HKEx Stock Code：288Corporate NewsletterIssue 6 – July 2016

Opening of Shaunghui Finance CompanyThe ceremony for the opening of Henan Shaunghui FinanceCompany and signing of cooperation agreements with financialinstitutions was held on 22 June 2016 at Shuanghui Group’sheadquarters. This marks a major strategic transformation andupgrade in Shuanghui’s corporate developmental history withthe Company entering into the financial services sector. Mr.Wan Long, Chairman and CEO of WH Group and Chairman ofShuanghui, said that Shuanghui Finance Company offers a goodfinancial capital operation platform, as well as new channel toenhance the capital strength of the Group. The Group will fullysupport the development of the finance company in terms ofcapital, personnel and resources.

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Shuanghui appeared at the China InternationalFood ExhibitionShuanghui, China’s largest meat product company, was invitedto participate at the 2nd China International Food Exhibitionwhich was held on 14-16 June 2016 at the Shanghai NewInternational Expo Center. The exhibition attracted suppliersfrom nearly ten countries including Germany, France, Spain, theU.S. and Australia, as well as thousands of F&B importers.Shuanghui’s products and Smithfield brand’s American-stylebacon, ham and sausages attracted many visitors.

Shuanghui appeared at the 14th China (Luohe)Food ExpositionThe 14th China (Luohe) Food Exposition was held in May 2016at the Luohe International Convention and Exhibition Center.Shuanghui’s exhibition zone was divided into several major parts,including American-style product zone, packaged meat productzone, fresh meat product zone, tasting area and interaction area.Over 100 varieties of new products were displayed at theexhibition. In addition to the tasting session at the exhibition,the company also adopted advanced virtual reality technologyto enhance interaction with customers.

This newsletter covers the latest developments and information relating to WH Group and its subsidiaries, Shuanghui Development and Smithfield Foods,

in the second quarter of 2016 (April to June).

Business Overview

HKEx Stock Code：288Corporate NewsletterIssue 6 – July 2016

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The latest development of Smithfield’s American-style products in the Chinese marketSmithfield-branded products, which are produced at WH Group’sAmerican-style packaged meat factory at Zhengzhou, Henan, weredistributed to 3,111 medium- to large-sized supermarkets in thefirst quarter. In order to further expand the distribution network,new products were distributed to 760 supermarkets in the secondquarter (as of 25 June). Besides, WH Group has planned togradually expand the distribution network to 3,010 neighborhoodshops and 5,411 high-end convenient stores since May. As of 25June, the products are distributed to 4,752 stores in total with1,507 neighborhood shops and 3,245 high-end convenient stores.

Smithfield strives to enhance brand valueSmithfield has recently been striving to enhance its brand value through marketing campaigns, and has investedheavily to promote its brands, including Smithfield, Nathan’s Famous and Eckrich. This is also one of the mostimportant measures taken by the company to transform itself from an upstream business-oriented pork company toa consumer packaged goods company. During the second quarter of 2016, Smithfield has held several campaigns,including:

• Nathan’s Famous, a Smithfield’s brands, launched a series of campaigns tocelebrate its 100th Anniversary, among which, customers enjoyed Nathan’sFamous hotdogs for only 5 cents during selected timeslot and stores on 28May;

• Smithfield is the Presenting Sponsor of the 37th American Royal World Seriesof Barbecue®;

• Smithfield hosted a culinary event “MenuQuest” in Chicago;

• Eckrich, one of Smithfield’s brands, continues to partner with celebrities andorganizations to honor military families;

• Eckrich launched the “Music City Sing-off” qualifying event across the U.S.;

• Armour, one of Smithfield’s brands, launched the “Great Moms” campaign.

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Business Overview (Cont.)

HKEx Stock Code：288Corporate NewsletterIssue 6 – July 2016

Corporate Social Responsibility

Smithfield continues to provide food to food banksacross the U.S.Smithfield’s “Helping Hungry Homes” program continued to donatefood to food banks across the U.S. in the second quarter of 2016,with an aim to providing wholesome food to Americans strugglingwith hunger. As of 28 June 2016, the plan has provided more than38 million servings of protein to food banks across the U.S.

Smithfield Foods issues first and second installment of 2015Sustainability and Financial ReportSmithfield Foods has issued the first and second installment of its 2015 Sustainabilityand Financial Report in June. The first installment covers new and morecomprehensive information about the company’s industry-leading animal careinitiatives; and the second installment covers the company’s environmental goals andpractices. The company achieved solid improvements in reducing it’s natural resourcedemand and leadership in advancing sustainable farming practices.

For the report’s Animal Care section, please refer to:

http://www.smithfieldfoods.com/integrated-report/2015/animal-care

For the report’s Environmental section, please refer to:

http://www.smithfieldfoods.com/integrated-report/2015/environment

Corporate Honors & Awards

WH Group and its subsidiaries, Shuanghui Development and Smithfield Foods, received several awards in April toJune 2016, include the following:

• WH Group jumped to 666th in “Forbes Global 2000” for 2016, andtopped Chinese food processers for a 2nd consecutive year;

• WH Group ranked 31st in "2015 Top 100 Comprehensive Strengths"and one of the “Top 10 Revenue Growth" companies in the "2015 Top100 HK Awards" list by Finet and Tencent;

• Shuanghui Development was named as “The 10th Top 500 ChineseBrand Value” with a brand value of RMB49.7 billion.

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HKEx Stock Code：288Corporate NewsletterIssue 6 – July 2016

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Brokers’ ratings and target prices to the Company between April and June 2016:

Institute Name Date Rating (Changes) Target Price (HKD)

UBS June 14 Buy (Maintain) 7.99

Goldman Sachs June 10 Buy (Maintain) 7.40

Daiwa June 7 Outperform (Maintain) 6.60

Credit Suisse June 6 Outperform (Maintain) 7.30

Industrial Securities June 2 Buy (Initiate) 7.50

Morgan Stanley April 29 Overweight (Maintain) 6.60

Merrill Lynch April 29 Buy (Maintain) 6.80

CICC April 29 Conviction Buy (Maintain) 7.92

Citi April 29 Buy (Maintain) 7.98

CLSA April 28 Buy (Maintain) 6.60

Company Ratings

Source: CICC – Food & Beverages, 17 June 2016

Hog prices in China and the U.S.

Market TrendsVolume and YoY growth of U.S. porkexports to China

HKEx Stock Code：288Corporate NewsletterIssue 6 – July 2016

Bloomberg affirms benefits WH Group’s management of SmithfieldBloomberg published an article which affirmed the positive impact on local employment and economy brought byWH Group’s acquisition of Smithfield. The major points are as follows:

• Three years after WH Group’s acquisition of Smithfield, union leaders who represent workers at Smithfield FoodsInc. and local residents say the initial fears about the Chinese buyer proved unfounded. It also belies the rhetoricof U.S. political parties that depict China as an untrustworthy business partner.

• Smithfield’s staff clearly realized the positive impact that WH Group has brought on employment, with more than1,000 jobs being created, and capital spending climbing 24% last year to US$313 million.

• Shuanghui promised at the beginning of the acquisition that it will not close any Smithfield facilities, lay off anyemployees or move the company’s headquarters. For Shuanghui, the deal was an opportunity to satisfy growingdemand by consumers for pork in China — the world’s largest market for the meat.

For the article, please refer to: http://www.bloomberg.com/news/articles/2016-06-30/benign-china-takeover-of-u-s-ham-king-debunks-trump-sinophobia

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Interview of Ken Sullivan CEO of Smithfield with Meatingplace.comKen Sullivan CEO of Smithfield was interviewed by Meatingplace.com, where he spoke about the progress andachievements of the “One Smithfield” initiative, the Company’s social responsibility, synergies between Smithfieldand WH Group’s China operations well as his management strategy. The major points are as follows:

• Smithfield is in a period of rapid change, and has put an emphasis on building the value of its brands with the aimof transforming itself into a consumer packaged goods company;

• The aim of the “One Smithfield” initiative is to eliminate any silo mentality in decision-making, to manage itsproduction plants and brand portfolio cohesively, and ultimately, to serve the customers better and produce abetter quality product at lower costs;

• As at the end of 2015, 82% of Smithfield’s sows are in group housing, he is confident that the company will meetits target of full conversion at all company-owned farms by 2017;

• Mr. Sullivan described his leadership style as management-by-objective. He put leadership in place for differentdivisions in the company, articulated what the vision is and pushes people to reach the goals of the Company andthe true potential of “One Smithfield”. Moreover, Mr. Sullivan continues to promote a culture of innovation,aiming not only for product innovation, but also to make innovation part of the Company’s entire culture;

• As a holding company after acquisition, WH Group gradually promoted the synergies and integration of the twocompanies that formerly operated independently. Shuanghui Development and Smithfield are responsible forrunning China and U.S. businesses, respectively. In terms of the trading businesses, both China and U.S.businesses have significantly improved;

• Smithfield is shipping mostly frozen products to China. It’s a benefit not only to Smithfield, but also to the entirepork industry in the U.S.

For the article, please refer to the appendix attached additionally.

Appendix