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February 2015

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 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 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 domesticand 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 | February 2015 | 2

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


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

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

Brand Portfolio Participates Across Meal Occasions


Reframe from Product to Brand


Products


Continuing Track Record of Innovation Success


Major Product Launches for 2H FY15

Hillshire™ SnackingGrilled Chicken Bites

Small Plates

Ball Park® Beef Jerky


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

Market Leadership

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

U.S. Chicken ProductionSource: Watt Poultry USA, March 2014Based on ready-to-cook pounds

Top U.S. Beef PackersSource: Cattle Buyers Weekly, % of Daily Slaughter Capacity (head), 2014

U.S. Pork ProductionNational Pork Board, 2013 Quick FactsBased on Estimated Daily U.S. Slaughter Capacity


FY 2014

$37.6 Billion in RevenuesUp 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 | February 2015 | 13

FY14 Sales – $37.6 Billion

Sales by Segment Sales by Distribution Channel


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

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 2014 International Sales

FY2014 International Pork Sales$1.2 Billion

FY2014 International Prepared Foods Sales$114 Million


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 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)


Net Debt/EBITDA

Previous 5 Years = ~1×

FY 2014 Adjusted Pro Forma Basis = ~3×

FY 2015 = ~2×*

*Based on adjusted pro forma estimateSee the Appendix Tyson Foods, Inc. Investor Presentation | February 2015 | 20

FY 2015 Outlook

Adjusted EPS of $3.30-3.40*More than 12% growth over FY14

Revenues of approximately $42 billion12% growth over FY14

Chicken Segment margins above 11% for the remainder of the yearRaised normalized ranged to 7-9%

Stronger Prepared Foods marginsraised 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 millionCut 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.


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


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


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


Appendix


Beef Cattle Herd Movement

Source: MeatingPlace with data from John Nallivka and Glynn Tonsor


Non-GAAP Reconciliations



Continued


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.


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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