Global agribusiness leader with significant economies of scale. Solid geographic and product diversity that reduces earnings and cash flow volatility in its core business segments compared to more concentrated peers. Strong beef processing margins and a refocus on its profitable core businesses and centralization of business functions should help reverse the sluggish earnings and profitability growth over the past several years. Benign commodity inflation is expected to continue to mute working capital requirements and keep debt balances and cash flow ratios stable. We continue to expect periodic modest to midsize acquisitions, which are not likely to materially increase leverage because of internal cash flow generation and incremental EBITDA acquired. Debt to EBITDA is expected to remain well below 2x during
