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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 2.    Basis of Presentation and Accounting
Policies </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis of Presentation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB’s
investment in NBP is accounted for using the equity method of accounting as the Company has the ability to exercise significant
influence, but does not have financial or operational control.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Fiscal Year </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The Company’s
fiscal year ends on the last Saturday in December. The Company files annual reports for each 52 week or 53 week period ended on
the last Saturday in December.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of Estimates </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America, using
management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of
assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts
for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and
judgments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cash and Cash Equivalents </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The Company
considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investment in National Beef Packing Company, LLC </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB’s
15.0729% investment in NBP accounted for using the equity method of accounting as the Company has the ability to exercise significant
influence, but does not have financial or operational control.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     For fiscal
years 2018 and 2017, USPB conducted an evaluation to determine if its investment in NBP was impaired as of the end of the fiscal
year in accordance with Auditing Standards Codification (ASC) 323 <i>Investments Equity Method and Joint Ventures</i>. The evaluation
included both quantitative and qualitative factors. The quantitative approach computed the fair value of the investment using a
market based approach, and resulted in a fair value that exceeded the carrying value. As a result of the analysis, USPB concluded
that the carrying value of its investment in NBP was not impaired as of December 29, 2018 and December 30, 2017.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB presents
the distributions received from its equity method investee within the Statement of Cash Flows in accordance with ASU 2016-15-Statement
of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments, under the cumulative earnings approach.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Property, Plant, and Equipment </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Property,
plant, and equipment are recorded at cost. Property, plant, and equipment are depreciated principally on a straight-line basis
over the estimated useful life (based upon original acquisition date) of the individual asset by major asset class as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Machinery and equipment</font></td>
<td style="width: 29%"><font style="font-size: 10pt">2 to 15 years</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Furniture and fixtures</font></td>
<td><font style="font-size: 10pt">3 to 5 years</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Trailers and automotive equipment</font></td>
<td><font style="font-size: 10pt">2 to 4 years</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Upon disposition
of these assets, any resulting gain or loss is included in other, net. Normal repairs and maintenance costs are charged to Selling,
general and administrative expenses, as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     A summary
of cost and accumulated depreciation for property, plant, and equipment as of December 29, 2018 and December 30, 2017 follows (thousands
of dollars):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>December 29, <br />
2018 </b></font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>December 30, <br />
2017 </b></font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Machinery and equipment</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">24</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">24</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Furniture and fixtures</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">147</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">140</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Trailers and automotive equipment</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">29</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">59</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Total property, plant, and equipment, at cost</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">200</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">223</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Accumulated depreciation</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">183</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">201</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Property, plant, and equipment, net</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">17</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">22</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Depreciation
expense was immaterial for fiscal years ended December 29, 2018 and December 30, 2017.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>New Accounting Standard </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     In February
2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases. The new standard
requires the recognition of all leases that are longer than one year on the balance sheet, which will result in the recognition
of a right-of-use asset and a corresponding lease liability. The right-of-use asset and lease liability will be measured initially
using the present value of the remaining lease payments. The new standard is effective for annual and interim periods beginning
after December 15, 2018. The new guidance will not have a material impact on our financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In terms of practical expedients, USPB accepts:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td>Its original determination of whether a contract contained a lease.</td></tr></table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td>That a subsequent review of existing contracts is not necessary.</td></tr></table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td>That USPB does not have to reassess the initial direct costs assigned to leases under previous leasing guidance as USPB
did not occur any initial direct costs for the leases subject to previous leasing guidance.</td></tr></table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Distributions Payable </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB utilizes
a controlled disbursement account to fund cash distribution checks presented for payment by the holder. Checks issued that have
not cleared are included in distributions payable and the change in the related balances are reflected in financing activities
on the statement of cash flows. Distributions payable totaled $5.7 million and $28.3 million as of December 29, 2018 and December
30, 2017, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income Taxes </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     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 operations are included in the taxable income of the individual members.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Selling, General, and Administrative </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Selling expenses
consist primarily of salaries, bonuses, phantom unit option expense, trade promotions, advertising, commissions and other marketing
costs. General and administrative costs consist primarily of general management, insurance and professional expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Noncompetition Payments </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The former
CEO’s employment agreement provided for him to receive noncompetition payments in connection with the Leucadia Transaction.
During fiscal years 2018 and 2017, the former CEO was paid $844,938 and $853,263, respectively, in noncompetition payments. He
will continue to receive noncompetition payments of approximately $845,000 per year during calendar years 2019 through 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The current
CEO’s employment agreement provides for him to receive noncompetition payments for a twelve month period following his termination
of employment with USPB.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     As of December
29, 2018 and December 30, 2017, the Company had accrued $2.7 million and $3.4 million, respectively, for the noncompetition agreements.
The current and long-term portion of the accrued amounts are included in Accrued compensation and benefits and Other liabilities,
respectively, on the balance sheet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business Segments </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB is not
organized by multiple operating segments for the purpose of making operating decisions or assessing performance. Accordingly, USPB
has one reportable segment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Earnings Per Unit </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Under the
LLC structure, earnings of the Company are to be distributed to unitholders based on their proportionate share of underlying equity,
and, as a result, earnings per unit (EPU) has been presented in the accompanying Statement of Operations and in the table that
follows.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Basic EPU
excludes dilution and is computed by first allocating 10% of net income or loss attributable to USPB to Class A units and the remaining
90% is allocated to Class B units. Net income or loss allocated to the Class A and Class B units is then divided by the weighted-average
number of Class A and Class B units outstanding for the period to determine the basic EPU for each respective class of unit.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Diluted EPU
reflects the potential dilution that could occur to the extent that any outstanding dilutive Class A or Class B units were exercised.
There are no potentially dilutive Class A or Class B units outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td><font style="font-size: 10pt"><b>Income Per Unit Calculation</b></font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>52 weeks ended</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>52 weeks ended</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>53 weeks ended</b></font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">(thousands of dollars, except unit and per unit data)</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 29,<br />
2018</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 30,<br />
2017</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2016</b></font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td colspan="10"><font style="font-size: 10pt"><b>Basic and diluted earnings per unit:</b></font></td></tr>
<tr>
<td><font style="font-size: 10pt">Income attributable to USPB available to</font></td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   unitholders (numerator)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">      Class A</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">8,659</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">5,748</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">4,637</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">      Class B</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">77,929</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">51,733</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">41,731</font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td colspan="10"><font style="font-size: 10pt">Weighted average outstanding units (denominator)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Per unit amount</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11.77</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7.82</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.31</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">103.16</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68.49</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">55.24</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis of Presentation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB’s
investment in NBP is accounted for using the equity method of accounting as the Company has the ability to exercise significant
influence, but does not have financial or operational control.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Fiscal Year </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The Company’s
fiscal year ends on the last Saturday in December. The Company files annual reports for each 52 week or 53 week period ended on
the last Saturday in December.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of Estimates </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America, using
management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of
assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts
for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and
judgments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cash and Cash Equivalents </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The Company
considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investment in National Beef Packing Company, LLC </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB’s
15.0729% investment in NBP accounted for using the equity method of accounting as the Company has the ability to exercise significant
influence, but does not have financial or operational control.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     For fiscal
years 2018 and 2017, USPB conducted an evaluation to determine if its investment in NBP was impaired as of the end of the fiscal
year in accordance with Auditing Standards Codification (ASC) 323 <i>Investments Equity Method and Joint Ventures</i>. The evaluation
included both quantitative and qualitative factors. The quantitative approach computed the fair value of the investment using a
market based approach, and resulted in a fair value that exceeded the carrying value. As a result of the analysis, USPB concluded
that the carrying value of its investment in NBP was not impaired as of December 29, 2018 and December 30, 2017.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB presents
the distributions received from its equity method investee within the Statement of Cash Flows in accordance with ASU 2016-15-Statement
of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments, under the cumulative earnings approach.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Property, Plant, and Equipment </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Property,
plant, and equipment are recorded at cost. Property, plant, and equipment are depreciated principally on a straight-line basis
over the estimated useful life (based upon original acquisition date) of the individual asset by major asset class as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Machinery and equipment</font></td>
<td style="width: 29%"><font style="font-size: 10pt">2 to 15 years</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Furniture and fixtures</font></td>
<td><font style="font-size: 10pt">3 to 5 years</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Trailers and automotive equipment</font></td>
<td><font style="font-size: 10pt">2 to 4 years</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Upon disposition
of these assets, any resulting gain or loss is included in other, net. Normal repairs and maintenance costs are charged to Selling,
general and administrative expenses, as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     A summary
of cost and accumulated depreciation for property, plant, and equipment as of December 29, 2018 and December 30, 2017 follows (thousands
of dollars):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>December 29, <br />
2018 </b></font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>December 30, <br />
2017 </b></font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Machinery and equipment</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">24</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">24</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Furniture and fixtures</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">147</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">140</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Trailers and automotive equipment</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">29</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">59</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Total property, plant, and equipment, at cost</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">200</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">223</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Accumulated depreciation</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">183</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">201</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Property, plant, and equipment, net</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">17</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">22</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Depreciation
expense was immaterial for fiscal years ended December 29, 2018 and December 30, 2017.</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Machinery and equipment</font></td>
<td style="width: 29%"><font style="font-size: 10pt">2 to 15 years</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Furniture and fixtures</font></td>
<td><font style="font-size: 10pt">3 to 5 years</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Trailers and automotive equipment</font></td>
<td><font style="font-size: 10pt">2 to 4 years</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>December 29, <br />
2018 </b></font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>December 30, <br />
2017 </b></font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Machinery and equipment</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">24</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">24</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Furniture and fixtures</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">147</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">140</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Trailers and automotive equipment</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">29</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">59</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Total property, plant, and equipment, at cost</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">200</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">223</font></td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Accumulated depreciation</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">183</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">201</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Property, plant, and equipment, net</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">17</font></td>
<td style="text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">22</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>New Accounting Standard </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     In February
2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases. The new standard
requires the recognition of all leases that are longer than one year on the balance sheet, which will result in the recognition
of a right-of-use asset and a corresponding lease liability. The right-of-use asset and lease liability will be measured initially
using the present value of the remaining lease payments. The new standard is effective for annual and interim periods beginning
after December 15, 2018. The new guidance will not have a material impact on our financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In terms of practical expedients, USPB accepts:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td>Its original determination of whether a contract contained a lease.</td></tr></table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td>That a subsequent review of existing contracts is not necessary.</td></tr></table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td>That USPB does not have to reassess the initial direct costs assigned to leases under previous leasing guidance as USPB
did not occur any initial direct costs for the leases subject to previous leasing guidance.</td></tr></table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Distributions Payable </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB utilizes
a controlled disbursement account to fund cash distribution checks presented for payment by the holder. Checks issued that have
not cleared are included in distributions payable and the change in the related balances are reflected in financing activities
on the statement of cash flows. Distributions payable totaled $5.7 million and $28.3 million as of December 29, 2018 and December
30, 2017, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income Taxes </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     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 operations are included in the taxable income of the individual members.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Selling, General, and Administrative </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Selling expenses
consist primarily of salaries, bonuses, phantom unit option expense, trade promotions, advertising, commissions and other marketing
costs. General and administrative costs consist primarily of general management, insurance and professional expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Noncompetition Payments </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The former
CEO’s employment agreement provided for him to receive noncompetition payments in connection with the Leucadia Transaction.
During fiscal years 2018 and 2017, the former CEO was paid $844,938 and $853,263, respectively, in noncompetition payments. He
will continue to receive noncompetition payments of approximately $845,000 per year during calendar years 2019 through 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The current
CEO’s employment agreement provides for him to receive noncompetition payments for a twelve month period following his termination
of employment with USPB.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     As of December
29, 2018 and December 30, 2017, the Company had accrued $2.7 million and $3.4 million, respectively, for the noncompetition agreements.
The current and long-term portion of the accrued amounts are included in Accrued compensation and benefits and Other liabilities,
respectively, on the balance sheet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business Segments </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB is not
organized by multiple operating segments for the purpose of making operating decisions or assessing performance. Accordingly, USPB
has one reportable segment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Earnings Per Unit </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Under the
LLC structure, earnings of the Company are to be distributed to unitholders based on their proportionate share of underlying equity,
and, as a result, earnings per unit (EPU) has been presented in the accompanying Statement of Operations and in the table that
follows.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Basic EPU
excludes dilution and is computed by first allocating 10% of net income or loss attributable to USPB to Class A units and the remaining
90% is allocated to Class B units. Net income or loss allocated to the Class A and Class B units is then divided by the weighted-average
number of Class A and Class B units outstanding for the period to determine the basic EPU for each respective class of unit.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Diluted EPU
reflects the potential dilution that could occur to the extent that any outstanding dilutive Class A or Class B units were exercised.
There are no potentially dilutive Class A or Class B units outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td><font style="font-size: 10pt"><b>Income Per Unit Calculation</b></font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>52 weeks ended</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>52 weeks ended</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>53 weeks ended</b></font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">(thousands of dollars, except unit and per unit data)</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 29,<br />
2018</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 30,<br />
2017</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2016</b></font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td colspan="10"><font style="font-size: 10pt"><b>Basic and diluted earnings per unit:</b></font></td></tr>
<tr>
<td><font style="font-size: 10pt">Income attributable to USPB available to</font></td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   unitholders (numerator)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">      Class A</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">8,659</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">5,748</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">4,637</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">      Class B</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">77,929</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">51,733</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">41,731</font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td colspan="10"><font style="font-size: 10pt">Weighted average outstanding units (denominator)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Per unit amount</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11.77</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7.82</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.31</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">103.16</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68.49</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">55.24</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td><font style="font-size: 10pt"><b>Income Per Unit Calculation</b></font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>52 weeks ended</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>52 weeks ended</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>53 weeks ended</b></font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">(thousands of dollars, except unit and per unit data)</font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 29,<br />
2018</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 30,<br />
2017</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2016</b></font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td colspan="10"><font style="font-size: 10pt"><b>Basic and diluted earnings per unit:</b></font></td></tr>
<tr>
<td><font style="font-size: 10pt">Income attributable to USPB available to</font></td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td>
<td style="width: 2%"> </td>
<td style="width: 9%"> </td>
<td style="width: 3%"> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   unitholders (numerator)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">      Class A</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">8,659</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">5,748</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">4,637</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">      Class B</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">77,929</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">51,733</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">41,731</font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td colspan="10"><font style="font-size: 10pt">Weighted average outstanding units (denominator)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">Per unit amount</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11.77</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7.82</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6.31</font></td>
<td> </td></tr>
<tr style="background-color: #C6FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">103.16</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68.49</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">55.24</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 3.   Long-Term Debt and Loan Agreements </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>    (a)    <i>Master Loan Agreement</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     On June 13,
2017, USPB and CoBank entered into a Revolving Term Loan Supplement to the Master Loan Agreement dated July 26, 2011. The Revolving
Term Loan Supplement provides for a $5 million revolving credit commitment. The new commitment carries a term of three years, maturing
on June 30, 2020. The Pledge Agreement provides CoBank with a first-priority security interest in USPB’s membership interests
in, and distributions from, NBP.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     All of the
$5 million revolving credit commitment was available as of December 29, 2018. Borrowings under the revolving credit commitment
bear interest at the base rate or LIBOR rate plus applicable margin. The applicable margin over LIBOR was 200 bps at December 29,
2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     On December
30, 2011, in connection with the closing of the transaction with Leucadia, the Company and CoBank entered into the Consent and
First Amendment to Pledge Agreement and Security Agreement, by which CoBank agreed to (i) consent to the Membership Interest Sale
and the PA Distribution, (ii) release its security interest in, and liens on, the Membership Interests being sold pursuant to the
Membership Interest Sale, (iii) consent to the NBP Pledge and (iv) consent to the amendments and restatements of the NBP Operating
Agreement and the PA Newco Operating Agreement. The NBP Pledge grants NBP a perfected security interest in and to USPB’s
membership interests in, and distributions from, NBP, subject only to the prior first priority security interest held by CoBank.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The Company
was in compliance with the Master Loan Agreement’s Net Worth covenant as of December 29, 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>    (b)    <i>Capital and Operating
Leases</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB leases
its office space in Kansas City, Missouri and Dodge City Kansas. Lease expense associated with operating leases was $0.1 million
for fiscal years 2018, 2017, and 2016. USPB expects that it will renew lease agreements or enter into new leases as the existing
leases expire.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4.    Employee Options and Benefit Plans</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     In September
2010, USPB’s Board of Directors approved a management phantom unit plan. The phantom unit plan provides for the award of
unit appreciation rights to management employees of USPB. USPB’s CEO administers the phantom unit plan and awards “Phantom
Units” (Class A and Class B Units) to employees in amounts determined by the CEO, subject to the total Phantom Unit amount
approved by the Board of Directors of USPB. A total of 5,000 Class A phantom units and 5,000 Class B phantom units were awarded
to management employees, with a strike price of $118 and $157, respectively. The closing of the Leucadia Transaction resulted in
management employees receiving a payment under the management phantom unit plan. As a result of that payment, the strike price
for both the Class A phantom units and Class B phantom units was satisfied and is now $0. As a result of the retirement of one
of USPB’s employees on December 31, 2014, 50 Class A phantom units and 50 Class B phantom units were forfeited as they were
not vested. One third of the retiring employee’s vested phantom units will be exercised and the appreciation rights paid
in three tranches (retirement, and first and second anniversary of retirement). At the end of fiscal year 2018, 4,750 Class A phantom
units and 4,750 Class B phantom units remain outstanding. The phantom units became fully vested in August 2015. For the management
phantom unit plan, compensation expense of $0.6 million, $0.3 million, and $0.2 million was recognized in fiscal years 2018, 2017,
and 2016, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     On November
16, 2012, USPB’s Board of Directors approved the issuance of an additional 1,500 Class A phantom units, with a strike price
of $66.04 and 1,500 Class B phantom units, with a strike price of $73.70, to certain members of management, to be effective on
January 28, 2013. The phantom units became fully vested in January 2018. Compensation expense of $0.2 million, $0.1 million and
$0.0 million was recognized in fiscal years 2018, 2017, and 2016, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The Company
maintains a tax-qualified employee savings and retirement plan (401(k) Plan) covering the Company’s non-union employees.
Pursuant to the 401(k) Plan, eligible employees may elect to reduce their current compensation by up to the lesser of 75% of their
annual compensation or the statutorily prescribed annual limit and have the amount of such reduction contributed to the 401(k)
Plan. The 401(k) Plan provides for additional matching contributions by the Company, 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 qualify under Section 401 of the</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Internal Revenue Code. Expenses related to the 401(k) Plan totaled
approximately $0.1 million, $0.1 million, and $0.0 million for fiscal years 2018, 2017, and 2016, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 5.    Other Income</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Other non-operating
income, net was $0.4 million, $0.1 million, and $0.7 million, for fiscal years 2018, 2017, and 2016, respectively. Other non-operating
income primarily includes income related to lease income on additional delivery rights made available by the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 6.    Income Taxes</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">      USPB is
structured as an LLC and is taxed as a partnership for federal income tax purposes. As a result, its taxable income/loss are passed
through to the unitholders at the end of each tax year. Certain states assess an entity level tax, which is paid by USPB. Such
taxes are generally immaterial, and the current provision in tax years 2018, 2017, and 2016 was $0.0 million.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 7.    Related Party Transactions </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     All of the
Company’s directors hold Class A units of the Company. By virtue of their ownership of the units, each of these individuals
is obligated to deliver cattle to the Company. The amount and terms of the payments received by these individuals (or the entities
they represent) for the delivery of cattle are made on exactly the same basis as those received by other unitholders of the Company
for the delivery of their cattle.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     On December
30, 2011, USPB entered into a new Cattle Purchase and Sale Agreement with NBP. Per the terms and conditions of the Agreement, NBP
is required to purchase through USPB from its members, and USPB is required to cause to be sold and delivered from its members
to NBP, a base amount of 735,385 (subject to adjustment) head of cattle per year. The purchase price for the cattle is determined
by pricing grids, which, at all times, are required to be no less favorable than any other pricing grid being utilized by NBP and
the pricing grid shall be competitive with NBP’s major competitors for the purchase of cattle. NBP believes the pricing grids
are based on terms that could be obtained from an unaffiliated party. The cattle supply agreement extends through December 30,
2022, with automatic, but optional one year extensions on each December 30, unless either party provides a notice not to extend
sixty days prior to the annual anniversary date. Neither party provided sixty day notice prior to December 29, 2018, the current
year annual anniversary date. NBP also purchased additional cattle from certain USPB members and associates outside of the cattle
supply agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB facilitates
the delivery of cattle owned by its unitholders and associates to NBP. During fiscal years 2018, 2017, and 2016, USPB’s members
and associates provided approximately 25%, 24%, and 27%, respectively, of NBP’s total cattle requirements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     At December
29, 2018 and December 30, 2017, the Company had receivables from unitholders and associates in the amount of $0.0 million and $0.1
million, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     At December
29, 2018 and December 30, 2017, the Company had payables to unitholders and associates in the amount of $5.7 million and $28.7
million, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 8.    Legal Proceedings </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     As of December
29, 2018, USPB was not a party to any lawsuit or claim arising out of the operation of its business.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 9.    Quarterly Results (Unaudited) </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     Selected
quarterly financial data for fiscal years 2018 and 2017 are set forth below (dollars in thousands, except per unit data):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"> </td>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Operating</b></font></td>
<td style="white-space: nowrap; text-align: center"> </td>
<td style="white-space: nowrap; text-align: center"> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Net</b></font></td>
<td style="white-space: nowrap"> </td>
<td colspan="5" style="white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Basic and Diluted Earnings Per</b></font></td></tr>
<tr>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Net Sales</b></font></td>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Loss</b></font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> </td>
<td style="white-space: nowrap; text-align: center"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Income</b></font></td>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Class A Unit</b></font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Class B Unit</b></font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap; width: 28%"><font style="font-size: 10pt">2018 quarterly results:</font></td>
<td style="white-space: nowrap; width: 2%"> </td>
<td style="white-space: nowrap; width: 10%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 2%"> </td>
<td style="white-space: nowrap; width: 10%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 7%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 4%"> </td>
<td style="white-space: nowrap; width: 14%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 3%"> </td>
<td style="white-space: nowrap; width: 14%"> </td></tr>
<tr>
<td style="white-space: nowrap"><font style="font-size: 10pt">   March 31, 2018</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(1,445</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">9,201</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.25</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">10.96</font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">   June 30, 2018</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(1,092</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">27,788</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">3.78</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">33.11</font></td></tr>
<tr>
<td style="white-space: nowrap"><font style="font-size: 10pt">   September 29, 2018</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(816</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">28,928</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">3.93</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">34.47</font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">   December 29, 2018</font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,135</font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">20,671</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">2.81</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">24.63</font></td></tr>
<tr>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(4,488</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">86,588</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td></tr>
<tr>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">2017 quarterly results:</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td></tr>
<tr>
<td style="white-space: nowrap"><font style="font-size: 10pt">   March 25, 2017</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(1,067</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">7,576</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.03</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">9.03</font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">   June 24, 2017</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(840</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">10,954</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.49</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">13.05</font></td></tr>
<tr>
<td style="white-space: nowrap"><font style="font-size: 10pt">   September 30, 2017</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(862</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">25,501</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">3.47</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">30.38</font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">   December 30, 2017</font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,252</font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">13,450</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.83</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">16.02</font></td></tr>
<tr>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(4,021</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">57,481</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"> </td>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Operating</b></font></td>
<td style="white-space: nowrap; text-align: center"> </td>
<td style="white-space: nowrap; text-align: center"> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Net</b></font></td>
<td style="white-space: nowrap"> </td>
<td colspan="5" style="white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Basic and Diluted Earnings Per</b></font></td></tr>
<tr>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Net Sales</b></font></td>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Loss</b></font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> </td>
<td style="white-space: nowrap; text-align: center"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Income</b></font></td>
<td style="white-space: nowrap"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Class A Unit</b></font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td colspan="2" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Class B Unit</b></font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap; width: 28%"><font style="font-size: 10pt">2018 quarterly results:</font></td>
<td style="white-space: nowrap; width: 2%"> </td>
<td style="white-space: nowrap; width: 10%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 2%"> </td>
<td style="white-space: nowrap; width: 10%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 7%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 4%"> </td>
<td style="white-space: nowrap; width: 14%"> </td>
<td style="white-space: nowrap; width: 1%"> </td>
<td style="white-space: nowrap; width: 3%"> </td>
<td style="white-space: nowrap; width: 14%"> </td></tr>
<tr>
<td style="white-space: nowrap"><font style="font-size: 10pt">   March 31, 2018</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(1,445</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">9,201</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.25</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">10.96</font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">   June 30, 2018</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(1,092</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">27,788</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">3.78</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">33.11</font></td></tr>
<tr>
<td style="white-space: nowrap"><font style="font-size: 10pt">   September 29, 2018</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(816</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">28,928</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">3.93</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">34.47</font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">   December 29, 2018</font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,135</font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">20,671</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">2.81</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">24.63</font></td></tr>
<tr>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(4,488</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">86,588</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td></tr>
<tr>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">2017 quarterly results:</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td></tr>
<tr>
<td style="white-space: nowrap"><font style="font-size: 10pt">   March 25, 2017</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(1,067</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">7,576</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.03</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">9.03</font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">   June 24, 2017</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(840</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">10,954</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.49</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">13.05</font></td></tr>
<tr>
<td style="white-space: nowrap"><font style="font-size: 10pt">   September 30, 2017</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">(862</font></td>
<td style="white-space: nowrap"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">25,501</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">3.47</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">30.38</font></td></tr>
<tr style="background-color: #C6FFFF">
<td style="white-space: nowrap"><font style="font-size: 10pt">   December 30, 2017</font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,252</font></td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid"> </td>
<td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">13,450</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.83</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">16.02</font></td></tr>
<tr>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(4,021</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">57,481</font></td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td>
<td style="white-space: nowrap"> </td></tr>
</table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt">NOTE 10. Subsequent
Events</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On March 11, 2019, USPB and the other members
of NBP entered into an agreement to acquire 100% of the ownership interests in Iowa Premium, LLC.  USPB’s proportionate
share of the Purchase Price is approximately $22.6 million, which will be funded by a distribution by NBP to USPB.  Once
the purchase of Iowa Premium, LLC is closed, USPB and the other members of NBP will subsequently transfer their respective ownership
interests in Iowa Premium, LLC to NBP in the form of a capital contribution.  Closing the transaction is subject to customary
conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">USPB evaluated
subsequent events and transactions for potential recognition or disclosure in the financial statements through March 13, 2019,
the date the financial statements were available for issuance.</p>
103.16
11.77
7.82
68.49
6.31
55.24
3.93
34.47
1.25
3.78
2.81
10.96
33.11
24.63
1.03
1.49
3.47
1.83
9.03
13.05
30.8
16.02
22600000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1.   Description of Business</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     U.S. Premium
Beef (USPB or the Company) was formed as a closed marketing cooperative on July 1, 1996. Its mission is to increase the quality
of beef and long-term profitability of cattle producers by creating a fully integrated producer-owned beef processing system that
is a global supplier of high quality, value-added beef products responsive to consumer desires. USPB operates an integrated cattle
processing and beef marketing enterprise where consumer and processor demands and requirements are implemented through changes
in genetics, feeding, and management. USPB’s unitholders benefit from its supplier alliance with National Beef Packing Company,
LLC (NBP) through (i) premiums received in excess of cash market prices for higher quality cattle, (ii) allocations of profits
and potential distributions, (iii) potential unit price appreciation, and (iv) information that permits unitholders to make informed
production decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     On August
18, 2004, the shareholders of U.S. Premium Beef, Ltd. approved the conversion of the cooperative into a Delaware LLC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     On December
5, 2011, USPB entered into a Membership Interest Purchase Agreement with Leucadia National Corporation (Leucadia). The Purchase
Agreement provided for Leucadia to purchase 56.2415% of the membership interests in NBP (National Interests) from the Company for
approximately $646.8 million. The Leucadia Transaction closed on December 30, 2011. Following the close, USPB owned 15.0729% of
NBP’s membership interests.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     As a result
of the sale to Leucadia, USPB’s investment in NBP will be accounted for using the equity method of accounting as the Company
has the ability to exercise significant influence, but does not have financial or operational control.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Ownership Structure </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     As USPB is
structured as a Limited Liability Company, its members are not personally liable for liabilities of USPB. USPB’s members
are taxed on their proportionate share of USPB’s taxable income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     <i>Class
A Units</i>. There are 735,385 Class A units outstanding. Class A unitholders are allocated 10% of the Company’s profits
and losses. Holders of USPB Class A units, committed under Uniform Cattle Delivery and Marketing Agreements, have the right and
obligation to deliver one head of cattle to USPB annually for each unit held.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     <i>Class
B Units. </i>There are 755,385 Class B units outstanding. Class B unitholders are allocated 90% of the Company’s profits
and losses. Holders of USPB Class B units have no cattle delivery commitment.</p>
113620000
27419000
35815000