March 18, 2015

ConsumerAnalyst Groupof Europe

Executive Vice President & Chief Financial Officer

Dennis Leatherby

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.

Market LeadershipTyson Foods produces approximately 1 out of every 5 poundsof 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 ProductionSource: National Pork Board, 2014 Quick FactsBased on Estimated U.S. Slaughter Capacity (head per day)

FY14 Sales – $37.6 Billion

Sales by Segment Sales by Distribution Channel

Leading Share in Core Categories

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 (RefrigeratedGrilled & Ready Strips)

#3

Stack Pack Bacon #1

Branded Bacon #3

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

Source: IRI , Total US Multi-Outlet, 52 weeks ending 1/25/15 (Tyson, Wright, Vans) 2/1/15 all other brands

Frozen Branded Waffles #2

Options for Consumers and Customers

Nature Raised Farms® retail brand - No Antibiotics Ever Administered

October 2014 – stopped use of all antibiotics at 35 Tyson Foods hatcheries

January 2015 – no human-use antibiotics in any chicken feed

84% reduction in human-use antibiotics on farms from 2011 to 2014

$7.0

$3.6$3.2

$1.9 $1.9 $1.8$1.6

$1.3 $1.2

Tyson is #2 in Frozen Food

Source: IRI U.S. Multi Outlet frozen category sales data for 52 weeks ending January 25, 2015.

Sales in Billions

Chicken 7-9%

Beef 2.5-4.5%

Pork 6-8%

Prepared Foods 10-12% long-term

Normalized Operating Income Expectations

Adjusted EPS* Growth

*Represents a non-GAAP financial measure. Adjusted EPS is explained and reconciled to GAAP earnings per share in the Appendix.

** Projected adjusted EPS guidance as of January 30, 2015

Tyson Foods Financial Trends

Revenue (in billions)

Rapid de-leveraging from $1+ billion cash flows and $500+ millionfrom 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

Priorities for Cash

Synergy capture ahead of schedule

Tyson Foods is in growth mode

Advantaged branded portfolio and diversificationprovides insulation from volatility

Reiterate adjusted EPS expectations of $3.30 to $3.40 for FY’15

Key Takeaways

President, Retail Packaged Brands

Andy Callahan

What I Want You to Take Away from Today

Our goal is to deliver top-tier performance in the food industry

We have an advantaged portfolio with a preferred position to grow ahead of competition

Our brand building model has a proven track record of growth

Our pipeline is robust

Leading Share in Core Categories

Market Share in Leading Categories

Brand Category TSN Share Position

Fresh Chicken #1

Frozen Cooked Chicken #1

Frozen Uncooked Chicken #1

Frozen Uncooked Cornish Chicken

#1

Recipe Meats (RefrigeratedGrilled & Ready Strips)

#3

Stack Pack Bacon #1

Branded Bacon #3

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 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 #1Frozen Branded Waffles #2

87%

77%69%

61% 62%55%

38%32% 30%

6%

29%25%

33%

23%

Lunchmeat Hot Dogs Uncooked Bacon Smoked Sausage Breakfast SausageFrozen 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 2/22/15b) 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%

6 of 9 Core Brands Outpacing Growth of Total Food & Beverage

Source: Symphony IRI Group Total US Multi-outlet 52 weeks ending 2/22/2015Total Food & Beverage are up 2.5% in this period

Tyson Brand Indexed to F&B $

Growth

Category Indexed to F&B

$ Growth

Smoked Sausage 175 388

Smoked Sausage 853 388

Lunchmeat 592 196

Frozen Protein Breakfast 109 52

Breakfast Sausage 61 320

Bacon 353 256

Hot Dogs 254 108

Frozen Prepared Poultry (295) (152)

Corn Dogs 28 (24)

Segmenting Consumers Maximizes Brand Growth Potential

Food Loving Family Pleaser

Conflicted Stress

Manager

StressedStruggler

Routine Convenience

Seeker

Social Indulger

Life-Balancing

Weight Manager

Wellness Proactive

Upbeat Food

Explorer

LIVE TO EAT EAT TO LIVE

Food Aficionados

Struggling DisciplinedCarefree

Our Model Delivers Sustainable, Profitable Growth

Strengthen the Core

Extend Brands into Adjacencies

Fuel Growth through Efficiencyand Cost Reductions

Build Industry-Leading Capabilities

Improving Return on Each MAP Dollar Spent

Approach

Portfolio Role

Well-Designed Execution Plan

Measuring Results & Optimizing FY12 FY13 FY14

Legacy Hillshire MAP Efficiencies(Return per MAP Dollar)

+13%

+17%

Continuing Track Record of Innovation Success

9%

11%

13%

13-15%

FY09-12 FY13 FY 14 Goal

Legacy Hillshire FY09-FY14 Tyson Retail

23

Tyson FoodsTotal Points of Distribution

Growth Rate(Fiscal YTD)

Source : IRI Ending February 1st. 2015 Tyson 2.0 Includes Legacy Tyson, Hillshire, Vans and GFG Categories : Processed Poultry - Fz/Rfg, Breakfast Meats, Poultry - Fz/Rfg, Breakfast Food – Fz, Meat – Rfg, Luncheon Meats, Dinner Sausage, Frankfurters, Dinners/Entrees – Fz, Meat – Ss, Meat – Fz, Entrees – Rfg, Desserts/Toppings – Fz, Pies –Fz, Appetizers/Snack Rolls - Fz

Sharper Analytics on TPDs Tied To Shopper Behavior

Aligned Organization Objectives Against TPDs

Added To Customer Scorecards

3.5%

-2.9%

Tyson Foods

4X

Competition

Distribution Drive – Competitive Performance

Tyson Foodsis growing TPDs

4X fasterthan competitors

Tyson Has Significant Capabilities to Drive Growth

Marketing Services

Retail Sales

Insights & Innovation

Research & Development

Four Growth Platforms

New, exciting solutions for convenient complete and

assembled breakfast0

Enabling higher quality and more

unique meals without all the prep

Handheld and shareable products for at home and on-

the-go

Foundationally nutritious products for

our most disciplined consumers

Breakfast Anytime Meals

Expand the Brand

Premium Frozen Patties

Expand the Brand

Value Clean Label

Expand the Brand

Major Product Launches for 2H FY15

Major Product Launches for 2H FY15

Line Extensions

Growth Brands

Innovation

Key Takeaways

Our goal is to deliver top-tier performance in the food industry

We have an advantaged portfolio with a preferred position to grow ahead of competition

Our brand building model has a proven track record of growth

Our pipeline is robust

March 18, 2015

ConsumerAnalyst Groupof Europe

Appendix

Customer Relationships Strengthened

Category Captaincies

77

65

4335

FY15 (YTD)FY14FY12 FY13

Source:: Captaincy Tracking

+34

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.