- The document provides forward-looking statements about Tyson Foods' expected performance and notes factors that could cause actual results to differ from expectations. - It cautions readers not to place undue reliance on forward-looking statements and lists 19 factors that could cause actual results to differ. - The document is Tyson Foods' investor presentation from March 2015 that provides an overview of the company, its financial trends and outlook, and priorities for cash allocation.

1. March 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.
Tyson Foods, Inc. Investor Presentation | March 2015 | 2

3. Dennis Leatherby oversees worldwide finance and
accounting functions for Tyson Foods and represents the
company on matters involving investors, banks, ratings
agencies, auditors and other financial matters. Dennis,
who has played an active role in many of Tyson Foods’
acquisitions, was appointed executive vice president and
chief financial officer in 2008.
He joined Tyson Foods in 1990 as assistant treasurer and
has since held several other finance-related management
positions, including Tyson Foods’ senior vice president of
finance and treasurer, and interim chief financial officer.
Dennis ensures the company’s fiscal responsibilities are
in line with its stated commitment to make great food and
make a difference in people’s lives. He has helped Tyson
Foods become one of the world’s largest processors and
marketers of chicken, beef, pork and prepared foods, and
a leader that takes pride in the safety and quality of its
products.
He was named Outstanding Financial Executive of the
Year (2009-10) by his alma mater, Kansas State University
College of Business Administration. He is currently on the
board of the Garrison Financial Institute within the Sam M.
Walton College of Business at the University of Arkansas;
an advisory council member of the Kansas State
University, College of Business Administration; and
member of the Staff-Parish Relations Committee at
Central United Methodist Church in Fayetteville, Ark.
Dennis earned bachelor’s degrees in both accounting and
finance from Kansas State University.
Dennis Leatherby
Executive Vice President
& Chief Financial Officer
Tyson Foods, Inc. Investor Presentation | March 2015 | 3

4. Andy Callahan manages all retail consumer brands,
including Hillshire consumer brands (such as Jimmy
Dean®, Ball Park®, Hillshire Farm®, and Sara Lee®),
Tyson's consumer brands (such as Tyson® frozen, value-
added poultry and Wright® Brand bacon) and Hillshire's
Gourmet Food Group.
Andy previously served as president, Retail for The
Hillshire Brands Company, managing the company's
consumer-facing meats and frozen desserts businesses in
North America. Prior to this position, he served as senior
vice president, chief customer officer for Sara Lee
Corporation's North American operations, as well as
president of Sara Lee's $1.8 billion North American
Foodservice segment and vice president of marketing for
Sara Lee's breakfast and snacking business unit.
Andy joined Sara Lee in 2008 from Kraft Foods, Inc.,
where he spent 13 years in various positions in increasing
responsibility in marketing, sales, and general
management. His roles at Kraft included vice president,
customer development on Kraft's SUPERVALU business,
general manager of The Churney Company and leading
Kraft's processed cheese portfolio.
Prior to Kraft, Andy spent seven years in the Navy as a
Naval Flight Officer.
Andy holds a bachelor of science degree in mechanical
engineering from the United States Naval Academy and a
master of business administration degree from Florida
Institute of Technology.
Andy Callahan
President, Retail Packaged Brands
Tyson Foods, Inc. Investor Presentation | March 2015 | 4

5. As vice president of investor relations and assistant
secretary for Tyson Foods, Jon Kathol oversees all aspects
of the company’s shareholder and investor
communications.
Jon has more than 30 years of experience in the food
industry. He began his career in 1984 when he joined
IBP, inc. in accounting, and has since held various
management roles with IBP, Hudson Foods and Tyson
Foods. He has worked in several major business units for
Tyson Foods, including beef, pork, prepared foods and
chicken. During his time at Tyson Foods, he has worked
within finance, accounting, general management and
pricing optimization.
Jon is a Nebraska native where he grew up in a rural
community. He holds a bachelor’s degree in business
administration from the University of South Dakota and an
MBA from the University of St. Thomas in St. Paul, Minn.
Jon Kathol
Vice President, Investor Relations
& Assistant Secretary
Tyson Foods, Inc. Investor Presentation | March 2015 | 5

6. Highlights
One of the largest food companies in the world
Advantaged product portfolio
#1 or #2 brands in 13 core categories
Multi-protein, multi-channel, all day parts and meal occasions
#2 in U.S. frozen food with products in growing categories
Strong cash flow generation earmarked for rapid deleveraging
 Reduced total debt by $650 million during Q1’15
Confident in exceeding $225 million in annual synergies for
FY15 and more than $500 million by the end of FY17
 Achieved $60 million in synergies in Q1’15
Tyson Foods, Inc. Investor Presentation | March 2015 | 6

7. Leading Share in Core Categories
Source: IRI, Total US Multi-Outlet, 52 weeks ending 1/25/15 (Tyson, Wright, Vans), 2/1/15 all other brands
Market Share in Leading Categories
Brand Category Share Position
Fresh Chicken #1
Frozen Cooked Chicken #1
Frozen Uncooked Chicken #1
Frozen Uncooked
Cornish Chicken
#1
Recipe Meats (Refrigerated
Grilled & Ready Strips)
#3
Stack Pack Bacon #1
Branded Bacon #3
Frozen Branded Waffles #2
Market Share in Leading Categories
Brand Category Share Position
Breakfast Sausage #1
Frozen Protein Breakfast #1
Smoked Sausage #1
Branded Lunchmeat #2
Hot Dogs #1
Corn Dogs #1
Super Premium Sausage #1
Tyson Foods, Inc. Investor Presentation | March 2015 | 7

8. 87%
77%
69%
61% 62%
55%
38%
32% 30%
6%
29% 25%
33%
23%
Lunchmeat Hot Dogs Uncooked Bacon Smoked Sausage Breakfast Sausage
Frozen Cooked
Prepared Chicken
Frozen Protein
Breakfast
Category HH Penetration Brand HH Penetration
Multiple Areas to Grow in Large Categories
Source: Symphony IRI Group
a) National Consumer Panel for 52 weeks ending 2/22/15
b) Total US Multi-Outlet for 52 weeks ending 2/22/15; growth rates are 2-year CAGRs
Size of Category
Dollar Growth
$6.6Bn $2.6Bn $3.7Bn $2.0Bn $2.0Bn $2.6Bn $1.6Bn
+2.2% +0.5% +9.8% +5.4% +7.7% -0.8% +5.9%
Tyson Foods, Inc. Investor Presentation | March 2015 | 8

9. Tyson is #2 in Frozen Food
Leads frozen poultry and breakfast foods
Source: IRI U.S. Multi Outlet frozen category sales data for 52 weeks ending January 25, 2015
$7.0
$3.6
$3.2
$1.9 $1.9 $1.8
$1.6
$1.3 $1.2
Sales in Billions
Tyson Foods, Inc. Investor Presentation | March 2015 | 9

10. Brand Portfolio Participates Across Meal Occasions
Tyson Foods, Inc. Investor Presentation | March 2015 | 10

11. Reframe from Product to Brand
Tyson Foods, Inc. Investor Presentation | March 2015 | 11

12. Products
Tyson Foods, Inc. Investor Presentation | March 2015 | 12

13. Continuing Track Record of Innovation Success
Tyson Foods, Inc. Investor Presentation | March 2015 | 13

14. Major Product Launches for 2H FY15
Hillshire™ Snacking
Grilled Chicken Bites
Small Plates
Ball Park® Beef Jerky
Tyson Foods, Inc. Investor Presentation | March 2015 | 14

15. 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 (sale of Mexico
operations pending)
*At FY14 year end **Includes three case-ready beef and pork plants Tyson Foods, Inc. Investor Presentation | March 2015 | 15

16. 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, 2014 Quick Facts
Based on Estimated U.S. Slaughter Capacity
(head per day)
Tyson Foods, Inc. Investor Presentation | March 2015 | 16

17. 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.
Tyson Foods, Inc. Investor Presentation | March 2015 | 17

18. FY14 Sales – $37.6 Billion
Sales by Segment Sales by Distribution Channel
Tyson Foods, Inc. Investor Presentation | March 2015 | 18

19. Tyson Foods 2014 International Sales
FY2014 International Sales*
$6.3 Billion
* Includes all in-country production and exports
Tyson Foods, Inc. Investor Presentation | March 2015 | 19

20. 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
Tyson Foods, Inc. Investor Presentation | March 2015 | 20

21. Tyson Foods 2014 International Sales
FY2014 International Pork Sales
$1.2 Billion
FY2014 International Prepared Foods Sales
$114 Million
Tyson Foods, Inc. Investor Presentation | March 2015 | 21

22. 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
Tyson Foods, Inc. Investor Presentation | March 2015 | 22

23. 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) EBITDA* (MM)
Tyson Foods, Inc. Investor Presentation | March 2015 | 23

24. 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 | March 2015 | 24

25. 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.
Tyson Foods, Inc. Investor Presentation | March 2015 | 25

26. FY 2015 Synergy “Buckets”
Synergy capture for FY15 is expected to exceed $225 million:
 Prepared Foods Improvements ~$140 million
 Procurement ~$40 million
 Manufacturing & Logistics ~$25 million
 Organizational & Fiduciary ~$20 million
Achieved $60 million in synergies in Q1’15
Tyson Foods, Inc. Investor Presentation | March 2015 | 26

27. Priorities for Cash
Rapid de-leveraging from $1B+ 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
Tyson Foods, Inc. Investor Presentation | March 2015 | 27

28. Maturity Profile Allows for Rapid Deleveraging
0
250
500
750
1,000
1,250
1,500
1,750
2,000
'14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '33 '34 '44
Existing TSN Bonds Existing Hillshire Bonds New Term Loans New Notes
Pro Forma Maturity Skyline
Fiscal Year Maturities ($MM)
* $120MM/year amortization of 2017 term loan.
** Excludes $192MM Tangible Equity Unit amortizing note, $18MM Senior Note due 2028, and $41MM other miscellaneous debt such as foreign debt, capital leases.
$1.25 billion Revolver
Pre-Payable
Pre-Payable
Tyson Foods, Inc. Investor Presentation | March 2015 | 28

29. Why TSN?
Consistent growth
Higher, more stable earnings over time
Strong branded presence in growing categories
Advantaged branded portfolio
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
Tyson Foods, Inc. Investor Presentation | March 2015 | 29

30. Appendix
Tyson Foods, Inc. Investor Presentation | March 2015 | 30

31. Beef Cattle Herd Movement
Source: MeatingPlace with data from John Nallivka and Glynn Tonsor
Tyson Foods, Inc. Investor Presentation | March 2015 | 31

32. Non-GAAP Reconciliations
Tyson Foods, Inc. Investor Presentation | March 2015 | 32

33. Non-GAAP Reconciliations
Continued
Tyson Foods, Inc. Investor Presentation | March 2015 | 33

34. 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.
Tyson Foods, Inc. Investor Presentation | March 2015 | 34

35. 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.
Tyson Foods, Inc. Investor Presentation | March 2015 | 35