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U. S. Premium Beef, LLC
0001289237
10-Q
2016-03-26
false
--12-26
No
No
Yes
Non-accelerated Filer
Q1
2016
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt; background-color: white"><b>(1)
Interim Financial Statements</b></font><br /> <br /> <b>Basis of Presentation</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The
accompanying unaudited Consolidated 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
Consolidated Financial Statements and Notes to Consolidated 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 26, 2015. 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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">     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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(2) Members’ Capital</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The
following table represents a reconciliation of Members’ Capital for the thirteen week period ended March 26, 2016 (thousands
of dollars).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left">Balance at December 26, 2015 </td>
<td style="text-align: left">$ </td>
<td style="text-align: right">211,770 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-align: left">Allocation of net income for the thirteen week period ended March 26, 2016 </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right">2,733 </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">Balance at March 26, 2016 </td>
<td style="border-bottom: black 1.5pt double; text-align: left">$ </td>
<td style="border-bottom: black 1.5pt double; text-align: right">214,504 </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(3) Income (Loss) Attributable to USPB Per
Unit</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">     Under
the LLC structure, earnings of the Company are to be allocated to unitholders based on their proportionate share of underlying
equity, and, as a result, income attributable to USPB per unit (EPU) has been presented in the accompanying Statements of Operations
and in the table that follows.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">     Basic
EPU excludes dilution and is computed by first allocating a portion of net income (loss) attributable to USPB to Class A units
and the remainder is allocated to Class B units. For the thirteen week periods ended March 26, 2016 and March 28, 2015, net income
(loss) was allocated 10% to the Class A’s and 90% to the Class B’s. The net income (loss) allocated to the Class A
and Class B units is then divided by the weighted-average number of Class A and Class B units outstanding for the period to determine
the basic EPU for each respective class of unit.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">     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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left"><b>Income (Loss) Per Unit Calculation</b> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left"> </td>
<td colspan="2" style="padding: 0.75pt; text-align: center"><b>13 weeks ended</b> </td>
<td style="padding: 0.75pt; text-align: center"> </td>
<td colspan="2" style="padding: 0.75pt; text-align: center; text-indent: 1.15pt"><b>13 weeks ended</b> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">(thousands of dollars, except unit and per unit data) </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: center"><b>March 26, 2016</b> </td>
<td style="padding: 0.75pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: center"><b>March 28, 2015</b> </td></tr>
<tr>
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left"><b>Basic earnings per unit</b> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">Net income (loss) attributable to USPB available to </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">unitholders (numerator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left; text-indent: 15.55pt">Class A </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">273 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">(585)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 15.55pt">Class B </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">2,460 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">(5,266)</td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Weighted average outstanding units (denominator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">Class A </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">Class B </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Per unit amount </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: left; text-indent: 7.8pt">Class A </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">0.37 </td>
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">(0.80)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: left; text-indent: 7.8pt">Class B </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">3.26 </td>
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">(6.97)</td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left"><b>Diluted earnings per unit:</b> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">Net income (loss) attributable to USPB available to </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">unitholders (numerator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left; text-indent: 15.55pt">Class A </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">273 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">(585)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 15.55pt">Class B </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">2,460 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">(5,266)</td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Weighted average outstanding Class A units </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">Effect of dilutive securities - Class A unit options </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right">- </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right">- </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">Units (denominator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Weighted average outstanding Class B units </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">Effect of dilutive securities - Class B unit options </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right">- </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right">- </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">Units (denominator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Per unit amount </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: left; text-indent: 7.8pt">Class A </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">0.37 </td>
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">(0.80)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: left; text-indent: 7.8pt">Class B </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">3.26 </td>
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">(6.97)</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(4) Investment in National Beef Packing Company,
LLC</b>.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">     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
thirteen week periods ended March 26, 2016 and March 28, 2015 (thousands of dollars):</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left"> </td>
<td colspan="2" style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"><b>13 weeks ended</b> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"> </td>
<td colspan="2" style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"><b>13 weeks ended</b> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"><b>March 26, 2016</b> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"><b>March 28, 2015</b> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Net sales </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left">$ </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,631,370 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left">$ </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,852,309 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Costs and expenses: </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">     Cost of sales </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,569,465 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,848,157 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">     Selling, general, and administrative expenses </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">16,980 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">15,241 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">     Depreciation and amortization </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">22,626 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">21,787 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">           Total costs and expenses </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,609,071 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,885,185 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Operating income (loss) </td>
<td style="border-top: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-top: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">22,299 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-top: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-top: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(32,876) </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Other income (expense): </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">     Interest income </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">- </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">17 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">     Interest expense </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(3,967)</td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(4,416)</td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">     Other, net </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">3,077 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">3,690 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">          Income (loss) before taxes </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">21,409 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(33,585) </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Income tax (expense) benefit </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(583)</td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">54 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">          Net income (loss) </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">20,826 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(33,531)</td></tr>
<tr style="background-color: #CCFFFF">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">NBP's net income (loss) attributable to USPB </td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left">$ </td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">3,139 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left">$ </td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(5,054)</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table represents a reconciliation
of Members’ Capital for the thirteen week period ended March 26, 2016 (thousands of dollars).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left">Balance at December 26, 2015 </td>
<td style="text-align: left">$ </td>
<td style="text-align: right">211,770 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-align: left">Allocation of net income for the thirteen week period ended March 26, 2016 </td>
<td style="border-bottom: black 1pt solid; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; text-align: right">2,733 </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">Balance at March 26, 2016 </td>
<td style="border-bottom: black 1.5pt double; text-align: left">$ </td>
<td style="border-bottom: black 1.5pt double; text-align: right">214,504 </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left"><b>Income (Loss) Per Unit Calculation</b> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left"> </td>
<td colspan="2" style="padding: 0.75pt; text-align: center"><b>13 weeks ended</b> </td>
<td style="padding: 0.75pt; text-align: center"> </td>
<td colspan="2" style="padding: 0.75pt; text-align: center; text-indent: 1.15pt"><b>13 weeks ended</b> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">(thousands of dollars, except unit and per unit data) </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: center"><b>March 26, 2016</b> </td>
<td style="padding: 0.75pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: center"><b>March 28, 2015</b> </td></tr>
<tr>
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left"><b>Basic earnings per unit</b> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">Net income (loss) attributable to USPB available to </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">unitholders (numerator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left; text-indent: 15.55pt">Class A </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">273 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">(585)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 15.55pt">Class B </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">2,460 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">(5,266)</td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Weighted average outstanding units (denominator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">Class A </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">Class B </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Per unit amount </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: left; text-indent: 7.8pt">Class A </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">0.37 </td>
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">(0.80)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: left; text-indent: 7.8pt">Class B </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">3.26 </td>
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">(6.97)</td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left"><b>Diluted earnings per unit:</b> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">Net income (loss) attributable to USPB available to </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">unitholders (numerator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left; text-indent: 15.55pt">Class A </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">273 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">(585)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 15.55pt">Class B </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">2,460 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left">$ </td>
<td style="padding: 0.75pt; text-align: right">(5,266)</td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Weighted average outstanding Class A units </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">Effect of dilutive securities - Class A unit options </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right">- </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right">- </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">Units (denominator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">735,385 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Weighted average outstanding Class B units </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">Effect of dilutive securities - Class B unit options </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right">- </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding: 0.75pt; text-align: right">- </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left; text-indent: 7.8pt">Units (denominator) </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td>
<td style="padding: 0.75pt; text-align: right"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: right">755,385 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Per unit amount </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td>
<td style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: left; text-indent: 7.8pt">Class A </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">0.37 </td>
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">(0.80)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: left; text-indent: 7.8pt">Class B </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">3.26 </td>
<td style="padding: 0.75pt 0.75pt 2.5pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-right: 0.75pt; border-bottom: Black 2.5pt double; padding-left: 0.75pt; text-align: left">$ </td>
<td style="border-bottom: Black 2.5pt double; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right">(6.97)</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Below is a summary of the results of operations
for NBP for the thirteen week periods ended March 26, 2016 and March 28, 2015 (thousands of dollars):</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left"> </td>
<td colspan="2" style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"><b>13 weeks ended</b> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"> </td>
<td colspan="2" style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"><b>13 weeks ended</b> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"><b>March 26, 2016</b> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: center"><b>March 28, 2015</b> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Net sales </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left">$ </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,631,370 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left">$ </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,852,309 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Costs and expenses: </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">     Cost of sales </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,569,465 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,848,157 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">     Selling, general, and administrative expenses </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">16,980 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">15,241 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">     Depreciation and amortization </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">22,626 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">21,787 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">           Total costs and expenses </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,609,071 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">1,885,185 </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Operating income (loss) </td>
<td style="border-top: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-top: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">22,299 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-top: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-top: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(32,876) </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Other income (expense): </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">     Interest income </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">- </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">17 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">     Interest expense </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(3,967)</td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(4,416)</td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">     Other, net </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">3,077 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">3,690 </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">          Income (loss) before taxes </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">21,409 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(33,585) </td></tr>
<tr style="background-color: white">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="padding: 0.75pt; text-align: left">Income tax (expense) benefit </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(583)</td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">54 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">          Net income (loss) </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">20,826 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left"> </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(33,531)</td></tr>
<tr style="background-color: #CCFFFF">
<td colspan="6" style="padding: 0.75pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0.75pt; text-align: left">NBP's net income (loss) attributable to USPB </td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left">$ </td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">3,139 </td>
<td style="padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right"> </td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: left">$ </td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-top: 0.75pt; padding-bottom: 0.75pt; text-align: right">(5,054)</td></tr>
</table>
2733000
2460000
273000
-585000
-5266000
0.90
0.10
0.10
0.90
2460000
273000
-585000
-5266000
20826000
-33531000
3139000
-5054000
3.26
0.37
-0.80
-6.97
3.26
0.37
-0.80
-6.97
755385
735385
735385
755385
755385
735385
735385
755385
735385
755385
735385
755385
735385
755385
735385
755385
735385
755385
735385
755385
80000
137000
23000
8000
84686000
85365000
223000
223000
178000
175000
45000
48000
135767000
132628000
145000
196000
220643000
218237000
110000
14000
937000
1066000
95000
179000
48000
90000
1190000
1349000
4949000
5118000
4949000
5118000
6139000
6467000
214504000
211770000
214504000
211770000
220643000
218237000
2733000
-5851000
3139000
-5054000
-57000
-24000
-36000
-37000
96000
85000
2000
-298000
-185000
-83000
-19000
-595000
-852000
-42000
-42000
-637000
-852000
84583000
85220000
91492000
92344000
0.150729