GOLDMAN SACHS 17TH ANNUAL AGRIBUSINESS CONFERENCE February 26, 2013

DENNIS LEATHERBY, CFO

Certain information contained in this presentation may constitute forward-looking statements, such as information relating to expected performance. These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results and experiences to differ materially from the anticipated results and expectations expressed in such forward-looking statements. We 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 or bovine spongiform encephalopathy), 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) risks associated with leverage, including cost increases due to rising interest rates or changes in debt ratings or outlook; (xiv) 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; (xv) our ability to make effective acquisitions or joint ventures and successfully integrate newly acquired businesses into existing operations; (xvi) effectiveness of advertising and marketing programs; and (xvii) those factors listed under Item 1A. “Risk Factors” included in our September 29, 2012, Annual Report filed on Form 10-K.

FORWARD-LOOKING STATEMENTS

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• Where we’ve been, and where we’re going

• Growth Strategy

• Priorities for Cash

• Current Environment

• Market Opportunities

• Why Tyson?

TODAY’S DISCUSSION

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FY2010-2012 HIGHLIGHTS

• Delivered record sales each year

• Generated $3.7 billion in operating cash flows

• Invested nearly $2 billion in CapEx to fuel continued improvement and growth

• Paid down $1.1 billion in debt and reduced interest expense

• Improved net debt to cap to 18.4% (Gross debt to cap = 28.7%)

• Achieved investment grade ratings with Moody’s, S&P and Fitch

• Improved liquidity to more than $2 billion at the end of fiscal 2012

• Purchased more than 22 million shares under the share repurchase program

• Achieved $715 million in operating efficiencies in the chicken segment (more than $1 billion in total since 2008)

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-$0.50

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2004 2005 2006 2007 2008 2009 2010 2011 2012

$1.89

ADJUSTED EARNINGS PER SHARE*

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Fiscal Year

* See February Investor Presentation at ir.tyson.com for non-GAAP reconciliations

$2.19

$1.91

“The turnaround is over. It’s time to turn it on.” – Donnie Smith, Tyson Foods President & CEO

Accelerate • Grow domestic value-added chicken sales • Grow prepared foods sales • Grow international chicken production

Innovate • Products and services • Consumer insights

Cultivate • Talent development to support Tyson’s growth and long-term future

GROWTH STRATEGY

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Growth will be fueled by adding value, increasing international production, innovation and Team Members.

GROW VALUE-ADDED SALES

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Product innovation is at the core of our ability to retain and grow our customer base.

INTERNATIONAL GROWTH BY 2014

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Maintain 2.7MM

bpw

↑54% to 2MM bpw

↑61% to 450K bpw

↑50% to 3MM bpw

bpw = birds per week

• Capital expenditures to grow existing businesses:

– Capital maintenance level approximates $250 million a year.

– $550 million total CapEx planned for FY13, although it could increase as we gain further visibility into the fiscal year. Profit improvement projects will be ready to go.

– Profit improvement CapEx target greater than 20% Modified Internal Rate of Return

• Return cash to shareholders:

– Share repurchases

– Dividends

• Acquisitions advance growth strategies around value-added products and international production:

– Acquisitions and joint ventures target greater than 20% Return on Invested Capital

PRIORITIES FOR USES OF CASH

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DON JULIO FOODS ACQUISITION

• Expands existing business

• Tyson Mexican Original – 2nd largest tortilla producer in the U.S. with 15-20 million corn and flour tortillas per day

• Offers retail distribution to compliment food service business

JIM LOCHNER, COO

• Chicken – vertically integrated; includes further-processed, value-added poultry

• Beef – spread business; livestock purchased from producers

• Pork – spread business; livestock purchased from producers

• Prepared Foods – a variety of products and business models

OUR APPROACH TO BUSINESS

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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.

BEEF: RECENT MARGIN COMPRESSION

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Dolla

rs p

er H

ead

$1,400

$1,450

$1,500

$1,550

$1,600

$1,650

$1,700

USDA TOTAL REVENUE

USDA CATTLE COST

PORK: RECENT MARGIN COMPRESSION

15

Dolla

rs p

er H

ead

$140

$160

$180

$200

$220

USDA TOTAL REVENUE

USDA HOG COST

• Multi-Protein Chicken, Beef, Pork

• Multi-Channel Retail, Food Service, Exports

• Multi-National Brazil, China, India, Mexico, United States

• Broad Product Portfolio

THERE IS VALUE IN DIVERSITY

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• Value-added Chicken • Value-added Beef & Pork • Fresh Chicken • Fresh Beef & Pork • Pepperoni • Beef & Pork Pizza Toppings • Pizza Crusts

• Tortillas • Bacon • Deli Meats • Hams • Franks • Ethnic Foods • Soups

• Snacks • Sauces • Appetizers • Side Items • Prepared Meals • Meal Kits • Fully-cooked Dinner Meats

Tyson’s diversity provides a natural hedge against economic cycles and a foundation for growth.

OUR CHALLENGE: FEEDING THE WORLD

WORLD POPULATION GROWTH

75M YEAR

POPULATION GROWING

ADDING A CITY THE SIZE OF PHILADELPHIA WEEKLY

7B 2013

9B 2050

(UNITED NATIONS)

(CENTER FOR FOOD INTEGRITY)

IT’S ESTIMATED THAT IN 40 YEARS THE WORLD WILL NEED 100% MORE FOOD THAN WE PRODUCE TODAY

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• The world’s population is growing; protein consumption is growing with it.

MARKET OPPORTUNITIES

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Global Protein Consumption Source: USDA FAS and OECD. Includes Beef/Veal, Pork, Broilers, and Turkey

In the past 60 years, global protein consumption has grown by more than 450%.

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Met

ric T

ons i

n M

illio

ns

• Globally, as people enter the middle class, they add protein to their diets.

100

110

120

130

140

150

160

170

180

230

235

240

245

250

255

260

265

270

275

280

Combined Per Capita Domestic Meat Availability (Beef, Pork, Chicken, Turkey; Carcass Weight Equivalent)

Cents per Pound

Source: USDA actual historical data; 2012 and 2013 forecast by Robert A. Brown, Inc.; (1) represents beef, pork, chicken and turkey carcass weight equivalent; (2) annual composite average price is a simple average of monthly USDA wholesale price for beef, pork and poultry; 2012 data as of 1/31/2013.

PROTEIN SUPPLY AND PRICE

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Per Capita Domestic Protein Availability(1) Annual Composite Average Price(2)

Reduced domestic production and increased exports have resulted in less protein on the market for U.S. consumers. Lower supplies have led to higher prices.

Pounds

DOING WHAT’S RIGHT, RIGHT FROM THE START™

• No antibiotics ever

• 100% vegetarian fed (no animal protein or bakery by-products)

• Independent 3rd party animal welfare certification

• 100% all natural*

• No added hormones or steroids**

• USDA Process Verified Program (Fresh Products)

• Raised Cage Free * No artificial ingredients, minimally processed ** Federal regulations prohibit the use of hormones or steroids in chicken

WHY TYSON? • Strong balance sheet provides attractive options for growth:

– Reinvestment in Tyson through CapEx – Strategic acquisitions in prepared foods and value-added chicken – Return capital to shareholders through repurchase program and dividends

• Aggressively increase international in-country production where demand for protein is growing

• Measurable growth: – Annual 3 - 4% revenue growth – 10% EPS growth over time

• Become the leading “solution-providing” food company – not only a commodity protein company:

– Lean-thinking culture focused on operational excellence and continuous improvement – Superior quality, service and innovation to be the customer’s go-to supplier – Alternative channels such as convenience stories, dollar stores and drug store chains

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NON-GAAP RECONCILIATIONS

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Adjusted operating income and adjusted net income 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.

(in millions, expect per share data) 12 Months Ended September 29, 2012 October 1, 2011 October 2, 2010 October 3, 2009

Operating

Income EPS Operating

Income EPS Operating

Income EPS Operating

Income EPS Reported $ 1,248 $ 1.58 $ 1,285 $ 1.97 $ 1,556 $ 2.06 $ (215 ) $ (1.47 ) Less:

Gain from insurance proceeds — — — — (38 ) (0.06 ) — — Gain on sale of interests in an equity method investment — — — (0.03 ) — — — — Reversal of reserves for foreign uncertain tax positions — — — (0.05 ) — — — —

Add: Charges related to plant closing — — — — — — 15 0.02 Impairment of goodwill — — — — 29 0.07 560 1.50 Impairment of equity method investment — — — — — 0.03 — — Impairment of non-core assets in China 15 0.04 — — — — — — Loss related to early extinguishment of debt — 0.29 — — — — — — Losses related to note repurchases — — — — — 0.09 — —

Adjusted $ 1,263 $ 1.91 $ 1,285 $ 1.89 $ 1,547 $ 2.19 $ 360 $ 0.05

NON-GAAP RECONCILIATIONS CON TI N UED

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(in millions, expect per share data) 12 Months Ended September 27, 2008 September 29, 2007 September 30, 2006 October 1, 2005 October 2, 2004

Operating

Income EPS Operating

Income EPS Operating

Income EPS Operating

Income EPS Operating

Income EPS

Reported $ 331 $ 0.24 $ 613 $ 0.75 $ (50 ) $ (0.58 ) $ 655 $ 1.04 $ 733 $ 1.13

Less:

Gain on sale of an investment — (0.03 ) — — — — — — — — Gain on sales of assets — — (19 ) (0.03 ) — — — — — — Gain on sale of remaining interest in Specialty Brands, Inc. — — — — — — — (0.01 ) — — Income related to vitamin antitrust litigation — — — — — — (12 ) (0.02 ) — —

Tax adjustments — — — — — — — (0.04 ) — —

Add: Charges related to BSE — — — — — — — — 61 0.11 Charges related to flood damage 7 0.01 — — — — — — — — Charges related to plant closings 13 0.02 — — 63 0.11 14 0.02 40 0.07 Cumulative effect of change in accounting principles — — — — — 0.02 — — — — Impairment of assets 23 0.04 5 0.01 — — — — 21 0.04 Impairment of intangible assets 10 0.02 7 0.01 3 0.01 — — 25 0.04 Live swine legal settlement — — — — — — 33 0.06 — — Loss related to Hurricane Katrina — — — — — — 8 0.01 — — Severance and restructuring charges 23 0.04 — — 9 0.02 — — — — Tax adjustments — — — — — 0.04 — — — — Write off of obsolete inventory — — — — 7 0.01 — — — —

Adjusted $ 407 $ 0.34 $ 606 $ 0.74 $ 32 $ (0.37 ) $ 698 $ 1.06 $ 880 $ 1.39