Barclays

Global Consumer Staples Conference

Boston, Massachusetts

September 4, 2018
Forward Looking Statement Warning
This presentation contains forward-looking statements
about the business, financial condition and prospects of the
Company. The actual performance of the Company could differ
materially from that indicated by the forward-looking statements
because of various risks and uncertainties. These risks and
uncertainties are described in our most recent Annual Report on
Form 10-K.

For more information contact:

Mike Cockrell
Treasurer and CFO
Sanderson Farms, Inc.
mcockrell@sandersonfarms.com
Office - 601-426-1454
1
The Company

2
We Are a Leading Chicken Producer

Who We Are

• Organized in 1947
• Incorporated in 1955
• Vertically integrated in 1961
• Initial public offering in 1987
• 3rd largest poultry processor in the U.S.
• Current processing capacity of 12.1 MM
head/week

3
 Top 10 Poultry Tyson
19.4%

Companies for 2017 All Other

41.7%

Source: WATT PoultryUSA Survey Pilgrim's

17.2%
March 2018

Sanderson
Koch 9.2%
5.6% Perdue
7.0%

Processing Further Processing Million Million Lbs Average Million Lbs % R-T-C
Company Plants Operations Head Live Weight Live Weight R-T-C Market Share
Tyson Foods 32 11/13 35.16 204.12 5.80 174.80 19.4%
Pilgrim's 26 0/4 30.28 173.27 5.72 154.20 17.2%
Sanderson Farms, Inc. 11 1/0 10.76 88.20 8.20 82.50 9.2%
Perdue Foods 11 3/4 13.13 78.70 5.99 62.86 7.0%
Koch Foods, Inc. 8 4/1 12.00 63.60 5.30 50.00 5.6%
Mountaire Farms, Inc. 3 6.63 54.45 8.21 48.48 5.4%
Wayne Farms, LLC 9 1/2 7.10 52.20 7.40 47.10 5.2%
Peco Foods 6 1/2 5.05 44.30 8.77 34.90 3.9%
House of Raeford Farms, Inc. 5 2/2 3.55 32.13 9.05 27.62 3.1%
Keystone Foods, LLC 3 0/4 3.90 29.80 7.64 23.80 2.6%
Total Top 10 114 23/32 127.56 820.77 6.43 706.26 78.6%
All Others 39 26/13 43.26 246.33 5.69 192.61 21.4%
Total 153 49/45 170.82 1,067.10 6.25 898.87 100.0%

4
Poultry Plants

Big Bird Deboning

Full Capacity
Per Week (1)
Live Pounds Processed Pounds
Per Week (2) Per Week (3) Balanced Asset Base
Laurel, MS 1965 625,000 5,625,000 5,217,250

Collins, MS 1981 1,250,000 11,250,000 10,434,500

Kinston, NC
Waco, TX 2007 1,275,000 11,475,000 10,643,000

Palestine, TX 2015 1,250,000 11,250,000 10,434,500 St. Pauls, NC

St. Pauls, NC 2017 1,250,000 11,250,000 10,434,500
Jackson, MS
Waco, TX Tyler, TX
Total 5,650,000 50,850,000 47,163,750 Hazlehurst, MS
Retail
McComb, MS
McComb, MS 1993 1,300,000 8,775,000 7,853,750

Bryan, TX 1997 1,300,000 8,775,000 7,853,750

Moultrie, GA 2005 1,300,000 8,775,000 7,853,750

Kinston, NC 2011 1,300,000 8,775,000 7,853,750

Tyler, TX 2019(4) 1,300,000 8,775,000 7,853,750 Moultrie, GA

Total 6,500,000 43,875,000 39,268,750

Retail Feeder
Collins, MS
Hazlehurst, MS 1961 625,000 4,218,750 3,775,750

Hammond, LA 1974 625,000 4,218,750 3,775,750

Laurel, MS
Total 1,250,000 8,437,500 7,551,500 Hammond, LA
Expected Capacity 13,400,000 103,162,500 93,984,000
Bryan, TX Palestine, TX
Prepared Chicken Plant

Jackson, MS 1986 Big Bird Deboning Plants Retail Tray Pack Plants
Notes: (1) Capacity measured in head/week.
Prepared Chicken Plant Retail Feeder Plants
(2) Based on target live weights.
(3) Based on historical yields.
(4) Expected to open 1st Quarter of 2019.

5
5,000 Strong Track Record of Organic Growth 9%

Pounds Processed (millions) 4% 1%

4,500 14%

4,000
9%

13%
3,500
3% 1%
5%
3,000 9%
6%
21% -1%

4,902
2,500

4,501
4,466
4,291
12%
2,000

3,765
14%

3,441
6% 3%

3,058
3,041
2,959
10%
1,500

2,805
12%

2,567
2,441

2,426
8%
9%
24%
2,025

1,000
1,802

10%
1,580
1,530
1,437
1,308
1,167
1,077
986

500
795
722

0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*2019*2020*
* Estimated.
Assumes St. Pauls, NC reaches full production in 1st Quarter 2018.
Assumes Tyler, TX opens 1st Quarter 2019 and reaches full production in 2nd Quarter 2020.
Assumes Hammond & Hazlehurst return to Big Bird Debone in 2020.

6
 Key Strengths

Low Cost • As one of the industry’s most efficient producers, well positioned to
Producer capture share

Favorable • All production is focused on the two most profitable market segments in
Product Mix our industry

Attractive • Track record of generating strong internal growth

Growth Profile • History of delivering above industry average returns

Strong • Managed and maintained appropriate capital structure

Balance Sheet • Strong balance sheet enables growth even during industry downturns

7
 Strong Portfolio of Customers
Prepared Foods

8
 Strong Portfolio of Customers
Big Bird Deboning / Foodservice

9
 Strong Portfolio of Customers
Tray Pack / Retail

10
Export Destinations (SAFM) – Fiscal 2017
Sales Pounds Gross Sales Dollars
753.3 (million) $268.5 (million)
17.5% of total 7.9% of total

Other Other
8% 9%
Central Asia Central Asia
20% 20%
Middle East Middle East
14% 14%

Mexico Mexico
58% 57%

11
 U.S. BROILER EXPORTS TOP U.S. BROILER EXPORT DESTINATIONS
3,500
Volume in Metric Tons, excluding paws (1,000s) Volume in Metric Tons, excluding paws
Jan-Jun Jan-Jun %
Destination 2015 2016 2017 2017 2018 Change
3,000
Mexico 668,129 641,947 600,157 298,438 304,884 2.2%
Cuba 105,939 155,649 208,424 99,954 110,937 11.0%
2,500
Angola 140,728 113,565 175,949 98,265 104,849 6.7%
Taiwan 174,515 151,028 153,998 72,782 123,046 69.1%
Canada 181,267 162,801 152,010 75,332 72,464 -3.8%
2,000
Hong Kong 132,572 150,837 130,059 70,120 60,503 -13.7%
Guatemala 104,170 119,102 120,694 59,978 64,139 6.9%
1,500 Philippines 71,710 90,395 103,920 50,128 47,434 -5.4%
South Africa 56 35,892 95,204 53,752 48,270 -10.2%
Kazakhstan 65,454 82,853 81,159 47,299 32,081 -32.2%
1,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 World Total 2,867,005 3,014,518 3,080,595 1,516,322 1,546,501 2.0%

12
 Domestic US Chicken Consumption
January thru June
in thousands Impact on
2017 2018 Change % Change US Cons Source
Head Processed 4,436,494 4,477,358 40,864 0.9% USDA Poultry Slaughter
Bird Weight 6.17 6.25 0.07 1.1% USDA Poultry Slaughter
Total Live Pounds 27,394,376 27,963,031 568,655 2.1% USDA Poultry Slaughter

Beg Stocks 795,824 882,609 86,785 10.9% 0.5% USDA Cold Storage
Ready to Cook Pounds 20,639,610 21,065,716 426,106 2.1% 2.5% USDA Poultry Slaughter
Exports 3,627,213 3,661,291 34,078 0.9% -0.2% USDA Chicken Exports
End Stocks 797,619 884,712 87,093 10.9% -0.5% USDA Cold Storage
Domestic Consumption 17,010,602 17,402,322 391,720 2.3% 2.3%

Domestic US Chicken Consumption

January thru December
in thousands % Change
2017 2018 (Proj) 2019 (Proj) 17 vs 18 18 vs 19 Source
Beg Stocks Less Paws 778,000 856,000 860,000 10.0% 0.5% USDA WASDE - Aug 2018
Ready to Cook Pounds 41,217,000 42,159,000 42,955,000 2.3% 1.9% USDA WASDE - Aug 2018
Imports 126,000 126,000 129,000 0.0% 2.4% USDA WASDE - Aug 2018
Exports, No Paws 6,791,000 6,869,000 7,045,000 1.1% 2.6% USDA WASDE - Aug 2018
End Stocks Less Paws 856,000 860,000 860,000 0.5% 0.0% USDA WASDE - Aug 2018
Domestic Consumption 34,474,000 35,412,000 36,039,000 2.7% 1.8% USDA WASDE - Aug 2018
Per Capita 90.8 92.7 93.7 2.1% 1.1% USDA WASDE - Aug 2018

13
Market Overview

14
 Current Market Overview
• Eggs set up 2.2% in 2018 • Livability down
Supply • Chicks placed up 1.4% in 2018 • USDA estimates 2.3% more
• Hatch rate down production in calendar 2018

• Cold storage inventories elevated

Cold Storage
• Leg quarter inventories reflect steady export demand

• Retail grocery demand remains good; supply steady

• Casual dining traffic is better in pockets (local chain concepts)
Demand
• Overall food service demand very weak, despite improving employment and
consumer confidence

• Wholesale beef prices now lower

Competing • Retail spread between chicken and red meat still wide
Meats • Higher production of beef and pork
• Trade issues

• Export market steady • Geopolitical and trade environment a

Exports • Avian influenza question
• Weaker US Dollar

15
 Pullet Placements Potential Breeder Placements
9,000 72,000

70,000
8,500

Broiler-Type Cumulative Potential Placements (thousands)

Broiler-Type Pullet Chicks Hatched (thousands)

68,000
8,000

66,000
7,500
64,000

7,000
62,000

6,500
60,000

6,000 58,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
10-Yr High-Low Range 10-Yr Median 2016 2017 2018 10-Yr High-Low Range 10-Yr Median 2017 2018 2019

Layers Broiler Eggs Set

225
60,000
220

58,000 215
Broiler-Type Hatching Egg Layers (thousands)

210

Broiler-Type Eggs Set (millions)

56,000
205

200
54,000
195

52,000 190

185

50,000 180

175
Mar 03

Mar 24

Jul 07

Jul 28
Apr 14

May 05

May 26
Jan 20

Jun 16

Oct 20
Feb 10

Aug 18

Sep 08

Sep 29

Nov 10
Dec 30

Dec 01

Dec 22
48,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
10-Yr High-Low Range 10-Yr Median 2016 2017 2018 10-Yr High-Low Range 10-Yr Median 2016 2017 2018

Source: USDA 16
 Hatch Percent Broiler-Type Hatching Egg Layers (thousands)

80.5
81.0
81.5
82.0
82.5
83.0
83.5
84.0
84.5
48,000
50,000
52,000
54,000
56,000
58,000
60,000
Jul-16
Jul-16
Aug-16
Aug-16
Sep-16
Sep-16
Oct-16
Oct-16
Nov-16 Nov-16
Dec-16

Source: USDA and Agri Stats

Dec-16
Jan-17 Jan-17
Feb-17 Feb-17
Mar-17 Mar-17
Apr-17 Apr-17
May-17 May-17
Jun-17 Jun-17

Jul-17 Jul-17
Aug-17
Aug-17
Layers

Sep-17
Sep-17
Oct-17

Hatchability
Oct-17
Nov-17
Nov-17
Dec-17
Dec-17
Jan-18
Jan-18
Feb-18
Feb-18 Mar-18
Mar-18 Apr-18
Apr-18 May-18
May-18 Jun-18
Jun-18 Jul-18
Jul-18 Aug-18

Livability Percent Rate of Lay

58.0
58.5
59.0
59.5
60.0
60.5
61.0
61.5
62.0
62.5
63.0
63.5
64.0
64.5
65.0
65.5
66.0

93.50
93.75
94.00
94.25
94.50
94.75
95.00
95.25
95.50
95.75
96.00
96.25

Apr-16 Jul-16
May-16 Aug-16
Jun-16 Sep-16
Jul-16
Oct-16
Aug-16
Nov-16
Sep-16
Dec-16
Oct-16
Nov-16 Jan-17
Dec-16 Feb-17
Jan-17 Mar-17
Feb-17 Apr-17
Mar-17 May-17
Apr-17
Jun-17
May-17
Jul-17
Jun-17
Aug-17
Jul-17
Aug-17 Sep-17
Rate of Lay

Sep-17 Oct-17
Oct-17 Nov-17
Broiler Livability

Nov-17 Dec-17
Dec-17 Jan-18
Jan-18
Feb-18
Feb-18
Mar-18
Mar-18
Apr-18
Apr-18
May-18 May-18
Jun-18 Jun-18
Jul-18 Jul-18
17
 Intended Placements: Broiler-Type Pullet Chicks for Hatchery
Supply Flocks by Month and Total, 2015-18
2016 2017 2018 Cumulative Potential Placements
Month Pullet Chicks Hatched as % of as % of as % of Relative to Current Supply Flocks
2015 2016 2017 7-15 Months Earlier
2015 2016 2017 2018 2016 2017 2018 2019
1,000 1,000 1,000 1,000 Percent Percent Percent 1,000 1,000 1,000 1,000
Jan 6,944 6,726 7,163 7,071 97 106 99 65,531 68,802 68,873 70,299
Feb 7,892 8,098 7,832 7,631 103 97 97 66,136 69,669 69,049 70,340
Mar 7,160 8,143 8,262 8,112 114 101 98 66,452 70,129 69,495
Apr 6,995 7,615 7,045 7,714 109 93 109 68,230 70,194 70,200
May 7,541 8,083 8,159 8,301 107 101 102 68,149 70,377 70,626
Jun 7,790 8,500 8,258 8,344 109 97 101 67,487 69,989 70,737
Jul 7,428 7,730 7,085 7,630 104 92 108 67,871 69,381 70,069
Aug 7,907 7,690 8,156 97 106 67,602 68,929 70,095
Sep 8,573 7,609 8,240 89 108 68,159 68,678 69,567
Oct 6,863 6,909 7,589 101 110 68,512 68,440 69,421
Nov 7,230 7,710 7,943 107 103 68,699 67,755 70,050
Dec 7,544 7,535 7,594 100 101 68,875 68,224 70,195

Total 89,867 92,348 93,326 103 101

Jan-Jul 51,750 54,895 53,804 54,803 106 98 102

Source: USDA 18
 USDA Layers in Inventory on First Day of the Month
by Month and Total, 2015-2018
2016 2017 2018
Month Broiler-Type Hatching Layers as % of as % of as % of
2015 2016 2017
2015 2016 2017 2018
1,000 1,000 1,000 1,000 Percent Percent Percent
Jan 53,699 54,797 55,058 56,974 102 100 103
Feb 53,844 54,952 55,504 57,960 102 101 104
Mar 53,830 55,510 55,923 57,905 103 101 104
Apr 54,913 55,234 56,538 59,002 101 102 104
May 55,011 55,117 56,849 59,312 100 103 104
Jun 55,600 55,063 57,173 59,414 99 104 104
Jul 54,829 54,664 57,102 58,749 100 104 103
Aug 54,754 54,464 56,966 58,217 99 105 102
Sep 54,570 53,905 56,731 99 105
Oct 54,288 53,900 57,284 99 106
Nov 54,434 53,651 56,719 99 106
Dec 54,481 54,032 56,618 99 105

Average 54,521 54,607 56,539 58,442 100 104 103

Source: USDA 19
Source: USDA
Heavy Hens Slaughtered (thousands)

4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17
Heavy Hens Slaughtered

Jan-18

Feb-18

Mar-18

Apr-18

May-18

Jun-18

Jul-18
20
 USDA Broiler-Type* Eggs Set (in thousands), 19 State Total
W/E Date 2007 2011 2013 2014 2015 2016 2017 2018 H% W/E Date 2007 2011 2013 2014 2015 2016 2017 2018 H%
Dec 30 210,985 205,691 197,827 200,700 206,129 205,645 211,668 216,140 82% Jun 30 218,682 194,961 204,037 204,815 206,724 207,050 214,270 219,080 83%
Jan 06 209,163 205,186 197,750 203,112 205,477 207,152 211,212 216,420 82% Jul 07 217,510 196,576 204,332 206,955 207,803 210,153 216,405 221,546 83%
Jan 13 210,082 204,327 197,068 201,022 206,873 208,184 209,003 215,725 82% Jul 14 218,421 195,141 201,917 207,252 207,909 209,812 216,777 218,778 83%
Jan 20 211,406 203,989 199,097 202,459 206,626 208,789 211,171 214,468 81% Jul 21 216,771 194,434 202,633 206,058 207,650 209,288 217,288 218,097 83%
Jan 27 212,213 205,787 198,985 202,263 205,644 208,803 211,180 215,291 82% Jul 28 217,829 195,036 200,859 205,789 207,021 206,816 217,031 219,596 83%
Feb 03 214,830 204,205 198,852 200,909 206,849 207,363 210,495 217,700 82% Aug 04 217,155 194,164 203,487 205,396 206,239 207,966 218,351 219,680 83%
Feb 10 214,478 207,066 200,394 201,336 208,419 208,676 211,885 216,807 82% Aug 11 216,232 193,090 202,125 205,845 205,149 209,206 215,169 218,026
Feb 17 216,310 206,605 201,382 201,674 207,642 207,731 213,518 218,023 82% Aug 18 216,057 193,007 203,191 206,177 204,747 207,100 216,371 217,628
Feb 24 215,078 208,567 201,687 203,545 207,875 208,995 213,271 218,578 82% Aug 25 209,333 189,258 202,009 204,469 204,590 208,793 215,724 216,218
Mar 03 215,606 207,931 200,896 203,414 205,725 209,245 214,001 219,008 82% Sep 01 206,426 185,109 195,959 202,654 200,683 204,985 211,672
Mar 10 215,552 208,714 201,459 202,959 205,040 210,279 214,193 218,377 82% Sep 08 212,581 179,419 194,818 200,653 199,318 198,928 206,318
Mar 17 216,550 209,434 201,081 201,169 205,193 209,290 214,272 218,492 82% Sep 15 208,097 187,731 192,507 198,055 190,289 198,797 206,249
Mar 24 218,877 207,520 202,080 202,328 208,389 207,385 212,642 217,522 82% Sep 22 214,077 181,739 197,430 201,572 199,227 206,269 212,481
Mar 31 219,390 207,969 201,205 204,399 210,412 208,068 214,180 218,377 82% Sep 29 209,286 186,293 186,654 195,432 194,323 199,691 204,694
Apr 07 220,468 208,968 202,147 205,151 209,813 208,869 214,239 219,355 82% Oct 06 203,241 181,827 191,911 199,787 195,933 202,041 206,374
Apr 14 218,487 209,132 200,635 205,876 210,218 207,568 212,418 220,314 81% Oct 13 202,686 183,513 188,159 195,973 191,534 200,841 207,056
Apr 21 218,306 207,087 200,829 204,117 207,565 208,763 214,055 220,660 82% Oct 20 206,478 185,147 195,335 198,568 196,287 201,645 207,369
Apr 28 220,582 207,982 202,579 204,399 209,854 207,924 212,218 220,910 82% Oct 27 217,739 186,668 191,466 196,096 196,492 202,544 209,933
May 05 220,445 206,342 203,399 203,703 210,610 209,557 213,925 221,313 82% Nov 03 216,469 194,300 193,126 199,417 196,162 204,112 205,921
May 12 220,073 206,792 205,173 205,560 211,154 209,102 214,597 220,085 82% Nov 10 219,634 195,234 203,021 208,884 207,495 208,376 212,105
May 19 219,506 205,932 204,362 206,177 209,899 211,446 215,491 222,381 83% Nov 17 222,087 194,736 202,016 208,957 208,585 210,733 217,414
May 26 219,728 205,234 204,883 207,159 210,633 211,075 216,169 221,538 83% Nov 24 214,850 194,354 203,360 209,093 208,638 211,032 216,083
Jun 02 218,120 204,659 204,670 206,058 211,630 209,782 215,140 223,307 83% Dec 01 218,160 195,064 201,708 205,047 202,548 211,087 221,880
Jun 09 216,797 199,826 203,999 204,010 209,386 211,576 217,522 221,683 83% Dec 08 219,157 194,790 203,237 206,824 207,264 210,837 211,697
Jun 16 210,659 198,340 203,591 205,718 210,165 209,080 214,487 220,247 83% Dec 15 219,365 195,695 202,911 207,207 208,906 211,797 219,372
Jun 23 216,526 197,158 202,366 204,317 209,296 209,504 214,866 220,789 83% Dec 22 218,155 193,595 202,064 206,094 206,955 210,564 218,318
Average 215,321 198,295 200,167 203,589 205,481 207,698 213,272 218,919

Last 6 wks
2018 vs 2017
100.7%

* Broiler-Type: Chicks or chickens of meat-type strains for meat or other uses, such as breeding or research.

Source: USDA 21
 USDA Broiler-Type* Chicks Placed (in thousands), 19 State Total
W/E Date 2007 2011 2013 2014 2015 2016 2017 2018 W/E Date 2007 2011 2013 2014 2015 2016 2017 2018
Dec 30 171,310 168,198 164,603 165,728 170,096 169,913 172,152 171,728 Jun 30 177,961 165,957 169,080 167,109 172,358 174,588 176,989 180,075
Jan 06 172,795 168,050 165,129 165,241 169,860 170,989 172,440 176,997 Jul 07 172,490 164,445 168,469 168,740 172,872 171,998 174,904 178,537
Jan 13 171,993 167,146 163,288 165,704 169,456 170,261 171,776 175,679 Jul 14 176,993 162,828 166,826 167,510 172,078 172,628 174,953 179,120
Jan 20 172,715 168,317 163,686 163,598 169,285 168,282 172,737 174,153 Jul 21 180,093 162,898 168,320 167,300 170,333 169,902 174,643 178,503
Jan 27 171,173 168,449 163,510 164,623 168,107 170,527 172,410 173,468 Jul 28 178,132 164,050 169,167 169,122 171,276 173,425 176,096 179,720
Feb 03 171,931 167,820 163,372 163,910 168,957 169,432 170,071 172,512 Aug 04 178,956 162,336 166,434 169,733 170,768 172,404 176,536 177,027
Feb 10 172,420 167,375 164,565 164,852 167,930 170,744 172,225 171,459 Aug 11 177,696 161,039 167,065 168,926 170,248 171,865 177,047 177,925
Feb 17 173,568 168,648 164,632 163,836 167,839 170,236 171,936 172,281 Aug 18 177,403 162,943 165,777 168,195 170,210 170,211 176,755 177,130
Feb 24 174,701 167,677 164,432 162,727 168,689 169,472 171,395 173,663 Aug 25 176,356 160,923 167,622 168,260 169,604 171,611 177,388 179,059
Mar 03 174,791 170,304 165,759 163,778 170,307 170,419 172,023 174,237 Sep 01 175,981 160,203 166,383 168,257 169,057 171,877 175,230
Mar 10 176,045 170,422 166,145 164,121 169,746 170,063 174,203 175,936 Sep 08 176,103 160,820 166,979 169,072 168,195 170,454 174,525
Mar 17 176,014 172,880 166,316 165,509 169,586 171,025 174,036 175,499 Sep 15 171,707 157,901 166,259 167,272 168,572 171,821 174,605
Mar 24 177,141 171,899 165,568 166,036 168,164 171,443 174,609 176,094 Sep 22 168,887 154,958 161,632 165,227 164,841 167,251 170,886
Mar 31 177,314 172,098 166,515 166,062 168,246 172,671 174,463 175,739 Sep 29 174,017 149,141 160,215 164,236 164,460 164,481 167,254
Apr 07 177,687 173,110 165,601 163,792 168,025 172,069 174,121 176,524 Oct 06 169,928 156,217 158,664 162,493 156,050 162,586 166,638
Apr 14 180,188 172,008 166,464 164,409 171,213 170,166 172,781 175,277 Oct 13 175,506 151,658 162,600 165,860 164,001 169,264 171,512
Apr 21 180,084 172,624 166,041 166,880 172,630 171,234 174,282 175,180 Oct 20 171,083 154,373 153,885 159,496 158,239 163,143 165,108
Apr 28 180,594 172,506 166,984 167,261 173,586 171,505 174,880 176,161 Oct 27 165,955 149,841 157,540 163,661 160,980 165,477 167,305
May 05 178,543 174,014 165,772 168,633 172,954 170,697 173,451 176,976 Nov 03 164,245 152,339 154,818 160,037 157,262 164,466 167,810
May 12 179,069 172,512 165,640 166,435 171,380 171,754 174,927 177,424 Nov 10 168,692 155,459 160,743 162,663 160,158 164,695 169,076
May 19 180,457 172,753 167,929 167,478 173,102 171,437 173,405 177,753 Nov 17 177,683 157,274 156,873 160,325 160,725 165,443 170,736
May 26 180,910 171,318 167,590 166,209 173,545 173,088 175,239 177,993 Nov 24 176,400 161,717 159,040 163,266 162,587 167,691 167,742
Jun 02 180,223 169,855 169,112 167,989 173,812 172,109 174,622 178,201 Dec 01 178,942 163,291 166,184 170,240 169,846 170,102 170,700
Jun 09 180,493 168,765 169,092 168,224 173,118 173,394 175,441 180,046 Dec 08 180,002 163,596 165,473 170,662 170,893 172,394 176,400
Jun 16 179,405 168,554 169,427 169,835 173,633 174,438 176,299 179,287 Dec 15 175,336 162,865 166,744 171,124 171,514 172,402 175,099
Jun 23 178,783 168,718 169,290 168,772 174,769 173,017 175,856 181,416 Dec 22 178,398 162,896 165,185 168,337 166,451 172,422 178,410
Average 175,679 164,769 164,893 166,130 168,685 170,288 173,195 176,537

Last 6 wks
2018 vs 2017
101.0%

* Broiler-Type: Chicks or chickens of meat-type strains for meat.

Source: USDA 22
 -
2,000
2,500
3,000
4,500
5,000

1,000
1,500
3,500
4,000
5,500

500
May-14
Jul-14
Sep-14

Source: USDA
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16

Dozens of Eggs (thousands)

Sep-16
Nov-16
Jan-17

Y/Y
Mar-17
May-17
Hatching Egg Exports to Mexico

Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18

0%
50%

-50%
100%
150%
200%
250%
300%
350%
400%

May-14 -100% 0.4%

0.5%
Jul-14 0.1%
-1.0%
Sep-14 -3.0%
-2.9%
Nov-14 -2.2%
-2.6%
Jan-15 -2.0%
-1.5%
Mar-15 -2.1%
-2.8%
May-15 -2.2%
-3.6%
Jul-15 -3.5%
-2.8%
Sep-15 -0.4%
-1.0%
Nov-15 -0.6%
-0.9%
Jan-16 -1.0%
-1.8%
Mar-16 -1.0%
-0.3%
May-16 -1.0%
0.2%
US Hatching Egg Exports to Mexico

Jul-16 0.3%
-1.0%
Sep-16 -0.5%
0.4%
Nov-16 -0.3%
0.0%
Jan-17 0.3%
0.6%
Mar-17 0.3%
0.2%
May-17 0.1%
Impact on US Hatching Egg Supply

0.3%
Jul-17 0.3%
1.4%
Sep-17 0.3%
0.2%
Nov-17 0.2%
0.0%
Jan-18 -0.2%
0.0%
Mar-18 0.6%
-0.2%
May-18 0.3%
23

0.2%
 US Hatching Eggs* Exports
Hatch Egg Exports to:
Mexico Canada ROW World
% of Required % of Total % of Required % of Total % of Required % of Total % of Required % of Total
Dozens Prior Layers Layers Dozens Prior Layers Layers Dozens Prior Layers Layers Dozens Prior Layers Layers
Jun-16 4,036,020 95% 2,647 4.8% 902,018 98% 591 1.1% 1,391,335 56% 912 1.7% 6,329,373 83% 4,150 7.5%
Jul-16 4,026,090 94% 2,555 4.7% 941,018 102% 597 1.1% 1,388,265 59% 881 1.6% 6,355,373 84% 4,033 7.4%
Aug-16 5,389,817 122% 3,420 6.3% 938,187 93% 595 1.1% 1,381,478 69% 877 1.6% 7,709,482 104% 4,892 9.0%
Sep-16 4,568,731 110% 2,996 5.6% 958,166 87% 628 1.2% 1,820,737 83% 1,194 2.2% 7,347,634 99% 4,818 8.9%
Oct-16 4,353,913 91% 2,763 5.1% 918,930 113% 583 1.1% 1,829,379 74% 1,161 2.2% 7,102,222 88% 4,507 8.4%
Nov-16 4,191,674 107% 2,749 5.1% 885,320 110% 581 1.1% 1,287,019 61% 844 1.6% 6,364,013 93% 4,173 7.8%
Dec-16 4,287,464 100% 2,721 5.0% 974,376 112% 618 1.1% 1,349,274 60% 856 1.6% 6,611,114 89% 4,195 7.8%
Jan-17 3,639,153 94% 2,309 4.2% 1,404,770 129% 891 1.6% 1,667,787 87% 1,058 1.9% 6,711,710 97% 4,259 7.7%
Feb-17 3,449,619 86% 2,424 4.4% 1,145,312 110% 805 1.4% 1,263,690 74% 888 1.6% 5,858,621 87% 4,116 7.4%
Mar-17 3,918,063 94% 2,486 4.4% 1,191,477 113% 756 1.4% 1,557,690 73% 988 1.8% 6,667,230 91% 4,231 7.6%
Apr-17 3,473,047 96% 2,277 4.0% 1,258,231 107% 825 1.5% 939,785 54% 616 1.1% 5,671,063 87% 3,719 6.6%
May-17 3,882,835 97% 2,464 4.3% 1,239,695 111% 787 1.4% 1,173,216 70% 745 1.3% 6,295,746 93% 3,995 7.0%
Jun-17 3,788,768 94% 2,484 4.3% 1,005,693 111% 659 1.2% 1,347,582 97% 884 1.5% 6,142,043 97% 4,028 7.0%
Jul-17 3,738,645 93% 2,372 4.2% 1,105,330 117% 701 1.2% 1,075,591 77% 683 1.2% 5,919,566 93% 3,756 6.6%
Aug-17 4,025,052 75% 2,554 4.5% 1,039,182 111% 659 1.2% 1,292,265 94% 820 1.4% 6,356,499 82% 4,034 7.1%
Sep-17 4,280,093 94% 2,807 4.9% 827,684 86% 543 1.0% 1,503,074 83% 986 1.7% 6,610,851 90% 4,335 7.6%
Oct-17 4,171,710 96% 2,647 4.6% 886,625 96% 563 1.0% 1,799,521 98% 1,142 2.0% 6,857,856 97% 4,352 7.6%
Nov-17 4,027,054 96% 2,641 4.7% 798,336 90% 523 0.9% 1,353,927 105% 888 1.6% 6,179,317 97% 4,052 7.1%
Dec-17 4,331,171 101% 2,748 4.9% 919,240 94% 583 1.0% 1,182,494 88% 750 1.3% 6,432,905 97% 4,082 7.2%
Jan-18 3,844,524 106% 2,440 4.3% 1,070,835 76% 680 1.2% 1,463,534 88% 929 1.6% 6,378,893 95% 4,048 7.1%
Feb-18 3,488,809 101% 2,451 4.2% 1,070,079 93% 752 1.3% 1,339,149 106% 941 1.6% 5,898,037 101% 4,144 7.1%
Mar-18 3,375,378 86% 2,142 3.7% 1,043,524 88% 662 1.1% 1,411,497 91% 896 1.5% 5,830,399 87% 3,700 6.4%
Apr-18 3,646,620 105% 2,391 4.1% 1,081,136 86% 709 1.2% 1,539,223 164% 1,009 1.7% 6,266,979 111% 4,109 7.0%
May-18 3,633,830 94% 2,306 3.9% 964,668 78% 612 1.0% 1,980,025 169% 1,256 2.1% 6,578,523 104% 4,175 7.0%
Jun-18 3,593,100 95% 2,356 4.0% 826,821 82% 542 0.9% 2,083,006 155% 1,366 2.3% 6,502,927 106% 4,264 7.2%
* Includes all chicken eggs, fertilized for incubation

Source: USDA 24
 USDA Young Chickens Slaughtered
by Month and Total, 2016-2018
2017 2018 2017 2018
Month Head as % of as % of Live Pounds as % of as % of
2016 2017 2016 2017
2016 2017 2018 2016 2017 2018
1,000 1,000 1,000 % % 1,000 Avg Wt 1,000 Avg Wt 1,000 Avg Wt % %

Jan 699,346 749,302 772,266 107 103 4,330,457 6.19 4,644,230 6.20 4,832,536 6.26 107 104
Feb 699,896 679,684 693,759 97 102 4,321,076 6.17 4,185,729 6.16 4,322,759 6.23 97 103
Mar 760,432 771,634 742,817 101 96 4,683,241 6.16 4,756,928 6.16 4,633,484 6.24 102 97
Apr 707,069 690,347 731,026 98 106 4,379,848 6.19 4,267,049 6.18 4,586,564 6.27 97 107
May 745,305 782,516 794,062 105 101 4,601,965 6.17 4,838,295 6.18 4,964,043 6.25 105 103
Jun 754,657 763,011 744,471 101 98 4,632,668 6.14 4,702,145 6.16 4,629,773 6.22 101 98
Jul 708,391 725,770 771,614 102 106 4,313,651 6.09 4,456,916 6.14 4,786,477 6.20 103 107
Aug 793,503 809,685 102 4,829,112 6.09 5,000,781 6.18 104
Sep 745,766 728,356 98 4,584,382 6.15 4,554,748 6.25 99
Oct 731,963 783,000 107 4,535,961 6.20 4,921,750 6.29 109
Nov 712,780 728,307 102 4,429,073 6.21 4,568,168 6.27 103
Dec 709,319 704,485 99 4,395,633 6.20 4,418,174 6.27 101

Annual 8,768,427 8,916,097 5,250,015 101.7 54,037,067 6.16 55,314,913 6.20 102.4
Jan-Jul 5,075,096 5,162,264 5,250,015 101.7 101.7 31,262,906 6.16 31,851,292 6.17 32,755,636 6.24 101.9 102.8

Source: USDA 25
 U.S. Broiler Live Weights (lbs)
6.35

6.30

6.25

6.20

6.15

6.10

6.05

6.00

5.95

5.90
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016 2017 2018

Source: USDA 26
 Chicken – US Cold Storage Stocks, 2014-2018 (1,000 pounds)

Total Chicken
950,000

900,000

850,000

800,000
Pounds (thousands)

750,000

700,000

650,000

600,000

550,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2018 2017 2016 2015 2014

Source: USDA 27
 Chicken – US Cold Storage Stocks, 2014-2018 (1,000 pounds)
Breasts & Breast Meat Wings
210,000
110,000
200,000
100,000
190,000

180,000 90,000

170,000 80,000
Pounds (thousands)

Pounds (thousands)
160,000
70,000
150,000

140,000 60,000

130,000 50,000

120,000
40,000
110,000
30,000
100,000

90,000 20,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2018 2017 2016 2015 2014
2018 2017 2016 2015 2014

Leg Quarters 29,000

Whole Chickens
190,000

180,000 27,000

170,000 25,000

160,000 23,000
150,000
21,000
Pounds (thousands)
Pounds (thousands)

140,000
19,000
130,000
17,000
120,000
15,000
110,000
13,000
100,000

90,000 11,000

80,000 9,000

70,000 7,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2018 2017 2016 2015 2014
2018 2017 2016 2015 2014

Source: USDA 28
 UB Boneless Skinless Breast UB Breast Tenders
2.3000
(Approx. 13.1 million pounds/week assuming 25.70% yield*) (Approx. 2.2 million pounds/week assuming 4.30% yield*)
2.5000

08/29/18 – .9500 2.3000

2.1000
10yr – 1.3947
2.1000
1.9000
1.9000

1.7000 1.7000

1.5000 1.5000

1.3000
1.3000
1.1000
08/29/18 – 1.2300
1.1000
0.9000
10yr – 1.5681

0.9000 0.7000

26-Mar
12-Feb

16-Apr

28-May

10-Sep
20-Aug
5-Mar

7-May

24-Dec
30-Jul

3-Dec
22-Jan

12-Nov
18-Jun

9-Jul

22-Oct
1-Jan

1-Oct
12-Feb

26-Mar

28-May
16-Apr

10-Sep
5-Mar

20-Aug
7-May

24-Dec
3-Dec
30-Jul
22-Jan

12-Nov
18-Jun

9-Jul

22-Oct
1-Jan

1-Oct
10-Yr High-Low Range 10-Yr Median 2016 2017 2018 10-Yr High-Low Range 10-Yr Median 2016 2017 2018

UB Jumbo Wings UB Leg Quarters

(Approx. 4.2 million pounds/week assuming 8.25% yield*) (Approx. 17.3 million pounds/week assuming 34.00% yield*)
2.3000 0.6000
Dark Meat Mix (% of LQs):
2.1000 0.5500 Leg Qtrs – 46%
0.5000
Whole Legs – 34%
1.9000
Deboned – 20%
0.4500
1.7000
0.4000
1.5000
0.3500
1.3000
0.3000
1.1000
0.2500
0.9000
0.2000
08/29/18 – 1.4000 08/29/18 – .2800
0.7000 10yr – 1.3784 0.1500 10yr - .3972
0.5000 0.1000
26-Mar

26-Mar
12-Feb

16-Apr

28-May

10-Sep

12-Feb

16-Apr

28-May

10-Sep
20-Aug
5-Mar

7-May

20-Aug

5-Mar

7-May
24-Dec

24-Dec
30-Jul

3-Dec

30-Jul

3-Dec
22-Jan

12-Nov

22-Jan

12-Nov
18-Jun

9-Jul

18-Jun

9-Jul
22-Oct

22-Oct
1-Jan

1-Jan
1-Oct

1-Oct
10-Yr High-Low Range 10-Yr Median 2016 2017 2018 10-Yr High-Low Range 10-Yr Median 2016 2017 2018

Source: comtell.com
* Estimated pounds for BBDB plants based on target live weights and historical yields. 29
 Chicken Market History
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 08/29/18
Boneless Breast 1.3542 1.5062 1.2948 1.4123 1.6126 1.6906 1.3668 1.2351 1.3092 1.1558 0.9500
Tender 1.4630 1.5203 1.3291 1.6042 1.6595 1.9260 1.5386 1.7230 1.6512 1.5985 1.2300
Small Wing 1.4198 1.3037 0.9872 1.8179 1.4638 1.3808 1.7180 1.3763 1.7322 1.4056 1.0700
Jumbo Wing 1.3907 1.1953 0.9125 1.6498 1.3885 1.2802 1.5106 1.6292 1.9033 1.3678 1.4000
Leg Quarter 0.3821 0.3625 0.4508 0.4980 0.4851 0.4531 0.2716 0.3015 0.3569 0.3439 0.2800
Boneless Thigh 1.1595 0.9840 1.2655 1.3154 1.4001 1.2958 0.9421 1.0164 1.2063 1.1401 1.1500
Thighs 0.5147 0.4545 0.6377 0.6990 0.6842 0.6430 0.4470 0.3837 0.4981 0.4292 0.3800
Drumsticks 0.5484 0.4458 0.5294 0.5758 0.5502 0.4953 0.2947 0.3321 0.3785 0.3691 0.3300

Source: comtell.com 30
 Cents/pound

-
100
150
200
250
300
350
400
450
500
550
600
650

50
1980
1981
1982
1983

Source: USDA
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994

Choice Beef
1995
1996
1997

Pork
1998
1999
2000
2001
2002
2003
2004
Retail Meat Prices

2005

Composite Broiler
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018

Pounds
100.0

25.0
30.0
35.0
40.0
45.0
50.0
65.0
70.0
75.0
80.0
85.0

55.0
60.0
90.0
95.0

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Beef

1985
1986
1987
1988
1989
1990
Pork

1991
1992
1993
1994
1995
1996
1997
Broilers

1998
1999
2000
2001
2002
2003
2004
US Per Capita Consumption

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018 Est
31

2019 Est
Live Cattle

Lean Hogs

32
Corn

Soy

33
 U.S. Feed Grain and Corn Supply and Use
2016/17 2017/18 Est. 2018/19 Proj. 2018/19 Proj.
CORN Jul Aug
Million Acres
Area Planted 94.0 90.2 89.1 89.1
Area Harvested 86.7 82.7 81.8 81.8
Bushels
Yield per Harvested Acre 174.6 176.6 174.0 178.4
Million Bushels
Beginning Stocks 1,737 2,293 2,027 2,027
Production 15,148 14,604 14,230 14,586
Imports 57 40 50 50
Supply, Total 16,942 16,937 16,307 16,664
Feed and Residual 5,470 5,450 5,425 5,525
Food, Seed & Industrial 6,885 7,060 7,105 7,105
Ethanol & by-products 5,432 5,600 5,625 5,625
Domestic, Total 12,355 12,510 12,530 12,630
Exports 2,294 2,400 2,225 2,350
Use, Total 14,649 14,910 14,755 14,980
Ending Stocks 2,293 2,027 1,552 1,684
STOCKS TO USE 15.7% 13.6% 10.5% 11.2%
Avg. Farm Price ($/bu) 3.36 3.35-3.45 3.30-4.30 3.10-4.10

34
 U.S. Soybeans and Products Supply and Use
2016/17 2017/18 Est. 2018/19 Proj. 2018/19 Proj.
SOYBEANS Jul Aug
Million Acres
Area Planted 83.4 90.1 89.6 89.6
Area Harvested 82.7 89.5 88.9 88.9
Bushels
Yield per Harvested Acre 52.0 49.1 48.5 51.6
Million Bushels
Beginning Stocks 197 302 465 430
Production 4,296 4,392 4,310 4,586
Imports 22 22 25 25
Supply, Total 4,515 4,715 4,800 5,040
Crushings 1,901 2,040 2,045 2,060
Exports 2,166 2,110 2,040 2,060
Seed 105 104 103 103
Residual 41 32 32 33
Use, Total 4,214 4,286 4,220 4,256
Ending Stocks 302 430 580 785
STOCKS TO USE 7.2% 10.0% 13.7% 18.4%
Avg. Farm Price ($/bu) 9.47 9.35 8.00-10.50 7.65-10.15

35
 SAFM Feed Cost, SAFM Feed Cost,
50
Cents per Processed Pound 60%
% of Total Cost of Goods Sold
45

50%

40

35 40%

30

30%

25

20 20%

15

10%

10

5 0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Corn/Soy Sensitivity
Fiscal 2017
Hypothetical Impact on Ultimate Impact on
Quantity Purchased Price Change Cash COGS
Corn 113.5 Million Bushels $1.00 / bushel $113.5 million $0.0269 / lb processed
Soybean Meal 1,031,378 Tons $10.00 / ton $10.3 million $0.0024 / lb processed

36
Financial Summary

37
 Third Quarter Fiscal 2018 Highlights
(in thousands, except per pounds amounts)
Q3 - 2018 Q3 - 2017 Change (%)
Total Sales Dollars $ 852,434 $ 931,901 -8.5%
Poultry Sales $ 790,393 $ 888,147 -11.0%
Prepared Chicken Sales $ 62,041 $ 43,754 41.8%
Total Sales Pounds 1,155,452 1,090,076 6.0%
Poultry Pounds 1,124,187 1,068,819 5.2%
Prepared Chicken Pounds 31,265 21,257 47.1%
Feed Cost per Pound of Chicken Processed $ 0.2655 $ 0.2510 5.8%
Feed Cost as Percent of COGS 42.4% 41.5% 2.1%
Non-Feed Cost Per Pound of Chicken Processed $ 0.3790 $ 0.3650 3.8%
Freight $ 0.0212 $ 0.0199 6.5%
Processing Labor $ 0.1049 $ 0.1007 4.2%
Packaging $ 0.0376 $ 0.0361 4.2%
All Other Non-Feed COGS $ 0.2153 $ 0.2083 3.4%
Total SG&A $ 55,778 $ 62,036 -10.1%
Administrative Salaries $ 10,654 $ 9,044 17.8%
Trainee Costs $ 5,373 $ 4,001 34.3%
Legal Services $ 4,284 $ 1,652 159.3%
Start Up (Tyler) $ 4,082 $ 91 4385.7%
Marketing Expense $ 7,887 $ 8,763 -10.0%
Stock Compensation $ 2,897 $ 3,918 -26.1%
Bonus $ - $ 5,880 -100.0%
ESOP $ 2,400 $ 12,500 -80.8%
All Other SG&A $ 18,201 $ 16,187 12.4%

38
 Fiscal 2018 Expectations
(in millions, excecpt tax rate and per pound amounts)
% CHANGE
Q1 (A) Q2 (A) Q3 (A) Q4 (E) TOTAL FROM 2017
Total Poultry Pounds Processed 1,101 1,092 1,152 1,121 4,466 4.1%
(1)
Total SG&A $ 52.6 $ 55.0 $ 55.8 $ 59.9 $ 223.3 3.2%
Effective Tax Rate -198.2% 24.3% 25.1% 24.6% -28.8% -184.5%
Capital Expenditures $ 51.7 $ 75.2 $ 89.7 $ 124.8 $ 341.4 104.7%
Feed Cost Per Pound Processed $ 0.2446 $ 0.2466 $ 0.2655 $ 0.2563 $ 0.2540 1.1%
Total Annual Increase in Salaried Wages (2) $ 24.5
Total Annual Increase in Hourly Wages $ 13.2

(1)
Assumes no bonus award accruals, but includes ESOP accrual in Q3 & Q4.
(2)
$19.5 million in COGS; $5 million in SG&A

39
 Strong Track Record of Financial Performance
Poultry Pounds Sold 25.00%
Margins
4,452
4,500 4,248
20.00%
4,000 3,765
3,455 15.00%
3,500
3,066
2,956 3,038 10.00%
3,000 2,800
2,581
(in millions)

2,500 2,399 2,463 5.00%

2,049
2,000 1,809 0.00%
1,537 1,580
1,500 -5.00%

1,000 -10.00%

500 -15.00%
0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(2)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (1) Gross Profit Operating Income Net Income

Earnings per Share Stock Price

13.00 12.30 $170
10.80 $160
11.00 $150
9.52
$140
9.00 8.37
$130
7.00 6.07 $120
5.68 $110
5.00 4.62 4.58 $100
3.91 3.94
($/Share)

3.53
$90
3.00 2.35
$80
1.00 $70
$60
(1.00) $50
(0.57)
$40
(3.00) (2.13) $30
$20
(5.00)
$10
(7.00) (5.74) $-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(2) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Note: (1) Estimated

(2) Through third quarter 40
Stock Price, Net Sales & Pounds Sold

41
 $340
Capital Expenditures and Depreciation & Amortization 32.2
$320
$300
30.0
$280
$260
$240
$220
$200 160.0
(in millions)

$180
7.4
$160
11.7 29.0
2.3
$140 13.2 122.4
12.4
$120 15.1 4.2
104.6 26.3
50.6
$100
9.4
107.7
$80 15.2
4.5
5.7
92.3 88.2
$60

111.0
12.2 115.0

100.3
24.2 5.7
2.0

84.6
89.7
$40 14.0 18.6

74.7
4.8 78.3 72.8

64.3
62.2
60.0
9.4 8.1 59.6

51.7
44.4

2.8
43.2
41.9

9.5 47.2 48.8

$20
33.2
30.8

34.8
26.3

24.8

29.0 26.2 26.7 32.2

18.0 20.7 22.6
$0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
Maintenance Depreciation Georgia Complex General Office Prepared Foods
Collins Expansion Waco Complex Kinston Complex Palestine Complex St. Pauls Complex
Tyler Complex Equipment Upgrades Aircraft

* Estimated 42