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