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<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>(1)  Interim Financial Statements </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>Basis of Presentation </b></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"><font style="font-size: 10pt">The
accompanying unaudited Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles
(GAAP), for interim financial information; therefore, they do not include all of the information and footnotes required by GAAP
for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have
been included using management’s best estimates and judgments where appropriate. These estimates and judgments affect the
reported amounts of assets and liabilities and disclosure of contingent 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. For further information, refer to the audited Financial
Statements and Notes to Financial Statements, which are included in the Company’s Annual Report on Form 10-K on file with
the Securities and Exchange Commission (SEC), for the fiscal year ended December 29, 2018. The results of operations for the interim
periods presented are not necessarily indicative of the results for a full fiscal year.</font></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"><font style="font-size: 10pt">USPB’s
15.0729% 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.</font></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>(2)  Accounting Policies </b></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"><font style="font-size: 10pt"><i>Accounting
for Investment in NBP. </i>On December 30, 2011, USPB sold the majority of its ownership interest in NBP to Leucadia. On that date,
USPB’s investment in NBP was measured at fair value and has since been carried under the equity method of accounting. Operating
losses, economic and industry events, and a variety of other factors may result in a decrease in the value of the investment, which
is other than temporary. Such potential decreases in value will cause the Company to record an impairment charge, which may have
an impact on the trading values of USPB’s Class A and Class B units. </font></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"><font style="font-size: 10pt"><i>Accounting
for Leases. </i>In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02,
<i>Leases</i>. 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 new standard was effective for
annual and interim periods beginning after December 15, 2018; USPB implemented the new standard effective December 30, 2018.</font></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"><font style="font-size: 10pt">Upon
review of its lease arrangements, USPB determined that its two office leases were subject to the new leasing standard. The Kansas
City, MO office lease has a remaining term of approximately 5.4 years (assuming the final 3-year renewal is exercised) and the
Dodge City, KS office has a remaining term of approximately 1.3 years. Neither lease agreement provides for renewals beyond the
remaining terms. The monthly lease payment for the Kansas City office is $3,790, subject to annual Consumer Price Index adjustments,
which are capped at 3% per year. The monthly lease payment for the Dodge City office is $1,018, which is not subject to adjustment.
Both offices are used for general office use only. As of September 28, 2019, the present value of the remaining operating lease
payments for the offices equaled $0.2 million and USPB’s balance sheet reflected Right of Use Assets and Lease Obligations
equal to that amount. The discount rate used to compute the present value was USPB’s incremental borrowing rate. </font></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"><font style="font-size: 10pt">USPB
elected the package of practical expedients permitted under the transition guidance, which allows us to accept: 1) the original
determination of whether a contract contained a lease, 2) a subsequent review of existing contracts is not necessary, and 3) USPB
does not have to reassess the initial direct costs assigned to leases under previous leasing guidance. The new guidance did not
have a material impact on our financial statements.</font></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"><font style="font-size: 10pt"><i>Accounting
for Investment in NBP. </i>On December 30, 2011, USPB sold the majority of its ownership interest in NBP to Leucadia. On that date,
USPB’s investment in NBP was measured at fair value and has since been carried under the equity method of accounting. Operating
losses, economic and industry events, and a variety of other factors may result in a decrease in the value of the investment, which
is other than temporary. Such potential decreases in value will cause the Company to record an impairment charge, which may have
an impact on the trading values of USPB’s Class A and Class B units. </font></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"><font style="font-size: 10pt"><i>Accounting
for Leases. </i>In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02,
<i>Leases</i>. 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 new standard was effective for
annual and interim periods beginning after December 15, 2018; USPB implemented the new standard effective December 30, 2018.</font></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"><font style="font-size: 10pt">Upon
review of its lease arrangements, USPB determined that its two office leases were subject to the new leasing standard. The Kansas
City, MO office lease has a remaining term of approximately 5.4 years (assuming the final 3-year renewal is exercised) and the
Dodge City, KS office has a remaining term of approximately 1.3 years. Neither lease agreement provides for renewals beyond the
remaining terms. The monthly lease payment for the Kansas City office is $3,790, subject to annual Consumer Price Index adjustments,
which are capped at 3% per year. The monthly lease payment for the Dodge City office is $1,018, which is not subject to adjustment.
Both offices are used for general office use only. As of September 28, 2019, the present value of the remaining operating lease
payments for the offices equaled $0.2 million and USPB’s balance sheet reflected Right of Use Assets and Lease Obligations
equal to that amount. The discount rate used to compute the present value was USPB’s incremental borrowing rate. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 10pt">USPB
elected the package of practical expedients permitted under the transition guidance, which allows us to accept: 1) the original
determination of whether a contract contained a lease, 2) a subsequent review of existing contracts is not necessary, and 3) USPB
does not have to reassess the initial direct costs assigned to leases under previous leasing guidance. The new guidance did not
have a material impact on our financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(3)  Members’ Capital </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 10pt">The
following table represents a reconciliation of Members’ Capital for the thirty-nine week period ended September 28, 2019
(unaudited) (thousands of dollars).</font></p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">Balance at December 29, 2018</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">219,756</font></td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Allocation of net income for the thirty-nine week period ended September 28, 2019</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">76,636</font></td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Member distributions</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(50,771</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Balance at September 28, 2019</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">245,621</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">Balance at December 29, 2018</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">219,756</font></td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Allocation of net income for the thirty-nine week period ended September 28, 2019</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">76,636</font></td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Member distributions</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(50,771</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Balance at September 28, 2019</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">245,621</font></td>
<td style="border-bottom: black 2.25pt double"> </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>(4)  Earnings Per Unit </b></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"><font style="font-size: 10pt">Under
the LLC structure, earnings of the Company are to be allocated to unitholders based on their proportionate share of underlying
equity. Earnings Per Unit (EPU) has been presented in the accompanying Statements of Operations and in the table that follows.
</font></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"><font style="font-size: 10pt">Basic
EPU excludes dilution and is computed by first allocating a portion of USPB’s net income or net loss to Class A units and
the remainder is allocated to Class B units. For the thirty-nine week periods ended September 28, 2019 and September 29, 2018,
10% of USPB’s net income allocated to the Class A’s and 90% to the Class B’s. The net income allocated to the
Class A and Class B units were 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.</font></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"><font style="font-size: 10pt">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.</font></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>Net Income Per Unit Calculation</b></font></td>
<td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>13 weeks ended</b></font></td>
<td> </td>
<td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>39 weeks ended</b></font></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>September 28, 2019</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 29, 2018</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 28, 2019</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 29, 2018</b></font></td></tr>
<tr>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td></tr>
<tr style="background-color: #B3FFFF">
<td colspan="3"><font style="font-size: 10pt"><b>Basic and diluted earnings per unit:</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td colspan="3"><font style="font-size: 10pt">Net income attributable to USPB available to</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<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>
<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">4,135</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,893</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">7,664</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">6,592</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>      <font style="font-size: 10pt">Class B</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">37,215</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">26,035</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">68,972</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">59,325</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">Weighted average outstanding units (denominator)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Class A</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Class B</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">Per unit amount</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Class A</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5.62</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.93</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10.42</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8.96</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Class B</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">49.27</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">34.47</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">91.31</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">78.54</font></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>Net Income Per Unit Calculation</b></font></td>
<td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>13 weeks ended</b></font></td>
<td> </td>
<td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>39 weeks ended</b></font></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>September 28, 2019</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 29, 2018</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 28, 2019</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 29, 2018</b></font></td></tr>
<tr>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td></tr>
<tr style="background-color: #B3FFFF">
<td colspan="3"><font style="font-size: 10pt"><b>Basic and diluted earnings per unit:</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td colspan="3"><font style="font-size: 10pt">Net income attributable to USPB available to</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<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>
<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">4,135</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,893</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">7,664</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">6,592</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>      <font style="font-size: 10pt">Class B</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">37,215</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">26,035</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">68,972</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">59,325</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">Weighted average outstanding units (denominator)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Class A</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Class B</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">Per unit amount</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Class A</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5.62</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.93</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10.42</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8.96</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Class B</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">49.27</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">34.47</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">91.31</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">78.54</font></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"><b>(5)  Investment in National Beef Packing Company, LLC
</b></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"><font style="font-size: 10pt">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. Below is a summary of the results of operations for NBP for the
thirty-nine week periods ended September 28, 2019 and September 29, 2018 (thousands of dollars): </font></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>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>13 weeks ended</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>39 weeks ended</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td></tr>
<tr>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 28, 2019</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 29, 2018</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 28, 2019</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 29, 2018</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td></tr>
<tr>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">Net sales</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,249,133</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">1,880,561</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">6,189,854</font></td>
<td> </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">5,605,170</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">Costs and expenses:</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Cost of sales</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,915,866</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,637,216</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">5,507,504</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">5,014,815</font></td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Selling, general, and administrative expenses</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">20,545</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">18,540</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">59,941</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">51,364</font></td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Depreciation and amortization</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">31,432</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">26,121</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">89,049</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">77,445</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr>
<td>      <font style="font-size: 10pt">Total costs and expenses</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,967,843</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,681,877</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">5,656,494</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">5,143,624</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr>
<td>         <font style="font-size: 10pt">Operating income</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">281,290</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">198,684</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">533,360</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">461,546</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">Other income (expense):</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<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: #B3FFFF">
<td>   <font style="font-size: 10pt">Interest income</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">109</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">88</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">347</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">233</font></td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Interest expense</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(2,985</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(2,718</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(9,127</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(8,196</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>      <font style="font-size: 10pt">Income before taxes</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">278,414</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">196,054</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">524,580</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">453,583</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr>
<td><font style="font-size: 10pt">Income tax expense</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(657</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(585</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,637</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,468</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>      <font style="font-size: 10pt">Net income</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">277,757</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">195,469</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">522,943</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">452,115</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">NBP's net income attributable to USPB</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">41,866</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">29,463</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">78,823</font></td>
<td style="border-bottom: black 2.25pt double"> </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">68,147</font></td>
<td style="border-bottom: black 2.25pt double"> </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"><font style="font-size: 10pt">On June
10, 2019, NBP announced that the transactions to acquire 100% of the ownership interests in Iowa Premium, LLC (Iowa Premium) had
closed and it was the owner of Iowa Premium. As a part of the transactions, USPB entered into a Membership Interest Purchase Agreement
(MIPA) between and among USPB, Iowa Premium, additional buyers identified therein, and Sysco Holdings, LLC (Sysco). The MIPA provided
for USPB and each of the other members of NBP to purchase, in the aggregate, 100% of the ownership interests in Iowa Premium.
NBP served as representative for the buyers in connection with the transaction contemplated by the MIPA and delivered the purchase
price funds to Sysco and its designees on behalf of the buyers. The funds used to consummate the transaction were provided by
way of a permitted distribution from NBP to its Members. USPB’s proportionate share of the distribution from NBP was approximately
$23.7 million. Immediately following the purchase, the transactions provided for by the Contribution Agreement were completed.</font></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"><font style="font-size: 10pt">The
Contribution Agreement provided for (i) USPB to contribute to NBP all of USPB’s ownership interest in Iowa Premium; and (ii)
NBP to assume USPB’s obligations under the MIPA and to indemnify USPB for any claims against USPB that may arise out of the
MIPA. The contribution took place immediately following the closing of the purchase of Iowa Premium ownership by NBP’s members
pursuant to the MIPA. Following the contribution, NBP’s members are no longer members of Iowa Premium, and NBP is the sole
member and 100% owner of Iowa Premium and is responsible for all obligations under the MIPA. NBP indemnified its members, including
USPB, for any and all liabilities arising from the purchase of the Iowa Premium ownership interests and the transfer of those interests
to NBP.</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>13 weeks ended</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>39 weeks ended</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td></tr>
<tr>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 28, 2019</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 29, 2018</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 28, 2019</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 29, 2018</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td></tr>
<tr>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">Net sales</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,249,133</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">1,880,561</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">6,189,854</font></td>
<td> </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">5,605,170</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">Costs and expenses:</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Cost of sales</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,915,866</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,637,216</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">5,507,504</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">5,014,815</font></td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Selling, general, and administrative expenses</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">20,545</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">18,540</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">59,941</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">51,364</font></td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td>   <font style="font-size: 10pt">Depreciation and amortization</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">31,432</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">26,121</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">89,049</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">77,445</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr>
<td>      <font style="font-size: 10pt">Total costs and expenses</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,967,843</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,681,877</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">5,656,494</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">5,143,624</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr>
<td>         <font style="font-size: 10pt">Operating income</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">281,290</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">198,684</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">533,360</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">461,546</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">Other income (expense):</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<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: #B3FFFF">
<td>   <font style="font-size: 10pt">Interest income</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">109</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">88</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">347</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">233</font></td>
<td> </td></tr>
<tr>
<td>   <font style="font-size: 10pt">Interest expense</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(2,985</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(2,718</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(9,127</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(8,196</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>      <font style="font-size: 10pt">Income before taxes</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">278,414</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">196,054</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">524,580</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">453,583</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr>
<td><font style="font-size: 10pt">Income tax expense</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(657</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(585</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,637</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,468</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #B3FFFF">
<td>      <font style="font-size: 10pt">Net income</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">277,757</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">195,469</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">522,943</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">452,115</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #B3FFFF">
<td><font style="font-size: 10pt">NBP's net income attributable to USPB</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">41,866</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">29,463</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">78,823</font></td>
<td style="border-bottom: black 2.25pt double"> </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">68,147</font></td>
<td style="border-bottom: black 2.25pt double"> </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>(6)  Long-term Debt and Loan Agreements </b></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"><font style="font-size: 10pt">On
August 16, 2019, USPB and CoBank entered into an Amended and Restated Revolving Term Supplement to the Master Loan Agreement dated
July 26, 2011. The Amended and Restated Revolving Term Supplement provides for a $1 million revolving credit commitment and reduces
the commitment fee to 0.0%. The commitment has a remaining term of one year, maturing on September 29, 2020. </font></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>(7)  Legal Proceedings </b></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"><font style="font-size: 10pt">USPB
is not currently involved in any litigation. However, because its ownership interest in NBP is USPB’s largest asset and because
of the cattle procurement and distribution relationship between USPB and NBP, litigation involving NBP may impact USPB.</font></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"><font style="font-size: 10pt">NBP
has recently been named as a defendant in a couple of class action lawsuits. The Class action lawsuits entitled In re Cattle Antitrust
Litigation and Peterson et al. v. JBS USA Food Company Holdings, et al., and Pacific Agri-Products, Inc. v. JBS USA Food Company
Holdings, et al., which allege, among other things, violations of the Sherman Antitrust Act, the Packers and Stockyards Act, the
Commodity Exchange Act, and various state laws. NBP intends to vigorously defend itself.</font></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"><font style="font-size: 10pt">USPB
is not able to assess what impact, if any, the actions described above will have on NBP or USPB.</font></p>
<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"><b>(8)  Subsequent Events </b></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"><font style="font-size: 10pt">USPB
evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through November
8, 2019, the date the financial statements were available for issuance.</font></p>
1000000
0.00
2020-09-29