- Tyson Foods produces approximately 1 out of every 5 pounds of chicken, beef, and pork in the United States and is focused on expanding margins and reducing earnings volatility. - The company has a diversified portfolio across proteins, channels, and geographies, and is pursuing growth through innovation, talent development, and value-added prepared foods. - For fiscal year 2015, Tyson Foods expects adjusted EPS growth of over 12% and revenue growth of 12%, driven by synergies from acquisitions and margin expansion across segments.

1. Reducing Volatility, Expanding Margins
Investor Presentation
November 2014

2. 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 suchforward-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 marketstogether 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 anadverse 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 andcontract 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 changestoregulations 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.
FORWARD-LOOKING STATEMENTS
2

3. Tyson Foods Today

4. OUR PRINCIPLES
4

5. 5
HIGHLIGHTS
•
One of the largest food companies in the United States
•
Diversified portfolio of iconic brands
•
Multi-protein, multi-channel and multinational presence
•
Produces ~1 of every 5 pounds of chicken, beef and pork in the United States
•
#2 in U.S. frozen foods sales
•
Strong cash flow generation earmarked for rapid deleveraging

6. YEAR
7B
2013
6
Global protein consumption is projected to grow more than 500% from 1960 to 2022
•The world’s population is growing; protein consumption is growing with it
•Globally, as people enter the middle class, they add protein to their diets
•To feed the global demand for protein, the U.S. is exporting more of its protein production
•U.S. protein production is flat to declining; less protein available to U.S. consumers resulting in higher domestic pricing
WORLD POPULATION GROWTH
7B
2013
9B
2050
(UNITED NATIONS)
75M
POPULATION
GROWING
(UNITED NATIONS)
IT’S ESTIMATED THAT IN 40 YEARS
THE WORLD WILL NEED
100% MORE FOOD
THAN WE PRODUCE TODAY
(CENTER FOR FOOD INTEGRITY)
GROWTH IN GLOBAL PROTEIN CONSUMPTION

7. •
Multi-Protein Chicken, Beef, Pork
•
Multi-Channel Retail, Food Service, Exports
•
Multi-National United States, China, India
•
Broad Product Portfolio
THERE IS VALUE IN DIVERSITY
We have diversified our business into higher margin, retail branded prepared foods
•
Breakfast Sausage
•
Frozen Protein Breakfast
•
Smoked Sausage
•
Lunchmeat
•
Hot Dogs and Franks
•
Corn Dogs
•
Cocktail Links
•
Commodity Chicken
•
Commodity Beef
•
Commodity Pork
•
Value-added Chicken
•
Value-added Beef & Pork
•
Pepperoni
•
Beef & Pork Pizza Toppings
•
Pizza Crusts
•
Tortillas
•
Bread Sticks
•
Handheld Foods
•
Sausage
•
Snacks
•
Bacon
•
Deli Meats
•
Hams
•
Ethnic Foods
•
Soups & Sides
•
Sauces
•
Appetizers
•
Breakfast Items
•
Prepared Meals
•
Meal Kits
7

8. FY 2014 SALES –$37.6 BILLION
Tyson’s multi-protein approach is supported by multi-channel distribution
Consumer Products
44%
Food
Service
33%
International
17%
Other
6%
Sales by Distribution Channel
Sales by Segment
Chicken
30%
Beef 42%
Pork 14%
PreparedFoods
10%
Intn’l
4%
8

9. U.S. Chicken Production
MARKET LEADERSHIP
Tyson produces approximately 1 out of every 5 pounds of chicken, beef and pork in the United States
9
Top U.S. Beef Packers
U.S. Pork Production
Tyson
21%
Tyson
24%
Tyson
17%
Other
47%
Sanderson
7%
Perdue
7%
Pilgrim’s
18%
Other
25%
Other
29%
Source:Watt Poultry USA, March 2014
Based on ready-to-cook pounds
Source: Cattle Buyers Weekly,
% of Daily Slaughter Capacity (head), 2014
Source: National Pork Board, 2013 Quick Facts
Based on Estimated Daily U.S. Slaughter Capacity
JBS USA
22%
Cargill
19%
National
10%
Smithfield
26%
JBS
Swift
11%
Cargill
9%
Hormel
8%

10. POSITIONED FOR SUCCESS
•
Approximately 124,000Team Members worldwide
•
Second largest food production company in the Fortune500
•
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
10

11. •
The Chicken segment is vertically integrated; we manage the production process from beginning to end.
•
The Beef and Pork segments are not vertically integrated; we typically do not carry feed cost risk. Livestock are purchased from various producers.
•
The Prepared Foods segment comprises a variety of models; raw materials for these foods come from internal and external sources.
•
The International segmentincludes chicken processing and further- processing operations in China and India (following the sale of our Latin American operations).
OUR APPROACH TO BUSINESS
Value-added beef and pork items such as pepperoni and bacon are in the Prepared
Foods segment. Value-added chicken items such as nuggets are in the Chicken segment.
11

12. 12
OUR GROWTH STRATEGY
Accelerate
Grow domestic value-added chicken sales
Grow prepared foods sales
Innovate
Products and services
Consumer insights
Cultivate
Develop talent to support Tyson’s long-termgrowth and future

13. 13
BRANDED PORTFOLIO-INCLUDING FOUR $1+BILLION BRANDS

14. 14
LEADING SHARE IN CORE CATEGORIES
Source: IRI, Total US Multi-Outlet, 52 weeks ending 11/2/14
Market Share in Leading CategoriesBrandCategoryHSH Share PositionBreakfast Sausage#1Frozen Protein Breakfast#1Smoked Sausage#1Branded Lunchmeat#2Hot Dogs#1Corn Dogs#1Super Premium Sausage#1Market Share in Leading CategoriesBrandCategoryTSN Share PositionFresh Chicken#1Frozen Cooked Prepared Chicken#1Frozen Uncooked Chicken#1Frozen Uncooked Cornish Chicken#1Recipe Meats (Refrigerated Grilled & Ready Strips) #2Stack Pack Bacon#1Bacon#3

15. 15
Source: IRI U.S. Multi Outlet frozen category sales data for 52 weeks ending November 2, 2014 / figures in billions
Leader in frozen poultry and breakfast foods
TYSON IS #2 IN FROZEN FOOD
$7.0
$3.6
$3.2
$1.9
$1.9
$1.8
$1.6
$1.3
$1.2

16. $7.3Bn
$6.4Bn
$2.6Bn
$2.0Bn
$2.6Bn
$1.9Bn
$1.7Bn
$1.6Bn
+6.5%
+0.9%
+0.5%
+5.7%
-0.3%
+4.7%
+1.5%
+7.1%
85%
83%
69%
55%
55%
53%
38%
36%
12%
30%
25%
20%
33%
27%
13%
19%
Category Household Penetration
Brand Household Penetration
Lunchmeat
Dollar
Growth
Size of
Category
Smoked
Sausage
Breakfast
Sausage
Hot Dogs
Frozen Protein
Breakfast
LEADERSHIP IN LARGE CATEGORIES WITH SIGNIFICANT GROWTH POTENTIAL
16
Fresh Chicken
Frozen Uncooked Chicken
Frozen Cooked Prepared Chicken
(1)
Note: (1) Represents dollar share for fresh chicken
Source: Nielson and IRI National Consumer Panel for 52 weeks ending 11/2/14 and Total U.S. Multi-Outlet for 52 weeks ending 11/2/14; growth rates are 3-year CAGRs

17. Financial Results and Outlook

18. TYSON FINANCIAL TRENDS
28.2
32.0
33.1
34.4
37.6
FY 10
FY 11
FY 12
FY 13
FY 14
1,987
1,767
1,731
1,818
1,897
FY 10
FY 11
FY 12
FY 13
FY 14
18
Tyson Revenue
($Bn)
Tyson EBITDA (1)
($MM)
Note
1.
EBITDA is a non-GAAP financial measure. Tyson’s 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.

19. 19
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

20. 20
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
•
Synergies of at least $225 million
•
Chicken Segment margins above 10% (raised normalized ranged to 7-9%)
•
Stronger Prepared Foods margins (raised normalized range to 10-12% when synergies are fully realized at FY17 year end)
•
International Segment improvement of approximately$30 million; cut operational losses to ($50 million)
•
Hillshire accretive

21. •
Focused on expanding margins
•
Reducing earnings volatility
•
Leveraging iconic brands and market share
•
Moving quickly on integration and synergies
KEY TAKEAWAYS
21

22. Appendix

23. 23
NON-GAAP RECONCILIATIONS
EBITDA RECONCILIATIONS
in millions, except ratio data
2014
2013
2012
2011
2010
Net income
$ 856
$ 778
$ 576
$ 733
$ 765
Less: Interest income
(7)
(7)
(12)
(11)
(14)
Add: Interest expense
132
145
356
242
347
Add: Income tax expense (a)
396
411
351
341
438
Add: Depreciation
494
474
443
433
416
Add: Amortization (b)
26
17
17
29
35
EBITDA
$ 1,897
$ 1,818
$ 1,731
$ 1,767
$ 1,987
(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.