Reducing Volatility,Expanding MarginsInvestor Presentation

November 2014

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 changes toregulations 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

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Tyson Foods Today

OUR PRINCIPLES

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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

YEAR7B2013

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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

7B2013

9B2050

(UNITED NATIONS)

75MPOPULATIONGROWING

(UNITED NATIONS)

IT’S ESTIMATED THAT IN 40 YEARSTHE WORLD WILL NEED100% MORE FOODTHAN WE PRODUCE TODAY

(CENTER FOR FOOD INTEGRITY)

GROWTH IN GLOBAL PROTEIN CONSUMPTION

• 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

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FY 2014 SALES – $37.6 BILLION

Tyson’s multi-protein approach is supported by multi-channel distribution

Consumer Products

44%FoodService

33%

International17%

Other6%

Sales by Distribution ChannelSales by Segment

Chicken30%

Beef 42%

Pork 14%

PreparedFoods

10%

Intn’l4%

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U.S. Chicken Production

MARKET LEADERSHIP

Tyson produces approximately 1 out of every 5 pounds of chicken, beef and pork in the United States

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Top U.S. Beef Packers U.S. Pork Production

Tyson21%

Tyson24%

Tyson17%

Other47%

Sanderson7%Perdue

7%

Pilgrim’s18%

Other25%

Other29%

Source: Watt Poultry USA, March 2014Based on ready-to-cook pounds

Source: Cattle Buyers Weekly,% of Daily Slaughter Capacity (head), 2014

Source: National Pork Board, 2013 Quick FactsBased on Estimated Daily U.S. Slaughter Capacity

JBS USA22%

Cargill19%

National10%

Smithfield26%

JBSSwift11%

Cargill9%

Hormel8%

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

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• 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 segment includes 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.

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OUR GROWTH STRATEGY

AccelerateGrow domestic value-added chicken salesGrow prepared foods sales

InnovateProducts and servicesConsumer insights

CultivateDevelop talent to support Tyson’s long-termgrowth and future

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BRANDED PORTFOLIO- INCLUDING FOUR $1+BILLION BRANDS

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LEADING SHARE IN CORE CATEGORIES

Source: IRI, Total US Multi-Outlet, 52 weeks ending 11/2/14

Market Share in Leading Categories

Brand Category HSH 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

Market Share in Leading Categories

Brand Category TSN Share Position

Fresh Chicken #1

Frozen Cooked Prepared Chicken #1

Frozen Uncooked Chicken #1

Frozen Uncooked Cornish Chicken #1

Recipe Meats (Refrigerated Grilled & Ready Strips)

#2

Stack Pack Bacon #1

Bacon #3

15Source: 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

$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

DollarGrowth

Size of Category

SmokedSausage

BreakfastSausageHot Dogs Frozen Protein

Breakfast

LEADERSHIP IN LARGE CATEGORIES WITH SIGNIFICANT GROWTH POTENTIAL

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Fresh ChickenFrozen

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

Financial Results and Outlook

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

1,8181,897

FY 10 FY 11 FY 12 FY 13 FY 14

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Tyson Revenue($Bn)

Tyson EBITDA (1)

($MM)

Note1. 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.

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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

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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

• Focused on expanding margins

• Reducing earnings volatility

• Leveraging iconic brands and market share

• Moving quickly on integration and synergies

KEY TAKEAWAYS

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Appendix

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NON-GAAP RECONCILIATIONSEBITDA RECONCILIATIONS

in millions, except ratio data2014 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 347Add: Income tax expense (a) 396 411 351 341 438Add: Depreciation 494 474 443 433 416Add: Amortization (b) 26 17 17 29 35EBITDA $ 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.