The document provides forward-looking statements regarding the company's expected performance and notes factors that could cause actual results to differ. It cautions readers not to place undue reliance on forward-looking statements. The document then highlights the company's position as one of the largest food companies in the world with advantaged brands in growing categories. It notes the company achieved $224 million in synergies through the third quarter of fiscal year 2015 and expects annual synergies of approximately $300 million in FY15, more than $400 million in FY16, and more than $600 million in FY17.

1. August 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 | August 2015 |2

3. Highlights
One of the largest food companies in the world
Advantaged brands in advantaged product categories
Multi-protein, multi-channel, all day parts, all meal occasions
#1 or #2 brands in 13 core categories
#2 in U.S. frozen food with products in growing categories
Strong cash flow generation
Annual synergy expectations of approximately $300 million in
FY15, more than $400 million in FY16 and more than
$600 million in FY17
Achieved $224 million in synergies through Q315
Tyson Foods, Inc. Investor Presentation | August 2015 |3

4. Leading Share in Core Categories
Source: IRI, Total US Multi-Outlet, 52 weeks ending 07.19.15
*Nielsen Perishables Group, Total U.S. Fresh, 52 weeks ending 06.27.15
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 | August 2015 |4

5. 87%
76%
70%
61% 61%
55%
38%
32% 30%
7%
28% 26%
32%
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 07.12.15
b) Total US Multi-Outlet for 52 weeks ending 07.19.15
Size of Category
Dollar Growth
(2-yr CAGR)
$6.7Bn $2.6Bn $3.7Bn $2.0Bn $2.0Bn $2.6Bn $1.6Bn
+3.3% +1.5% +7.6% +7.1% +6.8% -1.0% +3.6%
Tyson Foods, Inc. Investor Presentation | August 2015 |5

6. Tyson Foods 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 07/19/2015
$7.0
$3.6
$3.2
$2.0 $2.0
$1.8 $1.7
$1.3 $1.2
Sales in Billions
Tyson Foods, Inc. Investor Presentation | August 2015 |6

7. Tyson Foods Growing at Retail
Tyson Foods is growing among Food & Beverage companies with retail sales >$5 billion a year
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Source: IRI Total U.S. Multi Outlet (MULO) - 52 weeks ending 07.19.15 Tyson Foods, Inc. Investor Presentation | August 2015 |7
RetailSalesGrowthRate

8. Brand Portfolio Participates Across Meal Occasions
Tyson Foods, Inc. Investor Presentation | August 2015 |8

9. Reframe from Product to Brand
Tyson Foods, Inc. Investor Presentation | August 2015 |9

10. Products
Tyson Foods, Inc. Investor Presentation | August 2015 |10

11. Continuing Track Record of Innovation Success
Tyson Foods, Inc. Investor Presentation | August 2015 |11

12. Major Product Launches for 2H FY15
Hillshire™ Snacking
Grilled Chicken Bites
Small Plates
Ball Park® Beef Jerky
Tyson Foods, Inc. Investor Presentation | August 2015 |12

13. Positioned for Success  Approximately 113,000 Team
Members worldwide
 Second largest food production
company in the Fortune 500
 Worldwide locations:
• 45 Chicken plants
• 13 Beef plants*
• 9 Pork plants*
• 38 Prepared Foods plants
• 4 International plants
• 1 Turkey plant
• 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
*Includes three case-ready beef and pork plants
Tyson Foods, Inc. Investor Presentation | August 2015 |13

14. 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 2015
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
22%
Pilgrim’s Pride
17%
Sanderson
Farms 7%Perdue
Farms 7%
Other
47%
Tyson Foods, Inc. Investor Presentation | August 2015 |14

15. FY14
$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 | August 2015 |15

16. FY14 Sales – $37.6 Billion
Sales by Segment Sales by Distribution Channel
Tyson Foods, Inc. Investor Presentation | August 2015 |16

17. Tyson Foods 2014 International Sales
FY2014 International Sales*
$6.3 Billion
* Includes all in-country production and exports
Tyson Foods, Inc. Investor Presentation | August 2015 |17

18. 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 | August 2015 |18

19. Tyson Foods 2014 International Sales
FY2014 International Pork Sales
$1.2 Billion
FY2014 International Prepared Foods Sales
$114 Million
Tyson Foods, Inc. Investor Presentation | August 2015 |19

20. 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 August 3, 2015
Tyson Foods, Inc. Investor Presentation | August 2015 |20
FY12 FY13 FY14 FY15 (projected)
$2.94
$1.97
$2.26
$3.10-3.20**

21. Tyson Foods Financial Trends
*Represents a non-GAAP financial measure. EBITDA is explained and reconciled in the Appendix.
.
Revenue (Bn) EBITDA* (MM)
Tyson Foods, Inc. Investor Presentation | August 2015 |21

22. Net Debt/EBITDA*
FY10-13 = ~1×
FY 2014 Adjusted Pro Forma Basis = ~3×
FY 2015 = ~2×**
*Net Debt and EBITDA are non-GAAP financial measures. EBITDA is explained and reconciled to a comparable GAAP measure in the Appendix. Net debt to EBITDA
represents the ratio of our debt, net of cash and short-term investments, to EBITDA. Net debt to EBITDA is presented as a supplemental financial measurement in the
evaluation of our business.
**Based on adjusted pro forma estimate.
Tyson Foods, Inc. Investor Presentation | August 2015 |22

23. Outlook
FY15 adjusted EPS* of $3.10-3.20**
Approximately 5-9% growth over FY14
FY15 revenues of ~$41B
9% growth over FY14
FY16 revenues of ~$41B
Growing current businesses to offset impact of
divestitures
Prepared Foods Segment adjusted
margins of ~8% for FY15 and ~10%
for FY16
Within its normalized range of 10-12% a full year
earlier than originally planned
Chicken Segment margins of ~12% for
FY15 and at or above the top end of its
normalized range of 7-9% for FY16
Pork Segment margins in its normalized
range of 6-8% for FY15 and FY16
Beef Segment should be near breakeven
in FY15 and below the normalized range
of 2.5-4.5% for FY16
International Segment improvement of
approximately $25 million in FY15 and
FY16 results similar to FY15
Synergies of approximately $300 million in
FY15, more than $400 million in FY16 and
more than $600 million in FY17
*Represents a non-GAAP financial measure.
** Projected adjusted EPS guidance as of August 3, 2015
Tyson Foods, Inc. Investor Presentation | August 2015 |23

24. FY 2015 Synergy “Buckets”
Synergy realization for FY15 is approximately $300 million:
 Prepared Foods Improvements ~$200 million
 Procurement ~$40 million
 Manufacturing & Logistics ~$35 million
 Organizational & Fiduciary ~$25 million
Achieved $224 million in synergies through Q315
Tyson Foods, Inc. Investor Presentation | August 2015 |24

25. Priorities for Cash
Growing our businesses through organic growth and operational
efficiency capital projects with attractive returns
Acquiring businesses that support our strategic objectives
Returning cash to shareholders through share repurchases and
dividends -- all while maintaining plenty of liquidity and investment-
grade credit ratings
Tyson Foods, Inc. Investor Presentation | August 2015 |25

26. Maturity Profile Allows for Rapid Deleveraging
Maturity Skyline – as of 6.27.15
Fiscal Year Maturities ($ in millions)
Tyson Foods, Inc. Investor Presentation | August 2015 |26
• $120MM/year amortization of 2017 term loan.
• Excludes $157MM Tangible Equity Units amortizing note, $18MM Existing TSN Senior Note due 2028, and $56MM other miscellaneous debt such as foreign debt,
capital leases, and discounts.
• On 7-30-15, subsequent to Q315 quarter end, 2015 Notes were redeemed
• $1.25 billion Revolver credit facility matures FY19; Outstanding balance as of 6-27-15 was $0.
0
250
500
750
1,000
1,250
1,500
1,750
'15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '33 '34 '44
Existing TSN Bonds Existing Hillshire Bonds New Term Loans New Notes

27. Why TSN?
Consistent growth
Higher, more stable earnings over time
Advantaged brands in advantaged categories
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 | August 2015 |27

28. Appendix

29. Beef Cattle Herd Movement
Source: MeatingPlace with data from John Nallivka and Glynn Tonsor
Tyson Foods, Inc. Investor Presentation | August 2015 |29

30. Non-GAAP Reconciliations
Tyson Foods, Inc. Investor Presentation | August 2015 |30
(in millions, except per share data) 12 Months Ended
September 27, 2014 September 28, 2013 September 29, 2012
Operating Income EPS Operating Income EPS Operating Income EPS
Reported from Continuing Operations $ 1,430 $ 2.37 $ 1,375 $ 2.31 $ 1,286 $ 1.68
Less:
Gain from currency translation adjustment — — — (0.05 ) — —
Reversal of unrecognized tax benefit — (0.15 ) — — — —
Add:
Loss related to early extinguishment of debt — — — — — 0.29
Brazil impairment / Mexico undistributed earnings tax 42 0.16 — — — —
Hillshire Brands acquisition, integration and costs associated with our
Prepared Foods improvement plan 137 0.37 — — — —
Hillshire Brands post-closing results, purchase price accounting and
ongoing costs related to a legacy Hillshire Brands plant fire 40 0.07 — — — —
Hillshire Brands acquisition financing incremental interest costs and
share dilution — 0.12 — — — —
Adjusted from Continuing Operations $ 1,649 $ 2.94 $ 1,375 $ 2.26 $ 1,286 $ 1.97

31. Non-GAAP Reconciliations - continued
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 | August 2015 |31

32. (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 | August 2015 |32
in millions
EBITDA Reconciliations
Non-GAAP Reconciliations - continued