text: **PART III**
  
  **Item 10.*DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT***
  
  Information under "Election of Directors," contained on pages 3 and 4 and under "Committees of the Board of Directors and Meetings," on page 5, and 
  the second sentence of the second paragraph under "Audit Committee Report and Ratification of Appointment of Auditors," contained on page 6 of the 
  definitive proxy statement for the Annual Meeting of Stockholders to be held January 27, 2004, is incorporated herein by reference. 
  
  Information concerning Executive Officers is set forth in Item 1(d) of Part I pursuant to Instruction 3, Paragraph (b) of Item 401 of Regulation S-K. 
  
  Information under "Section 16(a) Beneficial Ownership Reporting Compliance," on page 17 of the definitive proxy statement for the Annual Meeting of 
  Stockholders to be held January 27, 2004, is incorporated herein by reference. 
  
  The Company has adopted a Code of Ethical Business Conduct in compliance with applicable rules of the Securities and Exchange Commission that 
  applies to its principal executive officer, its principal financial officer and its principal accounting officer or controller, or persons performing similar 
  functions. A copy of the Code of Ethical Business Conduct is available on the Company's website at, www.hormel.com, free of charge, under the caption, 
  "Corporate." 