PORK Premium Std Farms (MM)

SMITHFIELD, Va., March 30 /PRNewswire-FirstCall/ -- Smithfield Foods, Inc. (NYSE:SFD) and Premium Standard Farms, Inc. (NASDAQ:PORK) today announced that the Antitrust Division of the U.S. Department of Justice (the "Antitrust Division") has exercised its option to take an additional 30 days to review Smithfield's pending acquisition of PSF. As previously announced, the parties had agreed to give the Antitrust Division 60 days from substantial compliance with the Antitrust Division's Request for Additional Information ("Second Request") and an additional 30 days thereafter for review at the option of the Antitrust Division. The additional thirty-day period expires on May 7, 2007. The parties certified substantial compliance with the Second Request on February 5, 2007. About Smithfield Foods, Inc. Smithfield has delivered a 24 percent average annual compounded rate of return to investors since 1975. With sales of $11 billion, Smithfield is the leading processor and marketer of fresh pork and processed meats in the United States, as well as the largest producer of hogs. For more information, visit http://www.smithfieldfoods.com/. About Premium Standard Farms, Inc. PSF is one of the largest vertically integrated providers of pork products in the United States, producing consistent, high quality pork products for the retail, wholesale, foodservice, export, and further processor markets. PSF is the nation's second largest pork producer and sixth largest pork processor, with approximately 4,300 employees working at farms and processing facilities in Missouri, North Carolina, and Texas. This filing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements relating to anticipated financial and operating results, the companies' plans, objectives, expectations and intentions and other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions. Such statements are based upon the current beliefs and expectations of Smithfield's and PSF's management and involve a number of significant risks and uncertainties. Actual results may differ materially from the results anticipated in these forward-looking statements. The following factors, among others, could cause or contribute to such material differences: the risk that governmental approvals of the transaction will not be obtained on the proposed terms and schedule or at all or will only be obtained following the imposition of adverse conditions; the failure to obtain stockholder approval; the risks that Smithfield's and PSF's businesses will not be integrated successfully; the risk that Smithfield and PSF will not realize estimated cost savings and synergies; costs relating to the proposed transaction; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the availability and pricing of hogs, feed and other products necessary to our business; fluctuations in pricing of our products, the competitive environment and related market conditions; legal risks, including litigation and legislative and regulatory developments; possible effects on products and productivity of disease outbreaks; access to capital; and actions of domestic and foreign governments. Additional factors that could cause Smithfield's and PSF's results to differ materially from those described in the forward-looking statements can be found in the 2006 Annual Report on Form 10-K of Smithfield and the 2006 Annual Report on Form 10-K of PSF filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov/). Neither Smithfield nor PSF undertakes any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made. Contacts: For Smithfield: For Premium Standard Farms: Investors: Steve Lightstone Jerry Hostetter or Keira Ullrich Premium Standard Farms, Inc. Smithfield Foods, Inc. (816) 472-7675 (212) 758-2100 Media: Adam Weiner Kekst and Company (212) 521-4800 DATASOURCE: Smithfield Foods, Inc. CONTACT: Jerry Hostetter of Smithfield Foods, Inc., +1-212-758-2100 Web site: http://www.smithfieldfoods.com/

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