JefferiesConsumer Conference
June 21, 2016
Nantucket, Massachusetts
Forward Looking Statement Warning
This presentation contains forward-looking statementsabout the business, financial condition and prospects of theCompany. The actual performance of the Company could differmaterially from that indicated by the forward-looking statementsbecause of various risks and uncertainties. These risks anduncertainties are described in our most recent Annual Report onForm 10-K.
1
The Company
2
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 10.625MM head/week
We Are a Leading Chicken Producer
3
Tyson20.6%
Pilgrim's16.6%
Sanderson7.8%Perdue
7.2%
Koch5.6%
All Other42.1%
Top 10 Poultry Companies for 2015
Source: WATT PoultryUSA SurveyMarch 2016
4
Processing Further Processing Million Million Lbs Average Million Lbs % R-T-CCompany Plants Operations Head Live Weight Live Weight R-T-C Market ShareTyson Foods 32 10/13 33.41 202.30 5.76 175.60 20.6%Pilgrim's 24 0/5 28.85 164.80 5.71 141.67 16.6%Sanderson Farms, Inc. 10 1/0 9.15 72.66 7.94 66.20 7.8%Perdue Foods 11 3/4 12.99 77.17 5.94 61.74 7.2%Koch Foods, Inc. 8 4/1 12.00 61.20 5.10 48.00 5.6%Wayne Farms, LLC 9 0/2 6.59 53.13 8.06 47.68 5.6%Mountaire Farms, Inc. 3 6.48 52.06 8.04 46.10 5.4%House of Raeford Farms, Inc. 5 2/2 3.56 31.86 8.95 27.52 3.2%Peco Foods 5 1/1 3.90 33.74 8.66 26.53 3.1%Keystone Foods, LLC 3 0/4 3.67 26.90 7.32 20.80 2.4%
Total Top 10 110 22/33 120.60 775.82 6.43 661.84 77.7%All Others 41 25/9 43.17 243.58 5.64 189.77 22.3%Total 151 47/42 163.77 1019.40 6.22 851.61 100.0%
Balanced Asset Base
5
Poultry Plants
Full Capacity Live Pounds Processed PoundsPer Week (1) Per Week (2) Per Week (3)
Hazlehurst, MS 1961 625,000 6,250,000 5,765,750
Laurel, MS 1965 625,000 5,625,000 5,189,000
Hammond, LA 1974 625,000 5,625,000 5,189,000
Collins, MS 1981 1,250,000 11,250,000 10,378,250
Waco, TX 2007 1,250,000 11,250,000 10,378,250
Palestine, TX 2015(4) 1,250,000 11,250,000 10,378,250
St. Pauls, NC 2017(5) 1,250,000 11,250,000 10,378,250
Total 6,875,000 62,500,000 57,656,750
Retail
McComb, MS 1993 1,250,000 8,437,500 7,425,000
Bryan, TX 1997 1,250,000 8,437,500 7,425,000
Moultrie, GA 2005 1,250,000 8,437,500 7,425,000
Kinston, NC 2011 1,250,000 8,437,500 7,425,000
Total 5,000,000 33,750,000 29,700,000
Expected Capacity 11,875,000 96,250,000 87,356,750
Prepared Chicken Plant
Jackson, MS 1986
Note: (1) Capacity measured in head/w eek.(2) Based on target live w eights.(3) Based on historical yields.(4) Opened February 9, 2015.(5) Projected to open 1st Quarter 2017.
Big Bird Deboning
Waco, TX
Bryan, TXHammond, LA
Moultrie, GA
McComb, MS
Hazlehurst, MS
Jackson, MS
Collins, MSLaurel, MS
Kinston, NC
Palestine, TX
St. Pauls, NC
Legend• Big Bird Debone• Tray Pack• Prepared Foods
* Estimated. Assumes Palestine, TX reaches full production in 4th Quarter 2016.Assumes St. Pauls, NC opens 1st Quarter 2017 and reaches full production in 2nd Quarter 2018.
722
795 98
6
1,07
7
1,16
7
1,30
8
1,43
7
1,53
0
1,58
0
1,80
2
2,02
5 2,44
1
2,42
6
2,56
7
2,80
5
2,95
9
3,04
1
3,05
8 3,44
1 3,75
2 4,03
7 4,37
5
10%24%
9%8%
12%10%
6% 3%
14%
12%
21% -1% 6%
9%5%
3% 1%
13%
9%
8%
8%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016* 2017* 2018*
Pounds Processed (millions)Strong Track Record of Organic Growth
6
Key Strengths
Low Cost Producer
• As one of the industry’s most efficient producers, well positioned to capture share
Favorable Product Mix • New plant focused on higher margin big bird deboning market
Attractive Growth Profile
• Track record of generating strong internal growth• History of delivering above industry average returns
Strong Balance Sheet
• Managed and maintained appropriate capital structure• Strong balance sheet enables growth even during industry downturns
7
Strong Portfolio of CustomersPrepared Foods
8
Big Bird Deboning / FoodserviceStrong Portfolio of Customers
9
Strong Portfolio of CustomersTray Pack / Retail
10
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%48% 41% 40% 38% 42% 45% 46% 47% 44% 42%52% 59% 60% 62% 58% 55% 54% 53% 56% 58%
(20)
(10)
0
10
20
30
40
50
60
70
80
90
100
110
120
130
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Indu
stry
Ave
rage
Ope
ratin
g M
argi
n, C
ents
per
Hea
d (1
)
Small Bird Tray Pack Big Bird Deboning
Favorable Product Mix(2)
11Notes: (1) Agri Stats, calendar year.
(2) SAFM’s % of pounds processed, fiscal year.(3) Margin-calendar YTD Apr, Mix-fiscal Q2
(3)
12
(20)
(10)
0
10
20
30
40
50
60
70
80
90
100
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Industry Average Operating Margin, Cents per Head (1)
Note: (1) Agri Stats, calendar quarters.
Russian embargo Avian influenza $8 corn;recession
Drought induced high grain prices; oversupply
Export Destinations (SAFM) – Fiscal 2015Sales Pounds
636.6 (million)18.1% of total
Gross Sales Dollars$207.8 (million)
7.2% of total
13
Central Asia21%
China4%
Mexico59%
Middle East4%
Other12% Central Asia
16%
China10%
Mexico59%
Middle East4%
Other11%
Export Destinations (SAFM) – Sales Pounds
14
Central Asia17%
China12%
Mexico35%
Middle East10%
Russia12%
Other14%
January - December 2014
Central Asia20%
China2%
Mexico64%
Middle East4%
Other10%
January - December 2015
15
90%
100%
110%
120%
130%
140%
150%
160%
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16
Strengthening U.S. Dollar
USD Index Euro Canadian Dollar Brazilian Real Mexican Peso
Source: Bloomberg
16
Impact on2015 2016 Change % Change US Cons Source
Head Processed 2,846,116 2,865,353 19,237 0.7% USDA Poultry SlaughterBird Weight 6.10 6.18 0.08 1.3% USDA Poultry SlaughterTotal Live Pounds 17,355,690 17,706,332 350,642 2.0% USDA Poultry Slaughter
Beg Stocks 709,476 853,982 144,506 20.4% 1.4% USDA Cold StorageReady to Cook Pounds 13,063,839 13,335,261 271,422 2.1% 2.6% USDA Poultry SlaughterExports 2,434,828 2,280,389 (154,439) -6.3% 1.5% USDA Chicken ExportsEnd Stocks 761,855 799,776 37,921 5.0% -0.4% USDA Cold StorageDomestic Consumption 10,576,632 11,109,078 532,446 5.0% 5.0%
2014 2015 2016 (Proj) 14 vs 15 15 vs 16 SourceBeg Stocks Less Paws 669,000 680,000 832,000 1.6% 22.4% USDA WASDE - Jun 2016Ready to Cook Pounds 38,153,000 39,620,000 40,575,000 3.8% 2.4% USDA WASDE - Jun 2016Imports 117,000 130,000 132,000 11.1% 1.5% USDA WASDE - Jun 2016Exports 7,301,000 6,319,000 6,723,000 -13.5% 6.4% USDA WASDE - Jun 2016End Stocks Less Paws 680,000 832,000 695,000 22.4% -16.5% USDA WASDE - Jun 2016Domestic Consumption 30,958,000 33,279,000 34,121,000 7.5% 2.5% USDA WASDE - Jun 2016Per Capita 83.3 88.9 90.4 6.7% 1.7% USDA WASDE - Jun 2016
% Change
in thousands
Domestic US Chicken ConsumptionJanuary thru April
in thousands
Domestic US Chicken ConsumptionJanuary thru December
Market Overview
17
Current Market Overview
Cold Storage• Cold storage inventories higher than a year ago, primarily boneless breast
and wings• Leg quarter inventories down 39% from April 2015 to April 2016
Demand• Retail grocery demand remains strong• Casual dining traffic improved in 2015 (probably because of lower gasoline
prices)• Jobs, consumer confidence and macro economic conditions are the key
Competing Meats
• Wholesale pork and beef prices now lower• Retail spread between chicken and red meat still wide
Exports• Export market is improving• Russia ban• China ban• Avian influenza bans (most lifted)
• Strong US Dollar, but weaker since December
• Weak oil prices, but improving
18
Supply• Broiler egg sets increased in 2015; trending slightly ahead of a year ago YTD
in 2016; slightly below a year ago during last six weeks• Pullet placements increased in 2015; continue to increase in 2016, perhaps
for export market
Layers
Pullet Placements Potential Breeder Placements
Broiler Eggs Set
Source: USDA 19
175
180
185
190
195
200
205
210
215
220
Jan
02
Jan
23
Feb
13
Mar
05
Mar
26
Apr 1
6
May
07
May
28
Jun
18
Jul 0
9
Jul 3
0
Aug 2
0
Sep
10
Oct 0
1
Oct 2
2
Nov 1
2
Dec 0
3
Dec 2
4
Broi
ler-T
ype
Eggs
Set (
mill
ions
)
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
48,000
50,000
52,000
54,000
56,000
58,000
60,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Broil
er-T
ype
Hatc
hing
Egg L
ayer
s (th
ousa
nds)
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
6,000
6,500
7,000
7,500
8,000
8,500
9,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Broi
ler-T
ype
Pulle
t Chi
cks H
atch
ed (t
hous
ands
)
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
58,000
60,000
62,000
64,000
66,000
68,000
70,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Broi
ler-T
ype
Cum
ulat
ive P
oten
tial P
lace
men
ts (t
hous
ands
)
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
20
-2%
-1%
0%
1%
2%
3%
4%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16
YOY Change in Eggs Set and Chicks Placed (six week rolling average)
Chicks Placed Eggs Set
Source: USDA
Intended Placements: Broiler-Type Pullet Chicks for HatcherySupply Flocks by Month and Total, 2013-16
2014 2015 2016Month as % of as % of as % of
2013 2014 20152013 2014 2015 2016 2012 2013 2014 2015 2016
1,000 1,000 1,000 1,000 Percent Percent Percent 1,000 1,000 1,000 1,000 1,000 US Place- mentsJan 6,303 6,470 6,959 6,726 103 108 97 64,111 60,864 60,546 62,018 65,575 Feb 7,156 7,239 7,921 8,098 101 109 102 63,679 60,646 60,850 61,999 66,180 Mar 6,589 6,790 7,160 8,143 103 105 114 63,323 61,094 61,214 62,220 66,496 Apr 6,222 6,710 6,995 7,765 108 104 111 63,209 61,342 61,457 62,804 68,274 May 7,565 7,600 7,541 100 99 62,941 60,934 61,385 63,157 68,178 Jun 7,011 7,094 7,790 101 110 62,547 60,676 61,444 63,509 67,487 Jul 6,569 6,212 7,428 95 120 61,927 60,591 61,524 63,514 67,871 Aug 7,131 7,436 7,907 104 106 61,556 60,370 61,772 63,763 67,602 Sep 6,911 7,253 8,573 105 118 60,860 60,054 61,446 64,084 68,159 Oct 6,231 6,823 6,863 110 101 60,402 59,843 61,225 64,150 68,512 Nov 7,215 7,591 7,230 105 95 60,482 59,994 61,366 64,933 68,849 Dec 6,669 6,795 7,544 102 111 60,721 60,221 61,835 65,038
Annual Total 81,572 84,013 89,911 103 107
Pullet Chicks Hatched7-15 Months Earlier
Cumulative Potential PlacementsRelative to Current Supply Flocks
Source: USDA 21
Source: USDA 22
USDA Broiler-Type* Eggs Set (in thousands), 19 State TotalW/E Date 2007 2011 2013 2014 2015 2016 W/E Date 2007 2011 2013 2014 2015 2016
Jan 02 210,985 205,691 197,827 200,700 206,129 205,645 Jul 02 218,682 194,961 204,037 204,815 206,724Jan 09 209,163 205,186 197,750 203,112 205,477 207,152 Jul 09 217,510 196,576 204,332 206,955 207,803 Last 6 wksJan 16 210,082 204,327 197,068 201,022 206,873 208,184 Jul 16 218,421 195,141 201,917 207,252 207,909 2016 vs 2015Jan 23 211,406 203,989 199,097 202,459 206,626 208,789 Jul 23 216,771 194,434 202,633 206,058 207,650 99.8%Jan 30 212,213 205,787 198,985 202,263 205,644 208,803 Jul 30 217,829 195,036 200,859 205,789 207,021Feb 06 214,830 204,205 198,852 200,909 206,849 207,363 Aug 06 217,155 194,164 203,487 205,396 206,239Feb 13 214,478 207,066 200,394 201,336 208,419 208,676 Aug 13 216,232 193,090 202,125 205,845 205,149Feb 20 216,310 206,605 201,382 201,674 207,642 207,731 Aug 20 216,057 193,007 203,191 206,177 204,747Feb 27 215,078 208,567 201,687 203,545 207,875 208,995 Aug 27 209,333 189,258 202,009 204,469 204,590Mar 05 215,606 207,931 200,896 203,414 205,725 209,245 Sep 03 206,426 185,109 195,959 202,654 200,683Mar 12 215,552 208,714 201,459 202,959 205,040 210,279 Sep 10 212,581 179,419 194,818 200,653 199,318Mar 19 216,550 209,434 201,081 201,169 205,193 209,290 Sep 17 208,097 187,731 192,507 198,055 190,289Mar 26 218,877 207,520 202,080 202,328 208,389 207,385 Sep 24 214,077 181,739 197,430 201,572 199,227Apr 02 219,390 207,969 201,205 204,399 210,412 208,068 Oct 01 209,286 186,293 186,654 195,432 194,323Apr 09 220,468 208,968 202,147 205,151 209,813 208,869 Oct 08 203,241 181,827 191,911 199,787 195,933Apr 16 218,487 209,132 200,635 205,876 210,218 207,568 Oct 15 202,686 183,513 188,159 195,973 191,534Apr 23 218,306 207,087 200,829 204,117 207,565 208,763 Oct 22 206,478 185,147 195,335 198,568 196,287Apr 30 220,582 207,982 202,579 204,399 209,854 207,924 Oct 29 217,739 186,668 191,466 196,096 196,492May 07 220,445 206,342 203,399 203,703 210,610 209,557 Nov 05 216,469 194,300 193,126 199,417 196,162May 14 220,073 206,792 205,173 205,560 211,154 209,102 Nov 12 219,634 195,234 203,021 208,884 207,495May 21 219,506 205,932 204,362 206,177 209,899 211,442 Nov 19 222,087 194,736 202,016 208,957 208,585May 28 219,728 205,234 204,883 207,159 210,633 211,096 Nov 26 214,850 194,354 203,360 209,093 208,638Jun 04 218,120 204,659 204,670 206,058 211,630 209,575 Dec 03 218,160 195,064 201,708 205,047 202,548Jun 11 216,797 199,826 203,999 204,010 209,386 210,492 Dec 10 219,157 194,790 203,237 206,824 207,264Jun 18 210,659 198,340 203,591 205,718 210,165 Dec 17 219,365 195,695 202,911 207,207 208,906Jun 25 216,526 197,158 202,366 204,317 209,296 Dec 24 218,155 193,595 202,064 206,094 206,955
Average 208,750 215,321 198,295 200,167 203,589 205,481
* Broiler-Type: Chicks or chickens of meat-type strains for meat or other uses, such as breeding or research.
23
-200%
0%
200%
400%
600%
800%
1000%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
May
-12
Jul-1
2
Sep-
12
Nov-
12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov-
13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov-
14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov-
15
Jan-
16
Mar
-16
Hatching Egg Exports to Mexico
Dozens of Eggs (thousands) Y/Y
-1.0
%
-1.3
%
-0.6
% -0.4
% -0.2
%
-0.7
%
-1.0
%
-0.7
% -0.5
%
-0.9
%
-0.8
%
0.1%
0.4% 0.
5%
0.1%
-1.0
%
-3.0
% -2.9
%
-2.2
%
-2.6
%
-2.0
%
-1.5
%
-2.1
%
-2.8
%
-2.2
%
-3.6
% -3.5
%
-2.8
%
-0.4
%
-1.0
%
-0.6
%
-0.9
%
-1.0
%
-1.8
%
-1.0
%
-0.3
%
May
-13
Jul-1
3
Sep-
13
Nov-
13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov-
14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov-
15
Jan-
16
Mar
-16
Impact on US Hatching Egg Supply
US Hatching Egg Exports to Mexico
Source: USDA
24
US Hatching Eggs* Exports
* Includes all chicken eggs, fertilized for incubation
Source: USDA
Hatch Egg Exports to:
% of Required % of Total % of Required % of Total % of Required % of Total % of Required % of TotalDozens Prior Layers Layers Dozens Prior Layers Layers Dozens Prior Layers Layers Dozens Prior Layers Layers
May-14 913,646 71% 580 1.1% 904,106 99% 574 1.1% 1,694,929 93% 1,076 2.0% 3,512,681 88% 2,229 4.2%Jun-14 868,139 66% 569 1.1% 857,049 118% 562 1.0% 1,665,077 92% 1,092 2.0% 3,390,265 88% 2,223 4.2%Jul-14 957,208 89% 607 1.1% 951,082 104% 604 1.1% 1,737,501 89% 1,103 2.1% 3,645,791 93% 2,314 4.3%
Aug-14 1,731,609 203% 1,099 2.1% 904,265 102% 574 1.1% 1,711,276 90% 1,086 2.0% 4,347,150 120% 2,759 5.2%Sep-14 3,744,255 347% 2,455 4.7% 812,465 80% 533 1.0% 1,995,839 93% 1,309 2.5% 6,552,559 155% 4,297 8.1%Oct-14 3,797,140 322% 2,410 4.6% 825,585 76% 524 1.0% 2,076,488 79% 1,318 2.5% 6,699,213 137% 4,251 8.1%
Nov-14 3,364,835 238% 2,206 4.2% 786,744 84% 516 1.0% 1,560,637 71% 1,023 1.9% 5,712,216 126% 3,746 7.1%Dec-14 3,401,010 320% 2,158 4.1% 921,385 104% 585 1.1% 2,145,921 115% 1,362 2.6% 6,468,316 169% 4,105 7.8%Jan-15 2,913,957 291% 1,849 3.4% 977,694 98% 620 1.2% 2,233,219 142% 1,417 2.6% 6,124,870 172% 3,887 7.2%Feb-15 2,433,070 215% 1,709 3.2% 839,122 92% 590 1.1% 2,050,215 141% 1,440 2.7% 5,322,407 152% 3,739 6.9%Mar-15 3,172,559 263% 2,013 3.7% 1,121,828 115% 712 1.3% 2,238,904 151% 1,421 2.6% 6,533,291 178% 4,146 7.7%Apr-15 3,371,927 417% 2,211 4.0% 985,877 97% 646 1.2% 2,395,461 143% 1,571 2.9% 6,753,265 193% 4,428 8.1%
May-15 2,999,875 328% 1,904 3.5% 1,004,448 111% 637 1.2% 2,333,839 138% 1,481 2.7% 6,338,162 180% 4,022 7.3%Jun-15 4,239,557 488% 2,780 5.0% 920,914 107% 604 1.1% 2,503,713 150% 1,642 3.0% 7,664,184 226% 5,026 9.0%Jul-15 4,274,512 447% 2,713 5.0% 925,419 97% 587 1.1% 2,355,370 136% 1,495 2.7% 7,555,301 207% 4,794 8.8%
Aug-15 4,409,834 255% 2,798 5.1% 1,012,840 112% 643 1.2% 2,006,234 117% 1,273 2.3% 7,428,908 171% 4,714 8.6%Sep-15 4,140,051 111% 2,715 5.0% 1,102,468 136% 723 1.3% 2,194,670 110% 1,439 2.6% 7,437,189 114% 4,877 8.9%Oct-15 4,775,052 126% 3,030 5.6% 811,934 98% 515 0.9% 2,485,707 120% 1,577 2.9% 8,072,693 121% 5,123 9.4%
Nov-15 3,919,920 116% 2,570 4.7% 802,027 102% 526 1.0% 2,117,101 136% 1,388 2.5% 6,839,048 120% 4,485 8.2%Dec-15 4,287,780 126% 2,721 5.0% 871,700 95% 553 1.0% 2,246,520 105% 1,426 2.6% 7,406,000 114% 4,700 8.6%Jan-16 3,884,498 133% 2,465 4.5% 1,085,535 111% 689 1.3% 1,921,837 86% 1,220 2.2% 6,891,870 113% 4,373 8.0%Feb-16 3,999,293 164% 2,713 5.0% 1,038,248 124% 704 1.3% 1,704,524 83% 1,156 2.1% 6,742,065 127% 4,573 8.4%Mar-16 4,161,943 131% 2,641 4.8% 1,052,037 94% 668 1.2% 2,138,697 96% 1,357 2.5% 7,352,677 113% 4,666 8.4%Apr-16 3,633,642 108% 2,383 4.3% 1,176,390 119% 771 1.4% 1,740,812 73% 1,142 2.1% 6,550,844 97% 4,296 7.8%
Mexico Canada ROW World
25Source: USDA
2015 2016 2015 2016Month as % of as % of as % of as % of
2014 2015 2014 20152014 2015 2016
1,000 1,000 1,000 % % 1,000 Avg Wt 1,000 Avg Wt 1,000 Avg Wt % %
Jan 704,432 724,605 699,346 103 97 4,226,487 6.00 4,432,867 6.12 4,330,457 6.19 105 98 Feb 664,590 654,079 699,865 98 107 3,992,540 6.01 3,982,649 6.09 4,320,889 6.17 100 108 Mar 689,189 741,932 760,427 108 102 4,120,110 5.98 4,503,176 6.07 4,683,220 6.16 109 104 Apr 711,014 725,500 705,715 102 97 4,260,061 5.99 4,436,998 6.12 4,371,766 6.19 104 99 May 712,142 704,517 99 4,254,278 5.97 4,303,939 6.11 101 Jun 712,605 747,484 105 4,265,977 5.99 4,551,023 6.09 107 Jul 743,158 762,580 103 4,418,499 5.95 4,609,885 6.05 104 Aug 709,909 740,789 104 4,244,333 5.98 4,533,943 6.12 107 Sep 731,821 748,689 102 4,385,388 5.99 4,623,321 6.18 105 Oct 770,431 743,126 96 4,680,099 6.07 4,600,575 6.19 98 Nov 644,637 674,127 105 3,911,056 6.07 4,159,180 6.17 106 Dec 728,499 720,679 99 4,445,747 6.10 4,428,113 6.14 100
Annual 8,522,427 8,688,107 102 51,204,575 6.01 53,165,669 6.12 104
USDA Young Chickens Slaughteredby Month and Total, 2014-2016
Head
2016
Live Pounds
20152014
26
5.85
5.90
5.95
6.00
6.05
6.10
6.15
6.20
6.25
6.30
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
U.S. Broiler Live Weights (lbs)
2014 2015 2016
Source: USDA
500,000
550,000
600,000
650,000
700,000
750,000
800,000
850,000
900,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Poun
ds (
thou
sand
s)
2016 2015 2014 2013 2012
Total Chicken
Source: USDA
Chicken – US Cold Storage Stocks, 2012-2016 (1,000 pounds)
27
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Poun
ds (t
hous
ands
)
2016 2015 2014 2013 2012
7,000
9,000
11,000
13,000
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Poun
ds (t
hous
ands
)
2016 2015 2014 2013 2012
70,000
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000
160,000
170,000
180,000
190,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Poun
ds (t
hous
ands
)
2016 2015 2014 2013 2012
Breasts & Breast Meat Wings
Leg Quarters Whole Chickens
Chicken – US Cold Storage Stocks, 2012-2016 (1,000 pounds)
Source: USDA
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000
160,000
170,000
180,000
190,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Poun
ds (t
hous
ands
)
2016 2015 2014 2013 2012
28
Georgia Dock
Source: comtell.com 29
0.5500
0.6500
0.7500
0.8500
0.9500
1.0500
1.1500
1.2500
4-Ja
n
25-Ja
n
15-F
eb
7-M
ar
28-M
ar
18-A
pr
9-M
ay
30-M
ay
20-Ju
n
11-Ju
l
1-Au
g
22-A
ug
12-S
ep
3-O
ct
24-O
ct
14-N
ov
5-De
c
26-D
ec
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
UB Boneless Skinless Breast(Approx. 12.3 million pounds/week assuming 23.95% yield*)
UB Breast Tenders(Approx. 2.2 million pounds/week assuming 4.30% yield*)
UB Jumbo Wings(Approx. 4.0 million pounds/week assuming 7.75% yield*)
UB Leg Quarters(Approx. 17.9 million pounds/week assuming 34.90% yield*)
Source: comtell.com* Estimated pounds for BBDB plants based on target live weights and historical yields. 30
0.9000
1.1000
1.3000
1.5000
1.7000
1.9000
2.1000
2.3000
4-Ja
n
25-Ja
n
15-F
eb
7-M
ar
28-M
ar
18-A
pr
9-M
ay
30-M
ay
20-Ju
n
11-Ju
l
1-Au
g
22-A
ug
12-S
ep
3-Oc
t
24-O
ct
14-N
ov
5-De
c
26-D
ec
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
0.5000
0.7000
0.9000
1.1000
1.3000
1.5000
1.7000
1.9000
2.1000
4-Ja
n
25-Ja
n
15-F
eb
7-M
ar
28-M
ar
18-A
pr
9-M
ay
30-M
ay
20-Ju
n
11-Ju
l
1-Au
g
22-A
ug
12-S
ep
3-Oc
t
24-O
ct
14-N
ov
5-De
c
26-D
ec
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
0.7000
0.9000
1.1000
1.3000
1.5000
1.7000
1.9000
2.1000
2.3000
2.5000
4-Ja
n
25-Ja
n
15-F
eb
7-M
ar
28-M
ar
18-A
pr
9-M
ay
30-M
ay
20-Ju
n
11-Ju
l
1-Au
g
22-A
ug
12-S
ep
3-Oc
t
24-O
ct
14-N
ov
5-De
c
26-D
ec
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
0.1000
0.1500
0.2000
0.2500
0.3000
0.3500
0.4000
0.4500
0.5000
0.5500
0.6000
4-Ja
n
25-Ja
n
15-F
eb
7-M
ar
28-M
ar
18-A
pr
9-M
ay
30-M
ay
20-Ju
n
11-Ju
l
1-Au
g
22-A
ug
12-S
ep
3-Oc
t
24-O
ct
14-N
ov
5-De
c
26-D
ec
10-Yr High-Low Range 10-Yr Median 2014 2015 2016
31Source: comtell.com
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Current
GA Dock 0.7825 0.8467 0.8564 0.8589 0.8744 0.9434 1.0389 1.1031 1.1468 1.1197 1.1175
Boneless Breast 1.5285 1.3265 1.3542 1.5062 1.2948 1.4123 1.6126 1.6906 1.3668 1.1905 1.2300
Tender 1.5009 1.2479 1.4630 1.5203 1.3291 1.6042 1.6595 1.9260 1.5386 1.6721 1.9800
Wing 1.2523 1.0563 1.4198 1.3037 0.9872 1.8179 1.4638 1.3808 1.7180 1.4397 1.2200
Jumbo Wing 1.1415 0.9326 1.3907 1.1953 0.9125 1.6498 1.3885 1.2802 1.5106 1.6440 1.3900
Leg Quarter 0.4303 0.4461 0.3821 0.3625 0.4508 0.4980 0.4851 0.4531 0.2716 0.2986 0.3500
Boneless Thigh 1.1681 1.2667 1.1595 0.9840 1.2655 1.3154 1.4001 1.2958 0.9421 0.8689 1.0900
Thighs 0.5034 0.5804 0.5147 0.4545 0.6377 0.6990 0.6842 0.6430 0.4470 0.3374 0.4000
Drumsticks 0.5446 0.5762 0.5484 0.4458 0.5294 0.5758 0.5502 0.4953 0.2947 0.3106 0.4000
Chicken Market History
32
-
50
100
150
200
250
300
350
400
450
500
550
600
650
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Cent
s/po
und
Retail Meat Prices
Choice Beef Pork Composite Broiler
Source: USDA
33Source: USDA
1.00
1.50
2.00
2.50
3.00
3.50
2011 2012 2013 2014 2015 2016
U.S. Retail Beef and Pork to Chicken Ratios
Beef / Chicken Pork / Chicken
34
25.0
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
85.0
90.0
95.0
100.0
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Est
2017
Est
Poun
dsUS Per Capita Consumption
Beef Pork Broilers
Source: USDA
Live Cattle
35
Lean Hogs
36
Corn
37
Soybean Meal
38
39
5
10
15
20
25
30
35
40
45
50
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SAFM Feed Cost, Cents per Processed Pound
40
Corn/Soy Sensitivity
Fiscal 2015
Quantity PurchasedHypothetical Price Change
Impact on Cash
Ultimate Impact on COGS
Corn 98.0 Million Bushels $1.00 / bushel $98.0 million $0.0285 / lb processedSoybean Meal 864,980 Tons $10.00 / ton $8.6 million $0.0025 / lb processed
Q2 Fiscal 2016
Quantity PurchasedHypothetical Price Change
Impact on Cash
Ultimate Impact on COGS
Corn 25.0 Million Bushels $1.00 / bushel $25 million $0.0264 / lb processedSoybean Meal 233,844 Tons $10.00 / ton $2.3 million $0.0024 / lb processed
Financial Summary
41
Strong Track Record of Financial Performance
42
1,537 1,5371,809
2,049
2,399 2,4632,581
2,8002,956 3,038 3,066
3,455
3,759
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
(in m
illio
ns)
Poultry Pounds Sold
4.62 3.53
(0.57)
3.91
(2.13)
3.94
6.07
(5.74)
2.35
5.68
10.80 9.52
2.58
(7.00)
(5.00)
(3.00)
(1.00)
1.00
3.00
5.00
7.00
9.00
11.00
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
($/S
hare
)
Earnings per Share
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Margins
Gross Profit Operating Income Net Income
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Stock Price
(1)
(2)
(2)
Note: (1) Estimated(2) Through second quarter
* Estimated 43
27.5 20.7 29.0 26.2
40.7 25.4
37.1 44.4 49.2 48.8
67.0
92.5 81.0
26.3 24.8 30.8 33.2 41.9 43.2 44.4
51.7 60.0 62.2 64.3
74.7 84.0
15.1 9.4
4.5
5.4
4.8
24.2
92.3 15.2
88.2
8.1
107.7
18.6 5.7
104.6 50.6
13.2 139.7
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Capital Expenditures and Depreciation & Amortization(in millions)
Maintenance Depreciation General Office Prepared Foods Collins Expansion
Georgia Complex Waco Complex Kinston Complex Palestine Complex St. Pauls Complex