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<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">     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 28, 2019. The results of operations for the interim periods presented
are not necessarily indicative of the results for a full fiscal year.</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">     <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. 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.</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">     Operating
losses, diminished cash flows, economic and industry events, pandemics, such as coronavirus disease (COVID-19), 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, if deemed other than temporary, 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. However, NBP’s plants are all operational at the present time;
it has been designated as an essential business during the COVID-19 pandemic; and its results of operations are highly profitable,
as reflected in Note 6. As a result, we believe the fair value of our investment in NBP exceeds the carrying value.</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>Cash and
Cash Equivalents.</i> The Company considers all highly liquid investments with an original maturity of three months or less to
be cash equivalents. As of June 27, 2020, the Company’s balance sheet reflected Cash and cash equivalents of $31.8 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; text-indent: 0.25in">     <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. 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.</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">     Operating
losses, diminished cash flows, economic and industry events, pandemics, such as coronavirus disease (COVID-19), 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, if deemed other than temporary, 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. However, NBP’s plants are all operational at the present time;
it has been designated as an essential business during the COVID-19 pandemic; and its results of operations are highly profitable,
as reflected in Note 6. As a result, we believe the fair value of our investment in NBP exceeds the carrying value.</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>Cash and
Cash Equivalents.</i> The Company considers all highly liquid investments with an original maturity of three months or less to
be cash equivalents. As of June 27, 2020, the Company’s balance sheet reflected Cash and cash equivalents of $31.8 million.</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)   Noncompetition 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; text-indent: 0.25in">     The former
CEO’s employment agreement provided for him to receive noncompetition payments in connection with the Leucadia Transaction.
He will continue to receive noncompetition payments of approximately $845,000 per year during calendar years 2020 and 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 June
27, 2020 and December 28, 2019, the Company had accrued $1.6 million and $1.9 million, respectively, for the noncompetition agreements.
The current and long-term portion of the accrued amounts are included in Accrued compensation and benefits and Other liabilities,
respectively, on the balance sheet. The table below summarizes the current and long-term portions of the accrued non-compete amounts
(thousands of dollars):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>June 27, 2020</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 28, 2019</b></font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Current non-compete</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">848</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">848</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">Long-term non-compete</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">718</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,089</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,566</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,937</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>June 27, 2020</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 28, 2019</b></font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Current non-compete</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">848</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">848</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">Long-term non-compete</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">718</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,089</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,566</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">1,937</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>(4)   Employee Compensation Plans </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">     In September
2010, USPB’s Board of Directors approved a management phantom unit plan and subsequently awarded phantom units in fiscal
years 2010 and 2013. As of June 27, 2020 and December 28, 2019, the Company had accrued $2.6 million and $2.3 million, respectively,
for the management phantom awards. The current and long-term portion of the accrued amounts are included in Accrued compensation
and benefits and Other liabilities 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; text-indent: 0.25in">     USPB provides
its employees the opportunity to earn cash incentives and bonuses. As of June 27, 2020 and December 28, 2019, the Company had accrued
$0.7 million and $1.4 million, respectively, for the cash incentive and bonus plans. The accrued amounts are included in Accrued
compensation and benefits on the balance sheet.</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>(5)   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">     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.</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 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 thirteen and twenty-six week periods ended June 27, 2020 and June 29, 2019, 10%
of USPB’s net income was 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.</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="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>26 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>June 27, 2020</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>June 29, 2019</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>June 27, 2020</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>June 29, 2019</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> </td>
<td style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td></tr>
<tr style="background-color: #D2FFFF">
<td><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>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">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>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<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">10,120</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,475</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">11,338</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">3,529</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">      Class B</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">91,084</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">22,273</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">102,042</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">31,757</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">Weighted average outstanding units (denominator)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Per unit amount</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13.76</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.37</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">15.42</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4.80</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">120.58</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">29.49</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">135.09</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">42.04</font></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><font style="font-size: 10pt"><b>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>26 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>June 27, 2020</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>June 29, 2019</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>June 27, 2020</b></font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>June 29, 2019</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> </td>
<td style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td></tr>
<tr style="background-color: #D2FFFF">
<td><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>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">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>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<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">10,120</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,475</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">11,338</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">3,529</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">      Class B</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">91,084</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">22,273</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">102,042</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">31,757</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">Weighted average outstanding units (denominator)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">735,385</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">755,385</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Per unit amount</font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Class A</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13.76</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.37</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">15.42</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4.80</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Class B</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">120.58</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">29.49</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">135.09</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">42.04</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(6)   Investment in National Beef Packing Company,
LLC </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     USPB’s
15.0729% investment in NBP is accounted for using the equity method of accounting as the Company has the ability to exercise significant
influence, but does not have financial or operational control. The table below summarizes the changes to USPB’s investment
in NBP (thousands of dollars): </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Beginning Investment at December 28, 2019</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">131,786</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Equity in net income for twenty-six week period</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">115,484</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Distributions from National Beef Packing Company, LLC</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">(7,853</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Ending Investment at June 27, 2020</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">239,417</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">     Below is
a summary of the results of operations for NBP for the thirteen and twenty-six week periods ended June 27, 2020 and June 29, 2019
(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="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>26 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>June 27, 2020</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>June 29, 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>June 27, 2020</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>June 29, 2019</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 style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td style="text-align: center"> </td></tr>
<tr style="background-color: #D2FFFF">
<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">2,677,697</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,113,648</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">4,863,046</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">3,940,720</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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Cost of sales</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,947,262</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,890,238</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">3,995,881</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">3,591,638</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">20,859</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">22,425</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">39,233</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">39,395</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<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">26,795</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">29,722</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">53,323</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">57,617</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">1,994,916</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">1,942,385</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">4,088,437</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">3,688,650</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">         Operating income</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">682,781</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">171,263</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">774,609</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">252,070</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: #D2FFFF">
<td><font style="font-size: 10pt">   Interest income</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">56</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">120</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">137</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">238</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">(2,323</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">(3,587</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">(6,571</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">(6,142</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<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">680,514</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">167,796</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">768,175</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">246,166</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">(1,250</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">(646</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">(2,004</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">(980</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<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">679,264</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">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">167,150</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">766,171</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">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">245,186</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">NBP's net income attributable to USPB</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">102,385</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">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,194</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">115,484</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">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">36,957</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Beginning Investment at December 28, 2019</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">131,786</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Equity in net income for twenty-six week period</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">115,484</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Distributions from National Beef Packing Company, LLC</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">(7,853</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Ending Investment at June 27, 2020</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">239,417</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<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>26 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>June 27, 2020</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>June 29, 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>June 27, 2020</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>June 29, 2019</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 style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>(unaudited)</b></font></td>
<td style="text-align: center"> </td></tr>
<tr style="background-color: #D2FFFF">
<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">2,677,697</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,113,648</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">4,863,046</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">3,940,720</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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Cost of sales</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,947,262</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,890,238</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">3,995,881</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">3,591,638</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">20,859</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">22,425</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">39,233</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">39,395</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<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">26,795</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">29,722</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">53,323</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">57,617</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">1,994,916</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">1,942,385</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">4,088,437</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">3,688,650</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">         Operating income</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">682,781</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">171,263</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">774,609</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">252,070</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: #D2FFFF">
<td><font style="font-size: 10pt">   Interest income</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">56</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">120</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">137</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">238</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">(2,323</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">(3,587</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">(6,571</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">(6,142</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<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">680,514</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">167,796</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">768,175</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">246,166</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">(1,250</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">(646</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">(2,004</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">(980</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<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">679,264</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">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">167,150</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">766,171</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">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">245,186</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">NBP's net income attributable to USPB</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">102,385</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">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,194</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">115,484</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">36,957</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>(7)   Income Taxes </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">     Effective
August 29, 2004, the Company converted to an LLC, and under this structure, taxes are not assessed at the Company level as 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; text-indent: 0.25in">     Although
income taxes are assessed to the individual members, USPB is required to withhold state income taxes from the cash distributions
it makes to it members. As of June 27, 2020, Other accrued expenses and liabilities on the Company’s balance sheet reflected
state taxes payable of $0.4 million.</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>(8)   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">     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 $1 million revolving credit commitment and reduces
the commitment fee to 0.0%. The commitments original maturity date was June 30, 2020. On June 24, 2020, CoBank unilaterally extended
the Term Expiration Date under USPB’s Amended and Restated Revolving Term Supplement from June 30, 2020 up to and including
August 31, 2020. USPB and CoBank entered into a new Credit Agreement on July 13, 2020 (see Note 11 – Subsequent Events).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(9)   Members’ Capital </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">     The following
table represents a reconciliation of Members’ Capital for the thirteen and twenty-six-week periods ended June 27, 2020 and
June 29, 2019 (unaudited) (thousands of dollars). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Balance at December 28, 2019</font></td>
<td style="width: 1%; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 10pt">202,837</font></td>
<td style="width: 2%"> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Allocation of net income for the thirteen-week period ended March 28, 2020</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">12,176</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Balance at March 28, 2020</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">215,013</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Allocation of net income for the thirteen-week period ended June 27, 2020</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">101,204</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Member distributions</font></td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">      Class A ($6.81 per Class A unit)</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(5,008</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">      Class B ($59.67 per Class B unit)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(45,071</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Balance at June 27, 2020</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">266,138</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr style="background-color: #D2FFFF">
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<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 style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Allocation of net income for the thirteen-week period ended March 30, 2019</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">10,538</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Member distributions</font></td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">      Class A ($5.00 per Class A unit)</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(3,675</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">      Class B ($43.78 per Class B unit)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(33,071</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Balance at March 30, 2019</font></td>
<td>$</td>
<td style="text-align: right"><font style="font-size: 10pt">193,548</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Allocation of net income for the thirteen-week period ended June 29, 2019</font></td>
<td style="text-align: center"> </td>
<td style="text-align: right"><font style="font-size: 10pt">24,748</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Member distributions</font></td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">      Class A ($0.90 per Class A unit)</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(660</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">      Class B ($7.86 per Class B unit)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(5,940</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Balance at June 29, 2019</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">211,696</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"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(10)   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">     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.</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">     NBP is a
defendant in four class action lawsuits in the United States District Court, Minnesota District alleging that it violated the Sherman
Antitrust Act, the Packers and Stockyards Act, the Commodity Exchange Act, and various state laws (the “Antitrust Cases”).
The Antitrust Cases are entitled <i>In re Cattle Antitrust Litigation</i>, which was filed originally on April 23, 2019; <i>Peterson
et al. v. JBS USA Food Company Holdings, et al</i>., which was filed originally on April 26, 2019; <i>Samuels v. Cargill, Inc.,
et al, </i>which was filed originally o April 26, 2019; and <i>Erbert & Gerbert’s, Inc. v. JBS USA Food Company Holdings,
et al.</i>, which was filed originally on June 18, 2020. The plaintiffs in the Antitrust Cases seek treble damages and other relief
under the Sherman Antitrust Act, the Packers & Stockyards Act, the Commodities Exchange Act and attorneys’ fees. NBP
is also a defendant in two class action lawsuits filed on January 7, 2020, alleging that it misrepresented the origin of its products
in violation of the New Mexico Unfair Practices Act (the “Labelling Cases”). The Labelling Cases are entitled <i>Thornton
v. Tyson Foods, Inc., et al.</i>, filed in the New Mexico Second Judicial District Court, Bernalillo County, and <i>Lucero v. Tyson
Foods, et al</i>., filed in the New Mexico Thirteenth Judicial District Court, Sandoval County. The Labelling Cases were subsequently
removed to the United States District Court, New Mexico District. The plaintiffs in the Labelling Cases seek treble damages and
other relief and attorneys’ fees. NBP believes it has meritorious defenses to the claims in the Antitrust Cases and the Labelling
Cases and intends to defend these cases vigorously. There can be no assurances, however, as to the outcome of these matters or
the impact on NBP’s consolidated financial position, results of operations and cash flows.</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">     NBP is a
party to various other lawsuits and claims arising out of the operation of its business. Management believes the ultimate resolution
of such matters should not have a material adverse effect on NPB’s financial condition, results of operations or liquidity.</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 is not able to assess what impact, if any, the actions described above will have on NBP or USPB.</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Balance at December 28, 2019</font></td>
<td style="width: 1%; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 10pt">202,837</font></td>
<td style="width: 2%"> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Allocation of net income for the thirteen-week period ended March 28, 2020</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">12,176</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Balance at March 28, 2020</font></td>
<td style="text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">215,013</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Allocation of net income for the thirteen-week period ended June 27, 2020</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">101,204</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Member distributions</font></td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">      Class A ($6.81 per Class A unit)</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(5,008</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">      Class B ($59.67 per Class B unit)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(45,071</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Balance at June 27, 2020</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">266,138</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr style="background-color: #D2FFFF">
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<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 style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Allocation of net income for the thirteen-week period ended March 30, 2019</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">10,538</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Member distributions</font></td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">      Class A ($5.00 per Class A unit)</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(3,675</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">      Class B ($43.78 per Class B unit)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(33,071</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">Balance at March 30, 2019</font></td>
<td>$</td>
<td style="text-align: right"><font style="font-size: 10pt">193,548</font></td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">   Allocation of net income for the thirteen-week period ended June 29, 2019</font></td>
<td style="text-align: center"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">24,748</font></td>
<td> </td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">   Member distributions</font></td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr>
<td><font style="font-size: 10pt">      Class A ($0.90 per Class A unit)</font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(660</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="background-color: #D2FFFF">
<td><font style="font-size: 10pt">      Class B ($7.86 per Class B unit)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(5,940</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr>
<td><font style="font-size: 10pt">Balance at June 29, 2019</font></td>
<td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">211,696</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(11)   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">     USPB has
evaluated subsequent events through the date the financial statements were issued and determined there were no such events to report.</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 July 13,
2020, USPB, and CoBank, ACB (“CoBank”), entered into a Credit Agreement, Amended and Restated Revolving Term Promissory
Note (“Promissory Note”), and an Affirmation of Pledge Agreement. The Credit Agreement, Amended and Restated Revolving
Term Promissory Note, and Affirmation of Pledge Agreement replace, amend and restate the arrangements between CoBank and USPB contained
in that certain Master Loan Agreement, Revolving Term Loan Supplement to the Master Loan Agreement, Pledge Agreement, and Security
Agreement dated July 26, 2011, as amended (the “Prior Agreements.”). The Prior Agreements carried a “Term Expiration
Date” of June 30, 2020, but on June 24, 2020, CoBank unilaterally extended the Term Expiration Date under USPB’s Amended
and Restated Revolving Term Supplement from June 30, 2020 up to and including August 31, 2020.</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 Credit
Agreement and the Amended and Restated Revolving Term Promissory Note provide for a $1 million Revolving Term Commitment. That
commitment carries a term of five years, maturing on June 30, 2025. The Promissory Note defines Interest as equal to the One-Month
LIBOR Index Rate or if LIBOR quotes are no longer available, CoBank will replace the LIBOR Index Rate with a replacement benchmark
rate. The other terms and conditions of the Master Loan Agreement and the Revolving Term Loan Supplement continue the terms and
conditions of the Prior Agreements without material modifications. The Affirmation of Pledge Agreement provides CoBank with a first-priority
security interest in USPB’s Membership Interests in, and Distributions from, National Beef Packing Company, LLC.</p>
.150729