Filed by Tyson Foods, Inc.
                              Pursuant to Rule 425 under the Securities Act
                        of 1933 and deemed filed pursuant to Rule 14a-12(b)
                                           under the Securities Act of 1934
                                                 Subject Company: IBP, inc.
                                                 Commission File No. 1-6085
                                                          February 22, 2001

                                TYSON FOODS

                             February 21, 2001
                              12:15 p.m. CST

W              With that, it is my pleasure to turn it over to Mr. Greg
               Lee, COO of Tyson.  He's been COO about a year, but
               apparently he's been with the company long enough to be
               wearing the beautiful gold chicken lapel pins.

G. Lee         Thank you.  Well good afternoon.  Let me start off by saying
               it's very great to be here and have an opportunity to visit
               with each of you about our company.  Keep in mind that some
               of the things that we talk about for the rest of today's
               presentations may contain forward-looking statements.  For
               more information about that, please refer to your handout.

               Let's talk a little bit about our current environment in the
               chicken industry and our strategies to deal with that.  I'd
               like to open my remarks by discussing that circumstance and
               the impact the current marketplace is having on both our
               industry and on our company.

               The chicken markets we faced in fiscal 2000 and still face
               today are measured as the most difficult in our industry
               since the 1981/82 time period.  The all industry average
               return for integrated chicken processors has been a loss for
               the last 18 consecutive months.  In spite of these continued
               losses our industry expanded production in the year of 2000
               by over 2% and that followed on the heels of a 6+% expansion
               in calendar 1999.

               Additionally, bird sizes have continued to go up and now
               exceed five pounds on a live weight basis.  This expansion
               in bird numbers and bird weight, coupled with an abundant
               supply of competing meats, has certainly perpetuated the
               difficult market conditions.  In the United States, the
               consumers' favorite chicken items are made from deboned
               chicken breast meat.  The decline in the market value of
               breast meat has put tremendous pressure on the selling
               prices of many of our core value added products.

               That's a little bit of the background of the current
               situation, so let's talk about the strategies that we have
               in place that deal with these market conditions.  Our key
               strategies have been to manage our bird supply, to cut bird
               supply, to reduce our frozen inventories, to internalize our
               commodity raw materials, and to grow sales and market share
               in our core item categories.

               Our first strategy was to control supply and bring it closer
               in line with demand.  We've taken the painful step of
               cutting production.  The cutback in bird supply had the
               effect of reducing our commodity sales; however, we have
               continued to grow our sales and market share in core
               categories.  We cut bird production 3.5% and reduced
               finished goods inventories in excess of 100 million pounds.
               We are now at the point of having to carefully manage raw
               materials, and that is precisely where we want to be.

               In fact, our demand has risen to the point that we are now
               selectively adding a few more birds into our system in order
               to service our business.  This will provide us the
               opportunity to lower our costs without upsetting the balance
               of supply and at the same time support our demand for very
               specific bird sizes.  So it's a strategic maneuver.

               Our second major strategy was to pull back our excess
               commodities from the open market, further process those
               products and use them to be a full line supplier to our
               customers.  To facilitate this change, we have established
               four additional deboning operations since mid-summer, with a
               fifth location scheduled to come on late this spring.  This
               has had the effect of taking the seventh largest chicken
               supplier out of the marketplace, internalizing that raw
               material.  We have demonstrated to our customers that we
               want all of their business, not just a part of it.

               The results of this strategy are most visible in our food
               service portion control business where our sales volume has
               quadrupled since last summer.  This has not been completely
               without some pain.  We did this at a time when there
               continued to be an oversupply situation and extremely
               depressed commodity breast markets.  However, you can see
               the opportunity.  Look at how quickly the situation can
               improve based on the recent upturn in commodity breast
               markets.  By taking best market increase, by taking control
               of our own raw materials and removing them from the open
               market, the supply of forced control breasts has tightened
               up, allowing us to increase our pricing during recent weeks.
               You can see the effects of this in the top line of the graph

               Our near-term strategy is to leverage and strategically
               manage our total product portfolio.  Longer-term, our
               strategy is to move our product mix up the value chain, and
               I'll speak about that in some detail.

               Overall, I'm pleased with our ability to reduce our
               inventory position and to internalize the excess raw
               materials we previously sold in the open markets.  And by
               the way, many of those raw materials went to what we term as
               "non-integrated further processors" and then we found
               ourselves competing with them in the finished goods market,
               so we wanted to stop that in real term.  Certainly slow it

               The job is not complete, but we have made substantial
               progress.  At the same time, we're growing our core product
               sales, capturing greater customer share and improving
               service levels to our customers.  Our supply chain
               initiatives have helped us streamline and leverage
               purchasing practices to ensure lower input costs of
               packaging, ingredients and equipment without sacrificing

               We anticipate the centralized programs and the tracking
               systems we have implemented this year will result in $35
               million in savings to our company in 2001.  And while that's
               substantial, our expectations are to be annualizing at the
               rate of $100 million by years-end.  The programs are working
               for us.

               Our attention to capital expenditures has ensured that we
               are spending our money most efficiently to ensure necessary
               repairs and maintenance, while improving our capital project
               mix to include greater investment in cost reduction and
               income producing projects.  This is evidenced by our $26.5
               million investment in Chicken Quick, an expansion project
               and a further process plant, as well as the addition of four
               new fully cooked product lines in other locations.

               Our center of operational excellence has allowed us to
               benchmark our performance in key operational areas and
               spread best practices across our plants.  Successful results
               include the development and implementation of automated oven
               control systems, feed mill blending control systems and in-
               plant marination practices.  These types of programs allow
               Tyson to continue to be the low cost producer in our

               Now let's discuss what's happening in the market and how we
               plan to take advantage of these trends in our future growth
               strategies.  Chicken consumption continues to grow.  The
               overall food industry continues to grow.  Both consumers and
               food service operators are looking for convenient foods -
               fully prepared or partially prepared to address the shortage
               of time, their labor in food preparation.  Our customer base
               is becoming more and more consolidated.

               The per capita consumption of chicken continues to grow,
               outpacing other proteins.  Between 2000 and 2009, an
               increase of 20% is expected.  A slower growth rate than what
               we've experienced in the previous 20 years, but certainly we
               expect it to continue to grow.  People are eating chicken
               more often, so frequency of consumers eating chicken four or
               more times a week has increased over the last eight years.
               Eighteen to twenty-four year olds eat chicken most often at
               home and away.  At home, this group eats chicken 8.3 times
               per month and they eat chicken away from home 5.1 times a
               month.  This is an important implication going forward
               because this is the age group that will be moving into the
               workforce and increasing their purchasing power.  They have
               already demonstrated a clear preference for eating chicken
               and we expect their spending to grow.

               The majority of women in this country are working and today
               77% of those women have children between 6 and 17.  This
               demographic reality continues to drive the need for
               convenience-oriented meal solutions for the homemaker.

               More of the food dollar continues to be spent away from
               home.  With this shift, an increasing portion of the food
               purchased from food service establishments is being eaten
               off premise.  While we see consumers desiring to eat at
               home, they don't desire to spend a lot of time cooking at
               home.  This is what causes them to turn to convenience items
               in the grocery store to assemble at home or they will
               outsource meals to eat at home.  Looking forward to the year
               2010, food service is projected to capture over 60% or $76
               billion of the $123 billion in real growth in food spending.
               Retail will continue to grow by capturing $47 billion of
               this new growth.

               The number one problem for our food service operator
               customers and our grocery retailer customers is labor.  This
               is true today and we believe it will be increasingly so in
               the future.  This reality places a heightened importance on
               the ability to source value added convenience products from
               manufacturers to take steps out of the back of the house,
               preparation for food service operators, and it also drives
               the need to provide case ready product solutions for retail
               grocers.  They need products that are ready to go directly
               to the shelf and products that are easy to prepare and
               merchandise in the growing area of the supermarket deli.

               As the food industry matures consolidation of industry
               players becomes increasingly more common.   In the retail
               trade the top five retailers control nearly half of the
               dollar sales volume. The club store segment has been
               consolidated and is controlled by three players: Sams, Cosco
               and BJ's.  In the food service industry, the top 200
               commercial restaurant chains are expected to grow their
               share to 64% by 2010.  In the non-commercial segment, which
               includes colleges and universities and other non-restaurant
               locations, large contract management operators such as
               Sedexo Marriott and Arimar are increasing their share in
               that segment.  The top 20 contractors are expected to garner
               70 share of the non-commercial segment by the year 2010.
               Our food service group has multi-year agreements to be the
               exclusive chicken supplier with all of the top contract
               management companies.

               Finally, the food service distributors have been and
               continue to consolidate.  Just this past year we saw the
               acquisition of US Food Service by Royal Dutch AHO and a
               further acquisition of PYA into US Food Service.  Market
               leader SYSCO continues to grow in sales and share in broad
               line distribution.  Distributor consolidation is projected
               at the low end to reach 35% by 2010.

               So, chicken consumption continues to grow, albeit at a
               slower rate.  The food industry continues to grow, albeit at
               a slower rate.  Consumers and food service operators are
               looking for convenience foods to address the shortage of
               time and labor, and we believe there will be more of that in
               the future.  And the younger generation is poised to eat
               more chicken.  And our customer base continues to

               Let's talk about our future.  Historically we've been able
               to grow at double digits thanks to a growing food industry,
               particularly the restaurant industry.  Tremendous growth in
               per capita of chicken has helped grow our sales.  And,
               strategic acquisitions, both acquisitions of our own and
               with our key customers, are growing.

               Now, the market is more mature and although growing, at a
               slower rate.  To grow our business in the future we will
               look to expanding our volume at a rate that exceeds the
               industry growth rate and by focusing on our product mix to
               enhance top line revenue growth and bottom line earnings
               growth.  Three key strategies to achieve our growth goals
               are: organizing around our key customers, moving our
               products up the value chain; and, building on the strength
               of our brands.

               We know to grow our business we must help our customers'
               business.  We have assembled dedicated customer teams and
               are expanding the resources and tailoring our capabilities
               to address the needs of our rapidly consolidating customer
               base.  Our philosophy is to impact our customers, our
               relationships are based on partnering rather than one
               dimensional selling.  We developed an impact process that
               guides our integrated customer teams to research, create,
               test and implement the ideas that will truly result in
               successful business growth for our customers.

               Our retail division has consolidated the further process and
               fresh divisions of their business and has developed customer
               teams to better serve our customers' needs across the entire
               store.  As an example, our Kroger team has worked with
               Kroger to move our business up double digits.  Our
               successful Big Buy/Big Sell promotional strategy combines
               offers across all Tyson fresh and further processed
               products.  This allowed us to leverage our spend with Kroger
               and improve our overall sales.

               Our business in Kroger's deli is also up double digits.  We
               work closely with Kroger to dual brand their rotisserie
               chicken with the Tyson quality endorsement and participate
               in a promotion that generated a 25% lift in sales.  Tyson is
               the category leader for chicken in the Kroger deli.

               We continue to provide the scale necessary to support Wal-
               mart's aggressive store expansion.  Our business with Wal-
               mart is very strong.  No other chicken company could begin
               to handle this type of growth.  Our Wal-mart team's focus is
               on servicing their business so they have the confidence that
               we could continue to grow with them.

               Our deli business with Wal-mart is also growing strongly.
               We have a initiative using the Tyson brand on their
               rotisserie chicken package.  Additionally, we have potential
               to move this over into their self-service deli programs.

               In the food service division we have account teams that are
               responsible for each of the top 200 chains as well as the
               top 20 contract management accounts.  We have teams
               dedicated to working with the top food service distributors
               and buying groups.  An example of successful impact
               partnering with our restaurant chain customers is KFC.
               Tyson hosted and facilitated a strategic new product
               Pipeline Summit, which was attended by KFC and Tyson cross-
               functional representatives.  At the time the group agreed to
               reintroduce the Twister sandwich they had had in the market
               a couple of years ago.  Today, it has turned out to be one
               of the best all-time new launches for KFC and it really
               meets consumer needs of quality, variety and great taste.
               Working together it has driven the tender sales, which are a
               component of the Twister, to record heights.

               We also identified Wings as the strategic growth platform
               for KFC.  Today they are in the middle of a major wing
               promotion and have had some of the most successful weeks
               they have had in recent times.  So KFC has grown and Tyson
               has grown with them as their developmental partner.

               Consumerscape is the tool that we use in the KFC Impact
               program to help identify the key information we needed to
               zero in on their product opportunities.

               While we focus teams to work individually with top accounts,
               we also strive to make an impact with the many accounts
               where we can't have a one-on-one relationship.  We do that
               through many resources and tools we provide customers as
               part of doing business with Tyson.  We provide product and
               recipe information to our customers on a 24 hour a day, 7
               day a week basis.  Our customizable point-of-purchase
               program allows our field sales force and field brokers to
               create customized merchandising materials for operators.

               This past year we introduced, which is
               an online library of chicken recipes and menu suggestions.
               Made to Order will search the database to bring back only
               those recipes that fit a customers' particular operational

               Our food service Web site also includes a virtual food show
               where operators can always find the latest new products.
               Our innovative and relevant Web site earned Tyson Foods the
               industry's first award for the Best Food Service
               Manufacturer Web site by the Society for the Advancement of
               Research & Technology.

               Training is another area where Tyson Foods has led the
               industry.  Tyson University was created to educate our Tyson
               sales and broker teams along with our food service
               distributors about chicken. For our distributor customers,
               training extends beyond the Tyson University campus to TU
               road shows at the distributor's location.  And more
               recently, we've distributed Chicken 101 CD-ROM's for

               We also have a Tyson University program that is dedicated to
               food service operators and we had 14 classes of that
               particular program last year.  In this program they learn
               not only about our products, but how to menu chicken and
               that we are able to develop a one-on-one relationship with
               key operators.

               To our distributor customers providing quality chicken in
               the box, at the right value and at the right time is only
               the point of entry.  The true point of difference is only
               achieved through the value we bring before and after the
               sale.  We are leveraging our total company's strengths and
               capabilities to support those distributors who do business
               with Tyson Foods as their primary chicken supplier and we
               are bundling our programs to reward those customers who buy
               our full portfolio of products.

               Tyson has long been recognized as having superior customer
               relations and have received many rewards as a result.  We
               were awarded SYSCO's Top Ten Gold Supplier this year where
               we were singled out for an innovation in creating for them a
               unique logistics system that involved small pallets.
               Additionally, we were chosen by UniPro as Supplier of the
               Year.  UniPro is the industry's largest marketing group of
               independent food distributors.  We won the overall Supplier
               of the Year for Frosty Acres in 2000 and we recently learned
               that we will be for 2001.  Other awards include Supplier of
               the Year for Fourside Partners and for Benny Keith, as other

               On the restaurant operators side we were selected as
               supplier of the year for Domino's Pizza.

               As a result of these recognitions in services that we
               provide we have been selected as the overall industry leader
               by food service distributors for 12 consecutive years.  That
               cuts across all product categories.  And we have been
               recognized as the poultry category leader for 25 consecutive

               Let's talk a bit about our product strategy.  Our second key
               growth strategy revolves around products.  Our product
               strategy is to move products up the value chain to protect
               and grow our core business, and to continue to grow the
               category through new product development.  One of our more
               important retail product initiatives is to move Tyson's
               category leading Fresh Tray Pack program up the value chain.
               Recent consumer research indicates that when both marinated
               and all natural chicken is available, four out of ten
               consumer purchasers of fresh chicken would buy marinated
               chicken.  Tyson's new Tasty Marinated Fresh Chicken line
               features three packaging options: chicken broth basted tray
               packs and flavor seasoned tray packs and pillow packs.

               Plant capacity continues to be expanded in order to meet the
               rapidly growing demand.  We anticipate that within two years
               we will be selling approximately 50% of our fresh tray pack
               chicken in a pre-marinated form.

               In September of 2000, we opened our new Chicken Quick plant
               in Rogers, Arkansas to support the sales of our category
               leading, fully cooked line of boxed and bagged products for
               retail grocery.  Expanded capacity plus new capabilities
               have allowed us to gain renewed momentum in this product
               category by improving our products, introducing several new
               items and providing greater consumer value by upsizing our
               packaging.  Sales results have been better than expected to

               In the club store segment we have developed a strong,
               strategic partnership with Cosco and Sams, which centers
               around a unique team of dedicated resources, with the
               flexibility to meet their changing needs and rapid
               expansion.  We currently have the dominant position in our
               core IQF, breaded and glazed frozen chicken categories.  Our
               growth strategies are focused on expanding our brands to
               additional categories.  These include canned chicken,
               refrigerated, rotisserie, food courts and entree products.
               We currently have 100% of the roasted/refrigerated business
               with new line extensions coming on stream in quarter three.
               At the same time we continue to innovate new products to
               satisfy the club store customers' demand for Treasure Hunt.
               Product development is an ongoing activity with an annual
               churn of about 20 new items per year for the frozen meat

               To move trade to consumer up the value chain, we are
               introducing a line of hand-held products that are more
               convenient and user friendly.  We believe that Tyson equity
               combined with the ability to produce multiple categories
               gives us the lead in all products containing chicken.  With
               the productive capabilities across our entire company, we
               have the ability to expand anywhere our customers need to

               Chicken continues to gain a greater share of the food
               service menu.  Chicken items are being added faster than
               other meat-based items.  In fact, 38% of all new meat based
               items added to menus in 1999 were chicken.  Tyson constantly
               creates new products, recipes and menu ideas to help
               operators find new ways to add chicken across the menu.

               Of the chicken items sold in commercial venues we've seen
               the shift to boneless, hand-held items with the
               nuggets/strip category increasing 134% since 1993.  This
               category has even surpassed bone in chicken as the most
               consumed poultry product in restaurants.  In the United
               States, restaurant goers consumed 1.5 billion servings of
               chicken strips and nuggets last year alone.  In a recent
               report released by MPD Food World, chicken is attributed to
               driving growth in the major burger chain.  Incremental
               orders for chicken were higher than orders for burgers
               during the period between '96 and '99.

               Tyson continues to grow the chicken category in food service
               through developing new products.  We rolled out new products
               in quarter one to capitalize on the popularity of hand-held
               appetizers.  On the menu, chicken represents about 25% of
               total appetizers served and tenders and strips is the number
               one item on appetizer menus.  The Gallup Brand Study also
               revealed that Tyson ranks in the top two most recognized
               brands for appetizer products.  New products recently
               introduced include Chick Ribs which are trimmed from the
               thigh to provide a meaty portion more similar to a rib.
               Extreme Spice Rubbed Wings with trendy flavors like
               chipolata and Seasoned Chicken Skewers.  And by the way, you
               can enjoy those at the beach party tonight.

               Products like our fully cooked fajita strips allow operators
               to simplify the number of steps in preparation and enhanced
               food safety.  We have a growing demand for our fully cooked
               products and we're investing in value added productive
               capabilities.  As I mentioned before, besides the Chicken
               Quick expansion to support growth for fully cooked products
               in retail, we are adding four new fully cooked lines and
               increasing the capacity of two other lines to support
               retail, club and food service fully cooked opportunities.

               When you consider the fact that 68% of the total chicken
               sold in the United States is in a very basic form, you can
               quickly relate to the tremendous growth in income
               opportunities that can occur by moving those products up the
               value chain.  No one is better positioned to do this than
               Tyson Foods.  And with demographic trends continuing to
               favor more partially or fully prepared items, this is an
               achievable, long-term strategy for our company.

               Internationally, we will further establish Tyson as the
               dominant global brand.  In addition to exporting chicken, we
               will seek opportunities to grow around the world through
               acquisitions, joint ventures and technical service
               agreements.  We have product being produced in China with
               four value added products going into retail test markets.
               Additionally, we're looking at a joint venture in further
               processing with the products aimed at exporting to our
               international customers who are expanding around the Pacific
               Rim.  Panama is a technical assistance agreement in further
               processed production with the sales going to both food
               service and retail markets in Panama and nearby Central
               American countries.  We are currently expanding our
               operations at Tyson de Mexico.  We are installing a fully
               cooked line, the first of its kind, in the country of
               Mexico.  It is designed to be on the same scale as our lines
               here in the United States, giving us the immediate
               opportunity of growing fully cooked products for export from
               Mexico and paving the way for burgeoning demand for further
               processed products in Mexico.

               In closing, let me say that we believe our company is
               running well.  We have a capable and committed management
               team who accepts the challenge of growing our business
               during tough times.  They are here for the long pull because
               they know we've laid the groundwork for great success and
               want to recap the ultimate reward.  Our people are confident
               their strategies will pay off and so am I.

               Now, I'd like to turn it over to John Lee, our Chief
               Marketing Officer, to talk about our corporate brand
               initiatives.  Thank you.

J. Lea         Thank you, Greg.  Marinated, marinated, marinated, I wanted
               to be sure I can say it since we plan on doing a lot more of
               it.  Hopefully you can see from the information that Greg
               presented that Tyson is the undeniable leader in the poultry
               industry by any measure.  We process approximately one out
               of every four boilers in the United States and it takes just
               short of our next three competitors combined to equal our
               size.  Tyson is the only nationally branded company in
               America. All others are regionally based and regional
               brands.  We sell every grocery store and membership club in
               America.  We sell all of the top 50 food distributors.  We
               sell 75% of the top 200 restaurant chains.  In the food
               service segment, we continue to be recognized for our
               leadership, having been named the industry's overall best
               supplier for the 12th consecutive year, as Greg mentioned.
               In fact, if our food service division was a standalone
               business, it would be number 468 on the Fortune 500 and the
               largest poultry company in America.

               In the retail segment, we are again recognized for the third
               straight year as the Pro Grow Silver Award winner.  This
               award is voted on by the retail customers in Progressive
               Grocer Magazine's annual survey.  We were second this year
               only to Oscar Mayer as the best overall meat supplier.

               You can also see that we have category-leading shares in
               virtually every category in which we compete. Our fresh case
               ready or chill pack share is approaching 33% or 140% of our
               share of industry.  Clearly a business we understand and are

               We are chicken, both as a category leader and as a brand.
               Eighty-five percent of the respondents when shown our brand
               said, "Chicken."  When asked to name a brand of chicken
               Tyson was mentioned first 47% of the time, which ranks us
               with the premier food and beverage brands in America and is
               a full six point increase over last year.

               Our other consumer brand perceptions are on the rise as
               well: quality up five points; make safe food products up
               four; great tasting products up a full seven points; and a
               name you can trust up three points.  Within food service,
               our first mention was an overwhelming 63% with almost three
               out of four customer mentioning Tyson on an unaided basis.
               Needless to say, we are pleased with these results.

               We didn't achieve them by simply having great advertising
               but by coordinating all areas of our business and adhering
               to one simple principle: Everything counts because
               everything communicates.

               Our strategy includes, yes, a strong advertising campaign,
               but also programs designed to strengthen our reputation by
               demonstrating our commitment to our social and environmental
               responsibility, food safety and nutrition, and our community
               and grower relations, which all build on our brand promise,
               quality chicken you can trust.

               These are a few examples of our new Tyson "It's what your
               family deserves" campaign featuring real Tyson team members
               and their families.  Additionally, we are a member and
               active supporter of the Family Friendly Programming Forum,
               which not only supports but underwrites development of
               family friendly TV programming for prime time viewing.

               We also have a new ethnic marketing campaign that allows us
               to stay in touch with the changing demographics Greg
               described.  In fact, we just found out yesterday that our
               ethnic campaign in Houston will be awarded a silver Addy

               In May, we announced a $10 million partnership with Share
               Our Strength, a leading hunger relief organization.  We have
               already donated almost three million pounds of chicken for
               15 million meals in the first nine months of our

               Finally, we instituted an environmental awards program that
               recognizes and rewards our growers for environmental
               stewardship.  We are clearly being recognized for our
               efforts and we are very proud that Fortune Magazine recently
               ranked Tyson number two in the food production category of
               America's Most Admired Companies.

               We also continue to be rewarded and recognized for great
               product and concept innovation.  Our joint venture with
               Uncle Ben's, which we spoke to you of last year, was
               recently recognized as one of the top ten new frozen
               products of 2000.  Our Sunset Strip branded concept is
               increasingly being adopted by college and university
               establishments.  This is a concept where we provide them
               with a turnkey, branded concept business and they in turn
               agree to buy Tyson products exclusively.  A true

               Clearly, the things I've just spoken to you about are our
               competitive advantages.  Our ability to establish and grow a
               brand, our knowledge of convenience foods in the case ready
               categories, our industry scale and leadership in both food
               service and retail, our strong presence with customers who
               are growing in a consolidating marketplace.  It is these
               strengths that also make us very excited about IBP.  We
               believe it is these fundamentals that when applied to IBP's
               business model can also accelerate their progress.  It is
               these principles John Tyson was talking about when he said
               he hoped to "chickenize the beef industry."

               We believe we can establish and grow their branded beef and
               pork initiative.  We believe we can help them develop
               further process in value added products and can
               substantially move their mix up the value chain, as Greg has
               alluded to.  We believe we can take advantage of our frozen
               market access and their industry leading refrigerated
               distribution capabilities and truly add value while taking
               costs out of the supply chain.  It will not happen
               overnight.  Brand building takes time and discipline and we
               recognize that, but we have the time, we have the discipline
               and we have the business model.  I hope the results we have
               shown you today will make a believer out of you.

               Thank you and I'd like to turn over the podium to Steve

S. Hankins     Good afternoon.  I'm going to take just a few minutes and
               talk about our financials and talk just a bit about our
               transaction with IBP.  First, taking a look at our sales.
               You can see the growth trend that we have up from $5.5
               billion in fiscal 1995 to just under $7.2 billion in fiscal
               2000.  Adjusting for divestitures, our comparable sales
               increased from $4.8 billion to just short of $7.2 billion, a
               compound annual growth rate of 8.1%.  This was fueled by our
               internal growth as well as the acquisitions of Cargill,
               McCarty and Hudson Foods.

               A major financial strength of Tyson is our cash flow.  Our
               operating cash flow was $587 million in FY2000.  As part of
               fueling that cash flow has been a major emphasis on the
               management of the cash cycle.  You can see that we've
               improved this almost five days since fiscal 1998.  We
               focused on our accounts payable days outstanding and we've
               worked with each of our business units on their customer pay
               habits by making accounts receivable reviews part of our
               regular business reviews.  We've increased our efforts in
               inventory management as part of our supply chain strategic
               initiative and now we've completed pilot implementations of
               improved forecasting and production scheduling techniques in
               two of our business units and have seen excellent results.
               But beyond the pilots, we have increased our focus in each
               group resulting in a decrease in inventory of 138 million
               pounds during fiscal 2000.

               Also, as we've talked to you before, we've increased our
               efforts in the management of capital expenditures. Our
               Finance Committee meets every three weeks to review major
               capital expenditure proposals.  We've implemented a rigorous
               process for all proposed capital items and educated our
               management to think financially about our capital
               investments.  And as you can see, in FY2000 we spent only
               $196 million and we expect to spend in the range of $230 to
               $250 million in FY2001.

               Of course the strong emphasis on cash has given us the
               capability to pay down our debt, and that's illustrated by
               the red line on the chart that you see.  And during fiscal
               2000 we paid down $262 million in debt.  And as you look
               specifically at our debt to capital ratio, you can see we
               brought that down from over 57% in 1995 to just over 40% at
               the end of quarter one of FY2001.  Our debt mix today, we're
               just at over 25% flowing debt at an average rate of 7.1% at
               December quarter end.

               Now the effect of the low chicken markets and the difficult
               industry conditions can be seen in our gross margin which
               has dropped from 17.8% to 15.6%, giving us a decrease of
               almost $200 million since 1999.  Now FY99 is the closest
               thing that we've seen lately to what I would call a normal
               environment and we were just touching into that.  In the
               last couple of quarters that year as a reference point can
               give you a view of what a normalized earnings potential of
               our company could actually be.

               Our earnings per share for 2000 were $0.74, which was down
               from $1.20 in 1999.  Of course in 2000 we took a $24 million
               hit for AmeriServe that cost us $0.06 a share.  Our cash
               earnings were $0.89 as compared to $1.36 in 1999.  And as we
               look forward to the combination of Tyson and IBP, we will
               focus more on cash earnings as the cash producing power of
               the combined companies, just as it has been with Tyson so
               far, will be a huge financial strength.

               I'd like to talk a bit about the combination of Tyson and
               IBP.  On January 1st we signed a merger agreement to buy IBP
               for $30 a share in a 50/50 cash/stock transaction.  And
               prior to January 1st, we had commenced a cash tender for
               50.1% of the shares and the price on that tender was amended
               to $30 on January 2nd.  On January 27th, we received all the
               needed government regulatory approvals to complete the
               transaction; however, this morning, as has already been
               referenced, we once again issued a press release extending
               our cash tender offer and this time it is extended until
               February 28th.

               Now we are disappointed that we have not been able to
               complete this transaction.  On December 29th the legal
               representatives of IBP had received a comment letter from
               the SEC related to the filings made in conjunction with
               their proposed acquisition by the Rawhide DLJ Group.  This
               comment letter was not made available to us until January
               10th.  As we've said publicly, we were not at all happy
               about the timing of this disclosure.  This comment letter
               raised several accounting issues, including questions about
               the pooling method of accounting for transactions that was
               used in their acquisition of CBFA and questions about their
               third quarter write-off of $8 million related to their DFG

               Now following January 10th, IBP's worked with the SEC to
               resolve these issues and that process continues as we speak
               today.  If you've kept track in the past few weeks, you've
               noted that the write-off related to DFG has increased by an
               additional $47 million and that questions about impairment
               of assets and overall business viability have been raised
               about DFG.  Now these DFG questions also raise the potential
               or the issue of potential restatement of public filings by
               IBP beginning with their 1999 10-K.

               Now we've been asked, "Didn't you know about DFG?" and the
               answer is yes, we knew of write-off issues with DFG, but not
               to the extent of $47 million.  Also, the discussion raised
               in mid-January about the impairment and the potential
               restatement of public filings was the first that we had
               known about that.

               We've also been asked, "Well why can't you just close the
               deal anyway?" with a strong suggestion that this really is
               just about price.   But what you must understand is that all
               the Tyson public filings related to the transaction rely on
               the public filings of IBP and once those public filings were
               brought into question and made subject to revision, we felt
               it was only prudent to delay the process.  And at this
               point, the process has been delayed such that our public
               filings must now be revised to include December ending
               quarterly numbers which requires that we have IBP's
               completed 10-K for their fiscal 2000.

               Our position remains unchanged at this point.  Until IBP
               reaches resolution of their SEC related issues, we are
               unable to complete the cash tender and as well as we are
               unable to even commence the exchange offer.

               And for those of you who have made a careful reading of the
               merger agreement, you've noted February 28th is a special
               date, because that's the date that IBP could make the
               decision to back away from the merger if the cash tender has
               not closed.  The merger agreement when written certainly did
               not anticipate the set of circumstances that we've
               experienced since January 1st.  We're going to continue to
               work through the issues these have raised in the coming

               But, let's move on.  Let's talk a bit about what the company
               would look like following the transaction.  The comments I'm
               going to make about numbers has to do with the models and
               the way we looked at this business early in January as we
               anticipated the transaction.

               Our sales would have an interesting growth effect, 233%
               going up to $23.8 billion on a 2000 pro forma basis.  And if
               you use a conservative 3.3% compound annual growth rate,
               sales would grow to just over $26 billion by the end of
               fiscal 2003.  Cash flow would be very, very strong as you
               can see on this chart as debt to capital works its way to
               just under 46% by the end of 2003.  And as we've mentioned
               in past press releases, we expect the transaction to be
               immediately accretive by over 15% on a GAAP basis and by
               well over 20% on a cash basis for the first full year.

               Now we see synergy opportunities in IBP's companies, food
               brands, in the areas of procurement, distribution and shared
               support services.   And the food brands companies are an
               accumulation of several acquisitions that IBP's made over
               the past few years.  As you can see, they have a number of
               brands, 44 processing facilities and a number of different
               infrastructures in place.  And Tyson's strength in food
               service, supply chain management and our overall
               infrastructure management capabilities will enable us to
               maximize the potential of these companies while finding
               significant synergies within the infrastructure and
               management areas.

               Also, both Tyson and IBP have commitments to procurement
               initiatives and the combined companies will be able to
               further leverage the activities that both companies have
               going on there and find additional savings.  And Tyson's
               strengths in logistics and supply chain, we'll apply those
               not only within food brands but we'll combine those with
               existing strengths within IBP and bring more efficiencies
               and cost saving opportunities to this area as well as
               customer service opportunities.

               And certainly within the combination of any large companies,
               there are efficiencies that can be gained in the elimination
               of duplicate support services and in the leveraging of
               information technology assets, and we see those things
               definitely in this merger.

               I'd like to say just in closing we're excited about the
               opportunities to create additional value that the
               combination with IBP can bring to this, but we're also very
               proud of our company today and we're very proud of our
               balance sheet and our cash flow capabilities.  And while our
               income statement has been effected by difficult industry
               conditions, I think when you consider how dire those
               conditions are for many other companies, that Tyson has had
               the capability of doing well in comparison with what's going
               on with others.

               So with that I'd like to say thank you and introduce John
               Tyson, our Chairman, President and Chief Executive Officer.

J. Tyson       Well they didn't give me the big print, so I've got to put
               my glasses on to read from the prepared remarks here for a
               moment.  I, too, would like to say thank you to the folks
               from Cagny to give us a chance to talk about our business
               and talk about the fine company that we call Tyson Foods
               today.  And I think as you've listened to our presentation,
               I think you'll be reminded about our company's strengths and
               those are the strengths that we'll take over to IBP, but
               those strengths we feel make us different not only from the
               other poultry companies but also from the other protein
               companies and from most food companies.

               Our company does have scale in the chicken business.  We're
               nearly a quarter of the market and we have an even larger
               share of the value added market, but it is not our size that
               makes us different.  It is the differences that allow us to
               reach our size and service our customers.

               You've heard today about the strength of the Tyson brand.
               It stands for quality and it stands for trust.  We've talked
               to you about our customer relationships.  Not just
               relationships but value added relationships.  We work with
               our customers to help them grow their businesses by
               providing innovative products and mill solutions that
               address needs; needs of the families for quality foods that
               are convenient and easy to prepare; needs of the retail and
               food service industry for products that not only reduce
               labor and address food safety concerns but products that
               ring the cash register by targeting the consumer eating
               trends.  And we bring unparalleled resources to provide
               service.  Our production facilities and distribution network
               combined with a portfolio of products unable us to now
               fulfill 100% of our customers' chicken needs.

               But our most important resource, more than one and I'll say
               it time and time again, are the great folks of Tyson Foods.
               They are the ones that bring the commitment of quality and
               service to life on the day-to-day basis and I can tell you,
               I'm thankful for them.

               And as you think about the things we've talked about today,
               I know one of the questions on your mind is, "But where's
               the value?  Where's the value for Tyson Foods?"  In the 80s,
               we were a star, we were a star in the stock market, but in
               the 90s we saw one thing after another affect us - Russia,
               Asia, extreme cost in grain and now the poultry industry is
               over produced in 2000 and 2001 with an oversupply situation,
               just as we had in '81 and '82.  These things have effected
               our income statement, but I would suggest to you all in this
               room that the value to things we've talked about today is
               evident in our performance through these rough times.  Most
               of the chicken industry is losing money. We've managed what
               we could manage and continue to increase our industry
               position with key customers and in value added products.  It
               has been 20 years since the chicken markets have been this
               bad.  We will come out of this well positioned to take
               advantage of the market improvements.  And financially, our
               balance sheet is in good shape and our cash flow continues
               to be strong.

               Which leads to a question I get asked, "What are you going
               to do with your cash?"  It has been suggested to me that we
               buy back our stock, it has been suggested to me that we
               focus on paying down debt. We have done both of those.  But
               the way I'm looking at answering the question now is, we're
               going to buy IBP.  As we think about Tyson and we think
               about Tyson and IBP together, you have the industry leader
               in beef, you have the industry leader in chicken and you
               have the industry leader in pork.  And with the combined
               market share of these three proteins at close to 25%, we
               have the chance to provide one in four pounds of the three
               basic proteins to the marketplace out there.

               This is a unique point in time and opportunity to create the
               world's largest marketer of these proteins.  IBP is a strong
               company.  They have put some things in place.  But our
               strengths in branding, customer relationships and
               partnerships, and our focus on value added products and
               growing demand in retail and food service will combine with
               the strengths of IBP and we will have some fun in the
               marketplace.  We truly will have a company that is unique in
               market and product reach and strong in its capability to do
               what you all will ask of us, which is to generate cash, pay
               down debt, to get in the position to do something again.

               I want to say thank you to everybody in this room and we
               stand ready for questions and answers.  Dave Nelson?

D. Nelson      Thank you.  You've caught a cold, the rest of the industry
               has pneumonia, yet we really haven't seen a lot of
               consolidation.  We haven't really seen a lot of people
               dropping out.  Do you plan to put the chicken industry on a
               death march until things get better and a little more

J. Tyson       I'll try and answer it in a way that will make my lawyer
               happy.  Yes, we're going to keep the pressure on.  We were
               out there working hard.  I think one of the things that Greg
               alluded to was the market share. We've gone back to
               servicing 100% of our customers' needs.  You know, we got
               away from taking care of our customers and when we've gone
               back and supplied the whole basket of goods, you're seeing
               pressure in the marketplace.  We're getting additional
               business with managing the whole basket of goods.  Greg,
               Johnny, you all have anything to add to that answer?
               Okay.  Down front there?

W              I wonder if you could help us think through the issue of
               materiality with respect to IBP.  We all sit around trying
               to figure out what does the $47 million mean, what do
               further impairment charges mean, is it material if suddenly
               CBFA were not a pooling.  So, how are you processing that
               in?  And bottom line, is IBP still worth $30 a share to you?

J. Tyson       On the materiality, I'm not going to be able to answer that
               question until we get the answers back from the SEC, and
               we're still waiting for those answers and we're still
               waiting for the information.  IBP has an ongoing dialogue
               with the SEC, but as of now, I can't answer the question.  I
               can't be sure that there won't be any future changes out
               there in the marketplace.

W              If we asked you real sweet and nice, will you tell us what
               was in the letter?

J. Tyson       We've not seen all the letters.  There's information we've
               not been privy to yet.  So, it's a little frustrating to us,
               too, I can tell you.

M              How did you get Supplier of the Year to Domino's Pizza?  I
               didn't know they served a chicken pizza, but maybe I don't
               get out enough.

J. Tyson       Chicken wings.  And it was interesting, not only were we the
               supplier, we were the supplier for the overall company.
               They give rewards for proteins, for dough and other stuff
               like that, but at Domino's we were the number one supplier
               against all categories.  It was quite a compliment to our

M              I think Cagny should give an award each year to the stock
               that goes up the most because that seems to be what we're
               focused on.  Just in terms of the whole issue of mad cow and
               whether or not that has anything whatsoever to do with your
               hesitation to complete this transaction, first of all, can
               you address the issue what you think has changed since you
               started to look at IBP and whether or not you view that as a
               risk and once you do control IBP in running the business

J. Tyson       Well I'll address what changed first, and I'll address mad
               cow second. What changed first is the financials and we're
               still waiting on financial information.

               As for mad cow, we as managers are paid to manage those
               issues and that's our responsibility, and we'll manage it
               like we do any situation related to food management. We'll
               understand it.  I think you saw in a press release that IBP
               put out in the last two weeks that they have instituted new
               procedures for the cows and the cattle that they buy coming
               into their plants that have some certain requirements on, in
               effect, backward documentation of where the feed that goes
               into those animals comes from.  They're the first one in the
               industry to do that, to require that from the people they
               buy product from.

M              John, I think it's been kind of an ongoing dialogue as to
               whether or not a leading branded company like yourself with
               its reputation across all channels can't get the premium
               they need to protect a profit margin.  I think Greg has seen
               and you've said that even if a customer pulls away from you
               for a short period of time, when you go back to servicing
               them on a service basis, they come back to you or your
               market share increases with them.  Given the fact that this
               market is consolidating on the user side, what is it in the
               process here that doesn't allow you to get that extra half
               or three quarters of a cent a pound that you need to keep
               the margins healthy in a very difficult period of time?  Now
               that's kind of contradictory to David's question about if
               you keep the pressure on and just some of the people simply
               cannot exist.  I know it's a tough choice, I'm just
               wondering what the opportunities are to get paid for what
               you have said is your strength?

G. Lee         Well, to tell you the truth, Lenny, I think the fact that we
               have been able to remain profitable is a testimony to our
               mix and the fact that we do get a premium price to the
               market.  The problem that we have here is we don't have a
               normal, just like low market.  You're talking about virtual
               all time lows, so by the time you dip down into that area
               and still sustain a premium, you've got a very difficult
               profit picture.  So, we've just got very sloppy margins.
               You're sitting here, we've had in the last four weeks or so
               about a $.15 increase in the base commodity breast market.
               Well guess what?  That's to $1.35.  The same time period,
               we're upside down on leg quarters say from the first quarter
               by $0.11 a pound.  That will cost us in this quarter in
               excess of $20 million.  It is a difficult pricing market.

               So you've got a lot of chicken out there chasing the volume.
               We're getting a premium relative to the market total, but it
               just doesn't deliver the bacon.

J. Tyson       I don't know, you saw the one slide Greg had up there, as
               the market started to turn our premium ran off $.50 or $.60.
               We were getting anywhere from $.20-.25 a pound premium over
               the market.  That premium's now up to $.65-.70.  So it shows
               you what the value of the brand does.

               There was a question in the back of the room.

W              I wanted to ask about the IBP transaction from the
               perspective of a termination fee.  Is there a scenario here
               where you get paid a termination fee if this transaction
               doesn't go through or would you have to pay one?

J. Tyson       There would be a break up fee if somebody was to come bid
               over us, but there is no termination fee.   If it was not to
               go through, it just would not go through.  Christine?

W              Let's just assume for a moment that this transaction
               actually closes someday, have the events of the last couple
               of months hurt the relationship between management?  And is
               there a risk that some of those key personnel aren't
               retained in the new entity?

J.  Tyson      That's a good question, but I think tough times make teams
               get better and I think by going through some of the
               struggles that have gone on in the beef industry the first
               month of January and what's gone on in the industry, you get
               to find out what people are made of.  And in fact, this has
               probably brought people together quicker and faster to talk
               about issues and how to address the opportunities that we
               talk about our in synergy models.  So I've seen a lot of
               positives out of the situation on a go forward basis.

               Right there behind you.

M              You mentioned that tough times make management teams get
               closer.  How is it that you have not seen all the
               correspondence that the SEC, can we assume as a follow up
               that you've seen the restated financials?  And then
               separately, is there any change at all to the strategy value
               of the transaction?

J. Tyson       The first answer is that their lawyers won't let us see some
               stuff, so you'd have to talk to IBP's lawyers and their
               outside counsel on why we're not seeing some of their
               information.  Secondly, we have not seen restated
               financials.  Third, I still like the big picture idea.

M              This has to do more with the strategic merits of the
               transaction, but based on your own, I guess, projections
               here, it kind of showed chicken consumption continuing to
               increase but beef and pork either down or flat.  So I'm kind
               of wondering, if you're a pure play and you're expecting
               your market to continue to grow then why do this?  And then,
               if you go ahead with it, I guess you're assuming you're
               going to gain market share and offset your own projections
               that those categories are going to decline, and why should
               we believe that you'll gain share?

J. Tyson       Well, first of all, one of the ideas we have for IBP is to
               drive their basic commodity products up the value chain.
               They're in a position to do that and nobody's done that with
               the beef and pork industry.  Greg, why don't you pitch in.

G. Lee         Really, I think that is the cornerstone, that we do believe
               that the value in IBP as you look down the road will be the
               converging of a significant portion of their base beef and
               pork products to more value added items, adding dollar
               revenue and margin against the pounds.  We also believe that
               the company can compete vigorously within the total pounds
               of beef and pork as we go forward.

J. Tyson       Gentleman in the red sweater.

M              I'm curious, we've seen soybeans now produced more cheaply
               in Latin America than they are here, and I don't know
               anything about Latin America's chicken production or sales,
               but is it possible that a few years down the line you could
               be getting significant competition from Latin American
               chicken producers in export markets?

J. Tyson       I think some of that competition exists today, but I think
               those that have been aware of our company, before IBP passed
               across our plate, we were aggressively looking for
               production capabilities in Brazil. And in our go forward
               model five and eight years out, we will find low cost points
               of production and Brazil will be a low cost point of
               production.  Not only for poultry, but for some of the other
               proteins.  So it will be a question of how do you manage
               your production base from around the world.  When my dad got
               started, it used to be Arkansas, then it was Arkansas and
               North Carolina, then it was Arkansas, North Carolina and
               Texas.  So for us it will be the United States, Brazil and
               some other countries.

               Did that answer your question?

M              It answered my question, but also puts in my mind that I'm
               going to have to watch that there isn't going to be some
               more chicken over production three and four years down the
               line, possibly, from over production in Latin America, not
               by you, but by your competitors, obviously.  Just makes me
               think about those things.  It's sort of analogous to what
               happened to ADM where they ended up with a lot of non-
               competitive soybean processing plants in the United States
               when a lot of soybean processing shifted to Latin America
               because of low production costs in Latin America.

J. Tyson       Okay, you've got a comment.  I've got an idea, too.

G. Lee         I think we need, from our perspective, we look at the
               worldwide demand for chicken being excellent over the next
               number of years.  There will be significant growth
               opportunity and we want to be a participant in all of it.
               We certainly have a big play here in the United States.
               We're interested in having a bigger play internationally.
               We believe open markets in the end will be good for us.  You
               can always conjure up a particular circumstance where there
               might be a negative, but if we play across the full front of
               the activity, we think it will be good and we can win in
               that game.

J. Tyson       And if you think that one of our models is to be one chicken
               short, we don't care where we buy that one chicken from in
               the future, whether it's a US based production or a
               worldwide base production, as we bring them into our value
               added products downstream.  You'll just upgrade the value of
               the basic input of the raw material.

W              Since '95 or '96 I think we've heard that the bulk of the
               industry isn't making a lot of money and you expected
               consolidation, you expected doors to shut.  And yet, when I
               still look at . on a USDA data, from time to time I see a
               dip into the negative territory but then it comes back up
               pretty quickly, the minute the prices respond into the
               positive territory and that still makes me wonder what is
               going to bring about, short of a three year spike in grain
               prices, a material decline in the amount of capacity that's
               out there in the poultry industry.  And without that, can
               you return to those levels of profitability that you had

G. Lee         Sometimes I think we think the same thing you do, but no, I
               believe that we do believe things will move into a more
               normal cycle.  We have had an abundance of all proteins,
               certainly for the last 24 months.  We're moving into a
               period of time, as we all know, where there's going to be a
               little less beef around.  We do believe that the market is
               going to be able to grow to a point that it can absorb the
               significant amount of expansion that occurred in '99 and to
               a lesser degree but also in 2000.  You alluded to the fact
               that egg sets have been a little bit lower.  I think we said
               like on our last conference call that we expected chicken
               production to be basically flat until around the June
               period, then of course we'll get some additional visibility.

               Our belief is the market's going to kind of grow into itself
               and we're going to see an improving condition here.  You
               cannot deny that the difficult financial circumstances that
               have been experienced by the chicken industry for the last
               few years are taking a toll on some people's thought
               processes from expansion, whatever.  So we do believe we're
               going to return to a more normal cycle and we're hard about
               trying to take advantage of that and work on our product mix
               to move us up in profitability kind of regardless of the

J. Tyson       I would ask some of your banker friends in the room what
               they're starting to do in terms of the pressure on them, who
               they have money loaned to in terms of making those calls.  I
               think you'll find some interesting information if you'll ask
               some of your banker friends some questions.

W              The second question would be, we're very appreciative of the
               dinner tonight.  I think we just want to make sure that none
               of that 2.3 million pounds that was recalled yesterday is
               going to end up there.  Can you tell us if that's material
               or not..

J.  Tyson      Erica, I can't believe you said that.  I'm glad you said
               that, we had a chance to go play golf this morning, Greg and
               Johnny and I, and we pull up and the starter goes and he
               goes, "Oh, you're the recall guy."  He pointed right to
               Johnny Lee.  So, we'll let Johnny take the question.

J. Lee         I whiffed my first swing.  The recall was initiated by us
               really in abundance of caution.  This is not a recall
               initiated because of pathogen contamination.  If you read
               the press release closely, what happened was we had a
               situation in one of our fully cooked plants were some breast
               tenderloins would roll over and when they would roll over
               and touch, there was a tendency in a very minimal amount of
               them for them to be undercooked. And the USDA termed them
               "under processed" right in the center where those two pieces
               would touch.  Again, this was a minimal amount of product.

               We're really only talking about two box SKU's and one bag
               SKU.  Of course because of our volume and wide distribution
               the pound number was enormous and scary to an awful lot of
               people, but it's a very minimal amount of product.  And
               again, I reiterate, it is not for pathogen contamination,
               but under . rules today if the product states that it is
               fully cooked and you believe or have evidence that it is
               not, then you are obligated to notify the public and pull
               that back.  We did that.  We did it to the scale that we did
               because we wanted to ensure that there was no likelihood of
               getting any subsequent recall or expansion of this recall
               and we did it to minimize the cost and effect.  So even
               though the number was big, in an abundance of caution we
               reached around and got a little bit more than possibly
               should have to eliminate and control costs.

J. Tyson       You don't like these things to happen, none of us do, but
               you have to compliment our system.  Once it was found, we
               were able to reach and start calling our customers in less
               than 12 hours.  It was quite a compliment to the team that
               when we had to trigger that mechanism, it worked and it
               worked like clockwork and we're right on top of it.

G. Lee         Let me make just one more comment with regard to this.  Our
               customers have been incredibly supportive of this.  And
               because we all know that these recalls unfortunately have
               become more common under kind of the change in, I hate to
               say regulatory approach, but I can't think of another way of
               saying it right now.  And the patience level out there in
               the customer community is not all that high, so to speak.
               But our customers have been very, very cooperative.  I think
               that's a testimony to our relations with our customers.  We
               certainly believe we can reestablish the items in the
               marketplace.  But it would also be foolish of us to not
               suggest there will be some financial consequence associated
               with this.  We don't know exactly what it will be.  It isn't
               going to be a runaway, but it isn't going to be free.  So
               we'll understand that as we get to the end of this.

J. Tyson       Thank you for your time.