February 2015 Investor Presentation

1. February 2015

2. Forward-Looking Statements
Certain information contained in this presentation may constitute forward-looking statements, such as statements relating to
expected performance. These forward-looking statements are subject to a number of factors and uncertainties which could
cause our actual results and experiences to differ materially from the anticipated results and expectations expressed in such
forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which
speak only as of the date made. Among the factors that may cause actual results and experiences to differ from anticipated
results and expectations expressed in such forward-looking statements are the following: (i) the effect of, or changes in, general
economic conditions; (ii) fluctuations in the cost and availability of inputs and raw materials, such as live cattle, live swine, feed
grains (including corn and soybean meal) and energy; (iii) market conditions for finished products, including competition from
other global and domestic food processors, supply and pricing of competing products and alternative proteins and demand for
alternative proteins; (iv) successful rationalization of existing facilities and operating efficiencies of the facilities; (v) risks
associated with our commodity purchasing activities; (vi) access to foreign markets together with foreign economic conditions,
including currency fluctuations, import/export restrictions and foreign politics; (vii) outbreak of a livestock disease (such as avian
influenza (AI) or bovine spongiform encephalopathy (BSE)), which could have an adverse effect on livestock we own, the
availability of livestock we purchase, consumer perception of certain protein products or our ability to access certain domestic
and foreign markets; (viii) changes in availability and relative costs of labor and contract growers and our ability to maintain good
relationships with employees, labor unions, contract growers and independent producers providing us livestock; (ix) issues
related to food safety, including costs resulting from product recalls, regulatory compliance and any related claims or litigation;
(x) changes in consumer preference and diets and our ability to identify and react to consumer trends; (xi) significant marketing
plan changes by large customers or loss of one or more large customers; (xii) adverse results from litigation; (xiii) impacts on our
operations caused by factors and forces beyond our control, such as natural disasters, fire, bioterrorism, pandemic or extreme
weather; (xiv) risks associated with leverage, including cost increases due to rising interest rates or changes in debt ratings or
outlook; (xv) compliance with and changes to regulations and laws (both domestic and foreign), including changes in accounting
standards, tax laws, environmental laws, agricultural laws and occupational, health and safety laws; (xvi) our ability to make
effective acquisitions or joint ventures and successfully integrate newly acquired businesses into existing operations; (xvii)
failures or security breaches of our information technology systems; (xviii) effectiveness of advertising and marketing programs;
and (xix) those factors listed under Item 1A. “Risk Factors” included in our Annual Report filed on Form 10-K for the period ended
September 27, 2014.
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3. Highlights
One of the largest food companies in the world
Diversified and balanced product portfolio
#1 or #2 brands in 14 core categories
Multi-protein, multi-channel, all day parts and meal occasions
#2 in U.S. frozen food
Strong cash flow generation earmarked for rapid deleveraging
Achieved $60 million in synergies in Q1’15
Confident in exceeding the $225 million synergy target for
FY15 and more than $500 million by the end of FY17
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4. Leading Share in Core Categories
Source: IRI, Total U.S. Multi-Outlet, 52 weeks ending 11/2/14 Tyson Foods, Inc. Investor Presentation | February 2015 | 4

5. Tyson is #2 in Frozen Food
Leader in frozen poultry and breakfast foods.
Source: IRI, Total U.S. Multi-Outlet frozen category sales data for 52 weeks ending 11/2/14 Tyson Foods, Inc. Investor Presentation | February 2015 | 5

6. Brand Portfolio Participates Across Meal Occasions
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7. Reframe from Product to Brand
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8. Products
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9. Continuing Track Record of Innovation Success
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10. Major Product Launches for 2H FY15
Hillshire™ Snacking
Grilled Chicken Bites
Small Plates
Ball Park® Beef Jerky
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11. Positioned for Success  Approximately 124,000 Team
Members worldwide*
 Second largest food production
company in the Fortune 500
 Worldwide locations*:
• 46 Chicken plants
• 13 Beef plants**
• 9 Pork plants**
• 41 Prepared Foods plants
• 11 International plants
• 6 Turkey facilities
• 2 R&D Centers
 Beef and pork plants are near
cattle and hog supplies, which
lowers transportation costs and
improves availability of livestock
for processing
 Chicken plants are located in
regions with a climate suitable for
poultry production and access to
feed grains
 International operations in China
and India (following the sale of
Latin American operations)
*At FY14 year end **Includes three case-ready beef and pork plants Tyson Foods, Inc. Investor Presentation | February 2015 | 11

12. Market Leadership
Tyson Foods produces approximately 1 out of every 5
pounds of chicken, beef and pork in the United States
U.S. Chicken Production
Source: Watt Poultry USA, March 2014
Based on ready-to-cook pounds
Top U.S. Beef Packers
Source: Cattle Buyers Weekly, % of Daily
Slaughter Capacity (head), 2014
U.S. Pork Production
National Pork Board, 2013 Quick Facts
Based on Estimated Daily U.S. Slaughter
Capacity
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13. FY 2014
$37.6 Billion in Revenues
Up 9% over FY13
4.4% Total Company
Adjusted Return on Sales*
$1.6 Billion in Adjusted
Operating Income*
Up 20% over FY13
$1.2 Billion in
Operating Cash Flow
$2.94 Adjusted EPS*
Up 30% over FY13
*Represents a non-GAAP financial measure. Adjusted operating income and adjusted EPS are
explained and reconciled to a comparable GAAP measure in the Appendix.
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14. FY14 Sales – $37.6 Billion
Sales by Segment Sales by Distribution Channel
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15. Tyson Foods 2014 International Sales*
FY2014 International Sales*
$6.3 Billion
* Includes all in-country production and exports Tyson Foods, Inc. Investor Presentation | February 2015 | 15

16. Tyson Foods 2014 International Sales
FY2014 International Chicken Sales*
$2.4 Billion
* Includes all in-country production and exports
FY2014 International Beef Sales*
$2.6 Billion
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17. Tyson Foods 2014 International Sales
FY2014 International Pork Sales
$1.2 Billion
FY2014 International Prepared Foods Sales
$114 Million
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18. Adjusted EPS* Growth
*Represents a non-GAAP financial measure. Adjusted EPS is explained and reconciled to a comparable GAAP measure in the Appendix.
** Projected adjusted EPS guidance as of January 30, 2015
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19. Tyson Foods Financial Trends
*EBITDA is a non-GAAP financial measure. EBITDA represents net income, net of interest, income tax and depreciation and amortization. This supplemental
measure should not be considered as a substitute for net income or other measures reported in accordance with GAAP. For important information regarding the use
of non-GAAP measures, including reconciliations to the most comparable GAAP measure, see Appendix.
Revenue (Bn) EBIDTA* (MM)
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20. Net Debt/EBITDA
Previous 5 Years = ~1×
FY 2014 Adjusted Pro Forma Basis = ~3×
FY 2015 = ~2×*
*Based on adjusted pro forma estimate
See the Appendix Tyson Foods, Inc. Investor Presentation | February 2015 | 20

21. FY 2015 Outlook
Adjusted EPS of $3.30-3.40*
More than 12% growth over FY14
Revenues of approximately
$42 billion
12% growth over FY14
Chicken Segment margins
above 11% for the remainder
of the year
Raised normalized ranged to 7-9%
Stronger Prepared Foods margins
raised normalized range to 10-12% when
synergies are fully realized at FY17 year
Synergies of at least $225 million
International Segment
improvement of
approximately $35 million
Cut operational losses to ($45 million)
Hillshire accretive
*Adjusted EPS is presented as a supplementary financial measurement in the evaluation of our business. We believe the presentation of adjusted EPS helps
investors assess our financial performance from period to period and enhances understanding of our financial performance; however, adjusted EPS may not be
comparable to those of other companies in our industry, which limits the usefulness as comparative measures. Adjusted EPS is not a measure required by or
calculated in accordance with GAAP and should not be considered as a substitute for any measure of financial performance reported in accordance with GAAP.
Investors should rely primarily on our GAAP results, and use non-GAAP financial measures only supplementally in making investment decisions.
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22. Priorities for Cash
Rapid de-leveraging from $1B+
free cash flows and $500+ million from
sale of Latin American operations
Capital allocation to drive
long-term shareholder value
Acquisitions to fulfill our growth strategy
Returning cash to shareholders through
share repurchases and dividends
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23. Maturity Profile Allows for Rapid Deleveraging
* $175MM/year amortization of new term loans; excludes $205MM Tangible Equity Unit amortizing note, $18MM Senior Note due 2028, and $24MM other miscellaneous
debt such as foreign debt, capital leases; balances as of September 27, 2014
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24. Why TSN?
Consistent growth
Higher, more stable earnings over time
Iconic brands
Innovation and insights
Synergies
Depth and breadth of portfolio to reach consumers at all
day parts, all meal occasions, at home and away from home
Built for Growth
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25. Appendix
Tyson Foods, Inc. Investor Presentation | February 2015 | 25

26. Beef Cattle Herd Movement
Source: MeatingPlace with data from John Nallivka and Glynn Tonsor
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27. Non-GAAP Reconciliations
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28. Non-GAAP Reconciliations
Continued
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29. Continued
Non-GAAP Reconciliations
Adjusted operating income and adjusted net income from continuing operations
per share attributable to Tyson (adjusted EPS) are presented as supplementary
financial measurements in the evaluation of our business. We believe the
presentations of adjusted operating income and adjusted EPS help investors
assess our financial performance from period to period and enhance
understanding of our financial performance; however, adjusted operating income
and adjusted EPS may not be comparable to those of other companies in our
industry, which limits the usefulness as comparative measures. Adjusted operating
income and adjusted EPS are not measures required by or calculated in
accordance with GAAP and should not be considered as substitutes for any
measures of financial performance reported in accordance with GAAP. Investors
should rely primarily on our GAAP results, and use non-GAAP financial measures
only supplementally in making investment decisions.
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30. EBITDA Reconciliations
(a) Includes income tax expense of discontinued operation.
(b) Excludes the amortization of debt discount expense of $10 million, $28 million, $39 million, $44 million and $46 million for fiscal 2014, 2013, 2012, 2011 and 2010,
respectively, as it is included in Interest expense.
EBITDA represents net income, net of interest, income tax and depreciation and
amortization. EBITDA is presented as a supplemental financial measurement in the
evaluation of our business. We believe the presentation of this financial measure helps
investors to assess our operating performance from period to period and enhances
understanding of our financial performance and highlights operational trends. This
measure is widely used by investors and rating agencies in the valuation, comparison,
rating and investment recommendations of companies. However, the measurement of
EBITDA may not be comparable to those of other companies in our industry, which limits
its usefulness as a comparative measure. EBITDA is not a measure required by or
calculated in accordance with GAAP and should not be considered as a substitute for
net income or any other measure of financial performance reported in accordance with
GAAP or as a measure of operating cash flow or liquidity. EBITDA is a useful tool for
assessing, but is not a reliable indicator of, our ability to generate cash to service our
debt obligations because certain of the items added to net income to determine EBITDA
involve outlays of cash. As a result, actual cash available to service our debt obligations
will be different from EBITDA. Investors should rely primarily on our GAAP results, and
use non-GAAP financial measures only supplementally, in making investment decisions.
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