 to Credit Agreement (incorporated herein by referenceto Exhibit 10.4(c) the Annual Report on Form 10-K for the fiscal year endedAugust 28, 2004, filed by National Beef Packing Company, LLC with the SEC on November23, 2005).

10.21   SecondAmendment to Credit Agreement dated as of October 14, 2005, by and among theCompany, certain agents, lenders and issuers (incorporated by reference toExhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC onOctober 20, 2005).

10.22   LeaseAgreement dated as of February 1, 1999 between City of Dodge City, Kansas andFarmland National Beef Packing Company, L.P. securing $1,000,000 City of DodgeCity, Kansas Industrial Development Revenue Bonds (Farmland National BeefPacking Company, L.P. Project), Series 1999 (incorporated herein by referenceto Exhibit 10.8 to Registration Statement on Form S-4 (File No. 333-111407)filed with the SEC on December 19, 2003).

10.23   Indentureof Trust dated as of February 1, 1999 between City of Dodge City, Kansas andCommerce Bank, N.A., as trustee, securing $1,000,000 City of Dodge City, KansasIndustrial Development Revenue Bonds (Farmland National Beef Packing Company,L.P. Project), Series 1999 (incorporated herein by reference to Exhibit 10.9 toRegistration Statement on Form S-4 (File No. 333-111407) filed with the SEC onDecember 19, 2003).

10.24   Indentureof Trust dated as of January 1, 1999 between City of Liberal, Kansas andCommerce Bank, N.A., as trustee, securing $1,000,000 City of Liberal, KansasIndustrial Development Revenue Bonds (Farmland National Beef Packing Company,L.P. Project), Series 1999 (incorporated herein by reference to Exhibit 10.11to Registration Statement on Form S-4 (File No. 333-111407) filed with the SECon December 19, 2003).

10.25   LeaseAgreement dated as of March 1, 2000 between City of Dodge City, Kansas andFarmland National Beef Packing Company, L.P. securing $6,000,000 City of DodgeCity, Kansas Industrial Development Revenue Bonds (Farmland National BeefPacking Company, L.P. Project), Series 2000 (incorporated herein by referenceto Exhibit 10.12 to Registration Statement on Form S-4 (File No. 333-111407)filed with the SEC on December 19, 2003).

10.26   Indentureof Trust dated as of March 1, 2000 between City of Dodge City, Kansas andCommerce Bank, N.A., as trustee, securing $6,000,000 City of Dodge City, KansasIndustrial Development Revenue Bonds (Farmland National Beef Packing Company,L.P. Project), Series 2000 (incorporated herein by reference to Exhibit 10.13to Registration Statement on Form S-4 (File No. 333-111407) filed with the SECon December 19, 2003).

10.27   LeaseAgreement dated as of March 1, 2000 between City of Liberal, Kansas andFarmland National Beef Packing Company, L.P. securing $5,850,000 City ofLiberal, Kansas Industrial Development Revenue Bonds (Farmland National BeefPacking Company, L.P. Project), Series 2000 (incorporated herein by referenceto Exhibit 10.14 to Registration Statement on Form S-4 (File No. 333-111407)filed with the SEC on December 19, 2003).

10.28   Indentureof Trust dated as of March 1, 2000 between City of Liberal, Kansas and CommerceBank, N.A., as trustee, securing $5,850,000 City of Liberal, KansasIndustrial Development Revenue Bonds (Farmland National Beef Packing Company,L.P. Project), Series 2000 (incorporated herein by reference to Exhibit 10.15to Registration Statement on Form S-4 (File No. 333-111407) filed with the SECon December 19, 2003).
 
 

58

 

10.29   Leasedated as of December 1, 2004 between City of Dodge City, Kansas and NationalBeef Packing Company, LLC securing $102,300,000 City of Dodge City, Kansas IndustrialDevelopment Revenue Bonds, Series 2004 (National Beef Packing Company, LLCProject) (incorporated by reference to Exhibit 10.2 to the Company's CurrentReport on Form 8-K filed with the Commission on January 6, 2005).

10.30   TrustIndenture dated as of December 1, 2004 between City of Dodge City, Kansas andCommerce Bank, N.A., as trustee, securing $102,300,000 City of Dodge City,Kansas Industrial Development Revenue Bonds, Series 2004 (National Beef PackingCompany, LLC Project) (incorporated by reference to Exhibit 10.3 to theCompany's Current Report on Form 8-K filed with the Commission on January 6,2005).

10.31   Agreementdated December 22, 2003 by and between National Beef and United Food andCommercial Workers International Union, AFL-CIO-CK, UFCW District Local Two(incorporated herein by reference to Exhibit 10.25 to Amendment No. 1 toRegistration Statement on Form S-4 (File No. 333-111407) filed with the SEC onFebruary 11, 2004).

10.32   Leaseagreement dated as of January 16, 2001 between Joint Development Authority ofBrooks, Colquitt, Grady, Mitchell and Thomas counties and Farmland NationalBeef Company (incorporated herein by reference to Exhibit 10.20 to RegistrationStatement on Form S-4 (File No. 333-111407) filed with the SEC on December 19,2003).

10.33   AircraftLease dated December 15, 1998 by and among John R. Miller Enterprises, L.L.C.and Farmland National Beef Packing Company, L.P.  (incorporated herein byreference to Exhibit 10.17 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

10.34   LeaseAmendment Number One, dated January 4, 1999, to Aircraft Lease dated December 15, 1998 by and among John R. Miller Enterprises, L.L.C. and Farmland NationalBeef Packing Company, L.P.  (incorporated herein by reference to Exhibit 10.18to Registration Statement on Form S-4 (File No. 333-111407) filed with the SECon December 19, 2003).

10.35   AircraftLease dated October 15, 2003 by and among John R. Miller Enterprises III, LLCand National Beef Packing Company, LLC (incorporated herein by reference toExhibit 10.22 to Registration Statement on Form S-4 (File No. 333-111407) filedwith the SEC on December 19, 2003).

10.36   AircraftLease dated as of December 9, 2004 by and among John R. Miller Enterprises, L.L.C. and National Beef Packing Company, LLC (incorporated by reference toExhibit 10.1 to the Company's Current Report on Form 8-K filed with theCommission on December 9, 2004).

10.37* NationalBeef Packing Company, LLC Management Incentive Program (incorporated herein byreference to Exhibit 10.23 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

10.38* NationalBeef Packing Company, LLC Management Long Term Incentive Plan (incorporated hereinby reference to Exhibit 10.24 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

21.1     Subsidiariesof National Beef Packing Company, LLC (incorporated herein by reference toExhibit 21.1 to Registration Statement on Form S-4 (File No. 333-111407) filedwith the SEC on December 19, 2003).

31.1      Certificationof the Chief Executive Officer pursuant to Section 302 of the Sarbanes-OxleyAct of 2002 (filed herewith).    

31.2      Certificationof the Chief Financial Officer pursuant to Section 302 of the Sarbanes-OxleyAct of 2002 (filed herewith).
 
59

 

32.1        Certificationof the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adoptedpursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

32.2        Certificationof the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adoptedpursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

_____________

*  Managementcontract or compensatory plan or arrangement.

** (c) Financial Statement Schedules**

Thefollowing table represents the rollforward of the allowance for returns anddoubtful accounts for the fiscal years ended August 27, 2005, August 28, 2004, and August 30, 2003.

**DoubtfulAccounts/Claims Rollforward** 

**Period Ending**
   
  

**Beginning  Balance**
   
**Provision**
      
**Charge Off**
   
 

**Other**
   
**Ending  Balance**
      
August 27, 2005

(5,613,545)
   
(3,186,535)
   
 4,897,531

       -       

(3,902,549)

August 28, 2004

(5,133,549)
   
(3,609,812)
   
3,129,816

  -

(5,613,545)

August 30, 2003

  

       -

(296,768)
   
216,256

  

(5,053,037)(1)

(5,133,549)
  _____________                              (1)  Represents the acquisition of Farmland National Beef  Packing Company, L.P.  
60

 

REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM ON SCHEDULE

The Board of Directors and StockholdersU.S. Premium Beef, LLC: 

Under date of November 4, 2005, we reported on the consolidated balance sheets of U.S. Premium Beef, LLC and subsidiaries as of August 27, 2005 and August 28, 2004, and the related consolidated statements ofoperations, comprehensive income, capital shares and equities and cash flowsfor each of the years in the three year period ended August 27, 2005. In connection with our audits of the aforementioned consolidated financialstatements, we also audited the related consolidated financial statementschedule in the Form 10-K. The consolidated financial statement schedule is theresponsibility of the Company's management. Our responsibility is to express anopinion on this consolidated financial statement schedule based on our audits.

In our opinion, such consolidated financial statementschedule, when considered in relation to the basic consolidated financialstatements taken as a whole, presents fairly, in all material respects, theinformation set forth therein.

KPMG LLPKansas City, MissouriNovember 4, 2005
 
 

 

 

61

**SIGNATURES**

** **

Pursuant to the requirements ofSection 13 or 15(d) of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

U.S. Premium Beef, LLC

By: /s/ Steven D.Hunt                                                                      Name: StevenD. Hunt*ChiefExecutive Officer and Manager(PrincipalExecutive Officer)*

Date: November 23,2005 

*** * * ***

Pursuant to the requirements ofthe Securities Exchange Act of 1934, this report has been signed by thefollowing persons on behalf of the registrant and in the capacity and on thedates indicated.

 

**Signature**

**Title**

**Date**
         /s/ Steven D. Hunt      Steven D. HuntChief Executive Officer and Manager	(Principal Executive Officer)November 23, 2005         /s/ Scott J. Miller      Scott J. MillerChief Financial Officer	(Principal Financial and Accounting Officer)November 23, 2005         /s/ Terry Ryan      Terry RyanChairman of the Board of ManagersNovember 23, 2005         /s/ Mark Gardiner      Mark GardinerVice Chairman of the BoardNovember 23, 2005         /s/ John Fairleigh      John FairleighSecretary/Treasurer of the BoardNovember 23, 2005         /s/ John Adams      John AdamsDirectorNovember 23, 2005         /s/ Kelly K. Giles      Kelly K. GilesDirectorNovember 23, 2005         /s/ Douglas A. Laue      Douglas A. LaueDirectorNovember 23, 2005         /s/ Jerry Bohn      Jerry BohnDirectorNovember 23, 2005         
 
 
62

 

 

**U.S.****PREMIUM BEEF, LLC****INDEX TO CONSOLIDATED FINANCIALSTATEMENTS**

**Page**
   
**Audited Consolidated  Financial Statements:**

** **

Report of Independent Registered Public  Accounting Firm

F-2
   
Consolidated Balance Sheets at August 27, 2005 and August 28, 2004

F-3
   
Consolidated Statements of Operations for the years  ended August 27, 2005, August 28, 2004 and August 30, 2003

F-4
   
Consolidated Statements of Comprehensive Income for  the years ended August 27, 2005, August 28, 2004 and August 30, 2003

F-5
   
Consolidated Statements of Capital Shares and Equities  for the years ended August 27, 2005, August 28, 2004 and August 30, 2003

F-6
   
Consolidated Statements of Cash Flows for the years  ended August 27, 2005, August 28, 2004, and August 30, 2003

F-7
   
Notes to Consolidated Financial Statements

F-8
   
National Beef Packing  Company, LLC and Subsidiaries Audited Consolidated Financial Statements 

F-39
  
 

F-1
 
 

 

**REPORT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Board of Directors and Owners  U.S. Premium Beef, LLC:

We have audited the accompanying consolidated balance sheetsof U.S. Premium Beef, LLC and subsidiaries (the Company) as of August 27,2005 and August 28, 2004, and the related consolidated statements ofoperations, comprehensive income, capital shares and equities, and cash flowsfor each of the years in the three-year period ended August 27, 2005.These consolidated financial statements are the responsibility of the Company'smanagement. Our responsibility is to express an opinion on these consolidatedfinancial statements based on our audits.

We conducted our audits in accordance with standards of thePublic Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statementsreferred to above present fairly, in all material respects, the financialposition of U.S. Premium Beef, LLC and subsidiaries as of August 27, 2005 andAugust 28, 2004, and the results of their operations and their cash flowsfor each of the years in the three-year period ended August 27, 2005, inconformity with U.S. generally accepted accounting principles.

Kansas City, Missouri November 4, 2005
 
 

F-2
 
**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES**

**Consolidated Balance Sheets**

August 27, 2005 and August 28, 2004 (in thousands)
**Assets****2005** **2004**Current assets:           Cash and cash equivalents $54,428  $43,611      Accounts receivable, less allowance for returns and doubtful               accounts of $3,903 and $5,614 in 2005 and 2004, respectively 170,854   177,614      Due from affiliates  2,979   2,873      Other receivables  3,385   4,513      Inventory   85,426   85,962      Other current assets  9,920   10,782  Total current assets  326,992   325,355 Property, plant, and equipment, at cost  258,493   242,903      Less accumulated depreciation  (43,331)  (20,844) Net property, plant and equipment  215,162   222,059 Goodwill  78,858   78,858 Other intangible assets, net of accumulated amortization of $3,335           and $1,722 in 2005 and 2004, respectively  28,426   30,039 Other assets  6,710   7,446  Total assets $656,148  $663,757 **Liabilities and Capital Shares and Equities**     Current liabilities:           Current installments of long-term debt $1,030  $10,483      Cattle purchases payable  54,394   49,569      Accounts payable  42,514   39,453      Due to affiliates  1,533   418      Patronage refunds payable in cash  —   847      Accrued compensation and benefits  22,168   20,828      Accrued insurance  15,528   13,903      Other accrued expenses and liabilities  9,389   7,690      Distributions payable  1,865   2,296  Total current liabilities  148,421   145,487 Long-term liabilities:           Long-term debt, excluding current installments  313,998   331,812      Interest rate exchange agreement  —   105      Other liabilities  4,738   5,237  Total long-term liabilities  318,736   337,154  Total liabilities  467,157   482,641 Minority interest in National Beef Packing Co. and Kansas City Steak, LLC 64,971   63,108 Capital shares and equities:           Members' capital, 691,845 Class A units and 691,845 Class B units authorized,               issued and outstanding  73,343   —      Common stock, $0.01 par value; authorized 5,000,000 shares, 691,845 shares               issued and outstanding  —   7      Cooperative members' contributed capital  —   39,531      Nondelivery fee  —   1,330      Patronage notices  50,642   —      Patronage refunds for reinvestment  —   50,752      Unallocated equity  —   26,375      Accumulated other comprehensive income  35   13  Total capital shares and equities  124,020   118,008  Total liabilities and capital shares and equities $656,148  $663,757          See accompanying notes to consolidated financial statements.      
F-3
 
**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES**

**Consolidated Statements of Operations**

Years ended August 27, 2005, August 28, 2004 and August 30, 2003(in thousands)
 **2005** **2004** **2003**Net sales$4,338,920  $4,093,481  $871,774 Costs and expenses:             Cost of sales 4,229,903   3,973,636   853,577      Selling, general, and administrative expenses 33,975   34,814   5,694      Depreciation and amortization 24,487   21,215   2,106           Total costs and expenses 4,288,365 	  4,029,665   861,377                     Operating income 50,555   63,816   10,397 Other income (expense):            Interest income 734   647   170      Interest expense (29,021)  (26,628)  (2,397)     Minority owners’ interest in net income of                  National Beef Packing Co.                  (net of tax expense of $830 in 2005                 	and $340 in 2004) (8,535)  (19,417)  (4,872)     Minority owners’ interest in net income of                 	Kansas City Steak, LLC (160)  (313)  (2)     Equity in loss of aLF Ventures, LLC (577)  (837)  (41)     Equity in income from Farmland National                 	Beef Packing Co. —   —   22,586      Interest rate exchange agreement 105   630   —     Other, net (2,412)  2,395   (1,684)               Total other (expense) income (39,866)  (43,523)  13,760                     Income before taxes 10,689   20,293   24,157 Income tax (expense) benefit (2,050)  (1,197)  73             Net income$8,639  $19,096  $24,230                    Earnings Per Linked Unit:             Basic$12.49            Diluted$12.25                 Outstanding weighted-average Class A and Class B units:             Basic 691,845            Diluted 705,063                 Proforma amounts assuming the conversion to             an LLC is applied retroactively:                  Earnings Per Linked Unit:             Basic$12.49  $27.60  $35.02     Diluted$12.25  $27.10  $34.43          Outstanding weighted-average Class A and Class B units:             Basic 691,845   691,845   691,845     Diluted 705,063   704,748   703,761          See accompanying notes to consolidated financial statements.
F-4
 
**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES**

**Consolidated Statements ofComprehensive Income**

Years ended August 27, 2005, August 28, 2004 and August 30, 2003(in thousands)

 
 **2005** **2004** **2003**Net income$8,639 $19,096  $24,230 Other comprehensive income:           Change in fair value of interest rate              exchange agreement —  (256)  256    Foreign currency translation adjustments 22  14   (1)             Comprehensive income$8,661 $18,854  $24,485          
See accompanying notes to consolidated financial statements.

 

 

 

F-5
 
**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES**

**Consolidated Statements of CapitalShares and Equities**

Years ended August 27, 2005, August 28, 2004 and August 30, 2003(in thousands)
  **Members'		Capital** **Common		stock****Cooperative		members'		contributed		capital** **Nondelivery		fee** **Patronage		refunds for		reinvestment** **Patronage		notices** **Unallocated		equity** **Accumulated		other		comprehensive		income** **Total capital		shares and		equities** Balance at August 31, 2002$- $ 7$39,468 $165 $36,926 $- $5,853 $- $82,419 Collection of membership fees -  - 36  -  -  -  -  -  36 Change in fair value of cash flow hedge -  - -  -  -  -  -  256  256    for interest rate exchange agreement                           Foreign currency translation adjustment -  - -  -  -  -  -  (1)  (1) Allocation of net income for the year                              ended August 30, 2003 -  - -  -  20,924  -  3,306  -  24,230 Partner distributions transferred to                              current liabilities -  - -  (165)  -  -  -  -  (165) Patronage refunds payable in cash                              transferred to current liabilities -  - -  -  (8,370)  -  -  -  (8,370) Balance at August 30, 2003$- $ 7$39,504 $- $49,480 $- $9,159 $255 $98,405 Collection of membership fees -  - 27  -  -  -  -  -  27 Change in fair value of cash flow hedge -  - -  -  -  -  -  (256)  (256)    for interest rate exchange agreement                           Foreign currency translation adjustment -  - -  -  -  -  -  14  14 Assessment of nondelivery fee -  - -  1,330  -  -  -  -  1,330 Allocation of net income for the year                              ended August 28, 2004 -  - -  -  2,119  -  16,977  -  19,096 Adjustment to fair value of minority                              interest -  - -  -  -  -  239  -  239 Patronage refunds payable in cash                              transferred to current liabilities -  - -  -  (847)  -  -  -  (847) Balance at August 28, 2004$- $ 7$39,531 $1,330 $50,752 $- $26,375 $13 $118,008 Foreign currency translation adjustment -  - -  -  -  -  -  22  22 Nondelivery fee transferred                              to current liabilities -  - -  (1,330)  -  -  -  -  (1,330) Conversion from cooperative to LLC 65,913  (7) (39,531)  -  (50,642)  50,642  (26,375)  -  - Allocation of net income for the year                         -    ended August 27, 2005 8,639  - -  -  -  -     -  8,639 Partner distributions transferred to                              current liabilities (1,209)  - -  -  -  -  -  -  (1,209) Patronage refunds payable in cash                         -    transferred to current liabilities -  - -  -  (110)  -  -  -  (110) Balance at August 27, 2005$73,343 $ -$- $- $- $50,642 $- $35 $124,020                            See accompanying notes to consolidated financial statements.
 

 

 

 

F-6
 
**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES**

**Consolidated Statements of Cash Flows**

Years ended August 27, 2005, August 28, 2004 and August 30, 2003(in thousands)
  **2005** **2004** **2003**Cash flows from operating activities:            Net income $8,639  $19,096  $24,230    Adjustments to reconcile net income to net cash provided               by operating activities:                  Depreciation and amortization  24,487   21,215   2,106          Loss on disposal of property, plant, and equipment  703   42   598          Equity in earnings of National Beef Packing                     Co./Farmland National Beef  -   -   (22,586)         Distributions from National Beef Packing                     Co./Farmland National Beef  -   -   9,257          Minority interest  8,656   19,631   4,874          Write-off of debt issuance costs  2,552   -   -          Interest rate exchange agreement  (105)  (631)  -          Changes in assets and liabilities (net of acquisition):                     Accounts receivable  6,760   (21,725)  (8,497)            Due from affiliates  (106)  (2,141)  2,005             Other receivables  1,128   855   1,126             Inventories  536   (8,375)  (3,781)            Other assets  700   21,371   (305)            Accounts payable  2,527   1,975   642             Due to affiliates  (215)  35   (2,918)            Accrued compensation and benefits  1,340   (10,395)  (2,158)            Accrued insurance  1,625   (2,736)  4,468             Other accrued expenses and liabilities  1,200   298   7,366             Cattle purchases payable  (459)  1,191   3,953                   Net cash provided by operating activities  59,968   39,706   20,380 Cash flows from investing activities:            Capital expenditures, including interest capitalized  (18,208)  (32,484)  (1,707)   Acquisition of National Beef Packing Co., net of cash acquired  -   -   (226,445)   Proceeds from sale of property, plant, and equipment  1,528   1,302   226                   Net cash used in investing activities  (16,680)  (31,182)  (227,926)Cash flows from financing activities:            Proceeds from membership and registration fees  -   27   36    Proceeds from nondelivery fees  -   1,330   -    Net (payments) receipts under revolving credit lines  (27,059)  29,750   12,448    Borrowings under term note payable  3,594   -   21,875    Repayments of other indebtedness  (428)  (501)  (73)   Payments of notes payable and fees  (3,374)  (7,255)  (929)   Proceeds from issuance of senior notes  -   -   160,000    Payments of patronage refunds  (957)  (8,370)  (4,702)   Payments of nondelivery fees  -   -   (165)   Cash paid for financing costs  (1,653)  -   (10,283)   Change in overdraft balances  5,818   443   9,501    Member contributions  -   -   45,964    Distributions to minority interest owners in National Beef Packing Co.  (7,224)  (22,579)  -    Partnership distributions  (1,210)  -   -                Net cash (used in) provided by financing activities  (32,493)  (7,155)  233,672 Effect of exchange rate changes on cash  22   14   (1)               Net increase in cash  10,817   1,383   26,125 Cash and cash equivalents at beginning of period  43,611   42,228   16,103 Cash and cash equivalents at end of period $54,428  $43,611  $42,228 Supplemental disclosures:         Cash paid during the period for interest $25,687  $24,518  $1,037 Cash paid (received) during the period for taxes, net of refunds $2,545  $608  $(73)           See accompanying notes to consolidated financial statements.                   
F-7

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

**(1)       Descriptionof Business and Acquisition**

U.S. Premium Beef (USPB) was formed as a closedmarketing cooperative on July 1, 1996, and was then known as U.S. PremiumBeef, Ltd. Its mission is to increase the quality of beef and long‐termprofitability of cattle producers by creating a fully integrated producer‐ownedbeef processing system that is a global supplier of high quality, value-addedbeef products responsive to consumer desires.

On December 1, 1997, USPB became operational byacquiring 25.4966% of Farmland National Beef Packing Co., L.P. (FNB), apartnership owned by USPB and Farmland Industries, Inc. (Farmland). USPBacquired an additional 3.29% partnership interest in February 1998,bringing its ownership to 28.7866% of FNB. Farmland then owned the remaining71.2134%.

On May 31, 2002, Farmland and four of itssubsidiaries filed voluntary petitions to reorganize under Chapter 11 of theUnited States Bankruptcy Code. FNB was not a party of these filings. Provisionsof FNB's Operating Agreement and its financing agreement restricted partners'access to FNB's assets. In the fourth quarter of fiscal year 2003, as a resultof the acquisition of Farmland's interest by USPB and others, as more fullydescribed below, USPB acquired a controlling interest in the former FNB, nowNational Beef Packing Company, LLC (NBP), and the assets, liabilities, andoperating results of NBP are consolidated with those of USPB effective August7, 2003. Prior to the acquisition date, USPB accounted for its noncontrollinginterest in FNB under the equity method.

On August 18, 2004, the shareholders of U.S.Premium Beef, Ltd. approved the merger of the cooperative into a wholly-ownedsubsidiary, U.S. Premium Beef, Inc., a Delaware corporation.  The mergerwas effective on August 29, 2004. The Delaware corporation then, in a statutoryconversion authorized under Delaware law, converted into a Delaware limited liabilitycompany (see note 10).  Following the effective date of the merger and thestatutory conversion, the business of the cooperative continues in the limitedliability company form of business organization.

NBP sells its meat products to customers in thefoodservice, international, further processor, and retail distributionchannels. NBP also produces and sells by‐products that are derived fromits meat processing operations and variety meats to customers in variousindustries.

NBP operates beef slaughter and fabrication facilitiesin Liberal and Dodge City, Kansas, case‐ready beef and pork processingfacilities in Hummels Wharf, Pennsylvania and Moultrie, Georgia, and holds a 75% interest in Kansas City Steak Company, LLC, a portion control processing facilityin Kansas City, Kansas. NBP's wholly-owned subsidiary, National Carriers, Inc.,located in Liberal, Kansas, provides trucking services to NBP and thirdparties.

In connection with its initial acquisition of itsinterest in FNB, USPB obtained the right, and became subject to the obligationto deliver cattle annually to NBP relative to: (i)  USPB's ownership inNBP and (ii) the number of cattle processed annually by NBP. This agreementremains in effect with NBP. The price received for cattle is based upon a pricinggrids determined by USPB and NBP, which reflects current market conditions. TheCattle Purchase Agreement is effective as long as USPB is a partner in NBP.Cattle delivered by USPB, which approximated 19% of NBP's total cattleprocessed in fiscal year 2005, are processed in NBP's two processingfacilities.

USPB acquires all its cattle requirements from itsmembers under Uniform Delivery and Marketing Agreements. Members are obligatedto deliver a designated number of cattle to USPB during specified deliveryperiods, as defined. The agreements are for a term of ten years and provide forminimum quality standards, delivery variances, and termination provisions, asdefined.

Cattle acquired from members pursuant to the UniformDelivery and Marketing Agreements are concurrently sold to NBP pursuant to theCattle Purchase Agreement.  Both agreements remain in effect under the new LLCstructure.

F-8
 
U.S. PREMIUM BEEF, LLC ANDSUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

*The Acquisition* -On June 12, 2003, USPB entered into an agreement with Farmland to acquireall of the interests in FNB held by Farmland, which approximated 71.2%. USPB,which held the remaining interest in FNB, formed NB Acquisition, LLC (NBAcquisition) to consummate the acquisition. USPB, NBPCo Holdings, LLC (NBPCoHoldings), and certain members of management of NBP purchased equity in NBAcquisition for $46.0 million in cash. NB Acquisition used a portion ofthese funds to purchase all of the membership interest of an affiliate ofFarmland that held Farmland's general partnership interest in FNB, giving NBAcquisition voting control of FNB. Immediately thereafter, to finance thepurchase of Farmland's remaining interest, FNB issued $160.0 million of10 1/2% Senior Notes due 2011 (the Senior Notes) and amended its existingcredit facility. A portion of the proceeds of the Senior Notes offering andborrowings under the amended credit facility were transferred to NBAcquisition. Subsequently, NB Acquisition merged into FNB, and converted into alimited liability company, NBP, under Delaware law. These transactions closedon August 6, 2003. NBP continues to hold all of the same assets FNB heldbefore the consummation of the transactions, including equity in subsidiaries,except that, concurrent with the closing of the Acquisition, Farmland retaineda 49% interest in a NBP subsidiary, National Beef aLF, LLC, which holds a 47.5%interest in aLF Ventures, LLC. After the Acquisition, NBP holds a 24.2%interest in aLF Ventures, LLC through its 51% interest retained in NationalBeef aLF, LLC.  From July 2006 to July 2008, Farmland has a put rightof this interest in National Beef aLF, LLC to NBP at its then fair marketvalue. If the interest in National Beef aLF, LLC is not repurchased, NBP isrequired to put the entire interest up for sale. Due to uncertainties in aLF Ventures,LLC's ability to generate future revenues, no amounts were allocated to the putoption in the consolidated financial statements. 

The following tablesets forth the approximate sources and uses of funds (in millions) inconnection with the Acquisition as it occurred on August 6, 2003.
       **Sources** **Uses**  Available cash in FNB$3.2 Purchase of Farmland’s interest$232.0 	Revolving credit facility (1) 16.0 Refinancing of existing   Term loan 125.0      credit facility 103.1 Senior notes 160.0 USPB’s investment in FNB 91.4 NBPCo Holdings' equity of NBP (2) 35.4 Membership interests issued as   USPB’s initial interest in NBP (3) 96.4      deferred compensation (4) 10.0 NBP Management’s equity of NBP (4) 15.6 Transaction costs (5) 15.1    Total$451.6 Total$451.6
(1)     NBP had total availability, including the		amount presented, of $140.0 million under the amended revolving credit		facility at August 6, 2003. Actual borrowings under the amended		revolving credit facility at the closing of the Acquisition were		$16.0 million.

(2)     Represents cash equity from NBPCoHoldings.

(3)     Includes $5.0 million in cash and thepredecessor basis of the 28.8% equity interest in FNB held by USPB prior to theAcquisition.

(4)     Includes $5.6 million in cash and$10.0 million of cash incentive compensation earned as of closing that wasissued as compensation on a deferred basis in the form of additional membershipinterests in NBP.

(5)     Includes commitment,		placement, financial advisory and other transaction fees, and legal,		accounting, and other professional fees.

 

F-9

 
 
U.S. PREMIUM BEEF, LLC ANDSUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

The total purchase price (including expenses and otherconsideration) has been allocated to the net assets based on their estimatedfair values at the date of acquisition to the extent of the approximately 71.2%change in ownership as of the date of closing. The Acquisition is within thescope of Statement of Financial Accounting Standards (SFAS) No. 141, *BusinessCombinations*, which resulted in a new basis of accounting in accordancewith the Emerging Issues Task Force (EITF) 88‐16, *Basis in LeveragedBuyout Transactions*. In accordance with that guidance, the interest of USPB,a minority owner of FNB, was carried over at its predecessor basis because achange in control has occurred in which USPB obtained unilateral control ofNBP. The excess of the purchase price over USPB's predecessor basis of netassets acquired was recognized as a reduction in members' capital of NBP.

USPB, NBPCo Holdings, and management of NBP each holdClass A and Class B interests in NBP. In addition, members ofmanagement of NBP will be issued a fixed number of additional Class A andClass C interests in NBP in lieu of cash payments owed under existingemployment arrangements.

***Capital Structure of NBP***

*Class A Interests*** -**Class A interests are non-voting and are entitled to a prioritydistribution of 5% per year on the face amount of the Class A interests,payable not later than 30 days after the close of NBP's tax year quarters incash to the extent permitted by NBP's senior lenders and the indenturegoverning the Senior Notes. The face amount of the Class A interests,together with all unpaid priority distributions, will be distributed on apriority basis upon liquidation.

*Class B Interests*** -**Class B interests, together with the Class C interests describedbelow, are entitled to receive all assets available for distribution uponliquidation after payment of the Class A face amount together with allunpaid Class A priority distributions. Class B interests will also beallocated all items of income and loss earned or incurred by NBP afterallocation of income attributable to the Class A priority distribution. Inaddition, the holders of Class B interests are entitled to receivequarterly distributions to make tax payments, which consist of 48% of NBP's remainingtaxable net income after the Class A priority distributions are made. Certainof the Class B interests (B‐2 interests) issued to management of NBPare in the form of "profits interests" issued in exchange for servicespreviously rendered. The B‐2 interests have rights in liquidation only tothe extent of their profits interest. The voting power of the members (votingeither directly or by action of the board of managers designated by themembers) is determined based upon the number of Class B interests held.

*Class C Interests*** -**Rights to Class C interests are held only by owners of Class B‐2interests. Class B‐2 and Class C interests, collectively, haveequal value and rights as Class B‐1 interests. The face amount ofthe Class C interests will be distributed out of the assets available fordistribution upon liquidation on a parity basis with the Class B interestsafter payment of the Class A face amount together with all unpaidClass A priority distributions.

USPB holds approximately 53.2% of the Class Binterests, as well as Class A interests with an aggregate face amount ofapproximately $88.8 million; NBPCo Holdings owns approximately 20.2% ofthe Class B interests, as well as Class A interests with an aggregateface amount of approximately $31.6 million; and members of management ofNBP own approximately 26.6% of the Class B interests, as well as Class Ainterests with an aggregate face amount of approximately $1.5 million.After a specified period following completion of the Acquisition, certainmembers of management of NBP will be issued a fixed number of additionalClass A interests with an aggregate face amount of approximately$9.1 million and Class C interests with an aggregate face amount ofapproximately $0.9 million in lieu of cash payments owed under existingemployment arrangements pursuant to deferred compensation agreements enteredinto in connection with the Acquisition. These amounts were previously expensedas compensation expense in FNB's financial statements.

 

F-10
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

Minority Interest represents Class A, B, and Cinterests held by management of NBP and NBPCo Holdings, which include repurchaserights of the holders (see Note 11).

Prior to the current ownership, NBP was organized as alimited partnership of which NBPCo., LLC and USPBCo., LLC were the generalpartners and Farmland and USPB were the limited partners. Farmland was theultimate parent company of NBPCo., LLC and USPB was the ultimate parent companyof USPBCo., LLC.

Prior to the close ofthe Acquisition on August 6, 2003 as well as on August 31, 2002, the partners and their ownership interests of the Partnership were as follows:
     **Ownership**    **Partner name** **Type** **interest** NBPCo., LLC General 2.5034% USPBCo., LLC General 0.4966     Farmland Limited 68.7100     USPB Limited	 28.2900        	 100.0000%
NBP continues to hold all of the same assets after theconsummation of the Acquisition, including equity in its subsidiaries, with theexception of a 49% interest in its previously wholly-owned subsidiary, NationalBeef aLF, LLC (aLF, LLC), which holds a 47.5% interest in aLF Ventures, LLC.This 49% interest in aLF, LLC was retained by Farmland concurrent with theclosing of the Acquisition. After the Acquisition, NBP continues to hold a24.2% interest in aLF Ventures, LLC through its 51% interest retained in aLF,LLC.

**(2)       Basis ofPresentation and Accounting Policies**

***(a)       Basis ofPresentation and Consolidation***

The consolidated financial statements include the accounts of USPB andits wholly-owned subsidiary, USPBCo., LLC for the periods up to August 6, 2003 and, as of and for the periods after August 6, 2003, as a result of the Acquisition described in Note 1, they include NBP and its direct andindirect subsidiaries (collectively the Company). Prior to August 7, 2003, USPB accounted for its investment in FNB under the equity method of accounting.All significant intercompany accounts and transactions have been eliminated inconsolidation. Certain prior year amounts have been reclassified to conform tothe current year presentation.

The aggregate purchase price for the Acquisitiondescribed in Note 1 above was $236.8 million (including approximately$4.8 million of transaction costs), of which $190.8 million wasfunded through various incremental debt instruments, and the remainder fundedthrough contributed or retained equity. The Acquisition and the financialstatements of the Acquired Interest provided herein have been accounted for as apurchase in accordance with SFAS No. 141 and EITF Issue 88‐16.

***(b)       Fiscal Year***

The Company's fiscal year ends on the last Saturday in August. Fiscalyears 2005, 2004, and 2003 consisted of fifty‐two week fiscal years. Allreferences to years in these notes to consolidated financial statementsrepresent fiscal years unless otherwise noted.

F-11
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

***(c)        Use ofEstimates***

The consolidated financialstatements have been prepared in conformity with accounting principlesgenerally accepted in the United States of America, using management's bestestimates and judgments where appropriate. These estimates and judgments affectthe reported amounts of assets and liabilities and disclosure of the contingentassets and liabilities at the date of the financial statements. The estimatesand judgments will also affect the reported amounts for certain revenues andexpenses during the reporting period. Actual results could differ materiallyfrom these estimates and judgments. 

*** (d)      Cash and CashEquivalents***

The Company considers all highly liquid investments with an originalmaturity of three months or less when purchased to be cash equivalents. As of August 27, 2005, the Company had cash and cash equivalents of $54.4 million, including$3.9 million restricted to NBP IRB approved expenditures.  As of August 28, 2004, the Company had cash and cash equivalents of $43.6 million, including$8.4 million restricted to NBP IRB approved expenditures. 

***(e)        Allowance forReturns and Doubtful Accounts***

The allowance for returns and doubtful accounts is the Company's bestestimate of the amount of probable returns and credit losses in its existingaccounts receivable. The Company determines these allowances based onhistorical experience and management's judgments. Specific accounts arereviewed individually for collectibility.

***(f)        Inventories***

Inventories consist primarily of meat products andsupplies. Product inventories are stated at the lower of cost or market. Thecost of inventories of the beef‐packing operation, except supplyinventories, is determined using the first‐in, first‐out (FIFO)method or market. The cost of all other inventories is determined using FIFO,specific, or average cost methods. The components of inventories are as follows(amounts in thousands):

 
  **August 27,** **August 28,**  **2005** **2004**      Product inventories:         Dressed and boxed meat products$66,993 $67,801    Beef by-products 8,476  9,158 Supplies 9,957  9,003  $85,426 $85,962
 

F-12
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

***(g)       Property,Plant, and Equipment***

Property, plant, and equipment purchased as part ofthe Acquisition were recorded at estimated fair value, based on independentappraisals, to the extent of the approximately 71.2% change in ownership. Allother purchases of property, plant and equipment are recorded at cost.Property, plant, and equipment are depreciated principally on a straight‐linebasis over the estimated useful life (based upon original acquisition date) ofthe individual asset by major asset class as follows:
 Buildings and improvements15 to 25 years Machinery and equipment2 to 8 years Trailers and automotive equipment2 to 5 years Furniture and fixtures3 to 5 years
Upon disposition of these assets, any resulting gain or loss isincluded in operations. Major repairs and maintenance costs that extend theuseful life of the related assets are capitalized. Normal repairs andmaintenance costs are charged to operations.

The Company capitalizes the cost of interest on borrowed funds, whichare used to finance the construction of certain property, plant, and equipment.Such capitalized interest costs are charged to the property, plant, andequipment accounts and are amortized through depreciation charges over theestimated useful lives of the assets. Interest capitalized was $0.0 million, $0.1million and $0.02 million for the fiscal years ended August 27, 2005, August 28, 2004 and August 30, 2003, respectively.

The Company reviews its long‐lived assets for impairment wheneverevents or changes in circumstances indicate that the carrying amount of anasset may not be recoverable. Recoverability of assets held and used isassessed based on estimated undiscounted future cash flows. Impairment, if any,is recognized based on fair value of the assets. Assets to be disposed of arereported at the lower of cost or fair value less costs to sell, and are nolonger depreciated.

A summary of cost and accumulated depreciation forproperty, plant, and equipment as of August 27, 2005 and August 28, 2004 follows (dollars in thousands): 
  **2005** **2004** Land and improvements$13,462  $7,817  Building and improvements 63,994   60,601  Machinery and equipment 157,158   139,833  Furniture and fixtures 3,449   2,985  Trailers and automotive equipment 1,481   2,233  Computer equipment 37   36  Construction in process 18,912   29,398          Total property, plant and equipment, at cost 258,493   242,903  Accumulated depreciation (43,331)  (20,844)         Property, plant, and equipment, net$215,162  $222,059  
F-13
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

***(h)       Debt IssuanceCosts***

Costs relatedto the issuance of debt are capitalized and amortized to interest expense usingthe straight line method, which approximates the effective interest method,over the period the debt is outstanding. The Company had unamortized costs of$7.2 million and $8.7 million for the fiscal years ended August 27, 2005 and August 28, 2004, respectively. In fiscal year 2003, NBP capitalized $10.3million in debt issuance costs associated with the credit facility and with theissuance of Senior Notes. Effective December 30, 2004, the Company amended and restated its existing senior credit facility with a consortium of banks,additionally capitalizing $1.7 million in debt issuance costs.  The amendmentand restatement is within the scope of the Emerging Issues Task Force (EITF)96-19. *Debtor's Accounting for a Modification or Exchange of DebtInstruments* as well as EITF 98-14. *Debtor's Accounting for Changes inLine-of-Credit or Revolving-Debt Arrangements*.  In accordance with thatguidance, a portion of the unamortized loan costs of approximately $2.6 millionfrom the previous credit facility as well as additional finance and legalcharges associated with the new amended and restated credit facility ofapproximately $0.6 million were expensed during the fiscal year ended August 27, 2005.  The remaining costs are being amortized over the life of the relateddebt instruments.  Amortization of $1.2 million, $1.7 million and $0.1 millionwas charged to interest expense during the fiscal years ended August 27, 2005,August 28, 2004 and the 24 days ended August 30, 2003, respectively, related tothese costs. 

*** (i)       Goodwill andOther Intangible Assets***

SFAS No. 142. *Goodwill and Other Intangible Assets*, providesthat goodwill and other intangible assets with indefinite lives shall not beamortized but shall be tested for impairment on an annual basis. Identifiableintangible assets with definite lives are amortized over their estimated usefullives. The Company evaluates goodwill and other indefinite life intangibleassets annually for impairment and, if there is impairment, the carrying amountof goodwill and other intangible assets is written down to the implied fairvalue.  For goodwill, this test involves comparing the fair value of eachreporting unit to the unit's book value to determine if any impairment exists. The fair value of each reporting unit is calculated using estimates of futurecash flows. See Note 3 for a discussion of the purchase accountingassociated with the Acquisition and the determination of additional goodwill.  Inaccordance with SFAS No. 142, goodwill was tested for impairment and, as of August 27, 2005, management determined there was no impairment.  

The excess of the Company's investment in FNB over its share of theunderlying net assets of FNB prior to the Acquisition, which was classified asa part of the investment in FNB, had been amortized on a straight‐linebasis over twenty‐five years and was recognized as an adjustment toequity in earnings. At August 31, 2002, the unamortized balance of thisexcess amounted to $40.2 million.

In connection with the Acquisition,intangible assets were identified and valued by an independent third party. Asa result of this valuation, to the extent of the approximately 71.2% change ofownership, Trademarks were recorded at $20.4 million and Customer Relationshipswere recorded at $11.3 million. Trademarks are not scheduled for amortizationdue to their expected indefinite useful life. NBP amortizes the recorded fairvalue of the Customer Relationships over 7 years on a straight-line basis. Forthe fiscal years ended August 27, 2005, August 28, 2004 and for the 24 days ended  August 30, 2003, the Company recognized $1.6 million, $1.5 million and $0.2million, respectively, of amortization expense. The following table reflectsthe anticipated amortization expense relative to intangible assets recognizedin the Company's balance sheet as of August 27, 2005, for each of the next five years and thereafter:
 
F-14
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

Estimated amortization expense for fiscal years ended:
   (dollars in thousands) 2006 $1,613 2007  1,613 2008(1)
  1,644 2009  1,613 2010  1,505 
Thereafter -   
(1) FYE 2008 consists of 53 weeks.

***(j)        OverdraftBalances***

The majority of the Company'sbank accounts are zero balance accounts where cash needs are funded as checksare presented for payment by the holder. Checks issued pending clearance thatresult in overdraft balances for accounting purposes are included in the tradeaccounts payable and cattle purchases payable balances, and the change in therelated balances is reflected in financing activities on the statement of cashflows.  Overdraft balances of $62.1 million and $56.3 million were included intrade accounts and cattle purchases payables at August 27, 2005 and August 28, 2004, respectively.

***(k)       Self‐Insurance***

NBP is self‐insured for certain losses relating to worker'scompensation, auto liability, general liability, and employee medical anddental benefits. NBP has purchased stop‐loss coverage in order to limitits exposure to any significant levels of claims. Self‐insured losses areaccrued based upon NBP's estimates of the aggregate uninsured claims incurredusing actuarial assumptions accepted in the insurance industry and NBP'shistorical experience rates.

***(l)        EnvironmentalExpenditures and Remediation Liabilities***

Environmental expenditures that relate to current or future operationsand which improve operational capabilities are capitalized at time ofexpenditure. Expenditures that relate to an existing or prior condition causedby past operations, and which do not contribute to current or future revenuegeneration, are expensed. Liabilities are recorded when environmentalassessments and/or remedial efforts are probable and the costs can bereasonably estimated.

***(m)      Foreign CurrencyTranslation***

NBP has representative offices located in Tokyo, Japan and Seoul, South Korea. The primary activity of these offices is to assist customers withproduct and order related issues. For foreign operations, the local currency isthe functional currency. Translation into U.S. dollars is performed forassets and liabilities at the exchange rates as of the balance sheet date.Income and expense accounts are translated at average exchange rates for theperiod. Adjustments resulting from the translation are reflected as a separatecomponent of other comprehensive income.

***(n)       Income Taxes***

Subchapter T ofthe Internal Revenue Code sets forth rules for the tax treatment ofcooperatives and applies both to cooperatives exempt from tax under Section 521of the Internal Revenue Code and to nonexempt cooperatives. Prior to August 29, 2004, the Company operated as an exempt cooperative. As an exempt cooperative, acompany is not taxed on amounts of patronage and non-patronage source incomewithheld from its patrons in the form of qualified per-unit retains or onamounts distributed to its patrons in the form of Qualified Written Notices ofAllocation. Such amounts are instead taxed directly to the patrons. If theCompany was not entitled to be taxed under Subchapter T, its income would betaxed to the Company similar to a corporation and the patrons would be taxedwhen and if dividends are distributed. The characterization of income aspatronage or non-patronage source income is subject to challenge by theInternal Revenue Service. Non-patronage source income, if deemed more thanincidental, is subject to tax at the entity level instead of being passedthrough to the patrons in the form of a patronage dividend.  Notwithstandingthe acquisition of a controlling interest in NBP on August 6, 2003, management continues to believe that its non-patronage source income, if any, is incidentaland would vigorously defend any such challenge by the Internal Revenue Service.However, USPB has recognized tax expense in the accompanying fiscal 2004Consolidated Financial Statements on a portion of its earnings for periodsafter August 6, 2003 to provide for such potential recharacterization of incomefrom patronage source to non-patronage source, which may be asserted by theInternal Revenue Service.

F-15
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

Effective August 29, 2004, the Company converted to an LLC, and under this structure, taxes are notprovided at the Company level because the results of operations are included inthe taxable income of the individual members.

The provisionfor income taxes for NBP is computed on a separate legal entity basis.Accordingly, NBP does not provide for income taxes as the results of operationsare included in the taxable income of the individual members.  However, to theextent that subsidiary entities provide for income taxes, deferred tax assetsand liabilities are recognized based on the difference between the finalstatement and tax bases of assets and liabilities at each balance sheet dateusing enacted tax rates expected to be in effect in the year the differencesare expected to reverse. 

*** (o)      Fair Value ofFinancial Instruments***

The carrying amounts of the Company's financial instruments, includingcash and cash equivalents, short‐term trade receivables and payables,approximate their fair values due to the short‐term nature of theinstruments. At August 27, 2005, the Senior Notes had a carrying value of$160.0 million and a fair value of $166.7 million, based on a calculation usinga weekly High Yield Market report prepared by Deutsche Bank. The carrying valueof other debt also approximates its fair value at August 27, 2005, as substantially all such debt has a variable interest rate.

***(p)       RevenueRecognition***

NBP recognizes revenue from the sale of products at the time ofshipment, when NBP determines the risk of loss has transferred, collection ofthe relevant receivable is probable, persuasive evidence of an arrangementexists, and the price is fixed or determinable. National Carriers, Inc.recognizes revenue when shipments are complete.

***(q)       Shipping Costs***

Pass‐through finished goods delivery costs reimbursed bycustomers are reported in sales, while an offsetting expense is included incost of sales.

***(r)        Advertisingand Promotion Expenses***

Advertising and promotion expenses are charged to operations in theperiod incurred and were $2.5 million, $1.7 million and $0.09 million in the yearsended August 27, 2005, August 28, 2004 and August 30, 2003, respectively.

F-16
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

***(s)        ComprehensiveIncome***

Comprehensive income consists of net income, foreign currencytranslation adjustments, and unrealized gains or losses on interest rateexchange agreements accounted for as cash flow hedges. NBP deems its foreigninvestments to be permanent in nature and does not provide for taxes oncurrency translation adjustments arising from converting the investment in aforeign currency to U.S. dollars.

***(t)        Derivativesand Hedging Activities***

NBP uses futures contracts inorder to reduce exposure associated with entering into firm commitments topurchase live cattle at a price determined prior to the delivery of the cattleas well as firm commitments to sell certain beef at a sales price determinedprior to shipment. In accordance with SFAS No. 133. *Accounting forDerivative Instruments and Hedging Activities*, as amended, NBP accounts forthese futures contracts and their related firm commitments at fair value. Mostfirm commitments are treated as "normal purchases and sales" and are not markedto market.  SFAS No. 133 imposes extensive record-keeping requirements in orderto treat a derivative financial instrument as a hedge for accounting purposes.Derivatives qualify for treatment as hedges when there is a high correlationbetween the change in fair value of the instrument and the related change invalue of the underlying commitment. For derivatives that qualify as effectivehedges, the change in fair value has no net impact on net income until thehedged transaction affects net income. For derivatives that are not designatedas hedging instruments, or for the ineffective portion of a hedging instrument,the change in fair value does affect current period net earnings. Whilemanagement believes each of these instruments help mitigate various marketrisks, they are not designated and accounted for as hedges under SFAS No. 133as a result of the extensive record-keeping requirements of this statement.Accordingly, the gains and losses associated with the change in fair value ofthe instrument and the offsetting gains and losses associated with changes inthe market value of certain of the firm commitments related to the futurescontracts are recorded to income and expense in the period of change. 

The fair value of derivativeassets is recognized within other current assets, while the fair value ofderivative liabilities is recognized within accrued liabilities. The net fairvalue of derivatives recognized within other current assets and other accruedliabilities at August 27, 2005 and August 28, 2004 is not significant. 

*** (u)      Earnings Per Unit***

Prior to theconversion from a cooperative to an LLC, per share data had been omittedbecause, under the cooperative structure, earnings of the Company weredistributed as patronage dividends to members and associate members, those wholeased delivery rights from shareholders, based on the level of businessconducted with the Company as opposed to a common shareholder's proportionateshare of underlying equity in the Company.  Under the LLC structure, earningsof the Company are to be distributed to unitholders based on theirproportionate share of underlying equity, and, as a result, earnings per unit(EPU) has been presented in the accompanying Consolidated Statement ofOperations and in the table that follows, along with the pro forma amounts forthe prior years assuming the conversion to an LLC was retroactively applied.

Basic EPU excludes dilution and is computed bydividing income available to unitholders by the weighted-average number of linkedClass A and Class B units outstanding for the period.  Class A units and ClassB units shall be issued, redeemed, and transferred together on a one for onebasis until the board of directors determines the extent and conditions underwhich Class A units and Class B units may be issued, redeemed, and transferredseparately.
 
F-17
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

Diluted EPUreflects the potential dilution that could occur if potential unit purchaserights were exercised or contractual appreciation rights were converted intounits.   Upon termination of the CEO employment agreement, at the election of theCEO, or upon mutual agreement of the Board of the Company and the CEO, the CEO maypurchase up to 20,000 Class A and Class B units, or upon agreement of the CEOand the Board of the Company, the CEO may convert the contractual unitappreciation rights to up to 20,000 Class A and Class B units.  The diluted EPUreflects the circumstances of termination of the CEO employment agreement, andthe election of CEO or agreement by the Board of the Company and the CEO forthe CEO to purchase or convert contractual rights to the maximum 20,000 unitsat $55 per unit for the periods as provided in the CEO employment agreement. 

 
 **Earnings Per Linked Unit Calculation**                   (In thousands, except unit and per unit data)52 weeks ended     Pro-Forma Pro-Forma  August 27, 2005 August 28, 2004 August 30, 2003 **Basic earnings per unit**         Income available to unitholders (numerator)$8,639 $19,096 $24,230           Outstanding units (denominator) 691,845  691,845  691,845              Per unit amount$12.49 $27.60 $35.02           **Diluted earnings per unit**         Income available to unitholders (numerator)$8,639 $19,096 $24,230           Outstanding units 691,845  691,845  691,845 Effect of dilutive securities - unit options 13,218  12,903  11,916    Units (demoninator) 705,063  704,748  703,761              Per unit amount$12.25 $27.10 $34.43
 

**(3) *     Equity Investment and Purchase Accounting***

Through August 6, 2003, the Company accounted for itsnon-controlling 28.7866% investment in FNB on the equity method of accounting.The excess of the Company's investment in FNB over its share of the underlyingnet assets of FNB was being amortized, prior to September 1, 2002, on a straight-line basis over a period of 25 years and recognized as an adjustment toequity in earnings. 

A summary of theactivity in the investment account for the 340 days ended August 6, 2003 (dollars in thousands): 
 **2003**Balance at beginning of period$83,105 Equity in earnings 22,586 Distributions received (9,257)USPB basis at date of acquisition (1) (96,434)Balance at end of period$- 
(1)      Includes a distribution of approximately $5.0 millionthat was declared by FNB but had not been received as of August 6, 2003.
 
F-18
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

Summary financial data for FNB for the340 days ended August 6, 2003 follows (dollars in thousands):
 **340 days** **ended** **August 6,** **2003**Revenues$3,378,623Costs and expenses 3,300,162                            Net income$78,461
 

During 2003, USPB acquired a controlling interest inFNB, as more fully described in Note 1 as the Acquisition. The Acquisitionhas been accounted for using the purchase method of accounting as of August 6, 2003. The allocation of the purchase price to the net assets acquired hasbeen performed in accordance with SFAS No. 141, giving consideration to EITF 88‐16,and resulted in goodwill of approximately $78.9 million. The beginningequity of NBP reflects the predecessor basis of USPB's interest in FNB plus thecash contributed by USPB and the new members of NBP, and the contribution ofearned deferred compensation by certain members of management of NBP. Thecalculation of the allocated purchase price for the Acquisition, as presentedbelow, reflects the net book value of the business as of August 6, 2003. In addition, the allocation of the purchase price reflects the fair value ofthe individual assets acquired and liabilities assumed to the extent of theapproximate 71.2% change in ownership. The purchase of the controlling interestwas consummated by USPB following the bankruptcy of Farmland in order tomaintain its relationship with NBP.
 
 

 

 

F-19
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

The following details the adjustment to historical netbook values based on the fair values of acquired assets and liabilitiesincluded in the Acquisition. The adjustment to historical net book values ofacquired assets and liabilities of the Acquired Interest is calculated asfollows (dollars in thousands):
 Total purchase price and other consideration for Acquired Interest$232,000  Fees and expenses 4,821   $236,821  Net book value of Acquired Interest on August 6, 2003 (114,635)          Excess purchase price to be allocated$122,186  Amount allocated to:      Property, plant, and equipment$51,738     Trademarks 20,438     Customer relationships 11,323     Goodwill 38,687           Excess purchase price allocated$122,186  	USPB’s predecessor basis in FNB$91,447  Net book value of USPB’s interest on August 6, 2003 (51,276)          Excess of USPB’s basis over net book value at August 6, 2003               attributable to goodwill$40,171  Goodwill reconciliation:      Allocated to goodwill from Acquired Interest$38,687     Excess of USPB’s basis attributable to goodwill (previously included         as a component of Investment in FNB) 40,171           Total goodwill$78,858 
 

In connection with USPB's initial investment in FNB,USPB paid an amount in excess of the proportionate underlying book value of thenet assets acquired that amounted to $40.2 million. Because USPB held aminority interest in the Predecessor, this excess investment, which wasattributed to goodwill, was not recorded in the FNB financial statements but wasrecorded as an investment in USPB's financial statements. As a result, USPB'spredecessor basis in FNB was $40.2 million higher than its proportionate 28.8%of the underlying net book value of FNB. In accordance with EITF 88‐16,USPB carried over its predecessor basis, resulting in the recognition of the$40.2 million of goodwill in NBP's financial statements, and, as a result ofthe consolidation of NBP in 2003, the reclassification of $40.2 million from aninvestment in FNB to goodwill in the Company's consolidated financialstatements.
 
F-20
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

 **(4) *     Long‐Term Debt andLoan Agreements***

The Company entered into various debtagreements to finance the Acquisition described in Note 1 and to provideliquidity to operate the business on a going forward basis.  As of August 27, 2005 and August 28, 2004, debt consisted of the following (dollars inthousands):
  **August 27,** **August 28,**  **2005** **2004** Short-term debt:         Current portion of long-term debt (term loan)(a)$1,030 $1,030    Current portion of long-term debt (term loan)(b) -  9,375    Current portion of capital lease obligations(e) -  78  $1,030 $10,483 Long-term debt:         Term loan facility, net of current portion(a)$5,148 $6,178    Term loan facility, net of current portion(b) 120,000  109,375    Senior Notes(c) 160,000  160,000    Industrial Development Revenue Bonds(d) 13,850  13,850    Revolving credit facility(b) 15,000  42,059    Long-term capital lease obligations and other(e) -  350  $313,998 $331,812            Total debt$315,028 $342,295
The aggregate principal maturities oflong‐term debt for each of the five fiscal years and thereafter following August 27, 2005 are as follows (dollars in thousands):
2006 $1,0302007  1,0302008  1,0302009  1,0302010  33,880After 2010  277,028  $315,028
**(a)       *CoBank Term Debt***

Effective August 28, 2004, the CoBank debt was amended for extended terms and favorable changes to theinterest rate and covenants.  Under the new amendment, CoBank term debt ispayable in equal quarterly installments with final payment due inJuly 2011, bearing interest at the LIBOR index plus a rate margin based onan NBP leverage ratio, adjusted quarterly (6.01% at August 27, 2005, 4.10% atAugust 28, 2004 and 3.36% at August 30, 2003).
 
F-21
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

The debt agreement with CoBank contains certain covenants whichrequire, among other things: reporting requirements, a minimum working capitalreserve, a minimum debt service coverage ratio, a minimum net worth,restrictions on transactions with related parties and restrictions on dividendpayments. The Company was in compliance with all CoBank debt covenants as of August 27, 2005. The debt is secured by USPB's interest in NBP.

The Company's rate margin, which is adjusted annually, is determinedpursuant to a table based on the NBP leverage ratio, as of the end of eachfiscal year of NBP. Based on the table, the rate margin was 2.50% at August 27, 2005 and August 28, 2004 and 2.25% at August 30, 2003.

**(b)       *SeniorCredit Facilities***

*Senior Credit Facilities-*Effective December 30, 2004, NBP amended and restated its existing senior creditfacility with a consortium of banks which allow borrowings from time to timeunder a $120.0 million term loan that matures in December 2014 and a $140.0million revolving line of credit loan that is subject to certain borrowing baselimitations and that matures in December 2009.  The amended and restated creditfacility is secured by a first priority lien on substantially all of NBP'sassets.  At NBP's election, interest may be computed at the Base Rate (asdefined in the credit agreement) plus an applicable margin or a LIBOR rate plusan applicable margin.  As of August 27, 2005, the interest rate for the termloan was equal to LIBOR plus 275 basis points (6.1%) and the weighted average interestrate for the revolving loan was equal to LIBOR plus 250 basis points (6.0%).  Theamended and restated credit facility also contains a provision for a conversionto more favorable interest rates and more restrictive financial covenants onthe earlier of (a) June 1, 2006 or (b) NBP's election (the ConversionDate).  After the Conversion Date the interest rate for the term loan andrevolving loan will be determined by reference to a matrix of rates keyed toNBP's funded debt to EBITDA ratio.  A fee of 0.5% per annum is payablequarterly on the daily average unused amount of the revolving credit facility,and this fee also will vary after the Conversion Date depending on NBP's fundeddebt to EBITDA ratio.

*Availability.* Availabilityunder the revolving credit facility is subject to a borrowing base. Theborrowing base is based on NBP's and certain of its domestic wholly ownedsubsidiaries' assets. The borrowing base consists of percentages of NBP'seligible accounts receivable, inventory and supplies less certain eligibilityand availability reserves. NBP is required to report the borrowing base on amonthly basis and, as a result, the availability under the senior creditfacilities is subject to change. At August 27, 2005, NBP's amended and restated credit facility consisted of a $120 million term loan, of which $120.0million was outstanding, and a $140.0 million revolving line of credit loan,which had outstanding borrowings of $15 million, outstanding letters of creditof $44.0 million and available borrowings of $74.1 million based on the mostrestrictive financial covenant calculation.

*Repayment and Prepayment.* Theprincipal amount outstanding under the term loan is due and payable in equal quarterlyinstallments of $6.0 million on the last business day of each March, June,September and December commencing on March 31, 2010 and ending on December 29, 2014. Prepayment is allowed at any time. 

The revolving credit facilityterminates and all amounts outstanding thereunder must be repaid in full on thefifth anniversary of the closing date. 

*Affirmative Covenants.*NBP's senior credit facilities contain customary affirmative covenants,including providing financial statements, insurance, conduct of business,maintenance of properties, etc. 

*Negative Covenants.* NBP'ssenior credit facilities contain customary negative covenants, includingcovenants restricting its ability to incur additional indebtedness, sell ordispose of assets, make capital expenditures, pay certain dividends and prepayor amend certain indebtedness, among other restrictions.

F-22
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

*Financial Covenants.*Thesefacilities also impose certain financial covenants.  From December 30, 2004until the Conversion Date, NBP is required to  (i) have as of the endof each fiscal quarter a minimum four-quarter rolling EBITDA of $50.0 millionand (ii) maintain at all times a minimum Borrowing Base Availability (asdefined in the credit agreement) of at least $25.0 million.  As defined in theamended credit facility, EBITDA contains specified adjustments.  On August 27, 2005, NBP was in compliance with all financial covenants under its seniorcredit facilities.

After the Conversion Date, NBPwill be subject to the following financial covenants:

(i)    A maximum Funded Debt toEBITDA Ratio, as follows: 

Funded Debtto EBITDA                                                    FiscalQuarter Ended4.50 to 1.00                                                    August 31, 2005 through May 31, 20064.25 to 1.00                                                    August 31, 2006 through November 30, 20064.00 to 1.00                                                    February 28, 2007 through May 31, 20073.75 to 1.00                                                    August 31, 2007 and thereafter

(ii)   A maximum Senior SecuredFunded Debt to EBITDA Ratio, as follows:

Senior SecuredFunded Debtto EBITDA Ratio                                         FiscalQuarter Ended 3.25 to 1.00                                                    August 31, 2005 through May 31, 20062.75 to 1.00                                                    August 31, 2006 and thereafter

(iii)  A minimum four-quarterrolling EBITDA, as follows:

EBITDA                                                         FiscalQuarter Ended$72,000,000                                                    August31, 2005 through May 31, 2006$75,000,000                                                    August31, 2006 through May 31, 2007$85,000,000                                                    August31, 2007 and thereafter

(iv)  A minimum four-quarterrolling Debt Service Coverage Ratio, as follows:

Debt Service Coverage Ratio                     FiscalQuarter Ended2.00 to 1.00                                                    August 31, 2005 and thereafter

Effective July 7, 2005, theamended and restated senior credit facility was amended to allow NBP topurchase up to $30 million in cumulative purchase price (including any premium)of its 10‐1/2% Senior Notes due August 1, 2011 so long as NBP is not indefault under the facility at the time of the purchase or as a result of thepurchase.

Effective October 14, 2005, the amended senior credit facility was further amended to reflect changes in thecovenant limiting its net capital expenditures.  There were no changes to theremaining covenants in the credit facility.  NBP's net capital expenditures arenow limited to amounts in each period as follows:  $64 million in the combinedperiod of FYE 2005 and FYE 2006, $35 million in FYE 2007 and $40 million in FYE2008 and fiscal years thereafter.  Prior to this amendment, FYE 2005 and FYE2006 were separately limited to $32 million each year.

F-23
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

 

***(c)       Senior Notes***

In connection with the Acquisition,on August 6, 2003, NBP issued $160.0 million of its 10 1/2% Senior Notes due 2011. The Senior Notes will mature on August 1, 2011. Interest on the Senior Notes is payable semi-annually in arrears on August1 and February 1 of each year, and commenced on February 1, 2004. The Senior Notes are senior unsecured obligations, ranking equal in right of payment withall other senior unsecured obligations of NBP. With limited exceptions, theSenior Notes are not redeemable before August 1, 2007. During the 12 month period commencing August 1, 2007 and August 1, 2008, the Senior Notes may beredeemed at 105.250% and 102.625%, respectively, of the principal amount.Thereafter, the Senior Notes may be redeemed at 100% of face value. TheIndenture governing the Senior Notes contains certain covenants that restrictNBP's ability to:
-  incur additional indebtedness;
-  make restricted payments;
-  sell assets;
-  direct NBP's restricted subsidiaries to pay dividends or makeother payments;
-  create liens;
-  merge or consolidate with another entity; and
-  enter into transactions with affiliates.

As of August 27, 2005, NBP was in compliance with all covenants associated with the Senior Notes.

NB Finance Corp., a wholly-ownedfinance subsidiary of NBP, is a co-issuer on a joint and several basis with NBPof the Senior Notes. NB Finance Corp. has nominal assets and conducts nobusiness or operations. There are no significant restrictions on the ability ofsubsidiaries to transfer funds to NBP. 

***(d)       Industrial Development Revenue Bonds***

In conjunction with the amendmentand restatement of the Company's credit facility, effective December 30, 2004, NBP entered into a transaction with the City of Dodge City, Kansas, in orderto provide property tax savings to NBP.  Under the transaction, the Citypurchased NBP's Dodge City facility (the "facility") by issuing $102.3 millionin bonds due in December 2014, and leased the facility to NBP for an identicalterm under a capital lease.  The City's bonds were purchased by the Companyusing proceeds of its term loan under the amended and restated creditfacility.  Because the City has assigned the lease to the bond trustee for thebenefit of NBP as the sole bondholder, NBP, in effect, controls enforcement ofthe lease against itself.  As a result of the capital lease treatment, thefacility will remain a component of property, plant and equipment in NBP'sconsolidated balance sheet.  As a result of the legal right of offset, thecapital lease obligation and the corresponding bond investments have beeneliminated in consolidation.  The transaction provides NBP with property taxexemptions for the leased facility, which, after netting payments to the Cityand local school district under payment in lieu of tax agreements, result in anannual property tax savings of approximately 25%.  The facility remains subjectto a prior mortgage and security interest in favor of the lenders under thesenior credit facility.  Additional revenue bonds may be issued to cover thecosts of certain improvements to this facility.  The total amount of revenuebonds authorized for issuance is $120.0 million.
 
F-24
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

In 1999 and 2000 the cities ofLiberal and Dodge City, Kansas issued an aggregate of $13.8 million ofindustrial development revenue bonds on the Predecessor's behalf to fund thepurchase of equipment and construction improvements at NBP's facilities inthose cities. These bonds were issued in four series of $1.0 million, $1.0million, $6.0 million and $5.8 million and are due on February 1, 2029, March 1, 2027, March 1, 2015 and October 1, 2009. These bonds were assumed by NBPin connection with the Transaction. Pursuant to a lease agreement, NBP leasesthe facilities, equipment and improvements from the respective cities and makeslease payments in the amount of principal and interest due on the bonds. Aftergiving effect to the Transaction, each series of bonds are backed by a letterof credit under NBP's senior credit facilities. 

The 1999 and 2000 issued bondsare variable rate demand obligations that bear interest at a rate that is adjustedweekly, which rate will not exceed 10% per annum. The per annum interest ratefor each series of bonds was 2.3% in 2005, 1.3% in 2004 and 1.5% in 2003. NBPhas the option to redeem a series of bonds at any time for an amount equal tothe principal plus accrued interest to the date of such redemption. The holdersof the bonds have the option to tender the bonds upon seven days' notice for anamount equal to par plus accrued interest. To the extent that the remarketingagent for the bonds is unable to resell any of the bonds that are tendered, theremarketing agent will use the letter of credit to fund such tender. 

An event of default would occurunder the lease agreements if NBP fails to make any lease payment or otherrequired payment, if a petition of bankruptcy is filed by or against NBP, if areceiver is appointed on NBP's behalf, or if NBP fails to observe and performany covenant, condition, obligation or agreement under the lease agreements.

** (e)      *Capital and Operating Leases ***

NBP leases a variety of buildings and equipment, as well as tractorsand trailers subsequent to the acquisition of National Carriers in March 2003,under operating lease agreements that expire in various years. Future minimumlease payments required at August 27, 2005, under capital leases andnon-cancelable operating leases with terms exceeding one year, are as follows:

 
     **Non-Cancelable**   **Capital** **Operating**   **Lease** **Lease**   **Obligations** **Obligations**   (dollars in thousands) For the fiscal years ended August:          2006 $- $8,514    2007  -  7,067    2008  -  6,115    2009  -  4,109    2010  -  3,650    Thereafter  -  5,507       Net minimum lease payments $- $34,962 Less amount representing interest  -          Present value of net minimum lease payments $-   
Effective August 31, 2005, NBP acquired a material handling system for its Liberal, Kansas, beef facility undera capital lease obligation for five years.  Future minimum lease payments are $1.0million each year for the fiscal years ended 2006, 2007, 2008, 2009 and 2010, respectively.

F-25
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

Rent expense associated withoperating leases was $10.6 million, $8.5 million and $0.5 million, for fiscalyears 2005, 2004 and 2003, respectively. NBP expects that it will renew leaseagreements or enter into new leases as the existing leases expire. 

***(f)         Utilities Commitment***

Not included in the table aboveare the obligations under an agreement for a utilities commitment at the Dodge City,   Kansas, facility.  In order to meet the continuing growth needs for water andwastewater services of the Dodge City facility, effective December 30, 2004,NBP entered into a services agreement for the city to provide NBP water andwastewater services at a price and term sufficient to permit the city to recoupup to one-half of the capital cost of providing fresh water service from aparcel of land owned by NBP eleven miles south of Dodge City, and of providingupgraded city wastewater facilities to help service the needs of the Dodge Cityfacility.  The city sold twenty year municipal bonds to pay for theseimprovements and NBP has committed to make a series of service charge paymentstotaling $19.3 million over a 20 year period, of which $0.8 million was paid infiscal year 2005.  Payments under the commitment will be $1.2 million in fiscalyear 2006, $1.4 million in fiscal year 2007, $1.4 million in fiscal year 2008,$1.4 million in fiscal year 2009, and $1.7 million in fiscal year 2010, withthe remaining balance of $11.4 million to be paid in subsequent years. 

Additionally, NBP makes a verbalcommitment to cattle producers to purchase cattle about one week in advance ofdelivery of the live animals to its plants, with the actual price paid for thecattle determined after the cattle are delivered and inspected at the Company'sfacilities.   NBP's estimated cattle commitments as of August 27, 2005 were $61.0 million.

 **(5)      Interest RateExchange Agreement**

At August 25, 2001, the Company had an interestrate exchange agreement in place effectively fixing the interest rate onapproximately $27.5 million of variable rate debt to a fixed rate of 6.153%plus 1.25%. The Company entered into the interest rate exchange agreementconcurrent with its variable rate term debt agreement to reduce its exposure tochanges in interest rates. The Company initially designated the interest rateexchange agreement to be 100% effective in hedging its variable interest raterisk, as both the variable interest rate of the debt obligation and theinterest rate exchange agreement are based on LIBOR, reprice on the same dates,and had the same term. Effective August 25, 2001, the Company determined that it was no longer probable that it would continue to be exposed tointerest rate risk as a result of the intention of FNB to make a significantcash distribution to its partners. As a result of this determination, inaccordance with SFAS No. 133, the Company recognized the fair value on August 25, 2001 of the interest rate exchange agreement recorded in accumulated othercomprehensive income of $1.2 million as a charge to operations. The differencein interest payments as a result of the interest rate exchange agreement hasbeen recognized in interest rate exchange agreement expense in the amount of$422,771 in fiscal 2002.

On August 31, 2001, the Company received a $36.0million cash payment from FNB. The payment was comprised of a discretionarycash dividend of $32.3 million and the normal quarterly distribution of $3.7million. A portion of these proceeds were used to reduce the term loan by $20.0million on September 10, 2001. The Company also reduced the notionalamount of its interest rate exchange agreement by $17.5 million through September 26, 2001 at a cost of $1.0 million. Changes in the fair value of theremaining notional amount of the interest rate exchange agreement were chargedto operations in 2002 and amounted to $0.6 million.
 
F-26
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

 

On August 31, 2002, the notional amount of the interest rate exchange agreement was realigned withthe principal balance of the debt obligation, effectively fixing the interestrate on approximately $9.1 million of the variable rate debt to a fixed rate of6.153% plus the applicable rate margin (note 4). The rate margin was 2.50%at August 28, 2004 and 2.25% at August 30, 2003. As a result of thisdevelopment, the Company designated the revised interest rate exchangeagreement as a hedge of its forecasted variable rate interest payments anddetermined the hedge is and will continue to be highly effective in accordancewith SFAS No. 133.  In 2003, the Company recorded the change in the fair valueof its interest rate swap as an increase to equity through Accumulated OtherComprehensive Income (AOCI), rather than as other income.  In 2004, thebalance in the AOCI of $256,430 was adjusted to recognize the fair value of theinterest rate swap as other income and current year changes in the fair valueof the remaining notional amount of the exchange agreement were charged tooperations in accordance with SFAS No. 133.  Changes in the fair value werecharged to operations.  This interest rateexchange agreement expired on January 3, 2005 and at this time the Company doesnot anticipate entering into another interest rate exchange agreement.

**(6)       EmployeeCompensation and Benefits**

The cooperative had established a phantom stock optionplan which provided for the issuance of 20,000 phantom stock options with anexercise price of $55 per share, all of which had been issued and wereexercisable upon election. In connection with the Conversion, this phantomstock option plan was converted into a phantom unit plan in a similar fashionas the conversion of cooperative shares to LLC units.  The 20,000 phantom stockoptions converted into 20,000 phantom Class A units and 20,000 phantom Class Bunits with an exercise price of $55 per unit and $0 per unit, respectively. During this period when unitholders of USPB are required to transfer each ClassA unit with a corresponding Class B unit, a phantom Class A unit cannot beexercised without a corresponding Class B unit being exercised.  The Companyrecognized $0.3 million, $0.4 million, and $0.5 million in compensation expenseunder this plan for the years ended August 27, 2005, August 28, 2004, and August 30, 2003, respectively.

The Company maintains tax‐qualified employeesavings and retirement plans (the 401(k) Plans) covering its non-unionemployees. Pursuant to the 401(k) Plans, eligible employees may elect to reducetheir current compensation by up to the lesser of a percentage of their annualcompensation (prescribed by the 401(k) Plans) or the statutorily prescribedannual limit and have the amount of such reduction contributed to the 401(k)Plans. The 401(k) Plans provide for additional matching contributions by theCompany, based on specific terms contained in the 401(k) Plans. The trustee ofthe 401(k) Plans, at the direction of each participant, invests the assets ofthe 401(k) Plans in designated investment options. The 401(k) Plans areintended to qualify under Section 401 of the Internal Revenue Code.Expenses related to the 401(k) Plans totaled approximately $0.7 million, $0.5million and $0.1 million for the fiscal years ended August 27, 2005, August 28,2004, and August 30, 2003, respectively.   

NBP has agreedto make contributions to the United Food & Commercial Workers InternationalUnion-Industry Pension Fund (the UFCW Plan) for employees covered by acollective bargaining agreement as provided for in that agreement.  Expensesrelated to the UFCW Plan totaled approximately $0.6 million for fiscal yearended August 27, 2005, $0.6 million for fiscal year ended August 28, 2004, and $0.0 million for the 24 days ended August 30, 2003.

*PostretirementBenefits*- Certain former employees are covered by an unfundedpostretirement benefit plan that provides medical and dental benefits.  Costsassociated with this plan, which relate primarily to insurance premiums,benefit payments and changes in the accumulated benefit obligation were approximately$0.1 million, $1.9 million and $0.0 million for fiscal years 2005, 2004 and2003, respectively, and are included in cost of sales.  

The healthcare trend rate used to value the accumulated benefit obligation at August 27,2005 is a rate of 9% per year, declining by 1% per year to an ultimate rate of5% in 2009 and thereafter.  The discount rate used to value the accumulatedbenefit obligation is 6.25%.  The unfunded accumulated benefit obligation was $3.6million and $3.7 million at August 27, 2005 and August 28, 2004, respectively, and has been recorded as a liability in the financial statements.

F-27
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

**(7)       Other Income**

Other, net expenses were $2.4 million for FYE 2005compared to income $2.4 million in FYE 2004, a variance of $4.8 million.  Fiscalyear ended August 27, 2005 includes approximately $3.2 million in expense forthe write-off of unamortized loan costs associated with amending and restatingNBP's existing senior credit facility, offset by $0.5 million gain related tothe securities received through the demutualization of a company which heldannuities for NBP employees.  .  Fiscal year ended August 28, 2004 includes approximately $1.1 million gain NBP received through the demutualization of acompany which held annuities for NBP employees.  Other income, net for fiscal2003 includes fees associated with a bridge loan commitment obtained inconnection with the Acquisition of approximately $1.7 million.   

**(8)       Income Taxes **

Income tax expense (benefit) includes the followingcurrent and deferred provisions (dollars in thousands):
  **Year Ended**  **August 27,** **August 28,** **August 30,**  **2005** **2004** **2003** Current provision:            Federal$1,339 $868 $(69)    State 388  155  (12)    Foreign 12  20  (3)       Total current tax expense (benefit) 1,739  1,043  (84)           Deferred provision:            Federal 263  131  9     State 48  23  2     Foreign -  -  -        Total deferred tax expense 311  154  11        Total income tax expense (benefit)$2,050 $1,197 $(73) 
 

 

 

F-28
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

Income tax expense differed from the "expected" incometax (computed by applying the federal income tax rate of 35% to earnings beforeincome taxes) as follows (dollars in thousands):

 
 **Year Ended** **August 27,** **August 28,** **August 30,** **2005** **2004** **2003**Computed “expected” income tax expense$3,741  $7,103  $8,455 Patronage deduction -   (742)  (7,323)Passthrough income (2,076)  -   - Deferred patronage -   (1,874)  (603)Foreign income exclusion -   (162)  (551)State taxes, net of federal 288   (116)  (7)Foreign taxes -   -   (3)Recognition of initial net deferred tax asset -   -   (4,394)Adjustment of deferred taxes upon conversion to an LLC 1,375   -   - Change in valuation allowance upon conversion to an LLC (1,375)  (3,019)  4,394 Other 97   7   (41)   Total income tax expense (benefit)$2,050  $1,197  $(73)
The tax effects of temporary differencesthat give rise to significant portions of the deferred tax assets and deferredtax liabilities at August 27, 2005 and August 28, 2004 are presented below (dollars in thousands):
Deferred tax assets:
**2005** **2004**   Accounts receivable, due to allowance for doubtful accounts$172 $682   Expense accruals -  52   Investments -  39   Charitable contribution carryforward -  35   Self-insurance and workers compensation accruals 1,605  6,046      Total gross deferred tax assets before evaluation allowance 1,777  6,854Valuation allowance -  (1,375)      Total gross deferred tax assets 1,777  5,479Deferred tax liabilities:        Goodwill and other intangible assets -  642   Prepaid expenses -  204   Property, plant, and equipment, principally due to differences in depreciation 820  3,365         Total gross deferred tax liabilities 820  4,211         Net deferred tax assets$957 $1,268
 

Net deferred tax assets and liabilitiesat August 27, 2005 and August 28, 2004 are included in the consolidatedbalance sheet as follows (dollars in thousands):
 **2005** **2004**Other current assets$1,777 $2,435Other liabilities 820  1,167 $957 $1,268
 

F-29
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

Upon the acquisition of FNB in 2003, USPB establisheddeferred tax assets attributable to differences between financial statement andtax basis of assets and liabilities. Although such differences could have resultedin non-patronage income (expense) in future periods, management believed thatit was more likely than not that the results of future non-patronage operationswould not generate sufficient taxable income to realize the deferred taxassets. Accordingly, a valuation allowance of $1.4 million had been recorded at August 28, 2004.

During FYE 2005, USPB converted to a limited liabilitycompany (LLC) as discussed in Note 10.  Accordingly, the net deferred taxassets at August 28, 2004, together with the related valuation allowanceestablished under the cooperative structure as a result of the acquisition werereversed resulting in no net impact to fiscal year 2005 tax expense.  Theremaining net deferred tax assets and liabilities at August 27, 2005 result from National Carriers, Inc., a C Corp subsidiary of NBP.

Management believes that it is more likely than notthat the results of future operations will generate sufficient taxable incometo realize the remaining deferred tax assets associated with National Carriers,Inc., a taxable subsidiary.  Accordingly, no valuation allowance has been providedat August 27, 2005.  

Subchapter T ofthe Internal Revenue Code sets forth rules for the tax treatment ofcooperatives and applies both to cooperatives exempt from tax under Section 521of the Internal Revenue Code and to nonexempt cooperatives. Prior to August 29, 2004, the Company operated as an exempt cooperative. As an exempt cooperative,it was not taxed on amounts of patronage and nonpatronage source incomewithheld from its patrons in the form of qualified per-unit retains or onamounts distributed to its patrons in the form of Qualified Written Notices ofAllocation. Such amounts were instead taxed directly to the patrons. If theCompany was not entitled to be taxed under Subchapter T, its income would have beentaxed to the Company similar to a corporation and the patrons would have beentaxed when and if dividends are distributed. The characterization of income aspatronage or non-patronage source income is subject to challenge by theInternal Revenue Service. Non-patronage source income, if deemed more thanincidental, is subject to tax at the entity level instead of passed through tothe patrons in the form of a patronage dividend.  Notwithstanding theacquisition of a controlling interest in NBP on August 6, 2003, management continues to believe that its non-patronage source income, if any, is incidentaland would vigorously defend any such challenge by the Internal Revenue Service.However, USPB has recognized tax expense in the accompanying fiscal year 2004 consolidatedfinancial statements on a portion of its earnings for periods from August 6,2003 to August 29, 2004 (date of conversion to an LLC) to provide for suchpotential recharacterization of income from patronage-source to nonpatronagesource, which may be asserted by the Internal Revenue Service.

Effective August 29, 2004, the Company converted to an LLC, and under this structure,taxes are not provided at the Company level because the results of operationsof the LLC are included in the taxable income of the individual members. 

** (9)      Related PartyTransactions**

All of the Company's directorshold units of the Company.  By virtue of their ownership of the units, each ofthese individuals is obligated to deliver cattle to the Company. The amount andterms of the payments received by these individuals (or the entities theyrepresent) for the delivery of cattle are made on exactly the same basis asthose received by other unitholders of the Company for the delivery of theircattle.   

All sales of USPB are to NBP.  Duringthe fiscal year ended August 27, 2005 USPB and its owners and associatesprovided approximately 19% of NBP's cattle requirements. During the fiscalyears ended August 28, 2004, the 24 days ended August 30, 2003, and the 340 days ended August 6, 2003, USPB provided approximately 18%, 17%, and 22%,respectively, of NBP's cattle requirements.  The purchase price for the cattleis determined by NBP's pricing grid, which, under the terms of the agreementwith U.S. Premium Beef, must be competitive with the pricing grids of NBP'scompetitors and may not be less favorable than pricing grids offered to othersuppliers.
 
F-30
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

At August 27, 2005 and August 28, 2004, the Company had payables due to members for the purchase of cattle in the amount of $0.0million and $3.6 million, respectively. All cattle purchases during therespective periods were from members.  At August 27, 2005 and August 28, 2004, the Company had payables to members for the return of nondeliverypenalties in the amount of $1.1 million and $0.0 million, respectively. At August 27, 2005 and August 28, 2004, the Company had receivables from members for non-deliverypenalties in the amount of $0.5 million and $1.2 million, respectively.  

NBP entered into various transactionswith Beef Products, Inc., a company affiliated with NBPCo Holdings in theordinary course of business. Sales transactions were based upon prevailingmarket prices, and purchases were on terms no less favorable to NBP than wouldbe obtained from an unaffiliated party. Our aggregate sales of trim to BPI inFYE 2005, 2004 and the 24 days ending August 20, 2003 were approximately $61.2 million, $52.7 million, and $1.9 million, respectively.  Our aggregate purchasesof processed lean beef from BPI in FYE 2005, 2004 and the 24 days ending August 20,  2003 were approximately $19.1 million, $16.7 million, and $1.1 million,respectively.  At August 27, 2005 and August 28, 2004, the amounts due from Beef Products, Inc. were approximately $2.5 million and $2.9 million,respectively.  At August 27, 2005 and August 28, 2004, the amounts due to Beef Products, Inc. were approximately $0.4 million and $0.4 million, respectively.

In December 1998, the Predecessorentered into an aircraft lease agreement under which it leases a business jetaircraft from John R. Miller Enterprises, L.L.C., a Utah limited liabilitycompany of which John R. Miller, NBP's Chief Executive Officer, is the majoritymember. The term of the lease was for five years and could have been terminatedby either John R. Miller Enterprises, L.L.C. or NBP on 90 days' prior writtennotice. During the fiscal years ended August 27, 2005 and August 28, 2004 andthe 24 days ended August 30, 2003, NBP paid $0.07 million, $ 0.2 million and$0.02 million, respectively, to lease the aircraft and $0.03 million, $ 0.07 millionand $0.0 million, respectively, into an engine replacement reserve account. Thefunds in the reserve account are to be used to finance new engines installed onthe aircraft.   The lease expired on December 15, 2003.  NBP still uses this aircraft on an as-needed basis, with the payment terms, including the paymentsinto the engine replacement reserve account, essentially identical to the leaseagreement, except the monthly usage payment is calculated on the actual hoursused, not to exceed the monthly lease payment NBP paid while the lease wasactive.  There is currently no lease agreement in effect for this aircraft.

 InMarch 2001, the Predecessor entered into an aircraft lease agreement underwhich it leased a business jet aircraft from John R. Miller Enterprises, L.L.C.,a Utah limited liability company of which John R. Miller, NBP's Chief ExecutiveOfficer, is the majority member. The term of the lease automatically renewsevery 11 months unless either John R. Miller Enterprises, L.L.C. or NBP requeststermination within 90 days of the end of the lease term. During the fiscal yearended August 28, 2004 and  the 24 days ended August 30, 2003, NBP paid $0.4million and $0.04 million, respectively, to lease the aircraft and $0.05million and $0.01 million, respectively, into an engine replacement reserveaccount. The funds in the reserve account are to be used to finance new enginesinstalled on the aircraft.  This lease was terminated effective at the end ofMay 2004. 

 InOctober 2003, NBP entered into an aircraft lease agreement under which NBPleased a business jet aircraft from John R. Miller Enterprises III, L.L.C., a Utah limited liability company of which John R. Miller, NBP's Chief Executive Officer, isthe beneficial owner. The term of the lease is 81 months. The monthly leasepayments will range from $25,400 in the first year of the lease to $45,380 inthe fourth year of the lease and thereafter, and are adjusted quarterly basedon the change in the three month LIBOR interest rate.  During the fiscal yearsended August 27, 2005 and August 28, 2004, NBP paid $0.5 million and $0.3million, respectively, to lease the aircraft and $0.1 million and $0.08million, respectively, into an engine replacement reserve account.  The fundsin the reserve account are to be used to finance new engines installed on theaircraft. 
 
F-31
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

In December 2004, NBP entered into anaircraft lease agreement under which it leases a business jet aircraft fromJohn R. Miller Enterprises, L.L.C., a Utah limited liability company of whichJohn R. Miller, NBP's Chief Executive Officer, is the beneficial owner. Theterm of the lease is 72 months. This aircraft replaces an aircraft leased fromJohn R. Miller Enterprises, L.L.C. in March 2001.  The base monthly leasepayments will range from $35,400 in the first year of the lease to $45,380 inthe fourth year of the lease and thereafter, and are adjusted quarterly basedon the change in the three month LIBOR interest rate.  During the FYE August 27, 2005, NBP paid $0.5 million to lease the aircraft and $0.06 million into anengine replacement reserve account.  The funds in the reserve account are to beused to finance new engines installed on the aircraft.    

**(10)     Capital Sharesand Equities**

***LLC Structure***

On August 18, 2004, the shareholders of U.S. Premium Beef, Ltd. approved the merger of the cooperative intoa wholly-owned subsidiary, U.S. Premium Beef, Inc., a Delaware corporation. Themerger was effective on August 29, 2004. The Delaware corporation then, in astatutory conversion authorized under Delaware law, converted into a Delaware limited liability company. Under the new ownership structure, each share of commonstock of the cooperative was converted to one unit of Class A interest and oneunit of Class B interest.  Immediately following the conversion, therewere 691,845 units of Class A interests and 691,845 units of Class Binterests.  For a period to be determined by the board of directors, eachClass A unit will be linked to its corresponding Class B unit and each pair oflinked units must, if transferred, be transferred together.  Patronage refundsfor reinvestment in the cooperative were carried over at their face amount intothe LLC as patronage notices.  

*Class A Interests*.  Holders ofClass A interests are entitled to a pro rata share of 33% of the profits andlosses; to receive distributions of the Company's net cash flow when declaredby the board of directors; to participate in the distribution of the Company'sassets in accordance with their positive capital account balances if theCompany dissolves or liquidates after payment of the patronage notices, and, ifthe holder is a member, to vote on matters submitted to a vote of the Company'smembers.  Holders of Class A interests are committed under UniformDelivery and Marketing Agreements to deliver one head of cattle to the Companyannually for each unit held.  

*Class B Interests*.  Holders ofClass B interests are entitled to a pro rata share of 67% of the profits andlosses; to receive distributions of the Company's net cash flow when declaredby the board of directors; to participate in the distribution of the Company'sassets in accordance with their positive capital account balances if theCompany dissolves or liquidates after the payment of the patronage notices,and, if the holder is a member, to vote on matters submitted to a vote of theCompany's members.  Holders of Class B interests have no cattle deliverycommitment.

*Patronage Notices*.  Patronage notices do not constitute units or membership interests inthe Company, and holders will not be unitholders or members of the Company byvirtue of holding patronage notices. As was the case in the cooperative, patronagenotices will be paid by the Company at such time and in such amounts as may bedetermined by the board of directors in its sole and absolute discretion. Uponliquidation, holders of patronage notices will be paid before Holders of ClassA and Class B interests.  Patronage notices carry no other or additionalrights.

***Cooperative Structure***

Prior to the Conversion on August 29, 2004, the Company was organized as a cooperative.
 
F-32
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

 

***(a)       Common Stock***

The cooperative was authorized to issue 5,000,000 shares of commonstock, $0.01 par value. At August 28, 2004, there were 691,845 shares of common stock issued and outstanding. Ownership of common stock wasrestricted to agricultural producers of cattle, as defined, who resided in theterritory served by the cooperative, and who qualify for membership in the cooperative.Membership requirements included payments of membership and registration fees,execution of a Uniform Delivery and Marketing Agreement, and approval by theBoard of Directors.

Members holding at least 100 shares of common stock were entitled tovote; however, each voting member had only one vote regardless of the number ofshares of common stock held. No dividends were paid on the common stock.

***(b)       Preferred Stock***

The cooperative was authorized to issue 5,000,000 shares of preferredstock, $0.01 par value. At August 28, 2004, there were no shares of preferredstock issued or outstanding. Preferred stock had no voting rights. Dividends couldhave been paid as determined by the Board of Directors.

***(c)        Members'Contributed Capital***

Members' contributed capital represented amounts paid in excess of thepar value of common stock, and membership and registration fees collected frommembers.

***(d)       Nondelivery Fee***

A nondelivery fee represents amounts retained by the cooperative ($12per head) in relation to the nondelivery of cattle by members in accordancewith the Uniform Delivery and Marketing Agreement. A nondelivery fee was heldby the cooperative and then distributed back to the members upon approval ofthe Board of Directors. There were $1.3 million in outstanding nondelivery feesas of August 28, 2004.

***(e)       PatronageRefunds***

The cooperative paid patronage refunds with respect to cattle deliveredto the cooperative in the form of cash, stock, or written notices ofallocation, or any combination thereof based on each member's patronagebusiness with the cooperative. Patronage refunds for reinvestment representedthe portion of patronage refunds payable from current year earnings inequities.

For purposes of patronage refunds, current year earnings weredetermined in accordance with federal income tax regulations. For the yearsended August 28, 2004 and August 30, 2003, 45.12% and 40% of current yearearnings was distributed in cash and the remaining 54.88% and 60% weredistributed in equities, respectively.

The difference in net income for financial reporting purposes, determinedin accordance with accounting principles generally accepted in the United States of America, and current patronage refunds determined on a federal taxableincome basis was reflected as deferred patronage.
 
F-33
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

 

***(f)        UnallocatedEquity***

Unallocated equity represented equities not allocatedto members. Unallocated equity at August 28, 2004 was as follows (dollars in thousands):
 **2004**Deferred patronage$9,492Earned surplus 16,883 $26,375
Earned surplus consisted of foreign sales income not distributed, thenet loss incurred during the Company's development stage (prior to December 1, 1997) and corporate subsidiaries.                            

** (11)    Minority Interest**

At any timeafter certain dates, the earliest being July 31, 2008, the latest being July31, 2011, certain members of NBP management and/or NBPCo Holdings, LLC have theright to request that NBP repurchase their interests, the value of which is tobe determined by a mutually agreed appraisal process. If NBP is unable toeffect the repurchase within a specified time, the requesting member(s) havethe right to cause a sale process to commence.  NBP accounts for changes in theredemption value of these interests by accreting the change in value over theperiod from the date of issuance to the earliest redemption date of therespective interests using the interest method. At August 27, 2005, the minority interest in National Beef, included in the minority interest in theaccompanying Consolidated Balance Sheet, was revalued by an independentappraisal process, and the value was determined to be $64.2 million.  Under theinterest method, the carrying value of the minority interest in NBPapproximates the fair value of $64.2 million, as reflected in the accompanying ConsolidatedBalance Sheet as of August 27, 2005. 

** (12)    LegalProceedings**

*Schumacher v. Tyson Foods, et al. *On July 1, 2002, a lawsuit wasfiled against Farmland National Beef Packing Company, L.P. (FNB or thepredecessor to NBP), ConAgra Beef Company, Tyson Foods, Inc. and ExcelCorporation in the United States District Court for the District of SouthDakota seeking certification of a class of all persons who sold cattle to thedefendants for cash, or on a basis affected by the cash price for cattle, duringthe period from April 2, 2001 through May 11, 2001 and for some period up totwo weeks thereafter. The case was filed by three named plaintiffs on behalf ofa putative nationwide class that plaintiffs estimate is comprised of hundredsor thousands of members. The complaint alleges that the defendants, inviolation of the Packers and Stockyards Act of 1921, knowingly used, withoutcorrection or disclosure, incorrect and misleading boxed beef price informationgenerated by the USDA to purchase cattle offered for sale by the plaintiffs ata price substantially lower than was justified by the actual and correct priceof boxed beef during this period. Plaintiffs also seek recovery against alldefendants under a theory of unjust enrichment.  The case was certified as aclass-action matter in June of 2004. The plaintiffs claim damages against FNBin the amount of approximately $4.5 million plus prejudgment interest,attorneys' fees and court costs.  The claim will be reduced in an unknownamount by the number of class members who have opted out of the class.  Theopt-out deadline was October 31, 2005, but the number of opt outs will not beknown to the Company until plaintiffs file a report, which is due November 30, 2005.  Discovery has been completed.  Trial is set for April 3, 2006.  Management believes that FNB acted properly and lawfully in dealings with cattleproducers. Management is currently unable to evaluate the outcome of thismatter or to estimate the amount of potential loss, if any. In accordance withSFAS No. 5, *Accounting for Contingencies*, NBP has not established a lossaccrual associated with this claim. 
 
F-34
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

The Company is also a party to a number of otherlawsuits and claims arising out of the operation of its business. Managementbelieves the ultimate resolution of such matters should not have a materialadverse effect on the Company's financial condition, results of operations, orliquidity.

**(13)     Business Segments**

In June of 1997, the Financial AccountingStandards Board issued Statement of Financial Accounting Standards No. 131(SFAS No. 131), *Disclosures about Segments of an Enterprise and RelatedInformation*. SFAS No. 131 establishes annual and interim reportingstandards for operating segments of a company. It also requires entity‐widedisclosures about the products and services an entity provides, the materialcountries in which it holds assets and reports revenues, and its majorcustomers. USPB is not organized by multiple operating segments for the purposeof making operating decisions or assessing performance. Accordingly, USPBoperates in one operating segment and reports only certain enterprise‐widedisclosures.

***(a)       CustomerConcentration***

In the fiscal year ended August 27, 2005, one customer with its consolidated subsidiaries represented 7.0% of totalsales, with no other customer representing more than 3.7% of total sales.  Inthe fiscal year ended August 28, 2004, one customer with its consolidatedsubsidiaries represented 9.1% of total sales, with no other customerrepresenting more than 3.3% of total sales. In the fiscal year ended August 30, 2003, one customer with its consolidated subsidiaries represented approximately10.3% of total sales with no other single customer representing more than 2.9%of total sales.

*** (b)      Sales to ForeignCountries***

NBP had sales outside the United States of America in the fiscal years ended 2005 and 2004 and the 24 days ended August 30, 2003 of approximately $295.2 million, $395.5 million and $48.9 million,respectively. No single country accounted for more than 10% of total sales. Theamount of assets maintained outside the United States of America is notmaterial. 

** (14)    United States BSE Outbreak**

The closure of U.S. borders to the importation of Canadian feeder andfattened (ready for slaughter) animals, which occurred in May 2003 followingthe discovery of bovine spongiform encephalopathy (BSE) in Alberta that samemonth, tightened the U.S. cattle supply.  The closure of the U.S. border to Canadian livestock resulted in higher overall feeder and fed cattle pricesin the U.S., negatively impacting raw material prices.  Although the U.S. border opened to Canadian produced boxed beef in September 2003, the entire U.S. beef industry continued at a price disadvantage for both raw materials and boxed beefprices while the ban on importation of Canadian livestock was maintained.  Theban on the importation of Canadian cattle was in place from May 2003 to July2005.  

On December 23, 2003, it was announced by the United States Department ofAgriculture (USDA) that a single Holstein dairy cow was discovered in the stateof Washington to have tested positive for BSE.  The origin of the animal wassubsequently traced to a farm in Canada.  Shortly after the announcement,several countries, including Japan, representing a substantial share of NBP'sexport business, closed their borders to the importation of edible beefproducts from the United States.  Certain by-products have been classified asSpecified Risk Materials (SRMs), and have been banned from use in feedstocksand the human food chain. Some of these products previously enjoyed a market inforeign countries.  The closure of most foreign markets to U.S. beef followingthe discovery of this cow in Washington state, and lack of alternative U.S.markets for many products which previously were exported, negatively impactedthe revenue per head enjoyed by the U.S. packing industry.  
 
F-35
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

 

All of these challenges resulted in tremendous volatility in U.S. livestock market prices during FYE 2003, FYE 2004 and FYE 2005.  In FYE 2003, 2004 and2005, NBP's total export sales were approximately 17%, 10% and 7%,respectively, of total net sales.

On December 29, 2004, the USDA announced it had established conditionsunder which it would allow imports into the U.S. of live cattle under 30 monthsof age and certain other commodities from regions with effective BSE preventionand detection measures.  Prior to being able to import to the U.S., each country must undergo a thorough risk assessment to be recognized as a"minimal-risk region."  Canada was the first country recognized as aminimal-risk region and, as such, would have been eligible to export to theU.S. live cattle under 30 months of age (subject to certain restrictions), aswell as certain other animals and products.  The risk assessment conducted bythe USDA, as part of the rulemaking process to determine Canada's status as aminimal-risk region, included consideration of the possibility that Canadacould experience additional cases of BSE.  The final rule was published in the January 4, 2005 *Federal Register* and was to become effective March 7, 2005, but was delayed by litigation. 

On March 2, 2005, the U.S. District Court in Billings, Montana granted apreliminary injunction to delay the implementation of USDA's minimal-riskregions rule, temporarily blocking the opening of the Canadian border to theimportation of live cattle under 30 months of age into the U.S.  On March 17, 2005, the U.S. Department of Justice, on behalf of the USDA, filed arequest with the U.S. Court of Appeals for the Ninth Circuit requesting thatthe court overturn the decision issued by the U.S. District Court in Montana, which would re-establish trade with Canada for beef products and live cattle under30 months of age.  The National Meat Association along with the CanadianCattlemen's Association and the Alberta Beef Producers, who were all deniedleave to intervene in the trial court, also appealed seeking to overturn thepreliminary injunction.  In July 2005, the U.S. Court of Appeals for the NinthCircuit overturned the March 2005 preliminary injunction issued by the U.S.District Court in Billings, Montana, which had continued the closure of theCanadian border to imports of live cattle. The U.S. Court of Appeals rulingresulted in the immediate reopening of the Canadian border to live cattleimports.  A petition for rehearing of the Ninth Circuit's ruling to the entirepanel of Ninth Circuit judges was rejected by the Ninth Circuit on October 13, 2005.  Although the Court of Appeals action does not completely dispose of theaction in the lower court, the lower court may or may not enter final rulingsthat will permit continued trade in live animals and beef products between thetwo countries.

Announcements of inconclusive, preliminary test results for BSE can beexpected from time to time as a result of the sensitivity of the new screeningregime.  Since the USDA enhanced surveillance program for BSE began in 2004,approximately 510,000 cattle have been tested for BSE using a rapid test. Three of these animals tested inconclusive and were subsequently subjected toimmunohistchemistry, or IHC, testing.  The IHC is an internationally recognizedconfirmatory test for BSE.  All three inconclusive samples tested negativeusing IHC.  The three samples were then tested by a second internationallyrecognized confirmatory test, referred to as the Western Blot test.  Of thethree samples, two were negative but the third came back reactive.  Because ofthe conflicting results, the samples from the animal that tested reactive weresent to Weybridge, England for further testing and the results of that testingwere confirmed on June 24, 2005 as positive for BSE.  In a USDA statementissued June 29, 2005, the cow was identified as born and raised in a herd in Texas and was approximately 12 years old.  In the USDA statement, USDA Chief VeterinarianJohn Clifford stated that the USDA believes, "it was most likely infected byconsuming feed prior to the implementation of the ruminant-to-ruminant feed banin 1997," and he emphasized "that this animal did not enter the human foodchain."  Although the Secretary of the USDA has stated that there is no risk toanimal or human health related to this case, the impact on the market createdby this or other future tests is not possible to predict.  Prior to this secondconfirmed case of BSE in the U.S., many countries had reopened their borders toallow the import of U.S. beef; however, this second confirmed case of BSE hasled to uncertainty as to whether or when additional markets may reopen, andwhether or when existing open markets may close.

F-36
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

On October 31, 2005, a Japanese food safety panel responsible forrecommendations concerning the importation of beef concluded that the risk of BSEin cattle 20 months of age and younger from the United States was very low. The recommendation sets in motion a series of actions, including a month-longperiod for public comments, which could lead to the resumption of U.S. beef imports potentially before the end of the calendar year.  There can be noassurance that this action will result in the resumption of trade, or if so,when this will occur.

The Company cannot presently assess the full economic impact of theconsequences of BSE on the U.S. beef packing industry or on its operations. The Company's revenues and net income may be materially adversely affected inthe event existing import restrictions continue indefinitely, additionalcountries announce similar restrictions, additional regulatory restrictions areput into effect or domestic consumer demand for beef declines substantially.

**(15)     QuarterlyResults (Unaudited)**

Selected quarterly financial data for2005 and 2004 is set forth below (dollars in thousands):

 
        **Basic** **Diluted**    **Operating** **Net** **Earnings Per** **Earnings Per**  **Net sales** **Income** **Income** **Linked Unit** **Linked Unit** 2005 quarterly results:                  November 27, 2004$1,050,720 $1,860 $(2,982) $(4.31) $(4.23)    February 26, 2005 1,026,727  (2,842)  (7,453) $(10.77) $(10.57)    May 28, 2005 1,126,574  28,604  11,097 $16.04 $15.74    August 27, 2005 1,134,899  22,933  7,977 $11.53 $11.31  $4,338,920 $50,555 $8,639       2004 quarterly results:                  November 29, 2003$1,058,306 $25,213 $9,607          February 28, 2004 (1) 932,036  6,447  225          May 29, 2004 1,018,740  16,126  3,928          August 28, 2004 1,084,399  16,030  5,336        $4,093,481 $63,816 $19,096      
(1)         As more fully described in Note 14, NBPrecorded charges to earnings totaling approximately $18.8 million due to themarket impacts of the closure of international borders as a result of the BSEdiscovery in late December.

Prior to the conversion from a cooperative to an LLC,per share data had been omitted because, under the cooperative structure,earnings of the Company were distributed as patronage dividends to members andassociate members, those who leased delivery rights from shareholders, based onthe level of business conducted with the Company as opposed to a commonshareholder's proportionate share of underlying equity in the Company.  Underthe LLC structure, earnings of the Company are to be distributed to unitholdersbased on their proportionate share of underlying equity, and, as a result,earnings per unit (EPU) has been presented in the table above.
 
 

F-37
 
U.S.PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to Consolidated Financial StatementsAugust 27, 2005, August 28, 2004 and August 30, 2003

**(16)     SubsequentEvents**

On September 23, 2005, the Company made a cash distribution to each of its members in the amount of$1.73 for the linked combination of each Class A unit and Class B unit held bysuch members.  The distribution was approved by the Company's Board ofDirectors on September 16, 2005 and was paid to all members of record as of June 25, 2005.   

 

 

 

 

 

 

 

 

F-38
 
**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**INDEX TO CONSOLIDATED FINANCIALSTATEMENTS**

**Page**
      
**Audited Consolidated  Financial Statements:**

** **

Report of Independent Registered Public  Accounting Firm

     F-40
   
Consolidated Balance Sheets at August 27, 2005 and August 28, 2004

     F-41
   
Consolidated Statements of Operations for the fiscal  years ended August 27, 2005, August 28, 2004, the 24 days ended August 30, 2003, and the 340 days ended August 6, 2003

     F-42
   
Consolidated Statements of Cash Flows for the fiscal  years ended August 27, 2005, August 28, 2004, the 24 days ended August 30, 2003, and the 340 days ended August 6, 2003

     F-43
   
Consolidated Statements of Partners' and Members'  Capital for the fiscal years ended August 27, 2005, August 28, 2004, the 24 days ended August 30, 2003, and the 340 days ended August 6, 2003

     F-44
     
Consolidated Statements of Comprehensive Income for  the fiscal years ended August 27, 2005, August 28, 2004, the 24 days ended August 30, 2003, and the 340 days ended August 6, 2003

     F-45
   
Notes to Consolidated Financial Statements

     F-46
   
 

 

F-39
 
 

**Report ofIndependent Registered Public Accounting Firm**

The Board of Managers and StockholdersNational Beef Packing Company, LLC:

We have audited the accompanying consolidated balance sheetsof National Beef Packing Company, LLC and subsidiaries (Successor) as of August27, 2005 and August 28, 2004, and the related consolidated statements ofoperations, members' capital, comprehensive income, and cash flows for thefiscal years ended August 27, 2005 and August 28, 2004 and for the 24 daysended August 30, 2003 (Successor periods), and the consolidated statements ofoperations, partners' capital, comprehensive income, and cash flows of FarmlandNational Beef Packing Company, LP and subsidiaries (Predecessor) for the 340days ended August 6, 2003 (Predecessor period).  These consolidated financialstatements are the responsibility of the Companies' management.  Ourresponsibility is to express an opinion on these consolidated financialstatements based on our audits.

We conducted our audits in accordance with the standards ofthe Public Company Accounting Oversight Board (United States).  Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.  An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements.  An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation.  We believethat our audits provide a reasonable basis for our opinion.

In our opinion, the aforementioned Successor consolidatedfinancial statements present fairly, in all material respects, the financialposition of National Beef Packing Company, LLC and subsidiaries as of August27, 2005 and August 28, 2004, and the results of their operations and cashflows for the Successor periods, in conformity with U.S. generally acceptedaccounting principles.  Further, in our opinion, the aforementioned Predecessorconsolidated financial statements present fairly, in all material respects, theresults of operations and cash flows of Farmland National Beef Packing Company,LP and subsidiaries for the Predecessor period, in conformity with U.S. generally accepted accounting principles. 

As discussed in Note 3 to the consolidated financialstatements, effective August 7, 2003, U.S. Premium Beef, Ltd. acquired acontrolling interest in Farmland National Beef Packing Company, LP andsubsidiaries in a business combination accounted for as a purchase.  As aresult of the transaction, the consolidated financial information for theperiods after the acquisition (Successor periods) are presented on a differentcost basis than that for the period before the acquisition (Predecessor period)and, therefore, are not comparable.

KPMG LLPKansas City, MissouriNovember 4, 2005

 

 

F-40
  
**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

**Consolidated Balance Sheets(in thousands)**

** **

** August 27, 2005**

** **

**August 28, 2004**

**Assets**

Current  assets:

Cash  and cash equivalents

$       	

33,872

$     

27,998

Accounts  receivable, less allowance for returns and	         	             doubtful accounts of $3,903 and	                       $5,614, respectively

170,851

177,614

Due  from affiliates

2,475

2,873

Other  receivables

3,385

3,288

Inventories

85,426

85,962

Other  current assets

9,920

10,782

Total  current assets

305,929

308,517

 Property, plant and  equipment, at cost:

Land  and improvements

13,462

7,817

Buildings  and improvements

63,994

60,601

Machinery  and equipment

157,092

139,761

Trailers  and automotive equipment

1,419

2,148

Furniture  and fixtures

3,373

2,913

Construction  in progress

18,912

29,398

258,252

242,638

 Less  accumulated depreciation

43,114

20,633

 Net  property, plant, and equipment

215,138

222,005

Goodwill

78,858

78,858

Other  intangibles, net of accumulated amortization of	               $3,335 and $1,722, respectively

28,426

30,039

Other  assets

6,326

7,102

$      

634,677

$      

646,521

**Liabilities and Members' Capital**

Current  liabilities:

Current  installments of long-term debt

$          	

-

$

9,453

Cattle  purchases payable

54,394

49,569

Accounts  payable - trade

42,465

39,207

Due  to affiliates

399

416

Accrued  compensation and benefits

18,638

17,555

Accrued  insurance

15,528

13,903

Other  accrued expenses and liabilities

8,234

6,860

Distributions  payable

4,621

5,541

         Total current liabilities

144,279

142,504

Long-term  debt, excluding current installments

308,850

325,634

Other  liabilities

4,738

5,237

Total  liabilities

457,867

473,375

Minority  interest

753

632

Capital  subject to redemption

64,218

62,476

Members'  capital:

Members'  capital

111,804

110,025

Accumulated  other comprehensive income 

35

13

Total  Members' capital

111,839

110,038

Commitments  and contingencies

-

-

$       

634,677

$       	

646,521

See accompanying notes to  consolidated financial statements. 

** **

F-41
****
**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

**Consolidated Statements of Operations(in thousands)**

** **

**Successor Entity**

**Predecessor Entity**

**National Beef		Packing 	Company, LLC 	and Subsidiaries**

**National Beef		Packing 	Company, LLC 	and Subsidiaries**

**National Beef		Packing Company, LLC and 	Subsidiaries**

**Farmland National Beef Packing Company, L.P. and  	Subsidiaries**

**52 weeks ended**

**52 weeks ended**

**24 days ended**

**340 days ended**

**August 27,		2005**

**August 28, 2004**

**August 30, 2003**

**August 6, 2003**

Net  sales

$

4,338,920

$

4,093,481

$

282,832

$

3,378,623

Costs  and expenses:

Cost  of sales

4,229,903

3,973,636

264,776

3,250,960

Selling,  general, and administrative

30,466

29,616

2,098

24,356

Depreciation  and amortization

24,449

21,170

2,055

18,368

      Total costs and expenses

4,284,818

4,024,422

268,929

3,293,684

Operating  income

54,102

69,059

13,903

84,939

Other  income (expense):

Interest  income

380

549

41

511

Interest  expense

(28,552

)

(25,909

)

(1,690

)

(5,560

)

Minority  owners' interest in net	     income of  Kansas City Steak, LLC

(160

)

(313

)

(2

)

(121

)

Equity  in loss of aLF Ventures, LLC

(577

)

(837

)

(41

)

(1,343

)

Other,  net

(2,555

)

2,192

(1,714

)

332

Income  before taxes

22,638

44,741

10,497

78,758

Income tax (expense) benefit  

(1,859

)

(729

)

74

(297

)
              Net  income
$20,779   
$44,012      
$10,571      
$78,461        
See accompanying notes to consolidated financial  statements.

** **

 

 

F-42
****
**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIESConsolidated Statements of Cash Flows(in thousands)**

**Successor Entity**

**Predecessor Entity**

**National Beef Packing Company, LLC and Subsidiaries**

**Farmland National		Beef Packing Company, L.P. and Subsidiaries**

**52 weeks ended**

**52 weeks ended**

**24 days ended**

**340 days ended**

**August 27, 2005**

**August 28, 2004**

**August 30, 2003**

**August 6, 2003**

Cash  flows from operating activities:

Net income

$        	

20,779

$

44,012

$

10,571

$

78,461

Adjustments to reconcile net income to net cash  provided by operating activities:

Depreciation and amortization

24,449

21,170

2,055

18,368

Loss (gain) on disposal and impairment of property,  plant, and equipment

703

42

598

(10

)

Minority interest

121

213

2

 

162

Write-off of debt issuance costs

2,552

-

-

-

Change in assets and liabilities:

	 

Accounts receivable

6,763

(21,756

)

(8,535

)

(30,015

)

Due from affiliates

398

(2,141

)

2,005

308

Other receivables

(97

)

855

1,126

(3,173

)

Inventories

536

(8,375

)

(3,781

)

(9,551

)

Other assets

739

21,369

(323

)

(2,087

)

Accounts payable

2,724

1,801

632

10,551

Due to affiliates

(17

)

33

(2,954

)

(2,386

)

Accrued compensation and benefits

1,083

(10,803

)

(2,388

)

8,634

Accrued insurance

1,625

(2,736

)

4,468

2,827

Accrued expenses and liabilities

875

809

7,361

(2,917

)

Cattle purchases payable

(459

)

1,191

3,953

(5,763

)

Net cash provided by operating activities

62,774

45,684

14,790

63,409

Cash flows from investing activities:

Capital expenditures, including interest capitalized

(18,200

)

(32,471

)

(1,698

)

(31,996

)

Acquisition of interest in Predecessor Entity

-

-

(236,821

)

         -

Acquisition of National Carriers, Inc.

-

-

-

(5,025

)

Proceeds from sale of property, plant, and equipment

1,528

1,301

226

304

Net cash used in investing activities

(16,672

)

(31,170

)

(238,293

)

(36,717

)

Cash flows from financing activities:

Net (payments) receipts under revolving credit lines

(27,059

)

29,750

12,448

(204

)

Repayments of term note payable

(2,344

)

(6,250

)

-

-

Borrowings under term note payable

3,594

-

-

-

Proceeds from issuance of term note

-

-

21,875

-

Proceeds from issuance of senior notes

-

-

160,000

-

Cash paid for financing costs

(1,653

)

-

(10,283

)

-

Change in overdraft balances

5,818

443

9,501

(1,330

)

Principal payments of debt

-

-

-

(9,375

)

(Repayments) acquisition of other indebtedness

(428

)

(501

)

(73

)

1,001

Member contributions

-

-

45,964

-

Member distributions

(18,178

)

(41,276

)

-

-

Partnership distributions

-

-

-

(32,158

)

Net cash (used in) provided by financing activities

(40,250

)

(17,834

)

239,432

(42,066

)

Effect of exchange rate changes on cash

22

14

(1

)

4

Net increase (decrease) in cash

5,874

(3,306

)

15,928

(15,370

)

Cash and cash equivalents at beginning of period

27,998

31,304

15,376

30,746

Cash and cash equivalents at end of period

$

33,872

$

27,998

$

31,304

$

15,376

Supplemental Disclosures:

Cash paid during the period for interest

$

25,193

$

23,839

$

316

$

4,957

Cash paid during the period for taxes

$

2,354

$

633

$

203

$

67

See accompanying notes to consolidated financial statements.

F-43
****
**NATIONALBEEF PACKING COMPANY, LLCAND SUBSIDIARIESConsolidated Statements ofPartners' and Members' Capital(in thousands)**
   
**Predecessor Entity**
   
**Farmland National Beef Packing Company, L.P. and  Subsidiaries**
   
**General partners**

** **

**Limited partners**
   
**Total**
   
Balance at August 31, 2002

 $

4,107 

 $

132,809 
   
 $

136,916 
   
Allocation of net income

2,354 

76,107 
   
78,461 
   
Distributions

(1,117)

(36,138)
   
(37,255)
   
Foreign currency translation  adjustments

                  -  

4 
   
4 
   
Balance at August 6, 2003

 $

5,344 

 $

172,782 
   
 $

178,126 
  
 

**Successor Entity**

**National Beef Packing Company, LLC and Subsidiaries**

**Capital Subject to Redemption**

**Class A**

**Class B-1**

**Class B-2	and C(a)**

**Total**

Balance  at August 7, 2003

$

-

$

-

$

-

$

-

Issuance  of Class A and Class B-1 Units for cash

33,068

7,896

-

40,964

Contribution  of earned deferred compensation for Class	     B-2 Units and rights to Class A and Class C Units

9,086

-

914

10,000

Allocation  of net income

-

4,437

514

4,951

Class  A 5% Priority Distributions

(109

)

-

-

(109

)

Class  B Distributions

-

(1,956

)

(227

)

(2,183

)

Balance  at August 30, 2003

$

42,045

$

10,377

$

1,201

$

53,623

Allocation  of net income

1,649

15,924

1,844

19,417

Class  A 5% Priority Distributions

(1,540

)

-

-

(1,540

)

Class  B Distributions

-

(7,893

)

(892

)

(8,785

)

Appraisal  valuation adjustment

-

(214

)

(25

)

(239

)

Balance  at August 28, 2004

$

42,154

$

18,194

$

2,128

$

62,476

Allocation  of net income

1,649

6,171

715

8,535

Class  A 5% Priority Distributions

(1,777

)

-

-

(1,777

)

Class  B Distributions

-

(4,495

)

(521

)

(5,016

)

Appraisal  valuation adjustment

-

-

-

-

Balance  at August 27, 2005

$

42,026

$

19,870

$

2,322

$

64,218

 

**Members' Capital**

**Class A**

**Class B-1**

**Accumulated	Other	Comprehensive	Income**

**Total**

Balance  at August 7, 2003

$

-

$

-

$

-

$

-

Issuance  of Class A and Class B-1 Units in exchange for	     U.S. Premium's interest in FNBPC

86,447

5,000

-

91,447

Issuance  of Class B-1 Units for cash

-

5,000

-

5,000

Allocation  of net income

-

5,620

-

5,620

Class  A 5% Priority Distributions

(292

)

-

-

(292

)

Class  B Distributions

-

(2,478

)

-

(2,478

)

Foreign  currency translation adjustments

-

-

(1

)

(1

)

Balance  at August 30, 2003

$

86,155

$

13,142

$

(1

)

$

99,296

Allocation  of net income

4,427

20,168

-

24,595

Class  A 5% Priority Distributions

(4,135

)

-

-

(4,135

)

Class  B Distributions

-

(9,971

)

-

(9,971

)

Appraisal  valuation adjustment

-

239

-

239

Foreign  currency translation adjustments

-

-

14

14

Balance  at August 28, 2004

$

86,447

$

23,578

$

13

$

110,038

Allocation  of net income

4,427

7,817

-

12,244

Class  A 5% Priority Distributions

(4,771

)

-

-

(4,771

)

Class  B Distributions

-

(5,694

)

-

(5,694

)

Appraisal  valuation adjustment

-

-

-

-

Foreign  currency translation adjustments

-

-

22

22

Balance  at August 27, 2005

$

86,103

$

25,701

$

35

$

111,839

___         (a)      Class B-2 and Class C collectively have equal value andrights as Class B-1          See accompanyingnotes to consolidated financial statements.

F-44

**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

**Consolidated Statements of Comprehensive Income**

**(in thousands)**

** **

** **

** **

** **

** **

** **

** **

**Successor Entity**

** **

**Successor Entity**

** **

**Successor Entity**

** **

**Predecessor Entity**

**National Beef Packing Company, LLC and Subsidiaries **

** **

**National Beef Packing Company, LLC and Subsidiaries **

** **

**National Beef Packing Company, LLC and Subsidiaries **

** **

** Farmland National Beef Packing Company, L.P. and  Subsidiaries **

**52 weeks ended**

** **

**52 weeks ended**

** **

**24 days ended**

** **

**340 days ended**

**August 27, 2005**

** **

**August 28, 2004**

** **

**August 30, 2003**

** **

**August 6, 2003**

Net  income

$

20,779

$

44,012

$

10,571

$

78,461

Other  comprehensive income(loss):

Foreign  currency translation adjustments

                       22

                       14

                   (1)

                   4 

Comprehensive  income

$

20,801

$

44,026

$

10,570

$

78,465
 
See accompanying notes to consolidated financialstatements

 

 

 

 

 

F-45

 

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1.  DESCRIPTION OF BUSINESS AND THE TRANSACTION**

National Beef Packing Company,LLC (NBP or Successor), is a Delaware limited liability company which is thesuccessor entity to the former Farmland National Beef Packing Company, L.P.(FNBPC or Predecessor) as a result of the transaction described below, whichoccurred on August 6, 2003. Since the assets and liabilities of NBP arepresented on a new basis of accounting, the financial information for NBP isnot comparable to the financial information of FNBPC prior to August 7, 2003.

NBP sells its meat products tocustomers in the foodservice, international, further processor and retaildistribution channels. NBP also produces and sells by-products that are derivedfrom its meat processing operations and variety meats to customers in variousindustries. 

NBP operates beef slaughter andfabrication facilities in Liberal and Dodge City, Kansas, case-ready beef andpork processing facilities in Hummels Wharf, Pennsylvania and Moultrie, Georgia and holds a 75% interest in Kansas City Steak Company, LLC, a portion control processingfacility in Kansas City, Kansas. A wholly-owned subsidiary, National Carriers,Inc., (National Carriers) located in Liberal, Kansas, provides truckingservices to NBP and third parties. 

Approximately 2,700 employees atthe Liberal, Kansas facility are represented under a collective bargainingagreement scheduled to expire December 16, 2007. 

*The Transaction*-On June12, 2003, U.S. Premium Beef, Ltd. (U.S. Premium Beef) entered into an agreementwith Farmland Industries, Inc., (Farmland), to acquire all of the partnershipinterests in FNBPC held by Farmland, which approximated 71.2%. U.S. PremiumBeef, which held the remaining interest in FNBPC, formed NB Acquisition, LLC(NB Acquisition) to consummate the acquisition. U.S. Premium Beef, NBPCoHoldings, LLC (NBPCo Holdings), and certain members of management purchasedequity in NB Acquisition for $46.0 million in cash. NB Acquisition used aportion of these funds to purchase all of the membership interest of anaffiliate of Farmland that held Farmland's general partnership interest inFNBPC, giving NB Acquisition voting control of FNBPC. Immediately thereafter,to finance the purchase of Farmland's remaining interest, FNBPC issued $160.0million of 10 1/2% Senior Notes due 2011 (the Senior Notes) and amended itsexisting credit facility. A portion of the proceeds of the Senior Notesoffering and borrowings under the amended credit facility were transferred toNB Acquisition. Subsequently, NB Acquisition merged into FNBPC, and convertedinto a limited liability company, NBP, under Delaware law. These transactionsclosed on August 6, 2003. NBP continues to hold all of the same assets FNBPCheld before the consummation of the transactions, including equity insubsidiaries, except that, concurrent with the closing of the Transaction, Farmlandretained a 49% interest in a NBP subsidiary National Beef aLF, LLC, which holdsa 47.5% interest in aLF Ventures, LLC. After the Transaction, NBP holds a 24.2%interest in aLF Ventures, LLC through its 51% interest retained in NationalBeef aLF, LLC.  From July 2006 to July 2008, Farmland has a put right of thisinterest in National Beef aLF, LLC to NBP at its then fair market value. If theinterest in National Beef aLF, LLC is not repurchased, NBP is required to putthe entire interest up for sale. Due to uncertainties in aLF Ventures, LLC'sability to generate future revenues, no amounts were allocated to the putoption in the consolidated financial statements. 

The following table sets forththe approximate sources and uses of funds (in millions) in connection with theTransaction as it occurred on August 6, 2003. 

**     Sources**

  

     Available  cash

$

3.2

     Revolving  credit facility(1)

16.0

     Term loan

125.0

     Senior  Notes

160.0

     NBPCo  Holdings equity(2)

35.4

     U.S.  Premium Beef equity(3)

96.4

     Management  equity(4)

15.6

     Total

$

451.6

 

 

F-46

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

 

 

**Uses**

  

Purchase of Farmland's interest

$

     232.0

Refinancing of existing credit facility

103.1

U. S. Premium Beef rollover equity

91.4

Membership interests issued as deferred compensation(4)

10.0

Transaction costs(5)

15.1

          Total

$

451.6

  

(1)

NBP had total availability, including the amount presented,  of $140.0 million under the amended revolving credit facility at August 6,  2003. Actual borrowings under the amended revolving credit facility at the  closing of the Transaction were $16.0 million. 

(2)

Represents cash equity from NBPCo Holdings.	

(3)

Includes $5.0 million in cash and the predecessor basis of  the 28.8% equity interest in FNBPC held by U.S. Premium Beef prior to the  Transaction. 

(4)

Includes $5.6 million in cash and $10.0 million of cash  incentive compensation earned as of closing that was issued as compensation  on a deferred basis in the form of additional membership interests in NBP.	

(5)

Includes commitment, placement, financial advisory and  other transaction fees, and legal, accounting and other professional fees.

The total purchase price(including expenses and other consideration) has been allocated to the netassets based on their estimated fair values at the date of acquisition to theextent of the approximately 71.2% change in ownership as of the date ofclosing. The Transaction is within the scope of Statement of FinancialAccounting Standards (SFAS) No. 141, *Business Combinations,* whichresulted in a new basis of accounting in accordance with the Emerging IssuesTask Force (EITF) 88-16, *Basis in Leveraged Buyout Transactions.* Inaccordance with that guidance, the interest of U.S. Premium Beef, a minorityowner of the Predecessor, was carried over at its predecessor basis because achange in control has occurred in which U.S. Premium Beef obtained unilateralcontrol of NBP. The excess of the purchase price over U.S. Premium Beef'spredecessor basis of net assets acquired was recognized as a reduction inmembers' capital. 

U.S. Premium Beef, NBPCo Holdingsand management each hold Class A and Class B interests in NBP. In addition,members of management will be issued a fixed number of additional Class A andClass C interests in NBP in lieu of cash payments owed under existingemployment arrangements. 

*Class A Interests*. Class Ainterests are non-voting and are entitled to a priority distribution of 5% peryear on the face amount of the Class A interests, payable not later than 30days after the close of NBP's tax year quarters in cash to the extent permittedby NBP's senior lenders and the indenture governing the Senior Notes. The faceamount of the Class A interests, together with all unpaid prioritydistributions, will be distributed on a priority basis upon liquidation. 

*Class B Interests*. Class B interests,together with the Class C interests described below, are entitled to receiveall assets available for distribution upon liquidation after payment of theClass A face amount together with all unpaid Class A priority distributions.Class B interests will also be allocated all items of income and loss earned orincurred by NBP after allocation of income attributable to the Class A prioritydistribution. In addition, the holders of Class B interests are entitled toreceive quarterly distributions to make tax payments, which consist of 48% ofNBP's remaining estimated taxable net income after the Class A prioritydistributions are made. Certain of the Class B interests (B-2 interests) issuedto management are in the form of "profits interests" issued in exchange forservices previously rendered. The B-2 interests have rights in liquidation onlyto the extent of their profits interest. The voting power of the members(voting either directly or by action of the board of managers designated by themembers) is determined based upon the number of Class B interests held. 

 

F-47

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Class C Interests.*Rightsto Class C interests are held only by owners of Class B-2 interests. Class B-2and Class C interests collectively, have equal value and rights as Class B-1interests. The face amount of the Class C interests will be distributed out ofthe assets available for distribution upon liquidation on a parity basis withthe Class B interests after payment of the Class A face amount together withall unpaid Class A priority distributions. 

U.S. Premium Beef holdsapproximately 53.2% of the Class B interests, as well as Class A interests withan aggregate face amount of approximately $88.8 million, NBPCo Holdings ownsapproximately 20.2% of the Class B interests, as well as Class A interestswith an aggregate face amount of approximately $31.6 million, and members ofmanagement own approximately 26.6% of the Class B interests, as well as Class Ainterests with an aggregate face amount of approximately $1.5 million. After aspecified period following completion of the Transaction, certain members ofmanagement will be issued a fixed number of additional Class A interests withan aggregate face amount of approximately $9.1 million and Class C interestswith an aggregate face amount of approximately $0.9 million in lieu of cashpayments owed under existing employment arrangements pursuant to deferredcompensation agreements entered into in connection with the Transaction. Theseamounts were previously expensed as compensation expense in the Predecessorfinancial statements. 

Capital subject to redemptionrepresents Class A, B and C interests held by management and NBPCo Holdings,which include repurchase rights of the holders (see Note 9). 

Prior to the current ownership, NBPwas organized as a limited partnership of which NBPCo., L.L.C. and USPBCo.,L.L.C. were the general partners and Farmland and U. S. Premium Beef were thelimited partners. Farmland was the ultimate parent company of NBPCo., L.L.C.and U.S. Premium Beef was the ultimate parent company of USPBCo., L.L.C. 

Prior to the close of theTransaction on August 6, 2003 as well as on August 31, 2002, the partners andtheir ownership interests of the Partnership were as follows: 

**Partner Name**

  

**Type**

  

**Ownership interest**

NBPCo., L.L.C.

  

General

  

        2.5034

%

USPBCo., L.L.C.

  

General

  

0.4966

Farmland

  

Limited

  

68.7100

U.S. Premium Beef

  

Limited

  

28.2900
                              
100.0000%
**NOTE 2.  BASIS OF PRESENTATION AND ACCOUNTING POLICIES**

***Basis of Presentation***

The aggregate purchase price forthe Transaction described in Note 1 above was $236.8 million (includingapproximately $4.8 million of transaction costs), of which $190.8 million wasfunded through various incremental debt instruments, and the remainder fundedthrough contributed or retained equity. The Transaction and the financialstatements of the Acquired Interest provided herein have been accounted for asa purchase in accordance with SFAS No. 141 and EITF 88-16. 

Accounting principles generallyaccepted in the United States of America require NBP's operating results priorto the Transaction to be reported as the results of the Predecessor for periodsprior to August 7, 2003 in the historical financial statements. NBP's operatingresults subsequent to the Transaction are presented as the Successor's resultsin the historical financial statements and include the fiscal years ended August27, 2005, August 28, 2004 and the 24 days ended August 30, 2003. Since theassets and liabilities of NBP are presented on a new basis of accounting, thefinancial information for NBP is not comparable to the financial information ofFNBPC prior to August 7, 2003. Certain prior year amounts have beenreclassified in order to conform to the current year presentation. 

F-48

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Consolidation***

The consolidated financialstatements include the accounts of NBP and its direct and indirectsubsidiaries. All significant intercompany accounts and transactions have beeneliminated in consolidation. 

***Fiscal Year***

NBP's fiscal year consists of 52or 53 weeks, ending on the last Saturday in August. Fiscal 2005, 2004 and 2003were 52 week fiscal years. All references to years in these notes toconsolidated financial statements represent fiscal years unless otherwisenoted. 

***Use of Estimates***

The consolidated financialstatements have been prepared in conformity with accounting principlesgenerally accepted in the United States of America, using management's bestestimates and judgments where appropriate. These estimates and judgments affectthe reported amounts of assets and liabilities and disclosure of the contingentassets and liabilities at the date of the financial statements. The estimatesand judgments will also affect the reported amounts for certain revenues andexpenses during the reporting period. Actual results could differ materiallyfrom these estimates and judgments. 

***Cash and Cash Equivalents***

NBP considers all highly liquidinvestments with an original maturity of three months or less to be cashequivalents. As of August 27, 2005, NBP had cash and cash equivalents of $33.9million, including $3.9 million restricted to IRB approved expenditures.  As ofAugust 28, 2004, NBP had cash and cash equivalents of $28.0 million, including$8.4 million restricted to IRB approved expenditures.

***Allowance for Returns andDoubtful Accounts***

The allowance for returns anddoubtful accounts is NBP's best estimate of the amount of probable returns andcredit losses in NBP's existing accounts receivable. NBP determines theseallowances based on historical experience and management's judgments. Specificaccounts are reviewed individually for collectibility. 

***Inventories***

Inventories consist primarily ofmeat products and supplies. Product inventories are stated at the lower of costor market. The cost of inventories of the beef-packing operation, except supplyinventories, is determined using the first-in, first-out (FIFO) method ormarket. The cost of all other inventories is determined using FIFO, specific,or average cost methods. The components of inventories are as follows (amountsin thousands): 

 

F-49

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

 

  

  

  

**August 27, 2005**

**August 28, 2004**

Product inventories:

  

  

       Dressed and boxed  meat products

  

$

66,993

  

$

67,801

       Beef by-products

  

8,476

  

9,158

       Supplies

  

9,957

  

9,003

  

$

85,426

  

$

85,962

  

  

***Property, plant andequipment***

Property, plant and equipmentpurchased as part of the Transaction were recorded at estimated fair value,based on independent appraisals, to the extent of the approximately 71.2%change in ownership. Purchases of property, plant and equipment subsequent tothe Transaction date, August 6, 2003, are recorded at cost. Accumulateddepreciation as of the Transaction date was reclassified as a reduction ofproperty, plant and equipment. Property, plant, and equipment are depreciatedprincipally on a straight-line basis over the estimated useful life (based uponoriginal acquisition date) of the individual asset by major asset class asfollows: 
      
Buildings  and improvements

  

15 to 25 years
   
Machinery and equipment

  

  2 to 8 years
   
Trailers and automotive equipment

  

  2 to 4 years
   
Furniture and fixtures

  

  3 to 5 years

Upon disposition of these assets,any resulting gain or loss is included in operations. Major repairs andmaintenance costs that extend the useful life of the related assets arecapitalized. Normal repairs and maintenance costs are charged to operations.

NBP capitalizes the cost ofinterest on borrowed funds which are used to finance the construction ofcertain property, plant, and equipment. Such capitalized interest costs arecharged to the property, plant, and equipment accounts and are amortizedthrough depreciation charges over the estimated useful lives of the assets. Interestcapitalized was $0.0 million, $0.1 million, $0.02 million, and $0.2 million forthe fiscal years ended August 27, 2005 and August 28, 2004, the 24 days endedAugust 30, 2003, and the 340 days ended August 6, 2003, respectively. 

NBP reviews its long-lived assetsfor impairment whenever events or changes in circumstances indicate that thecarrying amount of an asset may not be recoverable. Recoverability of assetsheld and used is assessed based on estimated undiscounted future cash flows.Impairment, if any, is recognized based on fair value of the assets. Assets tobe disposed of are reported at the lower of cost or fair value less costs tosell, and are no longer depreciated. 

***Debt Issuance Costs***

Costs related to the issuance ofdebt are capitalized and amortized to interest expense using the straight linemethod, which approximates the effective interest method, over the period thedebt is outstanding. In fiscal year 2003, NBP capitalized $10.3 million in debtissuance costs associated with the credit facility and with the issuance ofSenior Notes. Effective December 30, 2004, NBP amended and restated its existingsenior credit facility with a consortium of banks, additionally capitalizing$1.7 million in debt issuance costs.  The amendment and restatement is withinthe scope of the Emerging Issues Task Force (EITF) 96-19, *Debtor'sAccounting for a Modification or Exchange of Debt Instruments* as well asEITF 98-14, *Debtor's Accounting for Changes in Line-of-Credit orRevolving-Debt Arrangements*.  In accordance with that guidance, a portionof the unamortized loan costs of approximately $2.6 million from the previouscredit facility as well as additional finance and legal charges associated withthe new amended and restated credit facility of approximately $0.6 million wereexpensed during the fiscal year ended August 27, 2005.  The remaining costs arebeing amortized over the life of the related debt instruments.  Amortization of$1.2 million, $1.7 million and $0.1 million was charged to interest expenseduring the fiscal years ended August 27, 2005 and August 28, 2004 and the 24days ended August 30, 2003, respectively, related to these costs.  During the340 days ended August 6, 2003, the Predecessor expensed the unamortized portionof $1.6 million of debt issuance costs associated with the credit facilityprior to its amendment.  The Company had unamortized costs of $7.2 million and$8.7 million for the fiscal years ended August 27, 2005 and August 28, 2004,respectively.

 

F-50

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Goodwill and Other IntangibleAssets***

SFAS No. 142, *Goodwill and Other IntangibleAssets,* provides that goodwill and other intangible assets with indefinitelives shall not be amortized but shall be tested for impairment on an annualbasis. Identifiable intangible assets with definite lives are amortized overtheir estimated useful lives.  NBP evaluates goodwill and other indefinite lifeintangible assets annually for impairment and, if there is impairment, thecarrying amount of goodwill and other intangible assets is written down to theimplied fair value.  For goodwill, this test involves comparing the fair valueof each reporting unit to the unit's book value to determine if any impairmentexists.  NBP calculates the fair value of each reporting unit using estimatesof future cash flows.  In connection with the Transaction, NBP recognizedexcess cost over the fair value of the net tangible and identifiable intangibleassets acquired, and recorded this excess as goodwill, which has been allocatedto the Core Beef segment.  See Note 3 for a discussion of the purchaseaccounting associated with the Transaction and the determination of goodwill. In accordance with SFAS 142, goodwill was tested for impairment and, as of August27, 2005, management determined there was no impairment.

Goodwill prior to the Transactionrelated to the initial formation of FNBPC and subsequent acquisition of the Dodge City,   Kansas facility and represented the excess of the cost over the fair value ofthe net assets acquired. Goodwill had been amortized on a straight-line basisover twenty-five years. 

In connection with theTransaction, intangible assets were identified and valued by an independentthird party. As a result of this valuation, to the extent of the approximately71.2% change of ownership, Trademarks were recorded at $20.4 million andCustomer Relationships were recorded at $11.3 million. Trademarks are notscheduled for amortization due to their expected indefinite useful life. NBPwill amortize the recorded fair value of the Customer Relationships over 7years on a straight-line basis. For the fiscal years ended August 27, 2005 and August28, 2004 and for the 24 days ended August 30, 2003, NBP recognized $1.6 million,$1.5 million and $0.2 million, respectively, of amortization expense. Thefollowing table reflects the anticipated amortization expense relative tointangible assets recognized in NBP's balance sheet as of August 27, 2005, foreach of the next five years and thereafter: 

  

**(Dollars in thousands)**

Estimated amortization  expense for fiscal years ended:

  

2006

  

$

1,613

2007

  

$

1,613

2008  (1)

  

$

1,644

2009

  

$

1,613

2010

  

$

1,505

Thereafter

  

$

-  

______

(1)

FYE 2008 consists of 53 weeks. 

***Overdraft Balances***

The majority of NBP's bankaccounts are zero balance accounts where cash needs are funded as checks arepresented for payment by the holder. Checks issued pending clearance thatresult in overdraft balances for accounting purposes are included in the tradeaccounts payable and cattle purchases payable balances, and the change in therelated balances are reflected in financing activities on NBP's statement ofcash flows. Overdraft balances of $62.1 million and $56.3 million were includedin trade accounts and cattle purchases payables at August 27, 2005 and August28, 2004, respectively. 

F-51

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Self-insurance***

NBP is self-insured for certainlosses relating to worker's compensation, auto liability, general liability andemployee medical and dental benefits. NBP has purchased stop-loss coverage inorder to limit its exposure to any significant levels of claims. Self-insuredlosses are accrued based upon NBP's estimates of the aggregate uninsured claimsincurred using actuarial assumptions accepted in the insurance industry andNBP's historical experience rates. 

***Environmental Expendituresand Remediation Liabilities***

Environmental expenditures thatrelate to current or future operations and which improve operationalcapabilities are capitalized at time of expenditure. Expenditures that relate toan existing or prior condition caused by past operations, and which do notcontribute to current or future revenue generation, are expensed. Liabilitiesare recorded when environmental assessments and/or remedial efforts areprobable and the costs can be reasonably estimated. 

***Foreign CurrencyTranslation***

NBP has representative officeslocated in Tokyo, Japan and Seoul, South Korea. The primary activity of theseoffices is to assist customers with product and order related issues. Forforeign operations, the local currency is the functional currency. Translationinto U.S. dollars is performed for assets and liabilities at the exchange ratesas of the balance sheet date. Income and expense accounts are translated ataverage exchange rates for the period. Adjustments resulting from thetranslation are reflected as a separate component of other comprehensiveincome. 

***Income Taxes***

The provision for income taxes iscomputed on a separate legal entity basis. Accordingly, the separate legalentity of NBP does not provide for income taxes as the results of operationsare included in the taxable income of the individual members. However, to theextent that subsidiary entities provide for income taxes, deferred tax assetsand liabilities are recognized based on the differences between the financialstatement and tax bases of assets and liabilities at each balance sheet dateusing enacted tax rates expected to be in effect in the year the differencesare expected to reverse, and are thus included in the consolidated financialstatements of NBP. 

***Fair Value of FinancialInstruments***

The carrying amounts of NBP'sfinancial instruments, including cash and cash equivalents, short-term tradereceivables and payables, approximate their fair values due to the short-termnature of the instruments. At August 27, 2005, the Senior Notes had a carryingvalue of $160.0 million and an approximate fair value of $166.7 million, basedon a calculation using a weekly High Yield Market report prepared by DeutscheBank.  The carrying value of other debt also approximates its fair value atAugust 27, 2005, as substantially all such debt has a variable interest rate.

***Revenue Recognition***

NBP recognizes revenue from thesale of products at the time of shipment, when NBP determines the risk of losshas transferred, collection of the relevant receivable is probable, persuasiveevidence of an arrangement exists, and the price is fixed or determinable.National Carriers, Inc. recognizes revenue when shipments are complete. 

***Shipping Costs***

Pass-through finished goodsdelivery costs reimbursed by customers are reported in sales, while anoffsetting expense is included in cost of sales. 

F-52

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Advertising and PromotionExpenses***

Advertising and promotionexpenses are charged to operations in the period incurred and were $2.5 millionin FYE 2005, $1.7 million in FYE 2004, $0.09 million in the 24 day period endedAugust 30, 2003, and $1.3 million in the 340 day period ended August 6, 2003.

***Comprehensive Income***

Comprehensive income consists ofnet income and foreign currency translation adjustments. NBP deems its foreigninvestments to be permanent in nature and does not provide for taxes oncurrency translation adjustments arising from converting the investment in aforeign currency to U.S. dollars. 

***Derivatives and HedgingActivities***

NBP uses futures contracts inorder to reduce exposure associated with entering into firm commitments topurchase live cattle at a price determined prior to the delivery of the cattleas well as firm commitments to sell certain beef at a sales price determinedprior to shipment. In accordance with SFAS No. 133, *Accounting forDerivative Instruments and Hedging Activities*, as amended, NBP accounts forthese futures contracts and their related firm commitments at fair value. Mostfirm commitments are treated as "normal purchases and sales" and are not markedto market.  SFAS No. 133 imposes extensive record-keeping requirements in orderto treat a derivative financial instrument as a hedge for accounting purposes.Derivatives qualify for treatment as hedges when there is a high correlationbetween the change in fair value of the instrument and the related change invalue of the underlying commitment. For derivatives that qualify as effectivehedges, the change in fair value has no net impact on net income until thehedged transaction affects net income. For derivatives that are not designatedas hedging instruments, or for the ineffective portion of a hedging instrument,the change in fair value does affect current period net earnings. Whilemanagement believes each of these instruments help mitigate various marketrisks, they are not designated and accounted for as hedges under SFAS No. 133as a result of the extensive record-keeping requirements of this statement.Accordingly, the gains and losses associated with the change in fair value ofthe instrument and the offsetting gains and losses associated with changes in themarket value of certain of the firm commitments related to the futurescontracts are recorded to income and expense in the period of change. 

The fair value of derivativeassets is recognized within other current assets, while the fair value ofderivative liabilities is recognized within accrued liabilities. The net fairvalue of derivatives recognized within other current assets and other accruedliabilities at August 27, 2005 and August 28, 2004 is not significant. 

**NOTE 3.  PURCHASE ACCOUNTING **

The Transaction described in Note1 has been accounted for using the purchase method of accounting as of August6, 2003. The allocation of the purchase price to the net assets acquired hasbeen performed in accordance with SFAS 141, giving consideration to EITF 88-16and resulted in goodwill of approximately $78.9 million. Previously unamortizedgoodwill of $12.2 million was eliminated in the Transaction. The beginningequity of NBP reflects the predecessor basis of U.S. Premium Beef's interest inFNBPC plus the cash contributed by U.S. Premium Beef and the new members, andthe contribution of earned deferred compensation by certain members ofmanagement. The calculation of the allocated purchase price for theTransaction, as presented below, reflects the net book value of the business asof August 6, 2003. In addition, the allocation of the purchase price reflectsthe fair value of the individual assets acquired and liabilities assumed to theextent of the approximate 71.2% change in ownership. 

The purchase of the controllinginterest was consummated by U.S. Premium Beef following the bankruptcy ofFarmland in order to maintain its relationship with NBP. 

 

F-53

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The following details theadjustment to historical net book values based on the fair values of acquiredassets and liabilities included in the Transaction. The adjustment tohistorical net book values of acquired assets and liabilities of the AcquiredInterest is calculated as follows: 

**(in thousands)**

Total  purchase price and other consideration for Acquired Interest

  

$

232,000

Fees and expenses

  

4,821

  

  

$

236,821

Net book value of Acquired  Interest on August 6, 2003

  

(114,635

  

Excess purchase price to be  allocated

  

$

122,186

  

Amount allocated to:

  

Property, plant &  equipment

  

51,738

Trademarks

  

20,438

Customer relationships

  

11,323

Goodwill

  

38,687

  

Excess purchase price  allocated

  

$

122,186

  

U.S. Premium Beef basis in  FNBPC

  

91,447

Net book value of U.S.  Premium Beef interest on August 6, 2003

  

(51,276

  

Excess of U.S. Premium Beef basis  over net book value at  August 6, 2003 	   attributable to goodwill

  

40,171

  

Goodwill reconciliation:

  

Allocated to goodwill from  Acquired Interest

  

38,687

Excess U.S. Premium Beef  basis attributable to goodwill

  

40,171

  

Total goodwill

  

$

78,858

  
   
Prior to the Transaction, U.S.Premium Beef held an approximate 28.8% ownership interest in FNBPC that wasacquired in two transactions with Farmland, the former parent of NBP. Inconnection with the acquisition of this interest, U.S. Premium Beef paid anamount in excess of the proportionate underlying book value of the net assets acquiredthat amounted to $40.2 million. Because U.S. Premium Beef held a minorityinterest in FNBC, this excess investment, which was attributed to goodwill, wasnot recorded in the FNBPC financial statements. As a result, U.S. PremiumBeef's predecessor basis in FNBPC was $40.2 million higher than itsproportionate 28.8% of the underlying net book value of FNBPC. 

As a result of the Transactionand in accordance with EITF 88-16, U.S. Premium Beef carried over itspredecessor basis, resulting in the recognition of the $40.2 million ofgoodwill in the Successor Entity's financial statements. 

Pro forma revenue would beunchanged for the periods presented. Pro forma net income (unaudited) as if theTransaction occurred on the first day of the period presented below is asfollows: 

** **

**(in thousands)**

340 day period ended August  6, 2003

  

$

51,442

** **

** **

 F-54

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

** **

**NOTE 4.  LONG-TERM DEBT AND LOAN AGREEMENTS**

NBP entered into various debtagreements in order to finance the Transaction described in Note 1 and provideliquidity to operate the business on a going forward basis. As of August 27, 2005and August 28, 2004, debt consisted of the following:

**August 27, 2005**

  

**August 28,	2004**

**(in thousands)**

Short-term debt:

  

     Revolving credit  facility (a)

$

-  

    $

-  

     Current portion of  long-term debt (term loan) (a)

-  

  

9,375

     Current portion of  capital lease obligations (d)

-  

  

78

-  

  

9,453

Long-term debt:

  

     Term loan facility, net  of current portion (a)

120,000

  

109,375

     Senior notes (b)

160,000

  

160,000

     Industrial Development  Revenue Bonds (c)

13,850

  

13,850

     Revolving credit  facility (a)

15,000

  

42,059

     Long-term capital lease  obligations & other (d)

-  

  

350 

308,850

  

325,634

Total debt

$

308,850

      $

335,087

 

(a)*      Senior Credit Facilities-* Effective December  30, 2004, NBP amended and restated its existing senior credit facility with a  consortium of banks which allow borrowings from time to time under a $120.0  million term loan that matures in December 2014 and a $140.0 million revolving  line of credit loan that is subject to certain borrowing base limitations and  that matures in December 2009.  The amended and restated credit facility is  secured by a first priority lien on substantially all of the Company's  assets.  At the Company's election, interest may be computed at the Base Rate  (as defined in the credit agreement) plus an applicable margin or a LIBOR  rate plus an applicable margin.  As of August 27, 2005, the interest rate for  the term loan was equal to LIBOR plus 275 basis points (6.1%) and the weighted  average interest rate for the revolving loan was equal to LIBOR plus 250  basis points (6.0%).  The amended and restated credit facility also contains  a provision for a conversion to more favorable interest rates and more  restrictive financial covenants on the earlier of (a) June 1, 2006 or  (b) NBP's election (the Conversion Date).  After the Conversion Date the  interest rate for the term loan and revolving loan will be determined by  reference to a matrix of rates keyed to NBP's funded debt to EBITDA ratio.  A  fee of 0.5% per annum is payable quarterly on the daily average unused amount  of the revolving credit facility, and this fee also will vary after the  Conversion Date depending on the Company's funded debt to EBITDA ratio.

*Availability.*Availability under the revolving credit facility is subject to a borrowingbase. The borrowing base is based on NBP's and certain of its domestic whollyowned subsidiaries' assets. The borrowing base consists of percentages of NBP'seligible accounts receivable, inventory and supplies less certain eligibilityand availability reserves. NBP is required to report the borrowing base on a monthlybasis and, as a result, the availability under the senior credit facilities issubject to change. At August 27, 2005, NBP's amended and restated creditfacility consisted of a $120.0 million term loan, of which $120.0 million wasoutstanding, and a $140.0 million revolving line of credit loan, which hadoutstanding borrowings of $15.0 million, outstanding letters of credit of $44.0million and available borrowings of $74.1 million, based on the mostrestrictive financial covenant calculation. 

*Repayment and Prepayment.*The principal amount outstanding under the term loan is due and payable in equalquarterly installments of $6.0 million on the last business day of each March, June,September and December commencing on March 31, 2010 and ending on December 29, 2014. Prepayment is allowed at any time. 

 

 

F-55

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The revolving credit facilityterminates and all amounts outstanding thereunder must be repaid in full on thefifth anniversary of the closing date. 

*Affirmative Covenants.*NBP's senior credit facilities contain customary affirmative covenants,including providing financial statements, insurance, conduct of business,maintenance of properties, etc. 

*Negative Covenants.* NBP'ssenior credit facilities contain customary negative covenants, including covenantsrestricting the Company's ability to incur additional indebtedness, sell ordispose of assets, make capital expenditures, pay certain dividends and prepayor amend certain indebtedness, among other restrictions.

*Financial Covenants.*Thesefacilities also impose certain financial covenants.  From December 30, 2004until the Conversion Date, NBP is required to  (i) have as of the endof each fiscal quarter a minimum four-quarter rolling EBITDA of $50.0 millionand (ii) maintain at all times a minimum Borrowing Base Availability (asdefined in the credit agreement) of at least $25.0 million.  As defined in theamended credit facility, EBITDA contains specified adjustments.  On August 27,2005, NBP was in compliance with all financial covenants under its seniorcredit facilities.

After the Conversion Date, NBPwill be subject to the following financial covenants:

(i)        A maximum Funded Debtto EBITDA Ratio, as follows: 
   Funded Debt      
to EBITDA

Fiscal Quarter Ended
   
4.50 to 1.00

August 31, 2005 through May 31, 2006
   
4.25 to 1.00

August 31, 2006 through November 30, 2006
   
4.00 to 1.00

February 28, 2007 through May 31, 2007
   
3.75 to 1.00

August 31, 2007 and thereafter

(ii)       A maximum SeniorSecured Funded Debt to EBITDA Ratio, as follows:
   Senior Secured      Funded Debt      
to EBITDA Ratio

Fiscal Quarter Ended 
   
3.25 to 1.00

August 31, 2005 through May 31, 2006
   
2.75 to 1.00

August 31, 2006 and thereafter

(iii)      A minimum four-quarterrolling EBITDA as follows:
   
EBITDA

Fiscal Quarter Ended
   
$72,000,000

August 31, 2005 through May 31, 2006
   
$75,000,000

August 31, 2006 through May 31, 2007
   
$85,000,000

August 31, 2007 and thereafter
   
(iv)      A minimum four-quarterrolling Debt Service Coverage Ratio as follows:
   
Debt Service Coverage Ratio

Fiscal Quarter Ended
   
2.00 to 1.00

August 31, 2005 and thereafter

Effective July 7, 2005, the amendedand restated senior credit facility was amended to allow NBP to purchase up to$30 million in cumulative purchase price (including any premium) of its 10‐1/2%Senior Notes due August 1, 2011 so long as NBP is not in default under thefacility at the time of the purchase or as a result of the purchase.

F-56

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Effective October 14, 2005, theamended senior credit facility was further amended to reflect changes in thecovenant limiting NBP's net capital expenditures.  There were no changes to theremaining covenants in the credit facility.  NBP's net capital expenditures arenow limited to amounts in each period as follows:  $64 million in the combinedperiod of FYE 2005 and FYE 2006, $35 million in FYE 2007 and $40 million in FYE2008 and fiscal years thereafter.  Prior to this amendment, FYE 2005 and FYE2006 were separately limited to $32 million each year.

(b)

*Senior Notes*-In connection with the Transaction, on  August 6, 2003, NBP issued $160.0 million of its 10 1/2% Senior Notes due 2011. The Senior Notes will mature on  August 1, 2011. Interest on the Senior Notes is payable semi-annually in  arrears on August 1 and February 1 of each year, and commenced on February 1,  2004. The Senior Notes are senior unsecured obligations, ranking equal in  right of payment with all other senior unsecured obligations of NBP. With  limited exceptions, the Senior Notes are not redeemable before August 1,  2007. During the 12 month period commencing August 1, 2007 and August 1,  2008, the Senior Notes may be redeemed at 105.250% and 102.625%,  respectively, of the principal amount. Thereafter, the Senior Notes may be  redeemed at 100% of face value. The Indenture governing the Senior Notes  contains certain covenants that restrict NBP's ability to: 
-  incur additional indebtedness;  
-  make restricted payments; 
-  sell assets; 
-  direct NBP's restricted subsidiaries to pay dividends or  make other payments; 
-  create liens; 
-  merge or consolidate with another entity; and	
-  enter into transactions with affiliates.	

As of August 27, 2005, NBP wasin compliance with all covenants associated with the Senior Notes. 

NB Finance Corp., a wholly-ownedfinance subsidiary of NBP, is a co-issuer on a joint and several basis with NBPof the Senior Notes. NB Finance Corp. has nominal assets and conducts nobusiness or operations. There are no significant restrictions on the ability ofsubsidiaries to transfer funds to NBP. 

(c)

*Industrial Development Revenue Bonds*- In  conjunction with the amendment and restatement of the Company's credit  facility, effective December 30, 2004, NBP entered into a transaction  with the City of Dodge City, Kansas, in order to provide property tax savings  to NBP.  Under the transaction, the City purchased NBP's Dodge City facility  (the "facility") by issuing $102.3 million in bonds due in December 2014, and  leased the facility to NBP for an identical term under a capital lease.  The  City's bonds were purchased by the Company using proceeds of its term loan  under the amended and restated credit facility.  Because the City has  assigned the lease to the bond trustee for the benefit of NBP as the sole  bondholder, NBP, in effect, controls enforcement of the lease against  itself.  As a result of the capital lease treatment, the facility will remain  a component of property, plant and equipment in NBP's consolidated balance  sheet.  As a result of the legal right of offset, the capital lease  obligation and the corresponding bond investments have been eliminated in  consolidation.  The transaction provides NBP with property tax exemptions for  the leased facility, which, after netting payments to the City and local  school district under payment in lieu of tax agreements, result in an annual  property tax savings of approximately 25%.  The facility remains subject to a  prior mortgage and security interest in favor of the lenders under the senior  credit facility.  Additional revenue bonds may be issued to cover the costs  of certain improvements to this facility.  The total amount of revenue bonds  authorized for issuance is $120.0 million.

 

F-57

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

 

In 1999 and 2000 the cities of Liberal and Dodge City,     Kansas issued an aggregate of $13.8 million of industrial development  revenue bonds on the Predecessor's behalf to fund the purchase of equipment  and construction improvements at NBP's facilities in those cities. These  bonds were issued in four series of $1.0 million, $1.0 million, $6.0 million  and $5.8 million and are due on February 1, 2029, March 1, 2027, March 1,  2015 and October 1, 2009. These bonds were assumed by NBP in connection with  the Transaction. Pursuant to a lease agreement, NBP leases the facilities,  equipment and improvements from the respective cities and makes lease payments  in the amount of principal and interest due on the bonds. After giving effect  to the Transaction, each series of bonds are backed by a letter of credit  under NBP's senior credit facilities. 

The 1999 and 2000 issued bondsare variable rate demand obligations that bear interest at a rate that isadjusted weekly, which rate will not exceed 10% per annum. The per annuminterest rate for each series of bonds was 2.3% in 2005, 1.3% in 2004 and 1.5%in 2003. NBP has the option to redeem a series of bonds at any time for anamount equal to the principal plus accrued interest to the date of suchredemption. The holders of the bonds have the option to tender the bonds uponseven days' notice for an amount equal to par plus accrued interest. To theextent that the remarketing agent for the bonds is unable to resell any of thebonds that are tendered, the remarketing agent will use the letter of credit tofund such tender. 

An event of default would occurunder the lease agreements if NBP fails to make any lease payment or otherrequired payment, if a petition of bankruptcy is filed by or against NBP, if areceiver is appointed on NBP's behalf, or if NBP fails to observe and performany covenant, condition, obligation or agreement under the lease agreements.

(d)

*Capital and Operating Leases*-NBP leases a variety  of buildings and equipment, as well as tractors and trailers subsequent to  the acquisition of National Carriers in March 2003, under operating lease  agreements that expire in various years. Future minimum lease payments  required at August 27, 2005, under capital leases and non-cancelable  operating leases with terms exceeding one year, are as follows: 

 

 
**Capital  Lease  Obligations**

**Non-cancelable  Operating Lease  Obligations**

**(in thousands)**

 
For the fiscal years ended  August

 
2006

$

-  

$

8,514

 
2007

-  

7,067

 
2008

-  

6,115

 
2009

-  
   
4,109

 
2010

-  
   
3,650

 
Thereafter

-  
   
5,507

    
 
Net minimum lease payments

-  
   
$

34,962

 
Less: Amount representing  interest

-  
   
 
Present value of net minimum  lease payments

$

-  
   
EffectiveAugust 31, 2005, NBP acquired a material handling system for its Liberal, Kansas, beef facility under a capital lease obligation for five years.  Future minimumlease payments are $1.0 million each year for the fiscal years ended 2006, 2007,2008, 2009 and 2010, respectively.

Rent expenseassociated with operating leases was $10.6 million, $8.5 million, $0.4 million,and $5.0 million, for fiscal years 2005, 2004, the 24 days ended August 30,2003, and the 340 days ended August 6, 2003, respectively. NBP expects that itwill renew lease agreements or enter into new leases as the existing leasesexpire. 

 

F-58

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Utilities Commitment*-Notincluded in the table above are the obligations under an agreement for a utilitiescommitment at the Dodge City, Kansas, facility.  In order to meet thecontinuing growth needs for water and wastewater services of the Dodge Cityfacility, effective December 30, 2004, NBP entered into a services agreementfor the city to provide NBP water and wastewater services at a price and termsufficient to permit the city to recoup up to one-half of the capital cost ofproviding fresh water service from a parcel of land owned by NBP 11 miles southof Dodge City, and of providing upgraded city wastewater facilities to helpservice the needs of the Dodge City facility.  The city sold twenty yearmunicipal bonds to pay for these improvements and NBP has committed to make aseries of service charge payments totaling $19.3 million over a 20 year period,of which $0.8 million was paid in fiscal year 2005.  Payments under thecommitment will be $1.2 million in fiscal year 2006, $1.4 million in fiscalyear 2007, $1.4 million in fiscal year 2008, $1.4 million in fiscal year 2009, and$1.7 million in fiscal year 2010, with the remaining balance of $11.4 millionto be paid in subsequent years.  

Additionally, NBP makes a verbalcommitment to cattle producers to purchase cattle about one week in advance ofdelivery of the live animals to its plants, with the actual price paid for thecattle determined after the cattle are delivered and inspected at the Company'sfacilities.   NBP's estimated cattle commitments as of August 27, 2005 were $61.0million.

The aggregate minimum principalmaturities of the long-term debt for each of the five fiscal years andthereafter following August 27, 2005, are as follows: 

  

**Minimum Principal	Maturities**

**(in thousands)**

Fiscal Year ending August:

  

2006

  

$

-  

2007

  

-  

2008

  

-  

2009

  

-  

2010

  

32,850

Thereafter

  

276,000

Total minimum principal  maturities

  

$

308,850

As of August 27, 2005, NBP hadapproximately $148.8 million of secured debt outstanding, approximately $44.0million of outstanding letters of credit and approximately $74.1 million ofavailability, based on the most restrictive financial covenant ratiocalculation, under its revolving credit facility. 

**NOTE 5.  RETIREMENT PLANS**

NBP, and prior to the Transaction, thePredecessor, maintain a tax-qualified employee savings and retirement plan (together,the 401(k) Plan) covering NBP's non-union employees. Pursuant to the 401(k)Plan, eligible employees may elect to reduce their current compensation by upto the lesser of 75% of their annual compensation or the statutorily prescribedannual limit and have the amount of such reduction contributed to the 401(k)Plan. The 401(k) Plan provides for additional matching contributions by NBP,based on specific terms contained in the 401(k) Plan. The trustee of the 401(k)Plan, at the direction of each participant, invests the assets of the 401(k)Plan in designated investment options. The 401(k) Plan is intended to qualifyunder Section 401 of the Internal Revenue Code. Expenses related to the 401(k) Plantotaled approximately $0.7 million for the fiscal year ended August 27, 2005, $0.5million for fiscal year ended August 28, 2004, $0.0 million for the 24 daysended August 30, 2003 and $0.5 million for the 340 days ended August 6, 2003. 

NBP has agreed to makecontributions to the United Food & Commercial Workers InternationalUnion-Industry Pension Fund (the UFCW Plan) for employees covered by acollective bargaining agreement as provided for in that agreement.  Expensesrelated to the UFCW Plan totaled approximately $0.6 million for fiscal yearended August 27, 2005, $0.6 million for fiscal year ended August 28, 2004, $0.0million for the 24 days ended August 30, 2003 and $0.5 million for the 340 daysended August 6, 2003. 

F-59

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Postretirement Benefits*- Certainformer employees are covered by an unfunded postretirement benefit plan thatprovides medical and dental benefits.  Costs associated with this plan, whichrelate primarily to insurance premiums, benefit payments and changes in theaccumulated benefit obligation were approximately $0.1 million, $1.9 million,$0.0 million, and $0.2 million for fiscal years 2005 and 2004, the 24 daysended August 30, 2003, and the 340 days ended August 6, 2003, respectively, andare included in cost of sales.  

The health care trend rate usedto value the accumulated benefit obligation at August 27, 2005 is a rate of 9%per year, declining by 1% per year to an ultimate rate of 5% in 2009 and thereafter. The discount rate used to value the accumulated benefit obligation is 6.25%. The unfunded accumulated benefit obligation was $3.6 million and $3.7 millionat August 27, 2005 and August 28, 2004, respectively, and has been recorded asa liability in the financial statements.

**NOTE 6.  OTHER INCOME**

*Investments*-Other incomeincludes income and expense related to NBP's investment in aLF Ventures, LLC.aLF Ventures, LLC was formed on August 2, 2001 and since that date FNBPC andNBP have accounted for this investment using the equity method. Losses for thefiscal years 2005 and 2004 and for the 24 days ended August 30, 2003 were $0.6million, $0.8 million and $0.0 million, respectively. A loss of $1.3 million wasrecorded for the 340 days ended August 6, 2003. 

*Miscellaneous*- Other, net expenses were$2.6 million in FYE 2005 compared to income of $2.2 million in FYE 2004, avariance of $4.8 million.   Fiscal year ended August 27, 2005 includesapproximately $3.2 million in expense for the write-off of unamortized loancosts associated with amending and restating NBP's existing senior creditfacility, offset by $0.5 million gain related to the securities receivedthrough the demutualization of a company which held annuities for NBP employees. Fiscal year ended August 28, 2004 includes approximately $1.1 million gain NBPreceived through the demutualization of a company which held annuities for NBPemployees.  Other income for the 24 days ended August 30, 2003 includes feesassociated with a bridge loan commitment obtained in connection with theTransaction of approximately $1.7 million.  Other income includes approximately$2.3 million for the 340 days ended August 6, 2003, which represents theproceeds from the settlement of a class action lawsuit against themanufacturers of certain vitamins.

** **

 

 

 

 

F-60
****
**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

 

**NOTE 7.  INCOME TAXES  **

Income tax expense/(benefit)includes the following current and deferred provisions (amounts in thousands):

**Successor Entity**

**Predecessor Entity**

**National Beef Packing Company, LLC and Subsidiaries**

**Farmland National Beef Packing Company, L.P. and  Subsidiaries**

**52 weeks ended**

**52 weeks ended**

**24 days ended**

**340 days ended**

**August 27, 2005**

**August 28, 2004**

**August 30, 2003**

**August 6, 2003**

Current  Provision

Federal

$

1,177

$

480

$

(70

)

$

501

State

359

75

(12

)

89

Foreign

12

20

(3

)

4

Total current tax expense

1,548

575

(85

)

594

Deferred  Provision

Federal

263

131

9

(252

)

State

48

23

2

(45

)

Foreign

-

-

-

-

Total deferred tax expense

311

154

11

(297

)

Total income tax expense/(benefit)

$

1,859

$

729

$

(74

)

$

297

Income tax expense differed fromthe "expected" income tax (computed by applying the federal income tax rate of35% to earnings before income taxes) as follows: 

**Successor Entity**

**Predecessor Entity**

**National Beef Packing Company, LLC and Subsidiaries**

**Farmland National		Beef Packing Company, L.P. and  	Subsidiaries**

**52 weeks ended**

**52 weeks ended**

**24 days ended**

**340 days ended**

**August 27, 2005**

**August 28, 2004**

**August 30, 2003**

**August 6, 2003**

Computed  "expected" income tax expense

$

7,923

$

15,659

$

3,674

$

27,565

Passthrough  income

(6,258

)

(14,999

)

(3,772

)

(27,265

)

State  taxes, net of federal

269

64

(7

)

29

Foreign tax rate differential

-

-

(3

)

4

Surtax  exemption

(47

)

(18

)

-

(8

)

Other

(28

)

23

34

(28

)

Total income tax expense/(benefit)

$

1,859

$

729

$

(74

)

$

297

 

F-61

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

 

The tax effects of temporarydifferences that give rise to significant portions of the deferred tax assetsand deferred tax liabilities at August 27, 2005 and August 28, 2004 arepresented below: 

  

August 27, 2005

  

August 28,2004

(in thousands)

Deferred  tax assets

  

  

      Accounts receivable, due to allowance for doubtful accounts

  

$

             172

  

$

            165

      Self-insurance and workers compensation accruals

  

              1,605

  

              2,270

  

  

Total  gross deferred tax assets

  

              1,777

  

              2,435

  

  

Deferred  tax liabilities

  

  

      Plant and equipment, principally due to differences in depreciation

  

              820

  

              1,167

  

  

Total  gross deferred tax liabilities

  

              820

  

              1,167

  

  

Net  deferred tax assets

  

$

         957

  

$

         1,268

  

  

Net deferred tax assets andliabilities at August 27, 2005 and August 28, 2004 are included in theconsolidated balance sheet as follows: 

  

August 27, 2005

  

August 28,2004

(in thousands)

  

  

Other  current assets

  

$

1,777

  

$

2,435

Other  liabilities

  

                  820

  

                1,167

  

$

957

  

$

1,268

Deferred tax assets andliabilities relate to the operations of National Carriers, Inc.

There was no valuation allowanceprovided for at August 27, 2005 and August 28, 2004. Management believes thatit is more likely than not that the results of future operations will generatesufficient taxable income to realize the deferred tax assets. 

**NOTE 8.  RELATED PARTY TRANSACTIONS**

The Predecessor had transactionsin the normal course of business with Farmland or affiliated companies. Salestransactions were based upon prevailing market prices, and purchases were onterms no less favorable to the Predecessor than would be obtained from anunaffiliated party. 

NBP entered into varioustransactions with a company affiliated with NBPCo Holdings in the ordinarycourse of business. Sales transactions were based upon prevailing marketprices, and purchases were on terms no less favorable to NBP than would beobtained from an unaffiliated party. 

 F-62

 

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

During the fiscal years ended August27, 2005 and August 28, 2004, the 24 days ended August 30, 2003, and the 340days ended August 6, 2003, NBP had sales and purchases with the followingrelated parties: 

**Successor Entity**

** **

**Successor Entity**

** **

**Successor Entity**

** **

**Predecessor Entity**

**National Beef 		Packing Company, LLC 		and Subsidiaries **

** **

**National Beef 		Packing Company, LLC 		and Subsidiaries **

** **

**National Beef 		Packing Company, LLC and Subsidiaries **

** **

** Farmland National Beef Packing 		Company, L.P. 		and  Subsidiaries **

**52 weeks ended**

** **

**52 weeks ended**

** **

**24 days ended**

** **

**340 days ended**

**August 27, 2005**

** **

**August 28, 2004**

** **

**August 30, 2003**

** **

**August 6, 2003**

**(in thousands)**

Sales to:

Beef  Products, Inc. (1)

 $

61,227

 $

52,701

 $

1,865 

 $

                       -

Farmland  Foods, Inc. (2)

-

-

-

47,689 

National  Carriers, Inc. (3)

-

-

-

341 

Total  sales to affiliates

 $

61,227 

 $

52,701 

 $

1,865 

 $

48,030 

Purchases from:

Beef  Products, Inc. (1)

 $

19,139 

 $

16,746 

 $

1,145 

 $

                       -

Farmland  Foods, Inc. (2)

-

-

-

37,431 

National  Carriers, Inc. (3)

-

-

-

25,255 

Total  purchases from affiliates

 $

19,139 

 $

16,746 

 $

1,145 

 $

62,686 

________

(1)

Beef Products, Inc. is an affiliate of NBPCo Holdings,  LLC. 

(2)

Farmland Foods, Inc. is no longer considered a related party  as of August 7, 2003 due to the Transaction. Only those sales and purchases  prior to August 7, 2003 are included. 

(3)

National Carriers, Inc. was acquired by the Predecessor on  March 28, 2003. Only those sales and purchases through that date are included.  

Farmland Foods, Inc. was anaffiliated company which was wholly owned by Farmland. Prior to its acquisitionof National Carriers, the Predecessor contracted a significant portion of itsfreight services from National Carriers, a consolidated subsidiary as of March28, 2003. Farmland Industries, Inc. and four of its subsidiaries, includingFarmland Foods, Inc., filed voluntary petitions to reorganize under Chapter 11of the United States Bankruptcy Code on May 31, 2002. 

NBP subleased office space fromFarmland. The Predecessor paid Farmland approximately $0.4 million for the340 days ended August 6, 2003 for this office space. 

NBP rents office space and a shoparea to National Carriers for which it received rental payments from NationalCarriers in the amount of approximately $0.2 million for the 340 days endedAugust 6, 2003. 

At August 27, 2005 and August 28,2004, the amounts due from Beef Products, Inc. were approximately $2.5 millionand $2.9 million, respectively.  At August 27, 2005 and August 28, 2004, theamounts due to Beef Products, Inc. were approximately $0.4 million and $0.4million, respectively.

At August 27, 2005 and August 28,2004, amounts representing checks drawn on U.S. Premium Beef bank accountsincluded in cattle commitments payable were $0.0 million and $12.0 million,respectively. 

In December 1997, FNBPC enteredinto a contract with U.S. Premium Beef to purchase a portion of its annualcattle requirements. In connection with U.S. Premium Beef's purchase of itsinterest in Farmland National Beef, U.S. Premium Beef obtained the right, andbecame subject to the obligation, to deliver cattle annually to National Beefrelative to: (i) U.S. Premium Beef's ownership in National Beef and (ii) thenumber of cattle processed annually by National Beef.  At the beginning of FYE2005, U.S. Premium Beef converted to a limited liability company.  U.S. PremiumBeef now facilitates the delivery of cattle annually to NBP through itsindividual producer-owners.  The purchase price for the cattle is determined byNBP's pricing grid, which, under the terms of the agreement with U.S. PremiumBeef, must be competitive with the pricing grids of NBP's competitors and maynot be less favorable than pricing grids offered to other suppliers.  Duringthe fiscal year ended August 27, 2005, NBP obtained approximately 19% of itscattle requirements through this pricing grid process from U.S. Premium Beef andits producer-owners.  During the fiscal year ended August 28, 2004, the 24 daysended August 30, 2003, and the 340 days ended August 6, 2003, NBP obtainedapproximately 18%, 17%, and 22%, respectively, of NBP's cattle requirementsfrom U.S. Premium Beef.

 

F-63

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

In December 1998, the Predecessorentered into an aircraft lease agreement under which it leases a business jetaircraft from John R. Miller Enterprises, L.L.C., a Utah limited liabilitycompany of which John R. Miller, NBP's Chief Executive Officer, is the majoritymember. The term of the lease was for five years and could have been terminatedby either John R. Miller Enterprises, L.L.C. or NBP on 90 days' prior writtennotice. During the fiscal years ended August 27, 2005 and August 28, 2004, the24 days ended August 30, 2003, and the 340 days ended August 6, 2003, NBP paid $0.07million, $ 0.2 million, $0.02 million, and $0.2 million, respectively, to leasethe aircraft and $0.03 million, $ 0.07 million, $0.0 million, and $0.06million, respectively, into an engine replacement reserve account. The funds inthe reserve account are to be used to finance new engines installed on theaircraft.   The lease expired on December 15, 2003.  NBP still uses thisaircraft on an as-needed basis, with the payment terms, including the paymentsinto the engine replacement reserve account, essentially identical to the leaseagreement, except the monthly usage payment is calculated on the actual hoursused, not to exceed the monthly lease payment NBP paid while the lease wasactive.  There is currently no lease agreement in effect for this aircraft.

In March 2001, the Predecessorentered into an aircraft lease agreement under which it leased a business jetaircraft from John R. Miller Enterprises, L.L.C., a Utah limited liabilitycompany of which John R. Miller, NBP's Chief Executive Officer, is the majoritymember. The term of the lease automatically renews every 11 months unlesseither John R. Miller Enterprises, L.L.C. or NBP requests termination within 90days of the end of the lease term. During the fiscal year ended August 28,2004, the 24 days ended August 30, 2003 and the 340 days ended August 6, 2003,NBP paid $ 0.4 million, $0.04 million, and $0.5 million, respectively, to leasethe aircraft and $0.05 million, $0.01 million, and $0.07 million, respectively,into an engine replacement reserve account. The funds in the reserve accountare to be used to finance new engines installed on the aircraft.  This leasewas terminated effective at the end of May 2004. 

In October 2003, NBP entered intoan aircraft lease agreement under which NBP leased a business jet aircraft fromJohn R. Miller Enterprises III, L.L.C., a Utah limited liability company ofwhich John R. Miller, NBP's Chief Executive Officer, is the beneficial owner.The term of the lease is 81 months. The monthly lease payments will range from$25,400 in the first year of the lease to $45,380 in the fourth year of thelease and thereafter, and are adjusted quarterly based on the change in thethree month LIBOR interest rate.  During the fiscal years ended August 27, 2005and August 28, 2004, NBP paid $0.5 million and $0.3 million, respectively, tolease the aircraft and $0.1 million and $0.08 million, respectively, into anengine replacement reserve account.  The funds in the reserve account are to beused to finance new engines installed on the aircraft. 

In December 2004, NBP enteredinto an aircraft lease agreement under which it leases a business jet aircraftfrom John R. Miller Enterprises, L.L.C., a Utah limited liability company ofwhich John R. Miller, NBP's Chief Executive Officer, is the beneficial owner.The term of the lease is 72 months. This aircraft replaces an aircraft leasedfrom John R. Miller Enterprises, L.L.C. in March 2001.  The base monthly leasepayments will range from $35,400 in the first year of the lease to $45,380 inthe fourth year of the lease and thereafter, and are adjusted quarterly basedon the change in the three month LIBOR interest rate.  During the FYE August 27,2005, NBP paid $0.5 million to lease the aircraft and $0.06 million into anengine replacement reserve account.  The funds in the reserve account are to beused to finance new engines installed on the aircraft.    

F-64

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 9.  CAPITAL SUBJECT TO REDEMPTION**

At any time after certain dates,the earliest being July 31, 2008, the latest being July 31, 2011, certainmembers of management and/or NBPCo Holdings have the right to request that NBPrepurchase their interests, the value of which to be determined by a mutuallyagreed appraisal process. If NBP is unable to effect the repurchase within aspecified time, the requesting member(s) have the right to cause a sale processto commence. NBP accounts for changes in the redemption value of theseinterests by accreting the change over the period from the date of issuance tothe earliest redemption date of the interest using the interest method. At August27, 2005, the "Capital subject to redemption" was revalued by an independentappraisal process, and the value was determined to be $64.2 million.  Under theinterest method, the carrying value of the "Capital subject to redemption" approximatesthe fair value of $64.2 million, as reflected in the accompanying ConsolidatedBalance Sheet as of August 27, 2005. 

**NOTE 10.  LEGAL PROCEEDINGS**

*Schumacherv. Tyson Foods, et al. *On July 1, 2002, a lawsuit was filed against FarmlandNational Beef Packing Company, L.P. (FNBPC or the predecessor to NBP), ConAgraBeef Company, Tyson Foods, Inc. and Excel Corporation in the United StatesDistrict Court for the District of South Dakota seeking certification of aclass of all persons who sold cattle to the defendants for cash, or on a basisaffected by the cash price for cattle, during the period from April 2, 2001through May 11, 2001 and for some period up to two weeks thereafter. The casewas filed by three named plaintiffs on behalf of a putative nationwide classthat plaintiffs estimate is comprised of hundreds or thousands of members. Thecomplaint alleges that the defendants, in violation of the Packers andStockyards Act of 1921, knowingly used, without correction or disclosure,incorrect and misleading boxed beef price information generated by the USDA topurchase cattle offered for sale by the plaintiffs at a price substantiallylower than was justified by the actual and correct price of boxed beef duringthis period. Plaintiffs also seek recovery against all defendants under atheory of unjust enrichment.  The case was certified as a class-action matterin June of 2004. The plaintiffs claim damages against FNBPC in the amount of approximately$4.5 million plus prejudgment interest, attorneys' fees and court costs.  Theclaim will be reduced in an unknown amount by the number of class members whohave opted out of the class.  The opt-out deadline was October 31, 2005, butthe number of opt outs will not be known to the Company until plaintiffs file areport, which is due November 30, 2005.  Discovery has been completed.  Trialis set for April 3, 2006.  Management believes that FNBPC acted properly andlawfully in dealings with cattle producers. Management is currently unable toevaluate the outcome of this matter or to estimate the amount of potentialloss, if any. In accordance with SFAS No. 5, *Accounting for Contingencies*,NBP has not established a loss accrual associated with this claim. 

NBP is also aparty to a number of other lawsuits and claims arising out of the operation of itsbusiness. Management believes the ultimate resolution of such matters shouldnot have a material adverse effect on NBP's financial condition, results ofoperations or liquidity.

**NOTE 11.  BUSINESS SEGMENTS **

In connection with theTransaction, NBP executed a management reporting reorganization wherein itcreated the single role of Chief Executive Officer, who serves as the ChiefOperating Decision Maker (CODM). The CODM measures segment profit as operatingincome for Core Beef and Other, NBP's two reporting segments, based on thedefinitions provided in SFAS No. 131, *Disclosures about Segments of an Enterprise and Related Information.*    

*Core Beef*-the majority ofNBP's revenues are generated from the sale of fresh meat, which include chuckcuts, rib cuts, loin cuts, round cuts, thin meats, ground beef, and otherproducts. In addition, we also sell beef by-products to the variety meat, feedprocessing, fertilizer and pet food industries. Aggregation criteria wereapplied to determine the constituents of the Core Beef segment. 

 

 

F-65

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Other*-the Other segment ofNBP consists of the operations of National Carriers, Inc., a refrigerated andlivestock contract carrier company, and Kansas City Steak Company, LLC, aportion control steak cutting operation. 

*Eliminations*-this lineitem includes eliminations of inter-segment and intra-segment activityresulting from the consolidation process. 

The following table represents segment results for theperiods indicated (amounts in thousands):

**Successor Entity**

** Predecessor Entity**

**National Beef Packing Company, LLC and Subsidiaries**

** Farmland National		Beef Packing 	Company, L.P.  	and  Subsidiaries**

**52 weeks ended		August 27, 2005**

**52 weeks ended		August 28, 2004**

**24 days ended		August 30, 2003**

**340 days ended		August 6, 2003**

Net sales

Core  Beef

 $

4,350,616 

 $

4,151,809 

 $

285,541 

 $

3,463,935 

Other

187,852 

163,866 

15,534 

76,463 

Eliminations

(199,548)

(222,194)

(18,243)

(161,775)

Total

 $

4,338,920 

 $

4,093,481 

 $

282,832 

 $

3,378,623 

Depreciation and	   amortization

Core  Beef

22,837 

19,134  

1,845 

16,916 

Other

1,612 

2,036 

210 

1,452 

Total

24,449 

21,170 

2,055 

18,368 

Operating income

Core  Beef

48,460 

65,527 

14,119 

83,154 

Other

5,642 

3,532 

(216)

1,785 

Total

54,102 

69,059 

13,903 

84,939 

Interest income

380 

549 

41 

511 

Interest expense

(28,552)

(25,909)

(1,690)

(5,560)

Other income (expense)

(3,132)

1,355 

(1,755)

(1,011)
Minority interest(160)
(313)

(2)

(121)
Total income before	   taxes
 $
22,638
 $
44,741
$                        	10,497 

$ 
78,758
Capital Expenditures

Core  Beef

16,778 

31,003 

1,674 

28,506 

Other

1,422 

1,468 

24 

3,490 

Total

$ 
18,200 
$ 
32,471 
$ 
1,698 
$
31,996 
** **

** **

** **

** **

**August 27, 2005**

**August 28, 2004**

** **

** **

Assets

Core  Beef

 $

605,641 

 $

620,679 

Other

28,779 

26,426 

Eliminations

257 

(584)

Total

 $

634,677 

 $

646,521 

 

F-66

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Acquisition of National Carriers, Inc.**

On March 28, 2003, the FNBPCacquired National Carriers, Inc., a contract carrier service with terminals inLiberal, Kansas, Dallas, Texas, and Denison, Iowa, for approximately $13.4million, including the assumption of $8.4 million of indebtedness. The purchaseprice has been allocated to the assets acquired and liabilities assumed and theoperating results of National Carriers are reflected in FNBPC's and NBP'sconsolidated financial statements subsequent to the date of acquisition. Theeffect of the acquisition of National Carriers was immaterial to theconsolidated financial statements. 

**Customer Concentration**

In the fiscal year ended August27, 2005, one customer with its consolidated subsidiaries represented 7.0% oftotal sales, with no other customer representing more than 3.7% of totalsales.  In the fiscal year ended August 28, 2004, one customer with itsconsolidated subsidiaries represented 9.1% of total sales, with no othercustomer representing more than 3.3% of total sales. In the fiscal year endedAugust 30, 2003, one customer with its consolidated subsidiaries representedapproximately 10.3% of total sales with no other single customer representingmore than 2.9% of total sales. 

**Sales to Foreign Countries**

NBP had sales outside the United States of America in the fiscal years ended 2005 and 2004, the 24 days ended August30, 2003, and the 340 days ended August 6, 2003 of approximately $295.2million, $395.5 million, $48.9 million, and $580.1 million, respectively. Nosingle country accounted for more than 10% of total sales. The amount of assetsmaintained outside the United States of America is not material. 

**NOTE 12.  UNITED STATES BSE OUTBREAK**

The closureof U.S. borders to the importation of Canadian feeder and fattened (ready forslaughter) animals, which occurred in May 2003 following the discovery ofbovine spongiform encephalopathy (BSE) in Alberta that same month, tightenedthe U.S. cattle supply.  The closure of the U.S. border to Canadian livestockresulted in higher overall feeder and fed cattle prices in the U.S., negatively impacting raw material prices.  Although the U.S. border opened toCanadian produced boxed beef in September 2003, the entire U.S. beef packing industry continued at a price disadvantage for both raw materials and boxed beefprices while the ban on importation of Canadian livestock was maintained.   Theban on the importation of Canadian cattle was in place from May 2003 to July2005.  

On December23, 2003, it was announced by the United States Department of Agriculture(USDA) that a single Holstein dairy cow was discovered in the state of Washington to have tested positive for BSE.  The origin of the animal was subsequentlytraced to a farm in Canada.  Shortly after the announcement, several countries,including Japan, representing a substantial share of NBP's export business,closed their borders to the importation of edible beef products from the United States.  Certain by-products have been classified as Specified Risk Materials(SRMs), and have been banned from use in feedstocks and the human food chain.Some of these products previously enjoyed a market in foreign countries.  Theclosure of most foreign markets to U.S. beef following the discovery of thiscow in Washington state, and lack of alternative U.S. markets for many productswhich previously were exported, negatively impacted the revenue per headenjoyed by the U.S. packing industry.  

All of thesechallenges resulted in tremendous volatility in U.S. livestock market pricesduring FYE 2003, FYE 2004 and FYE 2005.  In FYE 2005, 2004 and 2003, NBP's totalexport sales were approximately 7%, 10% and 17%, respectively, of total netsales.

During thesecond quarter of FYE 2004, NBP recorded charges to sales and cost of salestotaling approximately $18.8 million due to the market impacts of theclosure of international borders as a result of the BSE discovery in lateDecember 2003. 

On December29, 2004, the USDA announced it had established conditions under which it wouldallow imports into the U.S. of live cattle under 30 months of age and certainother commodities from regions with effective BSE prevention and detectionmeasures.  Prior to being able to import to the U.S., each country must undergoa thorough risk assessment to be recognized as a "minimal-risk region."  Canadawas the first country recognized as a minimal-risk region and, as such, wouldhave been eligible to export to the U.S. live cattle under 30 months of age(subject to certain restrictions), as well as certain other animals andproducts.  The risk assessment conducted by the USDA, as part of the rulemakingprocess to determine Canada's status as a minimal-risk region, includedconsideration of the possibility that Canada could experience additional casesof BSE.  The final rule was published in the January 4, 2005 *FederalRegister* and was to become effective March 7, 2005 but was delayed bylitigation.  

 

F-67

**NATIONAL BEEF PACKING COMPANY, LLCAND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

On March 2,2005, the U.S. District Court in Billings, Montana granted a preliminaryinjunction to delay the implementation of USDA's minimal-risk regions rule,temporarily blocking the opening of the Canadian border to the importation oflive cattle under 30 months of age into the U.S.  On March 17, 2005, the U.S.Department of Justice, on behalf of the USDA, filed a request with the U.S.Court of Appeals for the Ninth Circuit requesting that the court overturn thedecision issued by the U.S. District Court in Montana, which would re-establishtrade with Canada for beef products and live cattle under 30 months of age. The National Meat Association along with the Canadian Cattlemen's Associationand the Alberta Beef Producers, who were all denied leave to intervene in thetrial court, also appealed seeking to overturn the preliminary injunction.  InJuly 2005, the U.S. Court of Appeals for the Ninth Circuit overturned the March2005 preliminary injunction issued by the U.S. District Court in Billings, Montana, which had continued the closure of the Canadian border to imports oflive cattle.  The U.S. Court of Appeals ruling resulted in the immediatereopening of the Canadian border to live cattle imports.  A petition forrehearing of the Ninth Circuit's ruling to the entire panel of Ninth Circuitjudges was rejected by the Ninth Circuit on October 13, 2005.  Although theCourt of Appeals action does not completely dispose of the action in the lowercourt, the lower court may or may not enter final rulings that will permitcontinued trade in live animals and beef products between the two countries.

Announcementsof inconclusive, preliminary test results for BSE can be expected from time totime as a result of the sensitivity of the new screening regime.  Since theUSDA enhanced surveillance program for BSE began in 2004, approximately 510,000cattle have been tested for BSE using a rapid test.  Three of these animalstested inconclusive and were subsequently subjected to immunohistchemistry, orIHC, testing.  The IHC is an internationally recognized confirmatory test forBSE.  All three inconclusive samples tested negative using IHC.  The threesamples were then tested by a second internationally recognized confirmatorytest, referred to as the Western Blot test.  Of the three samples, two werenegative but the third came back reactive.  Because of the conflicting results,the samples from the animal that tested reactive were sent to Weybridge,England for further testing and the results of that testing were confirmed onJune 24, 2005 as positive for BSE.  In a USDA statement issued June 29, 2005,the cow was identified as born and raised in a herd in Texas and wasapproximately 12 years old.  In the USDA statement, USDA Chief VeterinarianJohn Clifford stated that the USDA believes, "it was most likely infected byconsuming feed prior to the implementation of the ruminant-to-ruminant feed banin 1997," and he emphasized "that this animal did not enter the human foodchain."  Although the Secretary of the USDA has stated that there is no risk toanimal or human health related to this case, the impact on the market createdby this or other future tests is not possible to predict. Prior to this secondconfirmed case of BSE in the U.S., many countries had reopened their borders toallow the import of U.S. beef; however, this second confirmed case of BSE hasled to uncertainty as to whether or when additional markets may reopen, and whetheror when existing open markets may close.

On October31, 2005, a Japanese food safety panel responsible for recommendationsconcerning the importation of beef concluded that the risk of BSE in cattle 20months of age and younger from the United States was very low.  Therecommendation sets in motion a series of actions, including a month-longperiod for public comments, which could lead to the resumption of U.S. beef imports potentially before the end of the calendar year.  There can be noassurance that this action will result in the resumption of trade, or if so,when this will occur.

NBP cannotpresently assess the full economic impact of the consequences of BSE on the U.S. beef packing industry or on its operations.  The Company's revenues and net income maybe materially adversely affected in the event existing import restrictionscontinue indefinitely, additional countries announce similar restrictions,additional regulatory restrictions are put into effect or domestic consumerdemand for beef declines substantially.

 

 

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