Corporation Mission Statement

The Green Bay Packers’ mission is to be a dominating force in professional football’s competitive arena.

The Packers will continually strive to present their fans with the highest level of performance quality available.

In their operating activities in relations with the NFL, the Packers will also continually strive for excellence in the quality of work performed.

The Green Bay Packers will, at all times, maintain the highest ethical and moral standards in their actions, recognizing that all representatives of the organization are stewards of the Packers’ franchise and traditions.

Overall, the Packers will commit themselves to doing their part in representing our home communities throughout Wisconsin, to Packers fans across America and around the world, with competitiveness, respect and dignity.

Corporation True North Statement

The Packers will continually strive for championships while being guided by our values in all endeavors with constant attention to protecting, enhancing and maximizing the Packers’ assets.

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Dear Shareholders:

2010 was truly a special year for the Packers. We won our 13th World Championship and fourth Super Bowl title, beating the Pittsburgh Steelers 31-25 in Super Bowl XLV. The team showed great character in overcoming tremendous adversity (15 players ended the season on the injured reserve list) throughout the season. We had to win our last two games of the season (both at Lambeau Field) in order to make the playoffs. We entered the playoffs as the sixth seed, and had to win three straight games on the road in order to get to the Super Bowl. I was so proud of how our team performed all season. I was also very pleased with the tremendous support that we received from our fans throughout the entire season. We had a 7-1 record at home, and the fans were a big part of that success, espe-cially the two elimination games to end the regular season. Our fans also travel better than any other teams’ fans in the League, as they showed in the three road playoff games and the Super Bowl.

Appropriately, the official team M.V.P. for the season was the entire team. The team showed great chem-istry all season long. Many of our players earned individual honors this year, including Super Bowl M.V.P. Aaron Rodgers and runner-up NFL Defensive Players of the Year Clay Matthews. In addition, Chad Clifton, Nick Collins, Donald Driver, A.J. Hawk, Greg Jennings, Matthews, Tramon Williams and Charles Woodson earned Pro Bowl Honors.

The success on the field helped us also enjoy success off the field. ESPN the Magazine again named Lambeau Field the No. 1 experience in all of professional sports, and also this year named the Packers the top franchise among all professional teams. We increased our revenue significantly, reaching a total of $283 million an all-time high for the organization. The changes that we made to our Pro shop, including a new warehouse and customer data warehouse, allowed us to keep up with the great demand during the playoff run to the Super Bowl and the time following the Super Bowl.

Despite the great success we enjoyed in winning the Super Bowl, we also faced a major challenge this year with our labor situation. The offseason was a roller-coaster ride for the organization. Within a few weeks of winning the Super Bowl, the NFL Players Association had decertified and filed an anti-trust lawsuit against the League, and the owners had locked out the players. The offseason was certainly unique for all of our employees, especially our players and coaches. As I write this letter, we have not yet reached an agreement with the players on a new Collective Bargaining Agreement. I’m confident that we will reach an agreement soon though, and that the new CBA will work for our players, owners and fans, and allow us to continue to improve the game. Within the Packers, our goal has been to keep the organization together during these difficult times and to emerge from the lockout as a unified, stronger organization.

PRESIDENT’S LETTER

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Despite the challenging labor situation, we have continued to plan for the future. A focus has been to improve the experience of our fans at Lambeau Field, and to increase the ability of fans to engage with the orga-nization. This season we will install a new distributed sound system with 16 speakers in the stadium bowl. For the 2012 season, we will install two new HD video boards and a new tower in the North End Zone with six elevators and a viewing platform at the top of the North End Zone. In 2013, we will complete construction of the South End Zone with 7,000 new seats and many new amenities for fans. Also, we launched the Packers Media Group in February with the goal of making our website more interactive and to strengthen the engagement of our fans to the organization.

From a football standpoint, I think we have a chance to be very good for a number of years. We were among the youngest teams in the League for the fourth straight year and those young players have gained valuable experience and will grow and mature. Also, we have a number of quality players returning to the team from the Injured Reserve list. In addition, although we picked last in every round, we think we added great depth to the team through the draft. I also have great confidence in Ted Thompson and Mike McCarthy. They have established a great working relationship, and both were instrumental in our Super Bowl championship. I’m very pleased that we were able to sign both of them to long-term contract extensions.

Our employees continue to be one of our great strengths as an organization. During our run to the Super Bowl, they made many sacrifices to ensure that our fans had a positive experience and that we were positioned as an organization to take maximum advantage of the Super Bowl victory. I am very thankful for all the outstand-ing work of our employees. They take great pride in representing the Packers. It was very gratifying to have all of our employees, as well as our players, coaches and members of our Board of Directors together last month for our ring ceremony.

Thanks so much for your tremendous support of the Packers. We would not have won the Super Bowl without your support. The highlight of the year for me was seeing our fans fill Lambeau Field for the Return to Titletown celebration following the Super Bowl. I hope you are able to make it back to Lambeau Field for the annual shareholders meeting. Thanks again for all you do for the Packers.

Sincerely,

Mark H. MurphyPresident & Chief Executive Officer

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The OffseasonThe 2009 season gave a glimpse of the enormous poten-

tial of the Packers’ roster. An 11-5 season and a trip to the playoffs had the organization and fans optimistic for an excit-ing 2010 campaign and deep playoff run.

Head Coach Mike McCarthy definitely was looking to some areas he would like to see the team take a step forward the upcoming season.

The Packers had made noticeable strides on defense in 2009, finishing No. 1 in the NFL against the run for the first time in franchise history and No. 2 in overall defense after finishing 26th and 20th in those respective categories in ‘08. Having recently finished the scheme evaluation with defensive coordinator Dom Capers, McCarthy had identified aspects that needed to make a jump in 2010.

“We haven’t even really presented it to the team yet, but the two biggest things for us defensively are going to be tackling and handling adversity,” McCarthy told the media. “Our adversity situations this year were not close to what they needed to be, and did not match up to our production throughout our defense.

“On top of that, the productivity we had throughout the defense was a vast improvement over what we have done in the past, but those are two areas that we are going to really emphasize. When you guys go to practice in the OTAs and in the summer, you’ll see some drills and things and situations and emphases that will be applied to highlight that for the defense.”

The Draft General Manager Ted Thompson has often said he

doesn’t draft to fill needs, he drafts to find good football players.

The 2010 draft was yet another example of that with the Packers adding players at some positions seemingly well-stocked.

But with the seven-player class Thompson selected -- two offensive linemen, two defensive ends, a safety, a tight end and a running back -- the GM not only stuck to his philosophy by drafting the highest-rated player on his board at each pick, he also sent a message that in his mind that perhaps some spots aren’t in as dire need of reinforcements as some might think.

“NFL football is an ongoing thing, and the draft is impor-tant because it adds a whole new group to your team as you go forward,” Thompson said. “A football team is always in an evolutionary cycle. It’s always growing. We’re trying to add growth to that, and I think we added quality.”

With offensive tackle Bryan Bulaga’s selection in the first round, the Packers built up their depth up front on offense and established some competitive battle lines going forward.

The same went for defensive end, with the additions of second-rounder Mike Neal and seventh-rounder C.J. Wilson.

“I feel this training camp will be the most competitive training camp that I have been a part of in Green Bay, both on the offensive line and on the defensive line,” McCarthy said. “I think really if you just look at the offensive line, we’ll have the ability to place players behind each other at a posi-tion and let them compete.”

The team worked through the offseason and entered camp with optimism.

McCarthy was aware of the high expectations surround-ing the team for 2010. But the head coach wasn’t going to hide them from his team, or more importantly let his team hide from them.

In fact, McCarthy spoke to the players in the first team meeting of training camp about targeting the ultimate prize. That’s the case every year, but for a team coming off a 7-1 second half to 2009 and an all-too-close playoff loss, McCarthy saw no reason to aim any lower.

“We talked about winning the Super Bowl,” McCarthy said, believing his team is certainly capable. “We talked about where it is played at and the relevance of our team meeting room.

“The only team pictures that are in that room are the team pictures of the world champions of the Green Bay Packers. Everything that we have done throughout the offseason and everything that we’ll do starting tomorrow, will be taking a step to being the next team up on that wall. That’s our goal.”

The most exciting part to McCarthy is that he’d be reshaping a foundation stronger than any he’s had at this stage of a season.

THE YEAR IN REVIEW

Super Bowl MVP Aaron Rodgers completed 312-of-475 attempts (65.7) for 3,922 Super Bowl MVP Aaron Rodgers completed 312-of-475 attempts (65.7) for 3,922 yards, with 28 TDs against just 11 INTs, and a passer rating of 101.2yards, with 28 TDs against just 11 INTs, and a passer rating of 101.2

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Quarterback Aaron Rodgers was entering his third year as a starter with one Pro Bowl season already under his belt. The 3-4 defense under Capers would be in its second year, and returning the league’s reigning player of the year on that side of the ball in cornerback Charles Woodson. The offseason program once again was productive and allowed the team to hit the ground running.

“There is nothing new this year,” McCarthy said. “We’re not putting in a new defense. We don’t have a new quarter-back. We don’t have a new special teams coach. We have an opportunity to build off of some continuity and some success in the past.

“I’m excited about coaching this group. I’m excited about starting tomorrow. On paper this may be the best team that we have assembled in my time here, but the reality is it doesn’t mean anything until you take advantage and build it the right way, and that starts in training camp practice No. 1.”

After a spirited training camp and preseason which saw the club split its games and go 2-2, the team was ready to embark upon their quest.

The Regular SeasonIn the season-opener in Philadelphia, the Packers over-

came a handful of injuries and an unexpected change under center for the Eagles that almost led to a stunning comeback. Ultimately, Green Bay held on for a 27-20 win when the defense stopped Eagles backup quarterback Michael Vick on fourth-and-1 from the Green Bay 42-yard line with under two minutes left.

Running back Ryan Grant left the game with an ankle injury which turned out to be season-ending, the defensive line was down to two healthy members and a third in Cullen Jenkins playing with a broken hand, and Vick suddenly reverted to prime form when pressed into duty, running for 103 yards, throwing for 175 and nearly bringing the Eagles back from a 17-point hole in the fourth quarter.

The Packers not only erased 48 years of bad history – nine straight losses in Philly since 1962, including that infa-mous 2003 playoff game with the fourth-and-26 conversion.

“To end the game on fourth-and-1 with a quarterback in the backfield who has a number of different options, that’s a big play by our defense,” McCarthy said.

And a big win, all things considered, to start the season.“You can always build on wins,” cornerback Charles

Woodson said. ‘We showed some toughness.”The Packers used a strong second half in Week 2 against

Buffalo, as Rodgers led the offense on touchdown drives on each of its first three possessions, two of those aided by interceptions from a Green Bay defense that allowed just 186 yards of offense and only 62 net yards passing, on the way to a 34-7 win over Buffalo at Lambeau Field. Clay Matthews notched three sacks for the second week in a row.

The win improved the Packers to 2-0, the third time in four years under McCarthy that Green Bay has started off a season with two wins.

A mistake-filled, last minute 20-17 loss to the Bears in Chicago followed in Week 3 before the team rebounded with a 28-26 win over Detroit at Lambeau Field. It wasn’t a pretty win, but the team improved to 3-1 and stretched the Lions’ winless Wisconsin streak to 19 seasons.

Challenges would mount in the next two weeks, how-ever, as the Packers suffered a rash of injuries during two overtime losses, 16-13 at Washington and 23-20 to Miami at Lambeau Field, to drop to 3-3.

Among those now lost for the season were Barnett, Jermichael Finley, Grant, Brady Poppinga and Mark Tauscher. They were challenges to overcome and division-rival Minnesota was up next.

In another down-to-the-wire finish against the Vikings, the Packers held on for a 28-24 victory as Brett Favre came up 20 yards short of the potential game-winning touchdown in the final seconds.

“An excellent team win and an excellent character win,” McCarthy said. “And it was definitely something that we needed.”

Indeed. As two late-game passes from Favre sailed high and incomplete, out of the back of the end zone, and with a huge sigh of relief the Packers not only had beaten their former quarterback for the first time in three tries, but had pulled into a first-place tie in the NFC North with the Chicago Bears at 4-3.

A gutty, 9-0 win at the New York Jets followed, marking the team’s first road shutout since 1991. It snapped the Jets’ five-game winning streak.

“It’s a big win for us, a real big win, one of the biggest I have been a part of in my time here,” Rodgers said. “To go on the road and beat a great team like this, obviously offen-sively we would have liked to have done a little bit better, but our defense played incredible.

Greg Jennings reached his third straight 1,000-yard year, leading the team with 76 Greg Jennings reached his third straight 1,000-yard year, leading the team with 76 catches for 1,265 yards and 12 TDS. Ranked second in the NFL in TD catches in 2010.catches for 1,265 yards and 12 TDS. Ranked second in the NFL in TD catches in 2010.

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A “complete” performance came the next week, a Sunday-night 45-7 win over the Dallas Cowboys, the club’s third straight victory.

The offense recorded the best performance by the Packers on third down in more than five years on the way to over 400 net yards and the season-high 45 points, the defense followed the previous week’s shutout by giving up just 39 rushing yards and seven points while scoring a touchdown of its own, and the special teams recorded two takeaways and a score as Green Bay improved to a division-leading 6-3 mark.

A fourth-straight victory was the result the next week in Minnesota, the Packers shaking off a sluggish start to throttle the Vikings, 31-3.

A juggling 47-yard catch down the right sideline by Greg Jennings jump-started the offense on the way to four straight scores that turned an early 3-0 deficit into a 24-3 lead a few minutes into the second half.

The Packers and Falcons looked like they were headed to overtime the following week in Atlanta after Rodgers led the offense on a 90-yard touchdown drive late in the game, but a big kickoff return and a penalty set Atlanta up for the win.

Matt Bryant’s 47-yard field goal with nine seconds remaining gave the NFC-leading Falcons the 20-17 victory, snapping the Packers’ four-game winning streak and extend-ing Atlanta’s winning streak to five. The loss dropped Green Bay to 7-4 on the season and moved them into second place in the NFC North behind the Bears.

The Packers took command over the San Francisco 49ers in the second half in a return to Lambeau in Week 13, win-ning, 34-16, in their historic third jerseys commemorating the franchise’s first world championship in 1929. The game included a spectacular 61-yard catch-and-run for a touch-down by receiver Donald Driver.

The next two weeks would test the Packers’ resolve.Three turnovers by the Packers and a key fourth-quarter

drive by Detroit proved to be the difference in a 7-3 loss at Ford Field that dropped Green Bay to 8-5. Green Bay played the the final series of the first half and entire second half without Rodgers, who sustained his second concussion of the season on a second-quarter scramble, and the team’s total of three points was the lowest output since 2006.

Rodgers would sit out the next week due to the concus-sion, but the Packers didn’t blink under the direction of back-up quarterback Matt Flynn. The third-year pro led the team valiantly on the road in prime time against a New England Patriots team thought by many to be on their way to a fourth Super Bowl title this decade. But a potential game-winning drive came up 15 yards short, ending in harried desperation as the Packers fell, 31-27, at Gillette Stadium.

The Packers grabbed the lead in the game three differ-ent times, held the ball for more than 40 minutes, and made the Patriots look nothing like the invincible outfit that had lambasted the Jets and Bears by a combined 81-10 the previ-ous two weeks.

But none of it, including a three-TD effort from Flynn, was enough. Instead the Packers lost their second straight to drop to 8-6, with all six losses havening now come by four points or less.

With their backs against the wall, needing two wins to close out the season to make the playoffs, the Packers put together perhaps their best performance of the season, dominating the New York Giants 45-17 at Lambeau Field on Dec. 26.

The Packers simply overwhelmed the Giants and put up season highs in various categories, including total yards (515), points (45, tied with Week 9 vs. Dallas), and defensive takeaways (six). The Packers scored 24 points off of those turnovers and stayed in control of the game from late in the second quarter on.

“I love the mindset of this team,” McCarthy said. “These guys step up week in and week out and we’ve got a big one here in seven days. It can’t get here fast enough.”

The season finale saw the Packers gut out a tight battle with the Bears for a trip to the playoffs. They needed a fourth-quarter touchdown and a Nick Collins interception in the red zone to thwart Chicago’s last drive for a tense but uplifting 10-3 decision in a defensive slugfest.

“We’ve had a different road we traveled this year and we’ve met every challenge,” McCarthy said. “We’re at 10 wins and we’re one of six teams in the NFC. I’m very proud of our football team, just everything we’ve accomplished. Nothing’s come easy for us and we wouldn’t want it any other way.”

The PlayoffsEntering the tournament as the No. 6 seed, the team

knew its playoff journey would be one forged on the road, with the first test a return to Philadelphia.

Nick Collins started all 16 games for the fifth time in six seasons and recorded 75 Nick Collins started all 16 games for the fifth time in six seasons and recorded 75 tackles (64 solo), four INTs, a recovered fumble and 16 passes defensed.tackles (64 solo), four INTs, a recovered fumble and 16 passes defensed.

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In the Wild Card contest, the team took another one down to the wire and provided plenty of nervous moments.

Three touchdown passes from Rodgers, a record-setting performance by rookie running back James Starks, and an interception in the end zone by cornerback Tramon Williams with 33 seconds left all combined to provide a thrilling 21-16 victory.

The divisional round at No. 1 seed Atlanta set the stage for a rematch of the regular season’s close contest.

Behind a jaw-dropping performance from Rodgers, and a pair of momentous interceptions by Williams, the Packers chalked up another road playoff victory. This one was less dramatic than the previous week but undoubtedly more impressive, a 48-21 beating in what became an awfully quiet Georgia Dome by evening’s end.

To these Packers, the playoff journey was only half over.That brand of football was downright dominant against

the Falcons, who under quarterback Matt Ryan had been 20-2 on their home turf over the past three years. But the Packers became just the second No. 6 seed to knock off the No. 1 in the NFC since the league went to this playoff format in 1990.

“We’ve had 16 quarters on our mind, we’ve completed eight of them, and we have an opportunity to play in four more next week,” McCarthy said. “We feel very good about who we are, the way we’ve played, our brand of football in all three areas. And that’s what we’re sticking to.”

In Chicago at Soldier Field for the NFC Championship Game, the Packers completed perhaps the most impressive playoff run in their illustrious history with a 21-14 victory over the Bears to capture the conference title and earn the franchise’s fifth Super Bowl berth and a shot at the organiza-tion’s 13th world championship.

“It’s a tough road, but we just always believed in our-selves if we had the opportunity to get in the playoffs, that it didn’t matter what road, which way we had to go, we felt confident we could get it done,” Woodson said. “Three tough games, three tough places.”

The defense was boosted by two interceptions by rookie Sam Shields and an unlikely interception return for a touch-down by nose tackle B.J. Raji.

Plus some history to boot. The Packers became the first No. 6 seed in the NFC to reach the Super Bowl, and the sec-ond NFC team to win three road games to get there, follow-ing the 2007 New York Giants, who stunned the Packers at Lambeau Field in the same game three years ago.

The Packers were the second No. 6 seed in league his-tory to reach the Super Bowl, following the 2005 Pittsburgh Steelers. It’s the Steelers they would face in the Super Bowl.

In an exciting, very fitting end to the season, the Packers earned the right to bring the Vince Lombardi Trophy home to Green Bay with a win in Super Bowl XLV.

The team earned its fourth Super Bowl title and 13th world championship at Cowboys Stadium with a 31-25 victory over the Steelers. The final triumph concluded a memorable playoff run that featured three road wins over the NFC’s top three seeds and a down-to-the-wire victory against a Pittsburgh team that had won two of the previous five Super Bowls.

Amidst the falling confetti and joyous locker room, there was an inescapable feeling that the game’s four quarters possessed a strong resemblance in four specific ways to this entire season for the Packers.

First, injuries to key performers were overcome, extend-ing that “different path” McCarthy mentioned. The offense lost the veteran Driver to an ankle injury in the second quar-ter, plus star defender and inspirational leader Woodson to a fractured collarbone shortly thereafter as well as Shields to a shoulder injury for notable stretches. But a career night from receiver Jordy Nelson, who had nine catches for 140 yards and the game’s first touchdown, was just one example of this team’s depth shining through once again.

Second, the turnover battle that needed to be won was, and those turnovers were turned into scores, which is when these Packers were at their best. Three Pittsburgh giveaways led to 21 Green Bay points, including a 37-yard interception return for a touchdown by Collins and an interception by reserve cornerback Jarrett Bush – who played more than expected due to the absences of Woodson and Shields – that set up another score for an early 21-3 lead.

Third, stellar quarterback play once again carried the day, as Rodgers earned game MVP honors by completing 24-of-39 passes for 304 yards with three touchdowns and no interceptions for a 111.5 rating. His 21-yard dart over the middle through an incredibly tight window to Jennings for a second-quarter touchdown capped that 21-3 fast start and was one of a handful of stunningly accurate throws on the night.

Clay Matthews finished the 2010 season with a career-high 83 tackles (55 solo), Clay Matthews finished the 2010 season with a career-high 83 tackles (55 solo), 13.5 sacks, two forced fumbles, an INT and four passes defensed. 13.5 sacks, two forced fumbles, an INT and four passes defensed.

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And last but certainly not least, the defense got the stop that was needed at the end of the game to seal it. The only difference from three of the previous five must-win games dating back to Christmas weekend was that the clinching stop wasn’t an interception. It was a less dramatic, but no less important, pass breakup by Williams against receiver Mike Wallace as Pittsburgh quarterback Ben Roethlisberger tried to keep the Steelers’ final drive alive on fourth-and-5.

“This represented our season pretty well I’d say, espe-cially with how the game ended,” linebacker A.J. Hawk said. “The defense being on the field, finding a way to get a stop and win. It’s something special.”

It wasn’t without plenty of nervous moments, though, but that was customary for this team, too. In the end, the Packers were Super Bowl champions once again, hoisting the Lombardi Trophy.

“The name on that trophy, that means a lot to us,” Raji said, “and we can’t wait to bring it back to Green Bay.”

They had been waiting to do so for a long time. Not just the 14 years since the historic triumph in New Orleans in Super Bowl XXXI, but also within the past year, knowing what they had a chance to accomplish.

They did it the way the best do, collectively and with a character that continually brought them closer – closer to each other and, step by step, closer to their goal.

“I feel a sense of pride in the guys in this locker room,” Ted Thompson said. “I’ve said this over and over – a team is something very, very special, and a championship team that goes through all the things this one went through is remark-ably special.”

Back in Green Bay on the Tuesday after the Super Bowl, a “Return To Titletown” celebration brought the team and fans together one more time.

More than 56,000 hearty members of the faithful filled the lower bowl of Lambeau Field and braved single-digit temperatures for the moment. Rodgers threw it out there to a thunderous cheer.

“I tell you what Green Bay,” Rodgers said. “We’re going to be right here next year doing this exact same thing!”

They cheered every proclamation, from Green Bay mayor Jim Schmitt’s authorization to re-name a yet-to-be-determined city street “McCarthy’s Way,” to Thompson’s question, “It’s a great day to be a Packer, isn’t it?”, to Rodgers’ thoughts of going back-to-back.

The Super Bowl MVP wasn’t the only one who hinted at that, either.

“It’s great to be here,” McCarthy said. “I just want to thank the fans. You’re clearly an energy force for our football team. Just keep bringing that passion, that energy, and we’ll keep bringing trophies back to you.”

Collins ended the celebration by taking a victory lap around the stadium with the Vince Lombardi Trophy, allow-ing fans in the front row to actually touch it.

If there was one overriding theme to the comments being made, aside from the obvious pride in bringing the Lombardi Trophy “back home,” it was about the unity the team displayed, and needed, in overcoming all the injuries and other bumps on the road on their way to the franchise’s fourth Super Bowl title and 13th world championship.

“It was vital,” Thompson said. “There’s no way we could have made it through this without the guys being good team-mates. We had new guys come in, we had our core leaders take those guys in. It was a wonderful group experience. It took everybody to win this thing, and it’s just remarkable what these young men did.”

In addition to the world championship as the ultimate team accomplishment, some individual players earned acco-lades as well with Matthews finishing as runner-up for NFL Defensive Players of the Year and Chad Clifton, Collins, Driver, Hawk, Jennings, Matthews, Williams and Woodson earning Pro Bowl Honors.

Looking AheadIt wasn’t going to be a typical offseason for McCarthy,

his staff, and the Green Bay Packers.First, it wasn’t the same because the team would be

coming off a Super Bowl championship. There was more attention on the organization’s every move, and because the team played a month longer than most, the offseason calendar had to be adjusted accordingly.

And second, there was much uncertainty due to the negotiations between the league and the players’ asso-ciation for a new collective bargaining agreement. If a new agreement wasn’t reached by the first week of March, the NFL offseason – with the exception of the draft in late April – wouldn’t really exist until a new CBA was in place.

“We’re in uncharted territory as far as how the spring is going to lay out,” McCarthy said in his season-ending press conference.

McCarthy’s approach would have his coaching staff focus on two things – the draft and the annual scheme evaluation.

Donald Driver, a four-time Pro Bowl selection, closed 2010 with a team-record 698 Donald Driver, a four-time Pro Bowl selection, closed 2010 with a team-record 698 catches during his career for 9,615 yards and 53 TDs. catches during his career for 9,615 yards and 53 TDs.

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“Typically in the staff meeting after the season con-cludes, I pretty much a have the whole season laid out for our coaching staff,” McCarthy said. “That’s not the case this year. You have to make sure you have the opportunity to develop your team, particularly your young players. The players that go from Year 1 to Year 2, that’s their biggest window in my opinion for them to develop. So that may be, not in jeopardy, but it will be a different course of action to accomplish that this year.

“We’re going to go about it like we always do. We’re going to focus on our scheme, focus on our system, how we can make it better, and make sure that when the players do come back that we’re ready to go for them.”

Another topic, one which will in fact take on a height-ened importance going forward, is the one thing McCarthy believes is “the biggest challenge in this business” – handling success.

To McCarthy, that means staying true to what helped accomplish the success in the first place, and never losing sight of that.

For the administration, that means making decisions that are in the best interests of winning games. For Thompson and his personnel staff, that means doing their due diligence on all draft-eligible players and available free agents, just like they always do. For the coaches, that means being ready for anything that may come their way in terms of injuries, lineup adjustments and the like, and not allow anything to throw them off course.

Most importantly, it’s the players who must handle suc-cess appropriately, because as Super Bowl champions, they’ll be in demand in various ways.

But if they’re paying attention, they’ll know that the team will be bringing back probably more than a dozen play-ers from injured reserve, which will put a number of roster spots up for grabs whenever the on-field preparation for the new season begins. And they’ll have to keep that in mind.

“The competition is going to go up, with the IR, new draft class, expectations,” McCarthy said. “All those compo-nents are going to be very real when we come together as a football team. We’ll take it one day at a time. But that’s the challenge.”

The inevitable influx of players gives the Packers a greater opportunity than most Super Bowl champs have to improve their team. But McCarthy cautioned that it won’t do any good to focus too much on who’s on the team at the expense of how the team plays together.

That’s the lesson to be learned from 2010, because with all the injuries the Packers suffered, they weren’t the most talented team in the league at season’s end. But they became the best team because of how they played the game.

“It’s a great experience for us to learn from,” McCarthy said. “It will be a great experience for us to draw from.

“We have an opportunity to start the season as a very talented football team. But we have to make sure we’re the best football team, that everybody’s doing their role, doing what they’re supposed to be doing at the level they’re sup-posed to be doing it. Because that was a great experience to watch this group of men pull together and fight through the adversity that they needed to, and play their best football when it counted.”

Packers NotesIn February, the organization announced plans for a

price increase on stadium bowl tickets for the 2011 season. The increase had a range from $2 to $4, depending on the section in the stadium bowl. Tickets will now be priced at $87, $76 and $69.

“This increase keeps us at the League average in terms of ticket price among NFL teams, allows us to remain com-petitive financially with other clubs and continues to rec-ognize the value of Lambeau Field’s game-day experience,” Murphy said in a letter to season-ticket holders, with the lat-ter point referring to Lambeau Field’s high ranking by many media outlets.

* * * * *The Green Bay Packers finished the year in first place in

sales of NFL merchandise. It marked the 16th consecutive year the team placed in the top 10. Rodgers’ jersey finished in second place in sales on NFLShop.com.

* * * * *We elected three new members to our Board of

Directors: Thomas J. Cardella, 55, president, MillerCoors/Miller Brewing Company-Eastern Division; Jeffrey A. Joerres, 50, chairman/CEO, Manpower Inc.; and Thomas G. Kunkel, 54, president, St. Norbert College.

Four directors, Robert C. Buchanan, Virgis W. Colbert, John H. Dickens and Peter M. Platten III, were elected to emeritus status.

* * * * *

A.J. Hawk enjoyed one of his finest seasons in 2010 and led the team in tackles for A.J. Hawk enjoyed one of his finest seasons in 2010 and led the team in tackles for the third time in his five seasons, tallying 134 (97 solo).the third time in his five seasons, tallying 134 (97 solo).

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GREEN BAY PACKERS - COMMITMENT TO THE COMMUNITY

The history of the Green Bay Packers is rich with both on-fi eld accomplishments and a special bond with the community that has supported the organiza on throughout its 92-year history. As the legend of the Green Bay Packers has grown over me, so has the Packers’ responsibility to the community.

Nonprofi t organiza ons throughout Wisconsin and Upper Michigan look to the Packers for both tangible and intangible assistance for their benefi ciaries – help that comes in the form of money, food, clothing, autographs, or simply from smiles brought about by the visit of someone’s sports hero. The Green Bay Packers organiza on, along with its players and coaches, willingly accepts this responsibility. Five full- me employees and two part- me employees spend each day organizing charitable involvement that comes about through the commitment

of the players, coaches and staff .

Community outreach takes many forms. The Packers sponsor special fundraising events, make dona ons of cash and memorabilia to several charitable organiza ons, make personal appearances, and serve on various com-munity boards and commissions. While it’s impossible to list every dona on or event, the Green Bay Packers Community Outreach Report provides an overview of the organiza on’s many contribu ons. The contribu ons described in the following pages resulted in a comprehensive Packers charity impact of approximately $4 mil-lion in the past year. A full report is available online at www.packers.com.

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Community Outreach MissionThe Green Bay Packers organization is dedicated to

enriching the lives of Wisconsin and Upper Michigan resi-dents by donating time and talents, along with providing diverse community outreach programs.

Our programs are designed to assist nonprofit organi-zations, mentor youth, encourage volunteerism and gain an awareness of the unique needs of our communities.

We are committed to taking an active role in leading by example to encourage, inspire and build unity within the communities that have consistently supported us for more than 90 years.

Appearances by Players and CoachesThe special bond between the Green Bay Packers and

the community is never more apparent than when the players and coaches volunteer their time at schools, hos-pitals, fundraisers and other community events and pro-grams. During 2010, players and coaches made more than 500 special appearances.

DonationsThe Green Bay Packers’ reach is unmistakable and pro-

vides many opportunities for charities to benefit from the team’s success. Donating merchandise to nonprofit groups is another Packers tradition. The team’s unmatched follow-ing creates a great demand for autographed memorabilia, which is demonstrated by the fact that signed items fulfill-ing more than 9,000 requests raised approximately $2.5 million in 2010. The events supported by Packers donations included benefits, charity auctions and raffles, in addition to school and community fundraisers.

In addition to grants from the Green Bay Packers Foundation, separate cash donations to local charities and fundraisers have topped $1.2 million over the past year. This includes donations of over $250,000 to NFL charities and youth football.

Supporting events include the Jerry Parins Cruise for Cancer, which has raised more than $450,000 in its seven years, and the Brown County Children’s Charity Golf Classic, to benefit the first Child Advocacy Center (CAC) in Brown County.

Other examples of support include Military Support, including numerous care packages for troops overseas, the Welcome Back Packers Luncheon, and volunteer groups staffing Lambeau Field Concession Stands, which raised more than $780,000 for 70 commu-nity organizations in 2010.

American Red Cross Blood DrivesThe Packers partner with the American Red Cross

several times each year to host blood drives for both staff as well as community members. A blood drive held during training and a Packers vs. Vikings challenge held the week leading up to the rivalry game had fans in both states com-ing out in large numbers to compete.

The team also continues to support charities through the Midwest Shrine Game (more than $3.2 million since 1950) and the Bishop’s Charities Game (more than $3.5 million since 1961).

Students and Career DevelopmentAs an organization, the Packers employ 180 people

full-time and more than 300 people part-time. The Packers also offer internships to young adults in several areas of the organization. The Packers Pro Shop Outreach program also encourages high-school students to become valued employees by developing a strong work ethic and learning the importance of responsibility. The Pro Shop also works in conjunction with local high schools and hires co-op and DECA students to develop their retail and marketing skills to enhance the curriculum set for them in their business classes. The student’s grade is incorporated with their work experience.

Edgar Bennett Celebrity Bowl-A-ThonIn June, the Ashwaubenon Bowling Alley served as

host for the seventh annual Edgar Bennet Celebrity Bowl-A-Thon. Numerous Packers traded in their cleats for bowling shoes to act as celeb-rity guest bowlers for the event. The event served as a fundraiser for The Angel Fund for Children with Cancer.

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GREEN BAY PACKERS FOUNDATIONFoundation GrantsSince its inception in 1986, the Green Bay Packers

Foundation has distributed more than $2 million to assist in a wide variety of activities and programs that benefit education, civic affairs, health services, human services and youth-related programs. The Foundation is one of the main ways the team gives back to the community in appreciation of the tremendous fan support it has received through the years.

Seed money for the establishment of the Foundation trust fund was provided by the team. While the Packers’ annual contributions make up the majority of the trust fund, the team also accepts outside donations.

In its annual distribution of funds, the Green Bay Packers Foundation provided 80 grants to groups and organizations in the state of Wisconsin. Those grants totaled $205,000. Of that amount, $120,000 was awarded to Brown County organizations, and $85,000 was distrib-uted to organizations outside of Brown County. Among the Brown County organizations that received assistance from the Foundation this year were the Brown County Task Force for the Homeless, Children’s Promise, Disabled American Veterans, Howe Neighborhood Family Resource Center, Junior Achievement of Wisconsin, Inc. - Brown County, Literacy Green Bay, St. Mary’s Hospital Medical Center, Volunteer Center of Brown County and Aspiro, Inc.

ScholarshipsStudents from Brown County benefit from a team

effort involving the Green Bay Packers, Northeast Wisconsin Technical College and Scholarships, Inc. The Packers Scholarship Program, established in 2002, awards $15,000 in scholarships each year.

Half of the total is awarded to students in four-year col-leges, while half is earmarked for the Northeast Wisconsin Technical College Education Foundation for students in two-year associate degree or apprenticeship trade pro-grams.

COMMUNITY OUTREACHJoin the TeamVolunteerism has long been a hallmark of the NFL’s

commitment to public service, a commitment shared by the entire Green Bay Packers organization. The NFL’s pub-lic service campaign, “Join the Team,” is the NFL’s call to action to its fans and to all Americans. The league’s mes-sage: Everyone can make a difference in their community through volunteering, outreach and involvement.

Fit KidsSeveral years ago, the Green Bay Packers, WFRV CBS-5,

Karma Group and the Green Bay Area Public School District teamed up to fight childhood obesity through the creation of a program called Fit Kids. Fit Kids is a fourth-grade cur-riculum that focuses on the physical, nutritional and social health of children. In its seventh year, all public school districts in Wisconsin were encouraged to take part in the program, bringing the participation level to more than 300 school districts.

Play 60 ChallengeThe NFL, the Green Bay Packers and the American

Heart Association have come together to offer the “Play 60 Challenge” to middle schools throughout Wisconsin. The program challenges youth to be active for at least 60 minutes every day. In 2010, fifth- through eighth-grade students from 10 Wisconsin schools participated in the six-week physical fitness challenge. Students were encour-aged to track their daily amount of physical activity on their classroom scoreboards. The top three schools received gift certificates for new physical education equipment. The school with the overall highest scores received an all-expenses-paid trip to Lambeau Field. The visit included Packers Hall of Fame passes, a tour of the stadium, and a chance to meet a Packers player.

Hometown HuddleThe Green Bay Packers, including players and staff,

annually team up with a local entity to make an improve-ment in the community. The annual event is funded by a grant from the NFL, the Green Bay Packers and the United Way of Brown County.

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Coats for KidsLambeau Field has traditionally been a collection point

for the Salvation Army’s Coats for Kids campaign during a regular-season game, with 480 coats and $10,000 collected in this year.

Community EventsThe Lambeau Field Atrium has given the Green Bay

Packers a unique venue to periodically host events through-out the year that are open to the community to enjoy at no cost.

The Packers host events that aim to get kids and fami-lies out for fun at different times during the year. Project LEAP! (Lambeau’s Exercise & Activity Playground) in March gave kids the opportunity to run, bounce, climb and tumble like never before. Spooktacular Fun at Lambeau Field and the Haunted Concourse offered the community an oppor-tunity to come to the Atrium to enjoy the thrills and chills of Halloween.

Additionally, the Ecumenical Thanksgiving Day Dinner, hosted by Christian Outreach, saw more than 500 volun-teers join together to prepare and serve a sit-down dinner to approximately 900 local, needy people. An additional 900 meals were prepared and delivered to those who were unable to leave their home to attend the dinner.

The Green Bay Packers, through the Community Events Grant, made four grants available to nonprofit organiza-tions servicing Brown County who were interested in hold-ing an event in the Lambeau Field Atrium or Legends Club.

VOLUNTEER RECOGNITIONCommunity Quarterback AwardA community is defined in large part by the volun-

teer efforts of its residents. It is that volunteer spirit that the Green Bay Packers recognize volunteers through the Community Quarterback Award.

MAKING WISHES COME TRUEMake-A-Wish FoundationFor 30 years, the Make-A-Wish Foundation has enriched

the lives of children with life-threatening illnesses through its wish-granting network. For some kids, their wish is to visit Disney World, meet a movie star or be a fireman for a day. Others wish to meet a Green Bay Packers player or pay a visit to historic Lambeau Field – wishes that the Packers organization works diligently to fulfill.

Other events and endeavors include Public Service Announcements made by players and coaches, the 65 Roses Celebrity Golf Tournament with Mike McCarthy, Edgar Bennett’s Celebrity Bowl-A-Thon to benefit Brown County’s Angel Fund for Children with Cancer Inc., the Green and Gold Gala to benefit Family Services of Northeast Wisconsin, the Campbell’s Chunky Soup “Click for Cans,” and the Cerebral Palsy Telethon.

FIRST DOWNS FOR TREESThe Packers Green Team began a new program in 2010

to help get more trees planted and as a means of offset-ting the 450 tons of carbon dioxide produced during travel to road games. The team pledged to provide one tree for planting for every first down earned during the regular season. The Packers registered 312 first downs in 2010 and donated the trees to 22 communities in area.

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TAILGATE TOURMembers of the Green Bay Packers hit the road during

the fifth annual “Tailgate Tour,” a four-day, four-city bus trip designed for the team to literally reach out across the state and thank fans in person for their enduring and enthu-siastic support of the club through the years. The motor coach, carrying President/CEO Mark Murphy and players Chad Clifton, Nick Collins, James Jones and John Kuhn, made planned and surprise stops en route to each day’s final destination, a tailgate party hosted by and benefiting a local nonprofit organization. Over the course of the four days, nearly $100,000 was raised for the nonprofit groups.

PLAYERS’ FOUNDATIONSMany Packers players have taken their acts of giving to

a higher level by creating their own foundations or giving programs, which have an impact on hundreds of lives each year in Wisconsin and the players’ home states.

Packers players with foundations include Nick Collins, Donald Driver, Greg Jennings, James Jones, and Mark Tauscher.

HOLIDAY IMPACTSalvation Army Bell RingingIn what has turned into an annual holiday occurrence,

members of the Green Bay Packers participated in the Salvation Army’s bell-ringing kettle collection. Coach McCarthy, as well as several players, donned the red apron and rang the bell in support of the Salvation Army, with the coach and players also sign-ing autographs in exchange for dona-tions.

Toys for TotsEach year, Lambeau Field serves as a collection point

for the Toys for Tots campaign. Members of the U.S. Marine Corps Reserves collect new, unwrapped toys, which are given to children in need dur-ing the holiday season. Monetary donations collected are used to purchase toys for a spe-cific age group that may not have received an ample supply through donations. The goal of the program is to deliv-er a message of hope to a needy youngster through a new toy. In 2010, $4,500 and nearly 1,300 toys were collected and distributed to area children.

Families of Children with Cancer Holiday PartyThe sights and sounds of the holidays were present as

the Green Bay Packers and the Families of Children with Cancer program teamed up for the ninth consecutive year to host an early holiday party for patients and their fami-lies. The children had a chance to interact with 10 Packers players in attendance. The players and the kids enjoyed visiting and playing a variety of games. As the evening came to a close, the players gathered, and with the help of the children, sang some holiday favorites.

School VisitsThe “NFL Take a Player to School” program brought

linebacker A.J. Hawk to Valley View Elementary School in Ashwaubenon as a guest of fifth-grader Mya Whiters, one of 34 winners of the JCPenney Afterschool Program Sweepstakes. Hawk had the opportunity to visit with Whiters’ classmates, and speak to the students about the importance of education and health. Throughout the year, players and coaches visited more than 12 area schools and their students.

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YOUTH FOOTBALLNFL GrassrootsThe NFL Youth Football Fund Grassroots Program is a

partnership of the NFL YFF and LISC to provide nonprofit, neighborhood-based organizations, middle schools and high schools with financing and technical assistance to improve the quality, safety and accessibility of local football fields.

Including the NFL Club Matching Youth Football Field/Stadium Grant Program, the Packers have helped secure ten grants worth a combined $1.025 million since 1998 for Wisconsin organizations working on new or renovated athletic fields and stadiums, including a grant for Journey House in 2010.

The NFL also has grant programs available to former and current players who assist youth football. The NFL Player–Coach High School Football Grant is for former NFL players who currently serve as registered head or assistant high school football coaches, recognizing former NFL play-ers who return to their communities to mentor and coach high school football athletes. The NFL Player Matching Youth/High School Football Grant Program, is for a current or former NFL player who is able to make financial con-tributions to approved youth and/or high school football programs. During the 2010 season, three matching grants totaling $30,000 and six camp grants totaling $21, 500 were awarded to members of the Green Bay Packers for youth and high school football programs across the country.

High School Football Coach of the WeekEach week during the football season, the Packers

honor a Wisconsin high school football coach. The Coach of the Week Program recognizes coaches for demonstrat-ing outstanding leadership on and off the field. Each win-ner receives $1,000 to be used for the school’s football program. One coach is also named the Green Bay Packers High School Football Coach of the Year and is recognized at Lambeau Field during a home game.

USA Football Coaching SchoolUSA Football and the Green Bay Packers joined forces

to host a coaching clinic designed exclusively for youth and middle-school football coaches. Coaches learned effective ways to develop and organize their team, teach the proper fundamentals, implement drills and communicate with players, parents and other coaches.

NFL Punt, Pass & KickEach year, the Green Bay Packers host the annual Punt,

Pass & Kick Competition prior to a regular-season game at Lambeau Field for boys and girls, ages 8-15.

Youth Football on Lambeau FieldFor the last 11 years, the Green Bay Packers have

invited local Pop Warner leagues to Lambeau Field to run plays during halftime. In 2010, the Green Bay Packers also welcomed the Journey House of Milwaukee to participate in pregame and halftime activities during the NFL’s Play Football Month, a program supported by the NFL and the NFL Players Association.

Green Bay Packers 7-on-7 Passing TournamentSeven high school teams from throughout the state

competed in a one-day 7-on-7 tournament held inside the Green Bay Packers Don Hutson Center, with Ashwaubenon High School winning the tournament.

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PACKERS WOMEN’S ASSOCIATION The Packers Women’s Association (PWA) members

teamed up with the community to share their time, talents and resources. PWA, an arm of the Packers’ organization, is a nonprofit entity whose main focus is to support the com-munity through various outreach programs. Membership in the PWA is comprised of players’, coaches’, and male staff members’ significant others, in addition to full-time female Packers employees.

Paul’s Pantry Food DrivePWA celebrated its 24th year of collecting food and

monetary donations by partnering with Festival Foods. During the annual PWA Food Drive for Paul’s Pantry, a supplementary food distribution program for the needy in the greater Green Bay area, more than 13,000 nonperish-able food items and $16,462 were collected. An additional 30,000 food items were donated to the cause, courtesy of Festival Foods and SuperValu, a food supplier to Festival Foods.

In 24 years of conducting the food drive, the PWA has collected more than 633,200 nonperishable food items and $226,000 for Paul’s Pantry. Along with the food drive held at Lambeau Field, PWA held an in-school food drive compe-tition in which 20 area schools participated. Three schools (the top two collectors and a third randomly selected) were rewarded with a visit from Packers players. In total, the students from all of the schools generously brought in an additional 16,284 pounds of nonperishable food items.

House of Hope Adopt-A-Room & Charity NightThe members of PWA adopted and updated three

rooms at the House of Hope, a shelter for homeless, single mothers and their children in Green Bay. PWA members transformed the bedrooms by giving them a complete makeover, including painting the walls and furnishing the rooms with new bedding, lamps and basic furniture.

Through the adoption program, the mothers are able to take all of the donated items with them to their new residence upon their departure from the House of Hope.

Football 101 ClinicEach year, PWA enjoys spending time with female

Packers fans from throughout the state as the basics of football are taught during the Packers’ Football 101 Clinic. The hands-on workshop for women teaches the technical side of the game, while giving participants insight into the NFL and the lives of NFL coaches’ and players’ families.

Salvation Army’s Adopt-A-Family ProgramThe members of PWA were happy to once again sup-

port the Salvation Army’s Adopt-A-Family Program. PWA spreads cheer and joy to less fortunate families by fulfilling the families’ holiday wish lists. Over the years, PWA has adopted more than 300 families for the holidays.

PWA Care for Kids ProjectPWA members began a new project in 2009 to support

pediatric patients at three local hospitals. More than 1,000 arts and crafts items, games and movies were donated to the hospitals for distribution to the young patients during their hospital stays.

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Treasurer’s Report to Shareholders 2010-11

The past memorable Super season on the field solidified the financial base to grow and preserve the best franchise in professional sports for future generations of loyal Packers fans.

We deployed solid strategies off the field to continue positive financial performance, with a modest improvement in operating profit in 2011. Our corporate reserve-investment portfolio was well positioned in the recovering investment mar-kets, and we gained significant ground to register to near pre-economic downturn levels.

The Packers’ financial status has improved over the past decade with healthy community support. We continue to be well positioned to fund football operations, our top priority.

Rising player costs remain a concern, virtually consuming all of the national revenue allocation. It’s imperative that we have a riveted focus on local revenue, making certain our facilities are up-to-date, well maintained and that we are aligned with the future growth of our community.

Revenues Revenues reached an all-time high of

$282.6 million, up 9.5% from the prior year. National revenues increased 3.6% and account-ed for 58% of total revenues. Local revenues improved 18%. All lines of business increased, led by playoff and Super Bowl-related sales and over-all game-day spending at Lambeau Field.

ExpensesTotal operating expenses increased 9% primar-

ily from the cost of playing all four postseason games on the road, and the cost of retail products sold. Player costs fell slightly because we were able to sign players for only eleven months of the year, due to the collective bargaining process. Player and team expenses account for 72% of total expenses. The organization continues to maintain good discipline with respect to other operating costs.

Profit From Operations & Net IncomeProfit from operations increased $2.2 mil-

lion or 22% from the prior fiscal year. Most of the increase came from postseason merchandise sales allowing us to slightly exceed the cost of four post-season road games.

Revenues

Operating Expenses

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Net income increased $11.9 million to $17.1 million, primarily from an improvement in invest-ment income. This year’s investment income off-sets the losses incurred in fiscal 2009 and 2010, and almost returns our investments to pre-eco-nomic downturn levels.

Preserving the Packers FranchiseThe Packers Franchise Preservation Fund totals

$127.5 million. This reserve was established sev-eral years ago to ensure the long-term viability of the Packers franchise and all of its rich traditions during uncertain economic times.

Other CommentsThe Green Bay Packers Audit Committee met

with our independent accounting firm, Wipfli LLP, at the conclusion of the annual audit to review the financial statements for the fiscal year ended March 31, 2011. Based on their audit, they have concluded that the financial statements present fairly in all material respects, the financial position of the Green Bay Packers, Inc. at March 31, 2011, and 2010, and the results of its operation and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States.

We continue to express our sincere apprecia-tion to the residents of Brown County, sharehold-ers, season ticket holders, fans everywhere, cus-tomers, suppliers, and friends, for your support and loyalty. Your spirit contributed significantly to the success of the Green Bay Packers this past sea-son, a year that none of us will ever forget.

We believe that the Green Bay Packers are indeed a national treasure and we will strive to drive financial performance off the field so that the Green Bay Packers can provide winning foot-ball performance on the field, for generations to come.

Respectfully submitted,

Mark J. McMullenTreasurer / Executive Committee

Net Income

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Green Bay Packers, Inc.Statement of Income (unaudited)

Years Ended March 31, 2011 and 2010 • CONFIDENTIAL

OPERATING INCOME 2011 2010

Na onal Revenue

Television 96,486,679 95,762,500

Road games 16,736,993 16,024,404

Other NFL revenue 50,064,376 45,838,620

Total Na onal Revenue 163,288,048 157,625,524

Local Revenue

Home games, net 34,642,317 31,137,552

Private suite income 13,532,760 12,897,690

Sales and marke ng revenue 57,732,938 43,024,293

Local media 5,065,136 4,864,095

Concessions and parking, net 5,997,943 6,029,962

Other 2,306,941 2,410,331

Total Local Revenue 119,278,035 100,363,923

TOTAL OPERATING INCOME 282,566,083 257,989,447

OPERATING EXPENSES

Player costs 158,875,112 160,839,497

Team expenses 34,566,438 25,642,062

Sales and marke ng expenses 34,509,279 26,821,270

Opera ons/Maintenance, net* 6,349,973 7,435,016

General and administra ve expenses 36,245,690 27,461,331

TOTAL OPERATING EXPENSES 270,546,492 248,199,176

PROFIT FROM OPERATIONS 12,019,591 9,790,271

Other Income (Expense) 13,114,031 (2,086,489)

Income Before Provision for Income Taxes 25,133,622 7,703,782

Provision for Income Taxes 8,000,000 2,500,000

NET INCOME 17,133,622 5,203,782

* Net of lease-obligated maintenance contribu on from the Brown County Professional Football Stadium District of $8,759,500 and $8,247,700 in 2011 and 2010 respec vely.

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Green Bay Packers, Inc.Balance Sheets (unaudited)

Years Ended March 31, 2011 and 2010 • CONFIDENTIALASSETS 2011 2010 Current Assets Cash 13,036,490 13,923,667 Short-term investments 41,014,763 44,128,616 Unamor zed signing bonuses, net 14,998,579 17,169,208 Accounts receivable 47,053,714 15,971,178 Inventories 2,141,332 3,750,774 Deferred income taxes 8,900,000 4,000,000 Refundable income taxes - 3,151,385 Other current assets 1,931,484 1,275,861 Total Current Assets 129,076,362 103,370,689 Investments 210,100,525 199,528,267 Property & Equipment, net 57,035,444 56,909,376 Other Assets Unamor zed signing bonuses, net 22,891,274 25,794,682 Deferred income taxes - 3,739,485 Other noncurrent assets 116,311 110,943 Total Other Assets 23,007,585 29,645,110 TOTAL ASSETS 419,219,916 389,453,442 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabili es Notes payable 1,006,535 1,003,754 Deferred compensa on 2,535,400 10,800,346 Accounts payable 3,260,322 1,990,051 Deferred revenues 50,549,501 51,876,586 Accrued expenses 29,696,104 21,665,346 Accrued income taxes 4,868,785 - Total Current Liabili es 91,916,647 87,336,083 Long-Term Liabili es Notes payable 6,456,706 7,463,243 Security deposits 4,645,703 4,428,867 Deferred compensa on 9,853,329 10,658,442 Deferred income taxes 1,306,093 - Other 11,595,438 9,096,254 Total Long-Term Liabili es 33,857,269 31,646,806 Shareholders’ Equity Common stock 22,335,711 22,335,711 Retained earnings 254,756,078 237,622,456 Accumulated other comprehensive income 16,354,171 10,512,386 Total Shareholders’ Equity 293,445,960 270,470,553 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 419,219,876 389,453,442

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Officers of the Corporation

The Green Bay Packers’ executive committee directs corporate management, approves major capital expenditures, estab-lishes broad policy and monitors management’s performance in conducting the business and affairs of the corporation.

Daniel T. AriensPresident and CEOAriens CompanyBrillion, Wisconsin

Thomas D. ArndtChief Marketing Officer Bellin HealthGreen Bay, Wisconsin

John F. BergstromChairman and CEOBergstrom CorporationNeenah, Wisconsin

Ave M. BiePartnerQuarles & Brady, LLPMadison, Wisconsin

Thomas J. CardellaPresident/CEOCraft & Import Division Miller CoorsMilwaukee, Wisconsin

Richard J. ChernickCEOCamera Corner, Inc.Green Bay, Wisconsin

James M. ChristensenRetiredGreen Bay, Wisconsin

Casey CueneManaging PartnerBroadway Enterprises, Inc.Green Bay, Wisconsin

Andrew E. FarahPresident/OwnerA. Farah InvestmentsGreen Bay, Wisconsin

Susan M. FincoOwner/PresidentLeonard & Finco Public Relations, Inc.Green Bay, Wisconsin

Beverly A. FrenchOwnerOrde Sign & Graphics, Inc.Green Bay, Wisconsin

Terrence R. FulwilerRetired CEOWS Packaging Group, Inc.Algoma, Wisconsin

Johnnie L. GrayInstructional AideSyble Hopp SchoolDe Pere, Wisconsin

George F. HartmannPresidentHartmann Management AssociatesGreen Bay, Wisconsin

Philip J. HendricksonRetiredGreen Bay, Wisconsin

Jeffrey A. JoerresChairman/CEO Manpower Inc.Milwaukee, Wisconsin

George F. KerwinPresident/CEOBellin HealthGreen Bay, Wisconsin

William F. KressPresident/CEOGreen Bay Packaging Inc.Green Bay, Wisconsin

Carl W. KuehneCo-Chairman of the BoardAmerican Foods Group& Principal - C.K. HoldingsGreen Bay, Wisconsin

Thomas G. KunkelPresidentSt. Norbert CollegeDe Pere, Wisconsin

Charles R. LiebRetiredDe Pere, Wisconsin

Thomas J. LutseyManaging PartnerLutsey EnterprisesGreen Bay, Wisconsin

John N. MacDonoughPresidentBradley Technology & Trade School FoundationMilwaukee, Wisconsin

Edward N. MartinPresident/CEOH.J. Martin & Son, Inc.Green Bay, Wisconsin

Michael J. McClonePresident/OwnerMcClone Insurance GroupMenasha, Wisconsin

Mark J. McMullenVice ChairmanAssociated Bank Corp. Wealth ManagementGreen Bay, Wisconsin

John C. MengPast Chairman of the BoardSchreiber Foods, Inc.Green Bay, Wisconsin

Board of Directors

Mark H. MurphyPresident & CEO

Larry L. WeyersVice President & Lead Director

Mark J. McMullenTreasurer

Carl W. KuehneSecretary

Daniel T. AriensExecutive Committee

John F. BergstromExecutive Committee

Edward N. MartinExecutive Committee

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Board of Directors Continued

Mark H. MurphyPresident/CEOGreen Bay PackersGreen Bay, Wisconsin

Thomas M. OlejniczakAttorney/PartnerLiebmann, Conway, Olejniczak & Jerry Law FirmGreen Bay, Wisconsin

Thomas L. OlsonRetiredGreen Bay, Wisconsin

Bryce E. PaupGeneral ContractorVision BuildersDe Pere, Wisconsin

Michael R. ReeseRetiredAppleton, Wisconsin

Pat RichterRetired - Dir. of Athletics EmeritusUniv. of Wisconsin - MadisonMadison, Wisconsin

Gary M. RotherhamVice President - SalesThe Elite Group, Inc.Green Bay, Wisconsin

Diane L. RoundyDirector of Business DevelopementSchenckAppleton, Wisconsin

Michael D. SimmerPresidentM&I Bank - Green BayGreen Bay, Wisconsin

Mark D. SkogenPresident/CEO/OwnerFestival FoodsGreen Bay, Wisconsin

Stephanie A. StreeterFormer Chairman, President & CEOBanta CorporationMenasha, Wisconsin

Albert L. Toon Jr.Owner/Private InvestorAT8 Investment CompaniesMiddleton, Wisconsin

Mike L. WellerPresidentMiller Electric Mfg. CompanyAppleton, Wisconsin

Larry L. WeyersRetiredDe Pere, Wisconsin

Michael A. WierPresident/OwnerKroll’s Inc. of Green BayGreen Bay, Wisconsin

Hon. Donald R. ZuidmulderCircuit Court JudgeGreen Bay, Wisconsin

Directors EmeritusTerry J. Bogart

John E. Broeren

Robert C. Buchanan

Robert G. Bush

Virgis W. Colbert

Willie D. Davis

John H. Dickens

Richard Dougherty

Warren H. Dunn

John J. Fabry

Michael B. Gage

Robert C. Gallagher

Dr. Donald F. Harden

Robert E. Harlan (Chairman Emeritus)

Rosemary Hinkfuss

James F. Kress

Bernard S. Kubale

C. Patricia LaViolette

Theodore M. Leicht

Dr. Thomas A. Manion

Stewart C. Mills Jr.

Hon. Robert J. Parins

Peter M. Platten III

Herman J. Reckelberg

Leo J. Scherer

Paul J. Schierl

Donald J. Schneider

Allan H. Selig

George J. Stathas

K.C. Stock

James A. Temp

Edward A. Thompson

John R. Underwood

The Annual Meeting of the company’s shareholders will be held at Lambeau Field, 1265 Lombardi Avenue, Green Bay, Wisconsin, on Thursday, July 28, 2011, at 11 a.m. A formal notice of the Annual Meeting, together with proxy information, was mailed to share-holders in advance of the meeting.

2011 Annual Meeting

Green Bay Packers1265 Lombardi Avenue • P.O. Box 10628 • Green Bay, WI 54307-0628

920-569-7500