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TSN - Tyson Foods Investor Day - Morning Session

EVENT DATE/TIME: DECEMBER 10, 2014 / 2:30PM GMT
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DECEMBER 10, 2014 / 2:30PM, TSN - Tyson Foods Investor Day - Morning Session
CORPORATE PARTICIPANTS
John Tyson Tyson Foods, Inc. - Chairman
Donnie Smith Tyson Foods, Inc. - President & CEO
Dennis Leatherby Tyson Foods, Inc. - Finance
Sally Grimes Tyson Foods, Inc. - Insights, Innovation, R&D, Retail Sales, & Global Brand Strategy
Andy Callahan Tyson Foods, Inc. - Retail Consumer Brands
Mario Valdovino Tyson Foods, Inc. - Corp. Executive Chef & Director of Culinary Innovations
CONFERENCE CALL PARTICIPANTS

Ken Goldman JPMorgan - Analyst
Farha Aslam Stephens Inc. - Analyst
Brett Hundley BB&T Capital Markets - Analyst
Rob Moskow Credit Suisse Securities - Analyst
Adam Samuelson Goldman Sachs - Analyst
Michael Piken Cleveland Research - Analyst
Diane Geissler CLSA - Analyst
Akshay Jagdale KeyBanc Capital Markets - Analyst
PRESENTATION
Unidentified Company Representative
Good morning, everyone, good morning. I wonder if I could have your attention now for a brief announcement.
Our remarks today include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are
subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. I encourage you to read
today's press release and our filings with the Securities and Exchange Commission for a discussion of the risks that can affect our business.
To provide a framework for our commentary, fiscal 2014 included one month of Hillshire results, but for the purposes of looking back on the year
we will speak to adjusted results of that exclude Hillshire. For GAAP results and adjustment reconciliations, please refer to today's presentation
materials. Thank you and shine on.
John Tyson - Tyson Foods, Inc. - Chairman

Good morning, and welcome. We really appreciate you taking time to come to the New York Stock Exchange to hear about Tyson Foods and this
new Company. Whether you are a sale side analyst, a long-term investor or you were a Hillshire branch investor who wants to get a better
understanding of the potential of this new Company, we thank you for being here and hope you find today a productive use of your time.
2015 will mark the 80th anniversary of Tyson Foods. My granddad John started this Company in 1935 because times were hard and he was looking
for a better way to provide for his family. He had an ideal and, more importantly, the courage to make it happen.
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He created a Company to solve consumer and market needs and at the time he started he was a trucker. That led him to hauling chickens from
Northwest Arkansas to Chicago and, as the story has been told to me, he made $235, kept $15, wired the rest home and the rest is history, as they
say.
If granddad were alive today he would be amazed at how the Company has changed from the 100,000 dedicated team members and five generations
we employ today to the millions of people we feed around the world to our involvement and service in hundreds of communities.
He would be proud of the Company, not just because of its size, breadth of products and brands that are household name, but because we still do
business the way he taught all of us to do it, with integrity and trust.
A lot of you knew my dad, Don, who took the business to a new level in the 1970s and 1980s and 1990s through acquisitions, expansions and
innovation in the chicken business and beyond. I can tell you dad was always thinking about consumers and how we would get more chicken on
their plates. And if you remember his famous quote: Segment, concentrate and dominate while coming up with convenient, great tasting products.
He succeeded because he had the courage to solve customer needs, to invest for the future before our competition did, and to surround himself
with talented people who shared and executed his vision.
Having been in this family business since I was 13 I have learned you keep growing or evolving or you lose control of your destiny. We grew beyond
chicken to become one of the biggest beef and pork producers by acquiring IBP, thus being responsible for our destiny and our future.
We've always had a bigger vision at Tyson Foods, a vision to stabilize and enhance our margins. Over the past several years this Tyson team has
done an outstanding job of putting us in a position to consider options.
With discussions coming out of our strategy (technical difficulty) work it became clear that a transformation to the CPG space was needed. And in
our mind we made a great strategic decision.
So if you think about Tyson Foods' bold moves there are many, but there are three that stand out in the past 25 years: Holly Farms, which in 1989
made us number one in poultry; then IBP in 2001, which made us a leader in the production of all three main proteins; and now Hillshire, which in
2014 creates a branded Company with number one or number two brand in 13 core categories.
It's an exciting time in that we now have a house of brands versus a branded house -- a house of brands versus a branded house to maximize our
portfolio opportunity. We will focus on creating consumer demand, not just consuming supply. And we will deliver a total value proposition to
consumers beyond just price and product while maintaining our competitive advantage as the best and largest American owned producer of
chicken, beef and pork.
Throughout the day you are going to hear how Tyson's leadership team is combining these companies, capturing synergies, creating value. After
hearing from this uniquely qualified group I think then you will share my confidence in why the future is truly exciting and, I can tell you, it's going
to be a whole what a fun.
Both as Chairman and speaking on behalf of the family, I am very optimistic about the future of this great Company. Our family is committed to
Tyson Foods, which is why we allowed the Company to issue equity to help finance the Hillshire acquisition. We were willing to take dilution in
order to strategically grow the Company, thus controlling our destiny.
It was almost 4 years ago that we lost dad and shortly after that my family and I had an important decision to make about our role in the Company.
Sell it or influence the future. We decided to stay involved, use our role to shape the future and be part of the discussion as society debates what
global food systems and animal agriculture are going to look like.
We believe that our family, the Company and its leadership have the obligation to be a leader in this discussion with the family always having its
eye on the longer-term, not quarter to quarter.
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Tyson Foods has been around for 80 years, long enough to know that success comes from being focused on the future, not on the past. We are
excited about what is ahead, our ability to provide great products for our consumers, provide solutions for our customers, create values for our
shareholders, my family included.
I want to thank you, I want you all to enjoy the day. This is a heck of an exciting new Company. And in a few moments you're going to hear from
our newest Board member, Donnie Smith, and this management team about this great Company. Thank you.
(Video in progress).
Donnie Smith - Tyson Foods, Inc. - President & CEO

(Video playing). It is an exciting time for our Company. By combining Hillshire Brands and Tyson we are really combining two great companies into
one. And now we are perfectly aligned to meet the consumers' needs and it is really the consumer that drives our business.
So if you look at the depth and the breath of our portfolio and the unique capabilities we have, it is really unmatched in the industry. Nobody else
has that. So we are built for growth and it is going to be an awesome ride. (Video ends).
Good morning. Hey, thanks for coming today; this is going to be a lot of fun. There's two words that you are going to hear a lot today. One is synergy,
the other is growth. So we are going to talk about how we will drive top-line growth with insights and innovation in building these great brands.
We'll also talk a lot about how we are going to drive bottom-line growth with synergies, with operational expertise and with great execution.
Today is going to be a little bit about what we're doing today, but a lot about where we are going into the future. We talk about ourselves a lot
now as Tyson 2.0. We are thinking big, we're thinking long term and this great team is working really aggressively to build our business. So today
we're all going to introduce you to Tyson 2.0. We are going to introduce you to our recipe for success.
2014 was just a great year for our Company. It was a record year in a lot of aspects. And the Hillshire acquisition was obviously the capstone event.
And because of that we have been able to set higher growth expectations for our future. And you will hear a lot about that today. Our objective is
stable, predictable, sustainable growth.
Now structurally the demand for protein continues to increase, both domestically and globally. So while others in the food industry seem to be
struggling a little bit about their growth opportunities, we are very confident about our ability to grow.
Because our focus is on the consumer and the types of protein they want to eat, the forms they want to eat it in and the places they want to eat it
at. We've got the depth and the breadth of a portfolio that can reach customers at all dayparts, at all meals occasions whether they are at home or
away from home with a lot of different options.
It's a great time to be at Tyson. We think we are your best food investment. If you think about it, we have all the tools in the toolbox to be able to
deliver consistent growth and higher, less volatile earnings over time.
A few years ago we told you that we were going to focus on accelerating growth in value added poultry and in Prepared Foods. And I think obviously
the Hillshire acquisition was a show of confidence about us continuing down that path. These great brands offer consumers great high quality,
great tasting, easy to prepare meals.
So the big take away today I think for you will be how we are going to grow those brands. And you are going to hear from Andy Callahan in a little
bit and he is going to walk through our brand building capabilities. Of course, one of the ways we will do that is through innovation.
Sally Grimes will come up and she is going to describe for you the innovation engine that drives our go-to-market strategy. So, you are also going
to have today, by the way, the opportunity to taste a lot of the great food. Our executive Chef, Chef Mario Valdovino, and several of his chefs will
be here today. And the general managers of our brands are here today.
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So when we have food occasions and an opportunity for you to try that food, they will be around to answer your questions about innovation and
insights and how we are going to grow these brands and about that food.
Some of the food we will be serving is obviously going to be chicken. And chicken demand, chicken consumption is up. We see chicken consumption
up at least 3% or so for the next few years out in the future.
And interestingly, demand for chicken is up in the categories that drive meaningful margin expansion for us, particularly value added poultry and
our tray pack -- our retail tray pack business. We are now the number one brand and tray pack, retail tray pack fresh chicken with about a 12 share
and we are the number one brand in frozen fully cooked chicken at retail with a 50 share.
Now if you look at elevated beef prices, coming into this year beef supply will be down about 5% or so versus last year. Next year, because we
already see the calf crop, we know that next year's beef supply will be down another 4% or so. So elevated beef prices are here to stay for a while.
It would take us several years, maybe out to 2020, to be able to grow the supply of cattle back to an FY13 number. So we are going to have high
beef prices for a while and that is going to provide an umbrella for chicken, Prepared Foods and pork prices for the next few years. And that is part
of what is driving consumption.
If you go back to as far back as 2007 when we first saw the per capita consumption of protein in America drop, and it has dropped, by the way,
every year since. In each of those years we kept looking for chicken demand to increase, but it wasn't driven by that because people traded down
within the categories.
This year we have seen that legitimate shift, we have gotten to an elasticity in price whereas consumers are making the shift. And we think that
opens up a lot of opportunities for us to grow our business and to grow it in a more profitable and less volatile way.
By the way, we will talk to you today about synergy targets and we've said that we will have at least 225 this year and that will grow to at least 500
or more by the end of the third year. But in that we don't have anything calculated for the raw material utilization impact of combining Hillshire
with the Tyson business.
And so, Donnie King and his team will come up and sort of have a fireside chat, if you will, on the stage later in the day and they will talk about that
raw material utilization and what that can mean to our Company.
You are also going to hear from Sara Lilygren. You know, Sara is over our corporate affairs. And we are taking a lot of steps today to protect our
Company's reputation and to protect the reputation of these brands. And it is more and more important today in the age of social media than it
has ever been before.
By the way, if you are active in social media, we are tweeting live from New York Stock Exchange today. So feel free to join in the conversation. You
will see my Twitter account, I've already had my picture taken with the sun, and it is out there. So join in the conversation, okay.
Dennis will come up just after me and he will give you the CFO report. And Dennis will detail for you how we are going to rapidly delever and then
get ourselves in a position to be able to grow again as early as 2016.
Now obviously part of that deleveraging will be using the proceeds from the sale of our Latin American businesses. So let me take just a second
and talk about our international segment just a bit.
In Brazil, our business there was quite small and to grow that business organically was simply going to be prohibitively resource intensive. If you
look at Mexico, yes, we were number one in value added poultry in Mexico, but that segment had shown very little growth in the last few years
and it was targeted at a very small part of the population.
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So in Mexico we were a distant number three and we were going to be a distant number three in a predominantly commodity market. So when
we looked at the amount of capital that we were going to have to employ to get these businesses in scale, frankly the ROIC was just unacceptable.
Especially when you compare that to less volatile value creating options like Hillshire.
Now in China, as I said on the last call, we have put a temporary hold on our expansion plans there due to the decrease in demand. We just think
that makes sense. But I can tell you there will be growth in China.
And these food scares have proven that our model in China is the right model to have a controlled supply and take that from farm all the way to
the consumer where we can emphasize the safety and the quality of our food. That is a great model for Chinese consumers and we are dedicated
to that model in China.
So I think we have demonstrated that we are very disciplined in our approach to running our business. Our decisions are ROIC based. And we think
we offer the most ability and your best prospects for long-term growth. So today we don't really think of our earnings in terms of cycles, commodity
cycles.
Now obviously we buy input costs and we deal with commodity markets every day. But we have multiple levers to use to create stable earnings
that grow in spite of these daily challenges.
So I am very confident that the depth and the breadth of our portfolio, our growth in value added poultry and Prepared Foods, our stable of
well-positioned brands, the tremendous innovation engine that fuels that brand growth, our unparalleled temperature control distribution
capabilities, the category leadership and the category captaincies that you will hear about just a little bit later, and then obviously the synergies
all create great levers for us to unlink us from commodity volatility.
Let me talk a little bit about our synergies. John has said as he surveyed many of you before today, that there is some skepticism about our synergy
capture. And so each of the speakers that you will hear from today will talk about synergies in or related to their area. And then went Donnie and
his crew come up for the fireside chat, they are going to give you I think the detail that you are looking for around our synergy capture.
But from my standpoint I wanted you to know this. We have got a dedicated team now in the integration management office that is focused on
synergy capture. These folks have identified the synergies, they have created project plans to capture those synergies, and every not they deliver
reports to the integration management office about what they are doing to measure and track their progress.
And so, we know if anything slows down, we know when things are coming ahead of time. So we have very good visibility, which is one of the
things that gives us so much confidence in our ability to deliver these synergies.
In the first year our synergies will come from a lot of operation savings and you will hear a little bit about that, procurement of supplies, reducing
some redundance in some of our functions and those type things. And that will deliver at least $225 million in year one. Very confident that by the
end of the year three that we will have captured more than $500 million.
So today I think you are going to get the visibility that you are looking for to make sure that you -- you are as comfortable as we are about our
ability to capture the synergy.
Another thing that makes me so confident in synergy capture is how smoothly this integration has gone. Been around for a long time, a little over
34 years. And I have seen in that 34 years a lot of acquisition. And I will tell you, this is by far the smoothest integration we have ever accomplished.
We have an amazing team. We are better managed than we have ever been before. We've got a better portfolio than we've ever had before. And
you are going to get to meet this amazing team. And I think when you get to meet them ask them about what they do. They are very confident
and I think the more you get to know them the more confidence you will have in our ability to deliver these results.
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So Tyson 2.0, as we like to call ourselves now, is really built for growth. We often use a phrase one plus one equals three. And here is what we mean
by that.
So when you take this best-in-breed food processing business and then you combine that with this best-in-breed brand building capability and
this great group of brands that are very well-positioned in very good growing categories and you put that together, that gives us a better opportunity
for growth in the future that will produce higher earnings and less volatile earnings.
We've got great brands. We've got the number one brands in several categories and you will hear about that today. But number one in breakfast
sausage, number one in fresh chicken, number one in frozen fully cooked chicken, number one in frozen breakfast, number one in hot dogs, number
one in smoked sausage, number one in corndogs, number one in super premium sausage. And all of these categories have meaningful growth
opportunities in the future.
So when you look at depth and the breadth of our portfolio and combine that then with the strength of our brands, that really sets us apart. Because
we can deliver what the consumer wants at every meal occasion wherever they are. So really we create value by intersecting with the consumer
in all dayparts wherever they are, whether they are eating at home or away from home.
And when we intersect with them we intersect with them with meaningful benefits. Those meaningful benefits create value for them and that
creates higher sustainable profitability for us. And we intersect with those consumers more often than anybody else. So over time this insights
driven consumer centric branded poultry and Prepared Foods business will continue to grow as a percent of our total portfolio, again driving
consistent growth and higher, less volatile earnings.
Today I couldn't be happier to be able to showcase this great team that is going to deliver those results. I think you will very quickly see they are
very, very talented. But you are also going to see that they are very focused and they are very aligned.
We like to talk about having unfinished business. And I think you will find that we are very focused and very aligned in growing Tyson Foods as
the clear leader in protein centric food expectations. Thanks. Dennis just reminded me I'm going to take questions, so I'm going to take questions.
QUESTIONS AND ANSWERS

Yes, sir.
Ken Goldman - JPMorgan - Analyst

Okay, Donnie, it's Ken Goldman with JPMorgan. Thank you for the question. As you think about the 3% demand number or more that you have
talked about (multiple speakers).

Ken, I'm sorry, I'm having a hard time hearing you.
Ken Goldman - JPMorgan - Analyst

As you think about that 3% plus demand number, can you elaborate a little bit? Is that just US? Is it global? Where do you get the confidence in
that from? I mean it can't just be, although it is part of it, that beef will provide the umbrella. Just help us understand that, I think that's a key part
of the story.
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Ken, great question and I probably should have clarified that. Thanks for giving me the opportunity to add a little clarity to that. So I'm just talking
domestic consumption in that. Although I do think you will continue to see global demand for poultry exports out of the US to continue to grow
probably on pace to what it has been doing.
Now let's back into that domestic number. So let's look at retail. So if you go to FreshLook Data, which includes now all of Walmart, all of Sam's, all
of grocery, SuperTarget, that kind of -- so it is a very good cross-section of demand for chicken at retail.
What you will see is if you go back through -- take the 12 months ended October compared to the 12 months ended October of year ago, demand
for poultry in that period time is up about 2.5%; beef, muscle beef, grinds and pork are down.
When you get into the most recent 6-month, 13-week and 4-week data it is very compelling that chicken continues to grow at a little over 3% and
beef, pork and ground beef continue to drop. And I am talking in terms of pounds.
Now let's talk about Foodservice side. So last year a lot of Foodservice operators, and I know many of you talk to them, they were a bit frustrated
because frankly there was not -- the raw material of chicken wasn't available for promotions and certainly the further processing capacity wasn't
available.
And they were a bit frustrated by that because frankly that left them with pretty strong ground beef as the only thing -- and maybe some shredded
pork -- that they could drive large futures with. Well now we are going to have a little bit more increase. We need -- we need more chicken.
And so we are going to have more chicken probably later in our fiscal year, maybe affecting Q4 of our fiscal year. But we are bringing on new FP
capacity now and in the spring to be able to meet that Foodservice demand and they want to feature chicken, they want to feature value added
chicken. So that is very, very good news for our business.
So that is why we say so optimistic for 2015 and that trend, we see it continuing on into 2016. And our buy versus grow strategy gives us an
opportunity to take advantage of that. Hey, Ken. And then Farha.
Unidentified Audience Member

Donnie, you talked about muting the volatility in your business model. The beef cycle and the chicken cycle obviously have been very extreme of
late, one being on the low side, one being on the high side. So when you talk about muting that, is it just offsetting each other's cycles? Or is there
something that you are doing in the business operations that should structurally change the cyclical nature to your operational performance?

I can't deny that there is not some structural in the market playoffs between proteins, right, can't deny that. But we have taken a lot of steps to
better position our chicken business to be able to grow.
And so I think probably the best answer to your question will come when Donnie and the group -- if you all will take a note of that and make sure
you address that in the fireside chat because you are going to have the people that are doing it up here on stage. So I will make sure that we get
that question answered for you there. Fair? Yes, Farha.
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Farha Aslam - Stephens Inc. - Analyst
You talked about, again going through on chicken, production being up to meet demand. But what are you thinking in terms of Tyson's further
processed versus your kind of raw meat supply? And could you just go through that buy versus grow strategy as we get into a higher supply market
or demand market for chicken.

Great question. Again, that one is going to dovetail pretty nicely into Ken's question, so I am hearing kind of the whole question all at once. So let's
do that. Donnie, if you will take a note and make sure that you all cover this end to end and how we manage buy versus grow and how that
advantages us versus our competition, that will be great. Okay. So we will get that -- you will get that answer before the end of the day. Okay? Yep.
Brett Hundley - BB&T Capital Markets - Analyst

Hi, Donnie, Brett Hundley, BB&T. A question on the synergies that you talked about and on the last call you talked about how they are going to
filter through into Prepared Foods and you see a 10% to 12% margin longer-term there once they are in.
Can you talk a little bit more about the sustainability of those margins thereafter going forward as some of this volatility continues across all different
proteins? And can you perform above that margin range going forward once those synergies are captured as well?

That is actually a great question. So, Wes, you have got that and Wes will add some color to that a little bit later in the fireside chat. But let me briefly
address that. So if you look at where the synergy captures are, they are inside the mechanics of the business. Right? If our synergies were more
focused on redundant functions, then over time that can change, right.
But when the synergies are actually in the mechanics of the business, in other words within the four walls of the plants, our ability to create more
efficiencies by streamlining production and taking -- like for example, our Cherokee plant, made hotdogs. Well, we can't shut down Cherokee even
if it's only running at 50% of capacity until we've got a place to run hotdogs.
Well, now we have great places to run hotdogs. So we can do that and gain that efficiency. Those efficiencies stay with us the entire time.
One of the things that I mentioned, and you will see more and more of its benefit to the business over the next three years as we get all the IT work
on and that kind of thing.
But we have an unparalleled temperature controlled refrigerated and frozen distribution network. It is a tremendous -- tremendous benefit to our
customers which will drive our service levels above the levels of others that provide products in the same categories we do, which is very meaningful
to the consumer. It is hard to sell it if it is not on the shelf.
And so we'll -- you'll hear Wes and the team unfold, Bernie and those guys unfold a little bit about that. But take comfort in their ability to continue
to drive earnings growth by the fact that they are in the mechanics of the business, they are in the four walls, they are in the distribution network,
those type things. So that is really good news for investors.
Rob Moskow - Credit Suisse Securities - Analyst

Thanks, it's Rob Moskow, Credit Suisse. If you look at industry egg set growth it is about 3%. And then there is productivity improvements also,
industry players growing bigger birds. I think I could see a vision, a supply scenario next year where pounds on the market of chicken are much
higher, 5%, 6%. And that is typically what has hurt the ability of the industry to be able to de-commoditize itself. Why is it different this time, Donnie?
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You got that one, Donnie? Okay. No, I tend to think that the supply around chickens is a pretty big issue for the group today. So let me say this, the
reason we can increase egg sets and chicks placed now is because we can, because we can offset production cuts that we took last year by just
not taking them this year.
When you get into January I think you are going to see those numbers slow down. So I don't agree that we are going to have a 5% or 6% scenario
coming in front of us. I hope we see 3% or so because consumption is going to be up that much and we need that.
And with our buy versus grow strategy we are never in a position to where we are selling excess meat on the market at low prices. And we have
now got the further processing engine ready to run, we just need meat to run through it.
So we are literally holding Foodservice customers off, we've had a production problem this fall. We are literally holding them off, asking them to
plan productions after the spring when we can put more productive capability into place.
So that is -- I mean I feel very, very confident in the fact that we are set up for the next two or three years and in great shape. Is my time guy there
getting nervous on me in the back? Am I still good on time? Okay, I am still good, let's go.
Adam Samuelson - Goldman Sachs - Analyst

Adam Samuelson, Goldman Sachs. Maybe this will come later when we have the discussion about raw material utilization with the Hillshire Brands.
But the focus in your remarks very clearly on chicken -- value add chicken, Prepared Foods and the branded transformation to a consumer package
goods business.

Right.
Adam Samuelson - Goldman Sachs - Analyst

Where do the beef and pork packing businesses fit in that long-term strategic plan?

Yes, that is a great question. One thing to remember about our Fresh Meats business, other than the fact that it is -- Steve, it is very efficient, it is
very well run and it is profitable is that it is the raw material source to provide all of the value to inside those brands.
So today cattle are moving towards our beef plants. Today our pork plants are situated in the great areas for pork production. So we have got the
opportunity and, by the way, those are very well run businesses and we continue every year -- I think if you study your models, we continue to
outpace the competition in terms of our profitability every year. A lot of that is cattle coming to us, but a lot of that is just the great way that Steve
and his group run those plants.
And so I think you should see that part of the portfolio as very well run, but very needed to add value to. And think about -- think about growing
these brands without any concern whether or not you have the raw materials to be able to grow them with. That is a great comfort, by the way,
to our customers.
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Michael Piken - Cleveland Research - Analyst
Michael Piken, Cleveland Research. Just wanted to sort of get your perspective on the -- what is the ideal operating environment across all proteins?
Like, is it better to have more supplies of red meat where you are non-vertically integrated and then maybe a more balanced supply of chicken?
Or how do you sort of think about it? Because in the past it seems like Tyson has done better when there is less overall protein on the market.
Thanks.

That is a great question. We've -- I think we've proven over the last five years that we can be successful whatever the scenario is. As cattle supply
tightens up we have done pretty good. Pork has been very good for us over the last few years.
So I don't want to say that we are indifferent. Obviously we convert a lot of meat into great value added branded products. But I think our positioning
over the last five years has positioned us -- if you think about going forward with less beef supply and what that is going to mean, we're well-positioned
for that.
As pork supply probably increases by 2% or 3% over the next couple of years we are well-positioned to take advantage of that. I've already mentioned
a couple times we need more chicken supply, that is coming so that is going to be great. We will buy it and add value to it and fill customer demand
with it. So I feel very good that we are properly positioned inside the environment that we will be working in over the next at least five years.
Oh, okay, good, thank you. The guy is holding up my sign out here. So I've got time for one last question real quick. And if not I'm going to get out
of the way and bring Dennis up.
Okay, good. Good, it will be a great day. Thank you for your questions and we will stay around. Please, please, please, do not leave here today with
an unanswered question, okay.
+++presentation
Dennis Leatherby - Tyson Foods, Inc. - Finance

(Video playing). One thing I would like investors to know is that we are not finished yet. We have the opportunity to expand and grow several great
iconic brands. We have very strong free cash flow, a flexible capital structure and we can continue to be very disciplined around capital allocation.
And lastly, our stock is an expensive relative to the branded packaged foods group as a whole. (Video ended).
Good morning. I would like to spend most of my time today looking forward, not back. But I would start by reminding you that for fiscal 2014 we
had record sales of over $37 billion. We had adjusted earnings per share of $2.94 a share, which was 30% increase over a year ago.
Over the last five years we been managing for stability, predictability and future growth. And with that we had the opportunity to make the
transformational acquisition of Hillshire Brands. So let's look to 2015.
As we said on our call, we expect $42 billion in sales driven largely by the Hillshire Brands acquisition, offset partially by the loss of sales from the
sale of our Latin American operations. Our EPS we expect to be in the $3.00 -- $3.30 to $3.40 range which will be at least 12% over 2014.
Now two years ago on our conference call at the end of fiscal 2012 we made the step that surprised some when we said that in the face of rapidly
rising grain costs we would have stable earnings that year and then start to grow 10% a year. So when I think about our 2015 when we achieve at
least $3.30 a share, that would mean since that call over the three-year period our compounded annual growth rate would be 19%. So we are really
on a nice track there.
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We're also investing heavily in our business. This next year we plan to spend $900 million on capital expenditures and that is up against depreciation
of $600 million. And the reason we are doing this is we have a number of great projects to drive operating efficiencies, trade up our mix and even
grow even more organically. So that is really exciting from my perspective.
And when I look at this and step back and see that we have free cash flow, that we expect to see more than $1 billion coupled with more than $500
million of proceeds from the sale of our Latin American assets. You can see that we have the ability to rapidly pay down debt.
That also means that we can improve our leverage ratio substantially. And so we're going to take that ratio down to 2 times by the end of fiscal
2015, that being net debt to EBITDA. We also increased two of our normalized ranges in our segments, the first is in chicken, we took it from 5% to
7% and we moved it to 7% to 9%.
How we got there was basically when we carved out the international business into its own segment, that alone kind of lifted historical results by
1%.
But then when you couple that with strong demand for chicken, especially with that beef umbrella that Donnie was talking about, our continued
improvements and product mix, our continued efforts to drive operational performance through performance metrics and other continuous
improvement projects, a shift of consumers to more toward dark meat, which lessens our dependency for export sales, and the fact that we were
able to reduce volatility simply by changing the nature and structure of our contracts with customers, we are able to lift that margin to 7% to 9%.
And personally I would like to think that over time we could even take it higher. But for now this is a good place to be.
I also would point out that we did say for 2015 we expect margins to be in excess of 10% because we are really in a great environment for chicken.
We also took up our Prepared Foods margin from 4% to 6% to 10% to 12%. And, Brett, maybe I can help you out a little bit by how we got there.
First off think about Hillshire, they typically generated operating margins of about 10%. Add to that the majority of that $500 million or more in
synergies and you can get there pretty easily.
Now, for perspective some people say $500 million seems an awful lot. But it is really not when you think about it in the context it is across the
whole Prepared Foods segment. And Wes is going to get into that a little bit later and what we are doing with the legacy prepared food segment,
what we are doing to drive synergies there, getting it back to what it was great at in Foodservice and private label, coupled with the combination
with Hillshire. So really good opportunity there.
Now a couple things that we don't have included in the synergies are the raw material efforts that we are working on right now. We are still working
on those targets and we're really not ready to put that into our synergy numbers. Nor do we have any benefits listed here for growth opportunities.
And Sally will tell you more about our process about how we are going to do that. As you saw in the Anthem video earlier, we are it at every meal
and we are at where the growth is in the store.
So let's talk about synergies. We talked about synergies of more than $225 million for fiscal 2015, and $500 million for 2017. And I will just give you
one simple one from my perspective. And that is when you simply look at duplicative overhead expenses and you look at kind of the fiduciary
expenses -- audit, Board fees, those sorts of things.
From that perspective I see more than $20 million in 2015 alone. By 2017 I see 2000 -- about $25 million or more. So what you are going to hear
later is the rest of the synergies are going to be in the form of how we leverage our scale -- the improved scale of these two businesses. I am pleased
to tell you that our businesses have very clear targets and we are on pace to achieve those targets.
So let me talk about the capital structure. A look at our debt towers indicates strength and diversity. And what you see up here is basically maturities
that cascade over 30 years. In the near term you can see that there is about $1 billion in bonds coming due from Hillshire and Tyson. And then we
have about $2 billion of pre-payable term loans.
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So when you think about it, if we are generating $1 billion in free cash flow and growing, add to it the $5 billion -- $500 million from the Latin
America sales and we could sequentially continue to grow free cash flow. We can knock those early debt towers down in a hurry.
We also will improve our leverage ratio. Over the past four years our leverage ratio was about 1 times. With the Hillshire acquisition we have taken
it up to about 3 times on a pro forma basis. And it should be about 2 times by the end of 2015, so it is rapidly deleveraging. And that puts us in a
position to grow again through acquisitions and make good use of our capital structure.
So our priorities for cash remain first to repay debt, maintain a strong balance sheet, we are going to maintain our focus also on strong capital
allocation. We have a lot of high return projects in our capital expenditure program. Over the last four years we averaged about 23%, this coming
year about a 20% MIRR. So we are really pleased with the opportunities ahead of us.
But we are also going to quickly be in a position to fund acquisitions again and be back in a position to start buying back stock and continue with
our dividends.
So I would like to close by just leaving you with a perspective that Tyson Foods truly is a growth story. We generate him of cash. We have stabilized
our earnings much more and we put ourselves in a position for strategic acquisitions. Especially in growth categories like value added chicken and
Prepared Foods.
I see a tremendous opportunity when people invest in our stock because we have an exciting future ahead of us as we execute our strategy and
create shareholder value. So with that I'm going to open it up for questions. Farha?
Farha Aslam - Stephens Inc. - Analyst

Dennis, you talked about $225 million plus in synergies for 2015. Could you share with us kind of the timing throughout the year of when you
expect to realize those earnings and savings? And particularly how they match up with D&A or particularly incremental D&A you might have with
the Hillshire business, particularly as it relates to this December quarter?
I think a lot of people have been asking me that question on how Hillshire will show in this December quarter and what that means for Tyson's
earnings here in the near-term first quarter.

Okay. And if I don't get all of the questions, keep me on track. So first off, Hillshire will be reported as part of our Prepared Foods segment, so it will
be part of that collective group. So it will not be standalone, it will be part of Prepared Foods segment as a whole.
In terms of the synergies, as you might expect, they are going to ramp up over the year. So it is going to be a bit of a back -- front half/back half
kind of story. We will kind of hit full flight by the end of the year, fiscal year, possibly even continue growing even at a greater rate in 2016.
So as you might expect, it takes a while to get some of those done. Some of it is for contract reasons, some of it is it just takes a while to get those
synergies put in place. But that is fairly normal. Ken?

So, keeping on the subject of the first quarter, we've seen some rather challenged industry beef and pork margins lately. And I realize that you guys
are in more advantaged areas of the country and therefore you've been able to sort of out margin the industry.
But can you talk about some of the pressures early on in the year without asking specifically about the quarter, just sort of how that might pace
throughout the year in terms of those two segment as well? And then I had a follow-up if I could.
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Repeat the back part of that question.

I'm just thinking about -- I guess I will be more simple. Beef and pork have been challenged lately, we can see that industry margins are difficult.
How might that affect Tyson early on in this fiscal year?

Well, certainly the beef business has -- as an industry has had some challenges. We continue to out index the competition. So I feel good about
where we are. Remember, we are a portfolio. So we have a tremendous portfolio of chicken business that's in great right now, doing very well and
continuing to get better.
Prepared Foods is ascending almost by the week as we kind of overcome some of the raw material costs that we talked about that were affecting
the front half of our year. So we feel very good about it. Pork is still pretty solid. I feel good about pork.

And then if I could ask a quick follow-up. The 10% each year guidance, are you sticking with that? I mean you have guided to growth in 2016, but
do you feel -- is there any reason to think that 2016 would not be able to grow 10% or above?

We certainly want to do that, we don't want to back away from that. Diane?
Diane Geissler - CLSA - Analyst

Thank you. It's Diane Geissler at CLSA. I wanted to ask about your comments about the delevering and internal growth prospects, in particular with
regard to the international segment and China with Yum! having another profit warning last night. The supply chain in China seems like there
needs to be more money spent in China rather than less.
I appreciate you are in a holding pattern, but can you just talk a little bit about how you are budgeting for your international group over the next
call it two to three years in terms of what you see as there is more consolidation in China and the industry begins to recover particularly on the QSR
side?
It seems like they would be running to you in terms of looking for supply rather than holding off. So could you just put a little bit more color on
that? It would be very helpful. Thank you.

Sure. The supply chain has been a challenge for us in China. We had thought that the customers would run to us as well. That's really not been the
case, maybe because of demand falling off so much had a play in that.
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As far as our investment in China goes, we are still going to be investing in China. We are not finished putting in all the chicken farms down that
we need yet. We are not that full capacity in those plants. So we still have more to do.
When we say that we are on pause, we are not going to go beyond that at this point in time because we don't see the demand and the customer
pulling for our products at this point in time. So it is more of a wait and watch and decide what we want to do next environment. Brett?

Thank you. I wanted to go back to Ken's question on 10% growth. Because in your video tie-in you talked about your belief that your stock is
undervalued. And I think there are some questions about just how to value Tyson Foods today given that Hillshire is now incorporated.
And certainly if you were to look at a DCF model or something like that and you were to bake in 10% growth, $2 billion in annual CFO, you can
argue for a stock in the 50s, same if you were to use relative multiples for legacy Tyson and Hillshire.
So without leading you too much, I obviously am, but can you talk about your own beliefs about your stock? And part of the assumption within
that, your growth going forward that can support your beliefs on your stock price?

Sure. And as the day goes on you are going to hear from the team some really exciting things that are going to be happening. So when I think
about 2016 -- and I don't really want to steal Noel's thunder, but there's a lot of good things going on in chicken alone.
There is going to be more further processing capacity. We are going to have a tray pack plant fully up and running that's been converted from a
different bird class that will impact 2016. We'll continue to drive continuous improvement projects that halo, if you will -- high beef prices is still
out there and it is not going away. So that is going to help elevate chicken prices.
Prepared Foods with the branding efforts that innovation that Sally and Andy drive are going to add top-line growth with good margin structure.
Our synergies are going to keep growing. We are going to pay down debt pretty rapidly, so there is going to be a fairly significant increase or
decrease in interest expense. As the stock price rises the TEUs come down as much as 7 million or 8 million shares from where we are right now.
Then in 2016 we are going to be in a position to buy back stock. So there is a lot of things going on that give me optimism that we can keep this
going. And couple that with any kind of M&A that fits what we need to do in value added chicken and Prepared Foods and we just keep adding
to that base in a nice way. Does that help?

That does. And just as a very quick follow up, your legacy Prepared Foods had some nice positioning in the Foodservice area, Hillshire has a nice
presence at retail. As you look to eventually do more M&A in Prepared Foods, are there any areas that you could not get bigger in? Or do you see
yourselves having a pretty wide canvas as far as being able to scale up?

There is a pretty wide range of possibilities there. I wouldn't really -- don't want to go into those. But we are really excited about our future.
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Hi, Dennis. As you talked about priorities you talked about debt pay down and acquisitions seemingly first, dividend/share buybacks after that. As
part of Donnie's comments, he talked about greater stability, more predictable, etc., etc., which would probably lend itself to a more substantial
dividend policy going forward.
What is the dividend policy that you hope to get to? And from a share buybacks standpoint do you hope to offset, do you expect to offset dilution
in the interim anyway?

Great questions. As far as dividend policy goes, we really have just started in the past few years to bump up our dividend. And so that is something
that our Board and the management team talks about each year going into the next fiscal year. So we will continue to operate on that kind of a
cadence as far as dividends go.
Because really when we have such good growth opportunities ahead of us, our priorities really do need to be on spending our cash on growth.
Whether that be incremental CapEx like we are this year over and above depreciation or our M&A. So those would be our priorities.
As far as share repurchases go, would it be nice to buy back all those shares that we issued in connection with Hillshire? Absolutely. Just we don't
need to be time bound because growth is still our priority. Last question. Akshay?
Akshay Jagdale - KeyBanc Capital Markets - Analyst

Dennis, can you talk about your Chicken segment? I am just thinking of the volatility in the industry. So first, do you still believe there's cycles in
the chicken industry? And if so, what happens to the margins at the bottom of the cycle? So when the industry is bottoming in terms of its earnings
how does Tyson perform?
Obviously you've raised the average up at the top of the cycle, you are not where some other industry players are. So presumably the bottom has
come up a lot. But what is that number and what allows you to get there?

If I could I would like to have Noel, Donnie King and Bernie and Wes talk about that when they come up because they are prepared to answer that
question.
Akshay Jagdale - KeyBanc Capital Markets - Analyst

Last one for you then. On ROIC, I know you had mentioned a while ago that as a combined Company with Hillshire over time you would want to
be at double-digits. I mean you have held the asset now for -- owned it for a little bit. I mean, what are your thoughts on ROIC for the combined
Company, especially in light of what you paid for Hillshire?

Right. Last year we were about 21%, it is going to drop down to about 15%. The way I think about ROIC breakeven should be around 10%. So we
are still adding value and over time we want to get back to our 20%. It is going to take a few years but that is our goal. We are not backing away
from that one either. So, thank you for the questions and I'm going to turn it over to --.
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Unidentified Company Representative

Let's take a 20 minute break. We will be back at 10:50 and Sally Grimes is going to kick off innovation and growth. Thanks.
(Break in progress).
Sally Grimes - Tyson Foods, Inc. - Insights, Innovation, R&D, Retail Sales, & Global Brand Strategy
(Video playing). It's not about invention it's about innovation. And innovation is about monetizing ideas, ideas with impact, delivering choices to
our consumers, so they purchase our products and drive our bottom line.
We are really set up to deliver strategic consistency across the organization and we're also set up to get some early experiments in in terms of new
capabilities. So this group is all about delivering impact to the business and building leading edge capabilities. We are truly built for growth. (Video
ends).
Hello. Well it truly is a brand-new day at the new Tyson. And when I say brand I am referring to this exciting house of brands that is now combined
with what I believe are the best capabilities in the industry.
Now you heard Donnie and Dennis both reference our growth imperative. And I want to start by telling you about the unified team that we've
created to drive growth. Now the purpose of the new Tyson growth team is simple, it is to accelerate growth and drive impact for the business
through leading edge capabilities and exceptional execution.
I'm also going to tell you a little bit about our growth platforms and give you a sneak peek into some of our newest innovations. Finally, I want to
give you some early insight into the emerging growth synergies resulting from bringing together the assets, the capabilities and the brands of the
new Tyson. Now these are the growth opportunities that neither Company could have achieved alone.
So, here is our growth team. It is our virtuous cycle of driving growth for the enterprise. Now what we have done is unite all of the key demand
enablers of the business. This is the team that is charged with uncovering those provocative and those productive consumer insights -- innovating
and developing consumer preferred products, elevating our retail partnerships and connecting the right message to the right consumer at the
right time.
Now today I'm going to focus on insight and innovation. But first I want to mention just a few thoughts on marketing and on sales. First on marketing.
Everyone is talking about Big Data. But at Tyson we are focused on smart data. This is our partnership of our syndicated data house and our media
agency to allow us to code each household with purchase propensity data to target consumers cross channel.
Now taking this approach ensures that we are reducing wasted impressions and improving our efficiencies. And it also leverages the expertise of
our partners versus bringing the expense and the resources of managing Big Data in-house. And all that translates into profit. Our return on each
[map] dollar we spent last year increased 17%.
Now Andy Callahan is going to tell you more about this shortly, but Andy and I are very excited to continue this optimization as we expand this
approach to the full portfolio at Tyson.
Okay, I also want to mention the tremendous capabilities we have in our retail sales function. And what we do is provide compelling category
leadership platforms to our retail partners to grow their categories and ours.
And with the merger we have grown to 70 category captaincies and that includes new captaincies that we have just captured in the last 60 days.
And these are captaincies that Hillshire or Tyson couldn't have secured alone. And this is proof that our retailers are partnering with us because of
the capabilities and the value we provide.
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Okay, now to the heart of the presentation. I am going to start where it all starts and that is the changing consumer and market dynamics that
require our commitment to growth.
Now the transformational changes in the external environment represent many opportunities. The explosion of millennials, digital marketing, the
barbell economy. And for us the answer is simple, we follow the consumer -- from the modern family to the millennial mindset to the evolution of
eating. I want to spend just a few minutes sharing just a few of the facts that matter and shape our strategies.
First, the changing face of the consumer. Today only 20% of US households are a married couple with children. And millennials are 27% of the US
-- this is the biggest demographic in our history.
Next, altered shopping habits. Spending is up but shoppers are making fewer trips spread across more stores, formats and channels. And the
evolution of eating. The what, the when and the how consumers are eating is changing.
Nearly one-third of dinners today are eaten alone. And long gone are three square meals a day. The average American actually eats 4.9 meals per
day. And our on-the-go lifestyles, they are just leading us to fundamentally change the way we eat.
Finally, I want to mention the economic challenges. Today 6 in 10 households make less than $50,000 a year. But identifying insights is one thing,
leveraging those insights to create value is another. And I want to tell you how we do it.
And we start by aligning our strategies and our core capabilities with consumer and marketplace trends. But what is different is that we are able
to prioritize and optimize and quantify those opportunities using our proprietary tool, we call it the Tyson demand MAP.
What we do is we map the intersection of consumer behavior with the ability of an innovation to fit into people's lives. We understand the who,
the what and the why of eating and that allows us to identify the most compelling revenue growth and profit pools in the market. We developed
this in-house and it allows to focus and, importantly, increase the success rate of our innovation.
So it is with this confidence that we partner with our world-class scientists, nutritionists, chefs to develop innovation based in two state of the art
R&D centers in Springdale and Chicago. There we can move fast because we have the capability to leverage rapid prototyping and scientific
approaches to understand what is most important to consumers. I'm talking about techniques and sensory labs to get to the ideal new product
bundle.
Now we believe that measurements drive behavior, so we measure and we communicate our innovation performance through our innovation
vitality metric. It is the percent of our total revenue represented by the last three years of innovation launches.
So we currently project the combined Tyson retail package business will hit between 12% and 13% in fiscal year 2015. And our goal will be to hit
13% to 15% to achieve best-in-class in the industry. And we are confident we can get there.
Our foundation of deep insights led to the development of our new growth agenda. We have four key growth platforms across our enterprise and
I want to highlight them for you.
The first is what we call breakfast reinvented. Now over half of consumers want more options for frozen and refrigerated breakfast. So this one is
all about convenient, complete options to start the day right.
The next one we call smart shortcuts. Americans spend just 27 minutes per day total on meal prep. So this platform is all about delivering higher
quality, more unique meals without all the prep.
The third one we call purposeful snacking. 25% of consumers today are searching for protein on food labels and snacking has evolved from incidental
to purposeful, to satisfy cravings, to keep going in between meals and support overall health. So this is our platform for portable protein.
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And finally, holistic wellness. This is our focus on nutritious products for the most disciplined consumers across all day parts.
Now I want to showcase some of our recent launches. But before I dive in I think there is an important point to make. We actually don't have one
innovation pipeline at Tyson, we have many pipelines. One of the greatest assets of this Company is our diverse portfolio of category leading
brands. We won't just deliver new products, but a strategic sustainable pipeline of innovation for each of our brands to drive growth.
So let me start with the single biggest launch in Frozen Foods this year, the Jimmy Dean frozen sandwiches and bowls for lunch and dinner. Now
the fact that Jimmy Dean isn't just for breakfast anymore started with a very clear articulation and expansion of the frame of reference. This was
about moving beyond a product to the consumer experience and we have done this for each of our brands and Andy is going to share more about
that in just a few minutes.
Now this launch crushes perceptions that frozen food doesn't equal quality and we are off to a very strong start with strong incremental distribution.
In fact, this launch drove our total retail distribution points to increase nearly 9%.
Next, our Ball Park parks' finest hot dogs, they are made of nothing artificial combined with flavor adventure. Now it is the super premium hotdog
segment that is driving growth in the very mature hot dog category. And this was the only segment in which Ball Park didn't compete until now.
Trial and repeat of this launch is strong and it is outperforming all of our launch benchmarks.
And because Ball Park isn't just about a hot dog, it is about better guy food, we launched Ball Park frozen patties, and it has been a hit with sales
propelling it into IRI's top 100 new product pace setter list. It delivers on primary consumer drivers, it is flame grilled taste in just 60 seconds and
we're continuing to expand this successful line.
Next I will talk about Hillshire Farm, American Craft Sausage. This one addresses the need for simpler ingredient lines combined with authentic
delicious taste. Now this line is handcrafted in small batches from 100% pork and naturally smoked in our facility in Wisconsin where three generations
of expert craftsmen have been making sausage for more than 75 years.
Now also on Hillshire Farm, we know that about half of all lunchmeat consumers are looking for all-natural ingredients. And current lunchmeat
options were not meeting the need for a natural and great tasting product. Hillshire Farm naturals provides the cleaner label that consumers are
looking for without sacrificing on taste and quality.
Now it is early, but we haven't strong incremental purchases from a new consumer segment and 80% of consumers say it is better than they
expected.
Now on the Tyson brand, we are so excited to really step up the brand building and the innovation in the coming months. And this year we are
launching two new and exciting flavors for Tyson's Any'tizers line, garlic parmesan and bourbon barbecue. This addresses consumer desires for
flavor adventure.
Finally, Aidells, our all-natural and organic line up of sausage, meatballs and lunchmeat, this line is on fire. And now we are getting into breakfast
with Aidells with a line of all-natural Aidells breakfast chicken sausage with infusions like apple or maple to complement our expanded line of super
premium Aidells chicken lunchmeat and meatballs.
So even with such a robust pipeline we are always asking ourselves, what is next? So I'm going to give you a sneak peek into just a few of our
innovations that have not yet hit the shelves.
Now within our breakfast platform we will be launching Jimmy Dean Simple Scrambler's, here we are category creators. This will be a new category
in refrigerated breakfast, fresh complete breakfast made in minutes with high quality real ingredients.
Next, we are excited to build on our presence in the jerky category, leveraging the strong approachable equity of Ball Park to disrupt the fast-growing
on trend jerky category. Now this is big, the Ball Park brand benefits from high awareness, a consumer base who likes dried snacks and an equity
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around flame grilled taste. We are confident that Ball Park will grow the jerky category by broadening jerky appeal with flame grilled jerky because
meat from the grill just tastes better.
Now another snacking innovation is Hillshire snacking. It has been in test market for six months with strong performance. And it is ready to roll out
nationally. Hillshire snacking has not only delivered incremental sales to the category, but it has exceeded the competition in test retailers for both
incrementality of sales and overall size. So please be sure to pick up a protein snack pack on your way out today so you can give these a try.
And there is more. But I'm going to save it for your lunch and your dessert and your snacking experiences for the rest of the day. But before I come
to a close I want to talk about synergies. Now Dennis and Donnie reinforced our delivery of cost synergies and within the growth team we are
certainly contributing.
But our team is uniquely focused on growth synergies. Now there are some obvious cross-selling and cross merchandising opportunities, but it
goes way beyond that. Now our approach started with a strategic grounding in the products and the brands and the technical and manufacturing
capabilities of this combined enterprise. And we came up with six distinct synergy platforms for growth.
Now this was a significant cross functional effort. And then leveraging our demand MAP we were able to prioritize those initiatives based in part
on the size of the prize, and we are on our way.
We are not quantifying them today, but I want to start to bring them to life for you. Because our powerhouse combination is allowing us to leverage
opportunities like bringing the Tyson food service capabilities into retail now that we have so many more brands that can match up with those
products.
Another bucket is what we call big unlocks for our brands. For example, easy ways to make Mexican and Asian favorites at home, because now we
have the right combination of brands and capabilities to deliver.
Finally, now that we have so many more brands in the categories that we are -- and categories that we are share leaders in, we have started exploring
options to have additional value tiers. So this is a continuation of our good, better, best approach to category leadership.
So we are built for growth and, as Donnie said, this is just the beginning. It really is a brand-new day. I am confident about the future of this Company.
It is a privilege to lead and combine the capabilities of the legacy Hillshire and Tyson growth teams as we've chartered the course for the new
Tyson.
We have a new growth imperative, our team is in place, we have differentiated capabilities, a track record of results and a game plan for future
growth. So now what I would like to do is pass it on to my colleague, Andy Callahan. And after his remarks I will join him on stage for any questions.
Thank you.
Andy Callahan - Tyson Foods, Inc. - Retail Consumer Brands

(Video playing). Our portfolio is exciting. Not only do we have leading brands with Jimmy Dean, Ball Park, Hillshire Farm, Tyson, but we also touch
consumers across breakfast, lunch, dinner and increasingly with our innovation agenda, snacking.
So we have access to different protein types, leading brands and meat consumers across multiple dayparts. So we are well-positioned to grow and
profitably grow. And it starts with really understanding the consumer and bringing new products and supporting those products that are going
to be meaningful to them. We have a track record of being successful with that. (Video ends).
How is everybody doing today? I thought it would be most uncomfortable coming up and talking to the group, but I am pretty comfortable with
that because we have a good track record for success. I find it very uncomfortable watching myself on video after one take. I don't know if anybody
has that feeling. But thanks for coming here. I am going to talk about our growth model and what enables that and our proven track record.
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As Sally mentioned, we have a strong innovation pipeline. But equally important is we have a branded portfolio that is highly positioned to grow
and we have a proven track record of growth.
Now this requires a very strong commitment to growth and I'm here to tell you we have that and we have that stronger than we've ever had before,
whether it was Hillshire or Tyson. And to have that track record you need innovation. And innovation in this model is the lifeblood that drives brand
growth. And we will be relentless innovators.
Our vision within our consumer package goods group, which I lead, is to be the most innovative portfolio within packaged food. Now that is a high
ambition, but that is what enables us to keep that performance level and all of our businesses at the highest level of growth.
Now brand building is the path to value creation, it is not a cost of it. So if you are relentless innovators and you focus on brand building, we believe
that we will deliver top-tier performance. So we have very clear metrics to make sure that our teams deliver that.
We expect our branded revenue growth to be greater than the category growth in which we compete and we are in very large categories and they
are growing at a greater pace than the packaged foods in total. Our operating margins within our packaged food group will be 10% to 12% and
we will sustain that and invest to grow behind that.
But additionally, the quality of that growth needs to be very strong as well to make it sustainable. So we will continue to hold ourselves to investing
on average, and it may vary over time, but over time 6% of our revenue will be invested against our MAP. Now let me take a second to define MAP.
MAP stands for our marketing, advertising and promotion. And we define that as any dollar that goes specifically against a consumer, whether it's
advertising or promotion, but it excludes price reductions. So anything that reduces price. We want that to increase and we want it to be at a steady
pace of 6% to continue to build that equity. And when I talk about the growth model I will explain that more.
And as Sally mentioned, our refresh rate or our vitality index, the percentage of sales across our total portfolio that is driven by innovation of the
last three years will be 13% to 15%.
This is what we hold our teams to so that they are equally focused on delivering the growth, the profit, but making sure that those come in a quality
way so that over time we expect these to deliver top-tier performance within, as I mentioned, the consumer packaged goods space and ultimately
over time create great shareholder value.
Now, after our people our brands are our greatest asset. And we truly have a branded portfolio unlike any within the categories in which we
compete. You can see a visual of these brands behind me. Now let me going to them generally.
We have three $1 billion brands within the consumer package goods group. Now having $1 billion brands in of itself doesn't guarantee growth
and requires a commitment, as I mentioned. But it does -- is a testament of the existing consumer loyalty, certainly it enables customer partnerships.
And when you are large it enables a greater efficiency of our fixed assets whether it is through manufacturing base or other.
But we complement that with a portfolio of other brands that are also extremely strong. We have Aidells which is the leading brand and growing
faster within the premium sausage segment. Ball Park for example, the leading hotdog and increasingly broadening behind that. And some newer
up-and-coming like Van's waffles, Golden Island jerky and Wright bacon.
Now importantly, we are number one share in eight of our core categories. And we are one or two in 13 categories. And as I mentioned, this enables
really great partnerships with our customers.
Now not only is -- that is a static view of it. But when you look across the breadth of our portfolio, we are positioned to grow for two main reasons.
We are either in large penetrated categories, lunch meats is an example of that where the category penetration is at 86% but our branded penetration
is only 31%. So there is a significant amount of room to grow especially given the strength of our Hillshire Farm equity. Complement that with
innovation you can see the growth.
21
And for those who are familiar with our Jimmy Dean, which we talk about a lot, appropriately so, the categories of 38% penetration, our branded
penetration is 22%, but we are driving integration so there is a significant amount of opportunity to continue to grow that category and grow it
profitably and we do both. So our portfolio is well-positioned from a consumer standpoint to drive growth.
Now John mentioned it, Sally mentioned it, Donnie mentioned it -- our house of brands is different than a branded house. The reason for this is
that -- the reason why this is important is the portfolio spans across many meal occasions but it also importantly is many consumer segments. So
it gives us more opportunities to grow where consumers expect the equity to go.
We don't have to redefine the equity for a new consumer base and, as we know, that is always evolving, Sally mentioned that a lot. A perfect
example of that is within the sausage category. We have two branded equities within there, we have Aidells in the premium side and we also have
Hillshire Farm in the more mainstream category. They are very different consumer segments within one category.
And as a result we can innovate across both of them and then the results of those investments are incremental across our portfolio, they are not
competing with each other, they are very incremental. So we have a portfolio of brands that spans across all of the consumer segments. So our
capabilities are more highly leveraged across a broader base and also the return on those are highly incremental.
So in summary, when you look at our branded portfolio it is nice to look at, but it is also positioned for growth. We have leading shares in most of
the categories. We compete in categories with very high and very strong growth potential. And importantly, we have a house of brands. So we
connect with consumers with very strong equities across the full landscape.
Now for those who heard me present at the Hillshire IPO presentation this may sound familiar, but when we have a growth model that works we
continue to invest in it and we believe we have that. So it starts with a strong branded core. So we continue to spend a lot of our resources in
making sure that we have a strong branded core as a platform for growth.
And when I think the core I think about the fundamentals. Strength in the core means continuing to invest in the brands and I talked about our
MAP targets, that is why that is important. It means strong distribution of retail availability. And it means pricing to value of your equity. Not just
pricing to the market but pricing to the value or the benefits that you give to the consumer.
If you have a strong core it enables you to extend into adjacencies. It enables you to take these brands and build them where consumers expect
them to have. And we defined adjacencies either taking a brand where it currently competes and then moving it into segments within the category
or to moving it into completely different categories and you heard some examples of that from Sally.
Now, we are successful with that because we know how to build brands. We have a strong capabilities of understanding the consumer and having
strong insights with that consumer, we have strong capabilities to innovate against those insights.
And then we take those innovations, those insights, we communicate provocatively to consumers and then we nurture that into repeat purchases
over time. And it requires an investment to do which is why we have a commitment to consumer direct communication. But when done right over
time it pays back, have stronger equity and therefore a platform for larger value creation over time. And that is the model that we have.
And as a result over time we expect the portfolio to shift the total marketing spend that we spend, which is significant across our portfolio, as a
percentage of our revenue or sales to move from price reduction to MAP or consumer direct.
And when that shift happens it is enabled because you have a portfolio that not only has strong equity with consumers but the innovation provides
more relevant contemporary benefits that we have priced to value. And over time that is what keeps our business strong, it keeps our margins
where we expect them to be and creates value.
Now a fundamental to that, as I mentioned, is be able to have -- another fundamental of that core is having strong distribution. Sally mentioned
this. Over the past year or versus year ago year to date we have driven our distribution points five times greater than the categories in which we
compete.
22
Our customer team has specific targets not just on sales but the quality of those. And distribution is a significant target for our sales team to deliver
to make sure that the fundamentals are strong. We just don't put any distribution out there, we partner with our customers to make sure that they
are going to profitably grow our categories.
But if we keep the innovation strong and our brand strong then what is good for the distribution of the brand leaders will also profitably grow
those categories. That is why they are willing to partner with us and give us category captaincy, it is a very important relationship for us, but when
we both win this will happen. So five times greater is a significant focus and we will continue to focus on over time.
Now, when the foundation is strong and growing into adjacencies requires a change in perspective on the way we view our brands. And our brands
are ultimately a one-to-one relationship they have with consumers; they are not just a product management view. That is why we define our brand
leaders as brand managers.
So we do not think -- and this was an unlock for our innovation pipeline three years ago when you saw some of the new products, as Sally mentioned.
So Hillshire Farm is not sausage and lunchmeat, it is farm house quality meats. Ball Park, which originally was managed as a hotdog, is better guy
food for better guy time. And Aidells is a premium sausage, but it is really classic flavor reimagined for food loving explorers.
It sounds like a subtle change and it is, but it is a significant unlock on the ability to innovate often equity, which is a great asset and is very
monetizable, as Sally mentioned in her video. We are in the process of doing this with Tyson and Wright's, tremendous equity. The more I learn
about them, they are very strong equities and they have a significant potential to grow as well. So I am very excited about working on that.
Now all of this investment sounds great, but we continue to drive financial performance and that requires a relentless focus on efficiency. And
driving efficiency needs to be in the -- and it is, it needs to be in the fabric of everything we do.
So we fuel this growth by being efficient and I think about efficiencies, and our team does, in two big buckets. Making sure our costs are always as
low as possible and making sure that everything we invest in to the consumer we get the highest ROI.
We think of marketing or our spending against consumer or anything with the same level of ROI discipline that we would against any capital
investment or anything else. So this model may sound familiar, as I mentioned, but it works.
So, for example, we invested in capabilities around our trade spending years ago. We put a function that was dedicated to it, we went back and
looked at two years of specific every event level trade analysis to make sure that every dollar that we spent that was -- now trade I defined as a
dollar that is going to a sale or a reduction in price to our consumers and move the efficiency up to those that were high return on investment of
every trade dollar.
And as a result over two years we been able to improve for 250 basis points the return we got on every dollar sold. Complement this with our
strategic pricing capability and therefore the dollars that are going against pricing continue to work harder for us.
Additionally, our advertising spending we've been able to improve not just 17% in one year but that is on top of a 13% improvement two years
ago.
This means understanding the consumer, stronger benefits that they resonate to, but also making sure that on the cost side that we are buying
the most efficient media and leveraging all of that consumer specific data to make sure we reach the right consumer at the right time, that all drives
the efficiency going forward. So we need to earn and make sure that each return on those MAP dollars are working for us.
Now an important part of cost that we would not have had to help fuel this growth or this tremendous portfolio is the synergies that you talked
about. And now Donnie mentioned upfront that we have a team that is chartered, we have specific projects, they have leaders that are accountable,
timelines and we have visibility to when those costs come in.
23
And you will hear more from Bernie and Wes and that team this afternoon and I work very closely with that team to make sure that we are doing
everything we can to make sure those results come in.
A couple of examples that we are seeing very early, the separate entities had 35 manufacturing facilities, we are now working to make 32. Donnie
mentioned the Cherokee plant. This enables us at a lower fixed base to make sure to deliver the same amount of products, make more efficient
utilization of time on the lines and therefore make a better return for the business.
We are consolidating logistics networks and making more efficient service levels to our customers cheaper to be able to get through the network.
And then the third one I want to talk about is the fuel for growth efficiencies that we had in legacy Hillshire.
We are taking those capabilities and we are applying them across a significant trade spending on other businesses that never had those tools apply
to them, that all result in greater efficiencies and greater return for us to invest back in growth.
Now how do I know it works? Because we have been activating this model for several years. You know the Jimmy Dean example where we expanded
into different dayparts. Jimmy Dean is a $1 billion portfolio that is growing more than two times total food consistently over years. And when we
moved it from fresh to just frozen in breakfast we weren't done.
Now we are moving it, as Sally mentioned, into other dayparts because we know it is not just the finest breakfast. It is one of the highest brand
loyalties within the frozen food case. It is growing in frozen food which has been stagnant to down for several years and we are investing in it and
we are growing it 7%.
Now I'm going to show you a spot that I think is terrific advertising, consumers are bored with their lunch choices, they are not meaningful anymore.
We bring great taste to lunch during the daytime. So take a look at this spot and we can talk about it at the break.
That guy looks familiar. Here's another example, Ball Park. So we expanded into flame grilled patties because Ball Park -- consumers told us that
Ball Park is a much bigger equity than just hot dogs, it's premium guy food, frozen patties. We're now extending into parks' finest, highly incremental
to the category.
So we're growing at a 3% rate on Ball Park on a category that over time has been flat and stale. And our share growth also in Ball Park has grown
now for three consecutive years and it is accelerating.
Now when we moved into flame grilled patties it required a really sharp idea -- you just can't go out there, you need a provocative benefit and
idea. So we brought flame grilled taste to the microwave in 60 seconds. And what better way to represent flame grilled than the juiciness of the
grill.
So a simple idea, one of our best advertising and one of the highest loyalties repeats of a new product in years and IRI pacesetter, one of the top
products within the IRI database for the past year. Take a look at this advertising.
One of my favorites and I think probably because I am in the target audience. We really focus on consumers so I'm of the target. But that is one of
my favorite spots.
Now we are also doing this with Hillshire Farm. Hillshire Farm in the package, we have extended into -- our innovation, as I mentioned, can extend
either into other categories where it also can extend into price tiers within categories with which it competes. In Hillshire Farm we are doing that
with Farm Classics and, as Sally mentioned, our Hillshire Farm Naturals with the cleaner label and they are off to a tremendous start.
24
And it is the first natural product that really tastes great. So if you get a chance to taste it I would like your opinion. But Hillshire is now at its highest
share in three years and it continues to grow. Over the last 12 weeks the share continues to be up. We are highly encouraged about the momentum,
this is very strong equity that is now being fueled by innovation and strong advertising, it is continuing to take off.
So when we think about it though we also have these other brands that when they are MAP ready and we think that they are ready to expand and
accelerate the growth, because we have the ideas for them, we will continue to invest in it.
So Aidells is a product that is exactly like that, it is a relatively small brand but it is growing a double digits 15% year after year. As Sally mentioned,
we have now brought it into meatballs and we believe it is time to test and make sure that can we accelerate the growth through strong and
compelling consumer advertising.
Now this consumer is these food loving explorers. They are looking for products that are different, that are exciting and new. And if we can
communicate that in a provocative way we think we can extend it. So Aidells is currently in test market. And if we prove that we can get the
appropriate level of return and accelerate the growth over time and create value we will do that.
So we are excited about the early results and we are looking to continue to extend that. And here is an example of that advertising right here.
So as I mentioned, very encouraged by the initial results and you can see that that brand has a very distinct meaning for this target consumer, a
very exciting potential opportunity.
Now as Sally mentioned, we have great insights into our consumer. We map them against our product. And also that doesn't just come in innovation,
it also comes in the way consumers consume data or consume media. And I'm not going to get into numbers, but we continue to shift our advertising
dollars from traditional broader media to more -- to other media sources to make sure that we can communicate with consumers in relevant and
meaningful ways.
And I believe that is a big enabler to the effectiveness and also the efficiency, because you are going to be more efficient at targeting. So our team
is doing a terrific job with that as well.
So to wrap up, we have a differentiated branded portfolio that we believe gives us a tremendous platform to grow. We have leading capabilities
in the categories in which we compete. Whether it is innovation capabilities or it is driving efficiency via trade and partnerships with our customers.
We have leading scales within the consumers and categories in which we compete which enables us to be more efficient with our fixed assets but
also to partner with our customers to continue to drive growth and we have a growth model with a proven track record of success that we are
going to deploy across a broader brand base.
And when we do that, when we are the most innovative, when we are relentless brand builders we will grow at a greater rate than their categories,
we will deliver top-tier performance and ultimately we will deliver better shareholder value. So with that I'm going to close and I'm going to open
up for questions and I'm going to welcome my colleague Sally back up and enable you to fire away.

Hi, thanks for the question. Sally, you talked about -- not to get you just as you are drinking the water, but you talked about goals of getting
innovation to a certain percentage every year. And I think that is admirable.
But we have seen in the last few years within some packaged food companies that, at least talking with the managers off-line, their feeling that
maybe setting some of those goals led to some not necessarily great choices. Meaning they felt like they had to innovate whether the consumer
wanted the product or not.
25
Now I know it is a little different because some of those categories that you are not in are shrinking and you are in categories that are growing. But
can you talk a little bit about how you think about how that balance should be between what the consumer really wants and setting a target that
is hopefully not too aggressive out there?
Sure. I think it starts with the fact that our innovation vitality metric looks at the last three years of revenue from an innovation. So in other words,
if it doesn't work in the marketplace it is out, right. So we are looking at a long-term view. So that is the first thing I want to mention.
In terms of behaviors, as you mentioned, that maybe aren't ideal for the organization. What we do is we start with, as I mentioned, a really proprietary
tool that we called our demand MAP and we really understand the intersection of the who, what and the why of eating in order to understand
where the white space is, where the profit pools are.
And so we are not going to launch an innovation unless it is validated. We start by identifying the most ideal places to innovate and then we validate
it. So it doesn't go out the door unless we know that it has been validated with consumers.
And quite frankly, innovation is key to growth. It is key to delivering shareholder value. So we have a team that is actually pretty excited about our
focus on innovation. It is what drives them every day.

I want to build on that too. It is one of the reasons why our house of brands and the breadth of our consumer presence (inaudible) multiple
consumers is meaningful. I didn't mention that but it is a good -- it is a risk -- it modifies the risk because, as Sally mentioned, we don't have one
pipe we are looking at. We are not trying to take a brand for one consumer, move it to another.
We are innovating across a broader space, therefore we have more opportunities to build pipelines and therefore reduce our risk. As the results
come in we are able to make choices and allocate our investments or our choices across a broader asset base to drive across the total portfolio.
And then lastly, we also look at platform innovation, but we also within our brand teams have short line extensions. They are all added to that and
they are all meaningful. But the breadth of the portfolio helps give us some better choices upfront but also manage the risk on the back end.

So, Andy, on -- so what I'm trying to understand is what has changed in terms of your goals since you have been part of Tyson? And just in terms
of numbers from following Hillshire, obviously 6% MAP spending is a little bit higher than the 5% you talked about. So clearly you are going to
spend more on the brands.
You have also changed the approach to top-line, you are saying you are going to beat the categories instead of having a 4% to 5% target out there
which I think is smart. But can you just help us like conceptually understand, I mean what's really changed?
To me it seems like the fuel -- the ability to create that fuel for growth is higher now because of the manufacturing capabilities that Tyson had. And
I'm trying to understand, so what does that really mean. You're going to spend more but that does that really translate into 1 point of higher organic
growth, 2 points, what is it? Thanks.
26
We will look across our broader portfolio, I'm not ready to communicate a specific number to our growth, I know it will be better. And we will go
through a three-year plan and work back across the broader portfolio to look at all the assets we have.
But I think the -- underlying your question is what has changed. Tyson was very clear and Donnie and the team were very clear that they didn't
purchase us and ask us to change, they asked us to -- how do we do what we are doing and do better.
And so what has really changed is we are activating across a broader portfolio with more scale. I think you mentioned it, we have more fuel to help
look at that. And as a result we expect to continue to deliver top-tier performance over time and accelerate that growth.
But I think you answered that question. We weren't looking to change our growth model, we were looking to accelerate it. And that is what we are
in the process of doing and we have been very supportive in that regard.
What has changed is the innovation team, they are like kids in a candy shop now because of the tremendous capabilities, the technical capabilities,
the manufacturing capabilities, the resources that we never had before as standalone Hillshire.

A perfect example is the launch meet, we have been going through some of the lunchmeat, that is an area. And there was great capabilities just
within packaging within Tyson that we didn't have within Hillshire that would have required a significant thought and capital and other things.
They are now just right there to marry a brand and manufacturing capability which may provide some opportunities that we wouldn't have had
with a relatively low investment.
Rob Moskow - Credit Suisse Securities - Analyst

Thanks, it is Rob Moskow again. I was a little unclear, like you folks are talking about the retail business that you are running now, what is it in dollar
sales now? How much of it is heritage Hillshire business? How much of it is new or new for you, but-branded retail business? Is it Red Bag or is it
just Any'tizers?
And then, Andy, you are very early in your work trying to figure out the Tyson brand for retail and how it fits into the overall strategy in relation to
Hillshire, but what have you learned so far about what that brand does well at retail, maybe what it still needs to get better at?

Yes. As I think everybody knows, which is public, our retail branded portfolio on legacy was about $3 billion. We have almost -- on the branded
side, almost doubled that in total but not quite. A lot of that was the Tyson portfolio, chicken portfolio which is significantly on trends, but we also
talked about the Wright brand, there are some deli businesses within there, so they don't get reported publicly but it is a larger portfolio.
What I have learned about Tyson brand is that it has a very strong equity, it is extremely trusted by consumers within the frozen chicken category
it competes in several areas within several (inaudible) as you mentioned either as a main meal or within snacking. And what consumers are looking
for is more. And so therefore it has an opportunity to really innovate.
So what I see is a very strong brand with terrific position within categories with an opportunity to grow if we deployed some of the tools that we
talked about before. So I see a lot of opportunity.
27
Now we haven't mined it completely or have the innovation pipeline completely defined, we haven't completely defined the growth platform over
time. We are very busy doing that and we expect that to come very soon. But I see a tremendous amount of potential on a business that the team
has done a great job of creating a platform to be able to do that up to this point.
I mean there is another example that wasn't within our portfolio that the Tyson team had done. They took a fresh chicken portfolio and moved it
into frozen very successfully as a leading share.
And actually the growth organization at Tyson crosses the enterprise. So you will hear more from Tom Hayes this afternoon in the roundtable, he
is the president of Foodservice. But we're we are working very closely with Tom and his team. We are working very closely with Noel White and his
poultry team because we see innovation opportunities across the enterprise. So it is an organization that is focused on growth holistically.

I think we have time for one more question.

Can you discuss the difference in resource allocation to you between being at Hillshire and being at Tyson? Is it more different? Can you just talk
about the resource allocation?

Well, we get the -- as far as resource allocation, we get to utilize a significantly broader base of resources that are existing from Tyson whether it is
R&D, a Culinary group which you're going to see in a second.
And then we also have the opportunity to -- I would think about it as that cost side, that fuel for efficiency we talked about. Those opportunities
are also significantly greater that either come from synergies or applying the capability -- the efficiency capabilities, not just the growth capabilities,
across a greater base.
So it's -- we think about it within the business model. I don't know if I answered your question, but that is the way we think about it.
You know, at Hillshire we created a new innovation practice and a big part of that was coming up with a prioritization and a resource allocation
model to ensure that the best ideas, the ones with the biggest opportunities would make it out the door and the right people were working on
the right projects.
We have taken that practice and we are activating it across total Tyson. So in terms of resource allocation it is going to be based on what is going
to deliver the most value for the enterprise.

I just have a follow up question. On the distribution points, you pointed out that you were five times more than your competition. What would you
expect that to be in another two to three years?
28

Well, what we do is we look at -- we look at each year of planning because we just don't look at the absolute of distribution, although it is important,
we also look at the quality of distribution. So to the earlier point, depending on what our innovation pipeline is and what our core distribution
targets would be, we would look at it there.
What we always want to do is we always want our share of distribution to be higher than our competition because then we are positioned with a
stronger base business and volume going forward. So we reset that every year to make sure, to the earlier question, that we are not putting
low-quality distribution points into the marketplace.
Every year we look at it. This year is -- one of the reasons that it is extremely strong, it's still meaningful is because we had a large platform launch
with our Jimmy Dean business outside a category in which we compete.
Okay, I think going to wrap it up, but now for the highlight. What I would like to do is welcome Chef Mario to the stage and he is going to tell us a
little bit about our amazing lunch.
Mario Valdovino - Tyson Foods, Inc. - Corp. Executive Chef & Director of Culinary Innovations
Thank you very much, Sally. Good afternoon and it has been great to be in New York City. So I am Mario Valdovino and I lead our Culinary team at
Tyson Foods. I am extremely excited to be here today with our chef team to bring the food to life from our great innovation portfolio.
So the format for lunch today, it is not a served lunch, it is an exciting three station dine around experience. So I encourage you to try food from
all three stations, strike up a conversation with our chefs and our brand ambassadors and really take a look at the 12 products that we are showcasing
for lunch today.
The menu this afternoon is really about inspiration. It is inspired by three delicious food trends: the emerging charcuterie bar; the upscale southern
barbecue trend; and the beloved small plate experience.
So thank you very much, enjoy your lunch and let me know what you think after. Thank you.
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THOMSON REUTERS STREETEVENTS

TSN - Tyson Foods Investor Day - Morning Session

THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us

CONFERENCE CALL PARTICIPANTS

John Tyson - Tyson Foods, Inc. - Chairman

Donnie Smith - Tyson Foods, Inc. - President & CEO

QUESTIONS AND ANSWERS

Ken Goldman - JPMorgan - Analyst

Donnie Smith - Tyson Foods, Inc. - President & CEO

Ken Goldman - JPMorgan - Analyst

Donnie Smith - Tyson Foods, Inc. - President & CEO

Unidentified Audience Member

Donnie Smith - Tyson Foods, Inc. - President & CEO

Donnie Smith - Tyson Foods, Inc. - President & CEO

Brett Hundley - BB&T Capital Markets - Analyst

Donnie Smith - Tyson Foods, Inc. - President & CEO

Rob Moskow - Credit Suisse Securities - Analyst

Donnie Smith - Tyson Foods, Inc. - President & CEO

Adam Samuelson - Goldman Sachs - Analyst

Donnie Smith - Tyson Foods, Inc. - President & CEO

Adam Samuelson - Goldman Sachs - Analyst

Donnie Smith - Tyson Foods, Inc. - President & CEO

Donnie Smith - Tyson Foods, Inc. - President & CEO

Dennis Leatherby - Tyson Foods, Inc. - Finance

Farha Aslam - Stephens Inc. - Analyst

Dennis Leatherby - Tyson Foods, Inc. - Finance

Unidentified Audience Member

Dennis Leatherby - Tyson Foods, Inc. - Finance

Unidentified Audience Member

Dennis Leatherby - Tyson Foods, Inc. - Finance

Unidentified Audience Member

Dennis Leatherby - Tyson Foods, Inc. - Finance

Diane Geissler - CLSA - Analyst

Dennis Leatherby - Tyson Foods, Inc. - Finance

Brett Hundley - BB&T Capital Markets - Analyst

Dennis Leatherby - Tyson Foods, Inc. - Finance

Brett Hundley - BB&T Capital Markets - Analyst

Dennis Leatherby - Tyson Foods, Inc. - Finance

Dennis Leatherby - Tyson Foods, Inc. - Finance

Akshay Jagdale - KeyBanc Capital Markets - Analyst

Dennis Leatherby - Tyson Foods, Inc. - Finance

Akshay Jagdale - KeyBanc Capital Markets - Analyst

Dennis Leatherby - Tyson Foods, Inc. - Finance

Unidentified Company Representative

Andy Callahan - Tyson Foods, Inc. - Retail Consumer Brands

Unidentified Audience Member

Andy Callahan - Tyson Foods, Inc. - Retail Consumer Brands

Unidentified Audience Member

Andy Callahan - Tyson Foods, Inc. - Retail Consumer Brands

Rob Moskow - Credit Suisse Securities - Analyst

Andy Callahan - Tyson Foods, Inc. - Retail Consumer Brands

Andy Callahan - Tyson Foods, Inc. - Retail Consumer Brands

Unidentified Audience Member

Andy Callahan - Tyson Foods, Inc. - Retail Consumer Brands

Unidentified Audience Member

Andy Callahan - Tyson Foods, Inc. - Retail Consumer Brands

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