Bank of America Merrill Lynch Credit Conference

December 3, 2009
 Forward Looking Statement
Certain information in this report constitutes forward-looking statements. Such forward-looking statements include, but are not
limited to, current views and estimates of future economic circumstances, industry conditions in domestic and international
markets, our performance and financial results, including, without limitation, debt-levels, return on invested capital, value-added
product growth, capital expenditures, tax rates, access to foreign markets and dividend policy. These forward-looking statements
are subject to a number of factors and uncertainties that could cause our actual results and experiences to differ materially from
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. We undertake no obligation to publicly
update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors
that mayy cause actual results and experiences
p to differ from anticipated
p results and expectations
p expressed
p 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 trading risk management
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
ncephalopathy (BSE)), which could have an 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
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 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. 1A
“Risk Factors” included in our October 2, 2009, Annual Report filed on Form 10-K.

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2
Today’s
Today s Presenter

ƒ Ted Jones
y Vice President and Treasurer

y More than 17 years with Tyson Foods

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3
Tyson Financial Benchmarks

ƒ Normalized operating margins for each segment:

ƒ Chicken 5.0 – 7.0%
ƒ Beef 1.5 – 3.0%
ƒ Pork 3.0 – 5.0%
ƒ Prepared Foods 4.0 – 6.0%

ƒ Acquisitions and International joint ventures should

generate ROIC > 20%

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4
Chicken Segment Margin
Tyson Chicken Segment Operating Margin

Normalized
9 0%
9.0%
8.3%
8.5%
8.4%
O
Operating
ti Margin:
M i
8.2%
8.0% 7.9% 5.0% - 7.0%
8.0%
7.8% 7.7%
7.7% 7.3%
6.8%
7.0%
7.2% 7.2%

6.0% 5.8% 6.4% 5.9%

5.1% 5.6%
5.0% 4.9%
4.9% 5.1%
4.0%
4.0%

3.4%
3.0% 2.6% 3.2%
2.9%

2.0%

1.0% 1.4% 1.3%

0.0%

(1.0%)
(1.0%)

(1.6%)
(2 0%)
(2.0%)
1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009
Note: Includes adjustments; refer to appendix for details.
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5
 Chicken Market Fundamentals

Broiler Egg-Sets Pullet Supply

0% Pullet Chicks Hatched % of Prior Yr Mo
8,000,000 105%
-1.2%
-1%
% Change vs Prior Yr Mo 7 500 000
7,500,000
-2% -2.2%
7,000,000
-3.0% 100%
-3% 6,500,000
-3.9% -4.1%
6,000,000
-4% -4.4%
5,500,000 95%
-5%
-5.9% -5.9% 5,000,000
-6% -6.6% 4,500,000
-7.0% -6.9% 90%
-7.5%
-7% -7.7%
4,000,000
3 500 000
3,500,000
-8%
3,000,000 85%
-9%

Jul-08

Jul-09
Aug-08

Sep-08

Nov-08

Dec-08

Aug-09

Sep-09
Jan-09

May-09

Jun-09
Feb-09

Mar-09
Oct-08

Apr-09
Nov-08

Nov-09
Jan-09

Jun-09

Jul-09
May-09
Feb-09

Mar-09

Apr-09

Oct-09
Dec-08

Aug-09

Sep-09
Source: NASS Chicken and Eggs Report, Intended Placements: Pullet chicks for
hatchery supply reported by leading breeders. Industry not available until the end of
Source: USDA following Month.

Cold Storage Corn and Soybean Meal

1,000 Pounds Corn SBM
850,000 ($ per bushel) ($ per ton)
$9 $500
800,000
$8 $450
$7 $400
750,000
$350
$6
700,000 $300
$5
$250
650,000 $4 $200
$3 $150
600,000 $2 $100
Nov‐088
Oct‐088

Oct‐099
Dec‐088

Jan‐099

May‐099
Apr‐099
Feb‐099

Mar‐099

Jun‐099

Aug‐099

Sep‐099
Jul‐099

May-05

May-06

May-07

May-08

May-09
Feb-05

Feb-06

Feb-07

Feb-08

Feb-09
Aug-04
Nov-04

Aug-05
Nov-05

Aug-06
Nov-06

Aug-07
Nov-07

Aug-08
Nov-08

Aug-09
Nov-09
Source: USDA Source: CBOT.
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6
Chicken Product Pricing Trends
Boneless Skinless Breast Prices Chicken Wing Prices
(¢ per pound) (¢ per pound)

190 160
180 5 – Yr Avg: 142.7 150
170 Current: 124.0 140 5 – Yr Avg: 111.0
160 130 Current: 153.0
150 120
140 110
130
30 100
00
120 90
110 80
100 70
Nov-04

Sep-05

Jul-06

Mar-08

Jan-09

Nov-09

Nov-04

Sep-05

Jul-06

Mar-08

Jan-09

Nov-09
May-07

May-07
Source: Bloomberg Source: Bloomberg

Whole Bird Prices Chicken Leg Prices

(¢ per pound) (¢ per pound)
60
90
5 – Yr Avg: 39.5
85 5 – Yr Avg: 78.1 50 Current: 37.5
37 5
Current: 82.3
80 40

75 30

70 20

65 10
Nov-04

Sep-05

Jul-06

Jan-09

Nov-09
Mar-08
May-07

Jul-06
Nov-04

Sep-05

Mar-08

Jan-09

Nov-09
May-07
Source: Bloomberg Source: Bloomberg
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7
Chicken Segment Takeaways

ƒ Significant improvement in 2H vs 1H FY09 Æ operating margin 3.5% vs -7.2%

ƒ Positive Industry Fundamentals

ƒ Industry pullet placements ↓ 5-6% YOY
ƒ USDA Oct’09 Cold Storage: ↓ 19.8% (156 mm lbs) YOY; and ↓ 17% (139 mm lbs) vs 5-yr average
d Æ supports improving poultry product pricing
ƒ Projected
P j t d FY10 grain
i costt llower th
than FY09

ƒ Food Service Demand Æ may continue to lag recovery as job creation remains depressed

ƒ Shortened length of contracts Æ more able to respond to input cost fluctuations

ƒ Operational Efficiencies
ƒ Reduced capacity variances through volume growth Æ FY09 sales volume ↑ 8.8% YOY

ƒ Improved
I d deboning
d b i processes Æ better
b tt yields
i ld and
d costs
t and
d more product
d t to
t sellll att higher
hi h prices
i

ƒ Increased plant flexibility

o Most processes completed in same plant
o Reduced freight, improved yields and lowered costs

ƒ Revised product specs to reduce production costs while meeting customer expectations
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8
Beef Segment Margin
Tyson Beef Segment Operating Margin

5 0%
5.0%
4.3%
Normalized
4.0%
Operating Margin:
3.4% 1.5% - 3.0%
3.2%
3.0%
3.0% 2.7%
2.5%
2.3% 2.1%
2.3%
1.7% 2.0% 2.0%
2.0% 1.8% 1.9% 1.8% 1.6%
1.5% 1.4% 1.4% 1.4% 1.9%

1.0% 1.2% 1.2% 1.2%

1.0%
1.1%
0.4%

0.4% (0.2%)
0.0%

(1.0%)

(2.0%) (1.8%)
1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009
2

2
Note: Includes adjustments; refer to appendix for details.
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9
Beef Segment Takeaways
ƒ Spread Business Æ not vertically integrated
ƒ Manage spread by maximizing revenue through mix, minimizing operating costs, while focusing
_on
on quality and customer service

ƒ Low cost, high revenue in the regions we compete

ƒ $560mm Q4’09 Non-cash Goodwill Impairment

ƒ Driven
Di primarily
i il by
b increase
i in
i required
i d discount
di t rate
t usedd for
f annuall valuation
l ti
Æ Wider spreads driven by disruption of global credit market
ƒ Does not reflect management’s view of beef segment’s short-term or long-term profitability

ƒ Sustained operating
p g improvements
p made in FY08 ((excludinggg goodwill charge)
g )
ƒ FY09: 2.0% ($214mm) Æ double FY08 and within 1.5-3.0% normalized operating margin
ƒ Q4’09: 4.0% ($120mm) Æ above 1.5-3.0% normalized operating margin

ƒ Expect 1-2% ↓ in cattle supplies in FY10

ƒ However, expect adequate supplies to operate our plants in FY10

ƒ Reduced slaughter capacity and eliminated 2 million head of capacity in four non-competitive _
_plants between 2006 and 2008
ƒ Plants
a ts st
strategically
ateg ca y located
ocated in high
g supp
supply
y regions
eg o s Æ largest
a gest a
and
d most
ost competitive
co pet t e in tthese
ese
_regions

ƒ Long-term potential in growth of International demand for high quality beef DRAFT
10
Pork Segment Margin
Tyson Pork Segment Operating Margin

Normalized 7.9%
8 0%
8.0%
O
Operating
ti Margin:
M i
6.8% 3.0% - 5.0%

6.0%
5.3%

4.4% 4.4% 4.7%

3.8%
4.0% 3.6% 3.7%
3.5%
3.2%
2.9%
2.2% 2.9%
2.0%
2 0%
2.0% 2 4%
2.4%
2.1%
1.4% 1.1%
1.8%
1.4%
1.2% 1.2%
1.1% 1.1%

0.0%

(0 8%)
(0.8%)
(1.0%)

(2.0%)

(3.5%)

(4.0%)
1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009
Note: Includes adjustments; refer to appendix for details.
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11
Pork Segment Takeaways
ƒ Spread Business Æ not vertically integrated

ƒ Low cost high revenue player in the regions we operate

ƒ Plants located in high pork production areas: Iowa, Nebraska,

Indiana

ƒ Procure hogs from independent producers

ƒ Hog producers struggling financially

ƒ Hog supplies in U.S. and Canada down from peak in 2008
ƒ Will likely accelerate sow herd liquidation

ƒ However, Tyson expects adequate supplies in regions we operate

ƒ Management’s expectations include:
ƒ Gradual ↓ in hog supplies in 1HFY10, accelerating in 2HFY10
ƒ FY10 industry slaughter slightly ↑ vs FY07 (approx 4% ↓ vs FY09)

ƒ World supplies of pork declining DRAFT

12
Prepared Foods Segment Margin
Tyson Prepared Foods Segment Operating Margin

Normalized
7 0%
7.0%
O
Operating
ti Margin:
M i
6.0% 4.0% - 6.0%
6.0%
5.2%
5.0%
5.0%

4.0%
3.4%

2.9% 2.8% 2.8% 2.7%

3.0%

2.0%
2.1%

1.0%
0.3%

0.0%

(1.0%)

(1.8%)
(2 0%)
(2.0%)
1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009
Note: Includes adjustments; refer to appendix for details.
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13
FY09 Accomplishments

ƒ 2nd best Prepared Foods segment year

ƒ 2nd best Pork segment year

ƒ 3rd best Beef segment year

ƒ Initiated turnaround in Chicken segment Æ particularly after

a bad FY08 and 1HFY09
ƒ Handled more than $250MM of earnings hits from grain and energy
derivatives
ƒ Initiatives poised to pay-off in the years ahead

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14
FY09 Accomplishments – cont.

ƒ Major capital restructuring

ƒ Improved Net Debt/EBITDA to <3x from peak of >5x

ƒ Net Debt below $2.4 billion (reduction of $280mm from YOY)
ƒ Net Debt to Cap was 35% at FYE09

ƒ Improved working capital

ƒ 6.8 days YOY reduction in inventory days, worth just over $500mm
ƒ 1.9
1 9 days YOY A/R improvement,
improvement worth about $170mm

ƒ Bought back $293MM of our bonds

ƒ Overcame low stock price of $4.40/share in face of stock market

and liquidity crisis

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15
2010 and Beyond

ƒ Chicken
ƒ Tyson’s inventory discipline continuing
ƒ Industry cold storage currently at low levels
ƒ Total protein supply tightening Æ positively impacting chicken segment
ƒ Tyson’s
y disciplined
p operations
p continuing/accelerating
g g

ƒ Beef
ƒ Ongoing spread management
ƒ C ttl supplies
Cattle li gradually
d ll declining,
d li i however
h sufficient
ffi i t to
t operate
t Tyson’s
T ’
plants
ƒ Closely monitoring import/export balance

ƒ Pork
ƒ Gradual ↓ in hog supplies in 1HFY10, accelerating in 2HFY10
ƒ Expect adequate supplies in regions that we operate
ƒ Closely monitoring import/export balance
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16
2010 and Beyond – cont.

ƒ Prepared
p Foods
ƒ Better asset utilization
ƒ Expect ↑ in FY10 raw material cost, however mitigated by move away
from fixed-price contracts

ƒ International / Renewable
ƒ Continuing to integrate and build-out international operations
(China Brazil
(China, Brazil, India)
ƒ Dynamic Fuels plant construction:
ƒ On-budget; Expected completion Jan’10; Early-spring’10 start-up
ƒ Food for pets initiatives: FreshPet, Pet treats (reopening idle IA plant)

ƒ Capital Structure
ƒ Continue to reduce Net Debt
ƒ Continue improving key metrics: EBITDA/Interest,
EBITDA/Interest Net Debt/EBITDA

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17
Q&A
Appendix

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19
Tyson: World’s Largest Protein
Producer
ƒ Diversified producer of beef, chicken and pork FY09 Sales By Segment: $26.7bn*

ƒ Produce one out of every four pounds of these Chicken

meats consumed in the United States 36%

ƒ One of the most recognized brands in the

U.S. retail channel
Beef Pork
ƒ Export to more than 90 countries with production 40% 13%

in five countries outside the U.S. Prepared 

ƒ FY09 revenue: $26.7 billion Foods

11%

ƒ FY09 operating cashflow: >$1.0 billion *Excludes discontinued operation

Our Strategies FY09 Sales By Distribution Channel: $26.7bn*

ƒ Create innovative and insight-driven food solutions Foodservice

31%
ƒ Optimize commodity business models
ƒ Build an international enterprise
International 
13%

ƒ Revolutionize the conversion of raw materials

Other
and by-products into high-margin products Consumer 
Products
5%
Deli
46% 5%

*Excludes discontinued operation
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20
 Diversified Across Multiple Proteins

Tyson
Tyson Tyson 18%
20% Other 22% Others
24% 25%

Others
JBS
44% Nat’l Beef 11%
10%
Hormel
Pilgrim's Pride
9%
22% JBS Excel (Cargill)
22% 9%

Sanderson Farms Perdue Smithfield

Excel (Cargill)
6% 8% 28%
22%

Chicken U.S.
U S Market Share Beef U.S.
U S Market Share Pork U.S.
U S Market Share

Chicken data per WATT Poultry 2008; does not reflect current production levels. Beef data from Cattle Buyers Weekly Top 30 Beef Packers 2008. Pork data from Cattle Buyers
Weekly Commercial Hog Slaughter 2007 (most recent available) DRAFT
21
…That Demonstrate Stable Demand
Total Annual U.S. Per Capita Consumption (pounds)
Chicken Beef Pork

100

90

80

70

60

50

40

30
1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

010P

012P

014P

016P

018P
20

20

20

20

20
Source: USDA, February 2009

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22
Chicken Segment
ƒ Vertically-integrated
y Process live chickens into fresh, frozen and FY09 Chicken Sales by Distribution Channel: $9.7bn

value-added chicken products Consumer 

Products
y Logistics operations to move products through 32% International
the supply chain 16%

ƒ Marketed domestically to food retailers,

foodservice distributors, restaurant operators and Deli
noncommercial foodservice establishments 13%
Foodservice
ƒ 16% of sales are International 32% Other
7%
ƒ Balance supply with customer demand

Operations FY09 International Chicken Sales: $1.6bn

ƒ Operate mills to produce proprietary scientifically Mexico
formulated feeds 26%

Russia
ƒ More than 6,000 independent contract growers 10%

ƒ 63 processing plants, including 17 pet food operations

and poultry further-processing China
14%
ƒ FYE09 weekly production – 43 million birds Other Angola 4%

ƒ FY09 – Initiated a turnaround in our Chicken segment

42% Brazil 4%
DRAFT
that we believe is poised to pay-off in the years ahead 23
Vertical integration
Cobb-Vantress
provides grandparent breeding stock

Pullet Farm
pullets grown to 20 weeks

Feed Mill Breeder Farm

produces scientifically formulated pullets become productive at 26 weeks
feed for pullets and growers

Hatchery
eggs are in hatchery for 21 days

Broiler Farm
broilers reach market weight in about 46 days

Processing /
Further-processing Plant

Distribution
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24
Beef Segment
FY09 Beef Sales By Distribution Channel: $10.8bn*
ƒ Process live fed cattle, do not raise cattle

ƒ Fabricate dressed beef carcasses into primal and Food Service

sub-primal meat cuts and case-ready products 28%
Consumer 
ƒ Segment also includes sales of allied products (hides Products
58%
and variety meats)
International 
ƒ Marketed to food retailers, foodservice distributors, 11%
restaurant operators and international Other
3%

*Excludes discontinued operation

Operations FY09 International Beef Sales: $10.8bn*

ƒ Strive to be low-cost, high-revenue producer in the
regions we operate China 
12%
Mexico
13%

ƒ 12 processing
i and d further-processing
f th i plants,
l t including
i l di Vietnam 
4 of the industry’s largest, strategically located in high South Korea 10%
14%
supply regions Taiwan
7%
ƒ Reduced slaughter capacity and eliminated 2 million
Japan 6%
Japan 6%
h d off capacity
head i ini four
f non-competitive
i i plants
l
Canada 5%
between 2006 and 2008 Other
50% Italy 4%

ƒ FY09 average weekly production: 139,300 head *Excludes discontinued operation

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25
Tyson Beef Processing Business Model

1,500
1,450
1,400
1 350
1,350 Total Revenue
1,300
$/Head

1,250 DROP
C t t
Cutout
$$

1,200
1,150
Cattle Cost
1,100
,
1,050
1,000
06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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26
Pork Segment
ƒ Process live market hogs, do not raise hogs directly
FY09 Pork Sales By Distribution Channel: $3.4bn
ƒ Spread business, revenue drives the cost of goods
sold
ld International 
20%
ƒ Fabricate pork carcasses into primal and sub-primal
cuts and case-ready products Consumer 
Products Food Service 
ƒ Marketed to food retailers, foodservice distributors, 54% 14%

restaurant operators and international

ƒ Hog supplies expected to decline but remain Other
12%
adequate
ƒ O
Ongoing
i strong
t product
d t disappearance
di
Operations FY09 International Pork Sales: $668mm

ƒ Strive to be low cost high revenue player in the regions Mexico Canada 
we operate 22% 16%

ƒ Hog supply is obtained through various procurement

China
agreements with independent producers 11%

ƒ 9 processing and further-processing plants Other 4%

South Korea 4%
ƒ Around 391,800 head weekly production in FY 2009 Japan Russia 3%
40%
DRAFT
27
 Tyson Pork Processing Business Model

220

200
Total Revenue
180
DROP
$/Head

160
Cutout
$$

140

120 Hog Cost

100
06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

DRAFT
28
 Prepared Foods Segment
ƒ Our Prepared Foods products include: FY09 Prepared Foods Sales by Channel: $2.8bn
y Beef and pork pizza toppings
y Pizza crusts
y Deli meats and hot dogs Consumer 
y Fully-cooked dinner meats Products
37%
y Soups and sauces
ƒ Market to retail grocers, foodservice distributors, Foodservice
59%
restaurant operators and on-site foodservice
establishments Other 2%
International 
ƒ Main supplier of pepperoni and other meat toppings 2%
to the foodservice pizza industry
ƒ Second largest manufacturer of flour and corn tortillas FY09 International Prepared Food Sales: $65mm

and chips in the United States Canada

ƒ Leading supplier of bacon and hams to foodservice

23% Other
14%
industry
ƒ Strong operating performance in FY09
South Korea
Æ within 4-6% normalized operating margin range: 9%
ƒ FY09: 4.7% ($133mm) Mexico
Puerto Rico
ƒ Q4
Q4’09:
09: 5.3%
5 3% ($39mm) 40%
8%

ƒ Expected FY10 ↑ in raw material cost, mitigated by Japan

6%
move from fixed-price to formula-based contracts DRAFT
29
 Discovery Center:
Innovative Food Solutions…
Tyson Discovery Center •Visited by nearly every major
– 19 Kitchens with a total of 20,000 customer to work with the Tyson team
square
q feet of kitchen space
p

– 40,000 square foot USDA inspected

pilot production plant

– 40,000 square foot Office Space

including Sensory Area
Area, Consumer © Sam Fentress / Courtesy HOK
Focus Group Room and Meeting
Space

Solutions in Food Service Solutions in Retail

NEED
NEED: FFoodservice
d i O t
Operators d products
need d t ththatt are NEED
NEED: C
Consumers wantt upscale
l fl d restaurant
flavors and t t
perceived as a good value for their customers, but quality, but time and money are in tighter supply
without compromising quality or increasing food costs
SOLUTION: Tyson Consumer Products uses consumer
SOLUTION: Tyson Foodservice launches “Value” line of insights and Culinary expertise to enhance the line of
chicken and beef items that help Operators appeal to the Tyson Dinner Meats giving consumers the most flavor for
t t b
taste buds
d andd pocketbooks
k tb k off th
their
i customers
t their dollars
Shaved Steak Beef

Ri ht Si
Right Size Filet
Fil t

DRAFT
30
…Have Led to Quality Customer
Relationships
Foodservice Retail

g
o

DRAFT
31
 Growing an International Enterprise

China
Mexico

India
Brazil

Argentina

FY09 International Sales: $3.4bn*

ƒ Exports to more than 90 countries
ƒ Production locations in five countries outside of U.S. Mexico China 
21% 13%
• Mexico: Expanding presence
• Brazil: Domestic and export diversity through strategic Japan
10%
acquisitions
South Korea 
• Argentina: Beef operation 6%

• China: Partnering for success in foodservice and retail Other

40%
Russia 5%
Canada 5%
• India: Capturing strong growth
*Includes U.S. exports and foreign produced; excludes 
discountinued operation DRAFT
32
Renewable Products Platforms
Core Business New Platforms

Meall Neutraceuticals
i l

Fat Pet Products

Feather-meal Keratin/Biotech

Mech. Sep. Chicken Renewable Energy

Dynamic Fuels process diagram
Renewable

Wet Pet Food jet fuel

Animal fat

Meat processing Renewable

plant diesel

Biorefinery

New platforms’ sales and cash flow will be additive to our strong performanceDRAFT
33
Capital Structure Overview
 Capital Restructuring
September 2008: STOCK AND CONVERTIBLE SENIOR NOTES OFFERING
‰ Issued 22.4 million Class A Common Shares at $12.75
$
‰ Issued $458 million in 3.25% Senior Convertible Notes due 2013

March
M h 2009:
2009 HIGH YIELD BOND OFFERING AND ABL CREDIT FACILITY
‰ $810 million bond offering:
• 10.50% coupon; $92.756 issue price; 12.5% yield at issue; 5 years (2014)

‰ $1
$1.0
0 billion
billi ABL credit
dit facility:
f ilit
• Replaces company’s previous $1.0 billion revolving credit facility
• Secured by company’s domestic cash, accounts receivable and inventory
• Guaranteed by substantially all domestic subsidiaries
• Matures
M t M h 9,
March 9 2012

‰ 3 Major Capital Structure Goals Achieved:

1. Secured Liquidity Æ $1.9 billion as of 10/3/09 (including restricted cash)
2 Ensured
2. E d Financial
Fi i l Flexibility
Fl ibilit
3. Addressed more than $1.8 billion in near-term debt maturities
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 Snapshot Of Capital Structure
Capitalization ($ millions) Ratings

As of 10/03/09 Moody’s S&P

7.95% Notes due 2010 $140 Corporate Ba3 BB
8.25% Notes due 2011 $839 Senior secured Ba2 BBB-
$1.0 Bn ABL facility due 2012 - Senior unsecured1 Ba3 BB
10.50% Senior notes due 2014 ($810 less $54 OID balance) $756 Senior unsecured B2 BB
7.85% Senior notes due 2016 $922 Outlook Negative Negative
7.00% Notes due 2018 $172 (1) TSN 7.85% 2016 notes, guaranteed by Tyson Fresh Meats, Inc.
7.125% Senior notes due 2026 $9
7.00% Notes due 2028 $
$27
3.25% Convertible Senior notes due 2013 $458
GO Zone tax-exempt bonds due 2033 (0.10% at 10/03/09) $100
Other $129
Total Debt $3,552
Less: Cash ($1,004)
Less: Restricted Cash ($43 for DF plant & $140 for 2010 Notes) ($183)
Net Debt (after Cash and Restricted Cash) $2 365
$2,365
Market value of equity (As Of 10/03/09) $4,639
Total capitalization $7,020

Major debt maturity schedule by calendar year ($ millions)

Convertible Notes ABL Senior notes

$839 $1,000 $8100

$8 $923
$458
$140 $174
2010 2011 2012 2013 2014 2015 2016 2017 DRAFT
2018

36
Tyson Corporate Structure
Legacy TFI  TFI 7.85%  Recent HY  Legacy IBP (TFM)  ABL Credit 
Notes Notes (1) Notes Notes Facility
Issuer: TFI TFI TFI TFM TFI
Maturities: 2011, 2013,  2016 2014 2010, 2026 2012
2018, 2028
Rating: B2/BB(2) Ba3/BB Ba3/BB Ba2/BBB‐ NR/NR
Outstanding(3):  $1,496  $922  $756  $149  $0 (undrawn)
(million $)

Credit Enhancements
Guarantors:
Gua a to s: None
o e TFM TFI's Domestic 
s o est c TFI TFI's Domestic 
s o est c
Subsidiaries(4) Subsidiaries(4)
Collateral: None None None TFM's domestic  TFI's domestic 
cash, AR, Inv  cash, AR, Inv
(second priority)
(1) On is s ue d ate, co up o n rate was 6 .6 %, b as ed up o n then Baa3 / BBB rating . Increas e d ue to co up o n s tep -up /d o wn o f 2 5 b p s fo r each rat ing s d o wng rad e/ up g rad e.
(2 ) TSN 2 0 13 co nvert ib le no t es are no t rat ed b y M o o d y's .
(3 ) As o f 10 /0 3 /0 9 .
(4 ) Sub s tant ially all d o mes tic s ub s id iaries .

TFI  =  Tyson Foods, Inc.
TFI Tyson Foods, Inc.
TFM  =  Tyson Fresh Meats, Inc.
IBP  =  IBP, inc. (f/k/a Iowa Beef Processors, Inc.), now Tyson Fresh Meats, Inc.
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 Despite Volatile Commodity Markets, Tyson
Has Been Disciplined in Net Debt Reduction

($ millions)
5,000
Net Debt
4,500

4 000
4,000
↓ $2.3B since
3,500 2001 IBP merger

3,000

$4,707
2,500

2,000

$2,646
1,500 $2,365
$1,498
1,000
FYE 00 FYE 01 FYE 02 FYE 03 FYE 04 FYE 05 FYE 06 FYE 07 FYE 08 DRAFT
FYE 09
38
Operating Margin Adjustments
Adjustments
2005 - Chicken excludes plant closings $2.3 MM.
2005 - Chicken excludes plant closings of $10 MM.
2005 - Chicken excludes plant closings of $0.7 MM and hurricane charges of $8 MM.
2006 - Chicken excludes severance charges of $3.6 MM, obsolete inventory write-off of $3.0 MM and plant closing costs of $2.4 MM.
2008 - Chicken excludes severance charges of $2.3 MM.
2008 - Chicken excludes plant closing and software impairment of $18.5 MM.
2008 - Chicken excludes land impairment of $6.4 MM.
2005 - Pork excludes live swine settlement of $33 MM.
2006 - Pork excludes severance charges of $0.9 MM and obsolete inventory write-off of $0.5 MM.
2008 - Pork
P k excludes
l d severance charges
h off $0.6
$0 6 MM.
MM
2008 - Pork excludes fixed asset write-down of $3.8 MM.
2006 - Beef excludes plant closings of $45.4 MM.
2006 - Beef excludes severance charges of $3.6 MM, obsolete inventory write-off of $1.9 MM and plant closing costs of $1.6 MM.
2008 - Beef excludes severance charges of $2.3 MM.
2008 - Beef excludes plant closing and fixed asset write-down of $24.6 MM.
2008 - Beef excludes intangible asset impairment of $7.752
$7 752 MM.
MM
2009 - Beef excludes $560mm goodwill write-down.
2005 - Prepared Fds excludes gain of $1.7 MM.
2006 - Prepared Fds excludes plant closings of $14 MM.
2006 - Prepared Fds excludes severance charges of $0.9 MM, intangible asset impairment of $3.2 MM and obsolete inventory write-off of
$1.5 MM.
2008 - Prepared Fds excludes severance charges of $0.6 MM.
2008 - Prepared Fds excludes flood charges of $7 MM.
2008 - Prepared Fds excludes intangible asset impairment charges of $2.5 MM.
2009 - Prepared Fds excludes $14.9 MM plant closings.

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