Goldman Sachs Non-Deal Road Show. Boston, Massachusetts

Goldman Sachs Non-Deal Road Show Boston, Massachusetts April 12, 2017

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. 1

The Company 2

We Are a Leading Chicken Producer Organized in 1947 Incorporated in 1955 Who We Are Vertically integrated in 1961 Initial public offering in 1987 3 rd largest poultry processor in the U.S. Current processing capacity of 11.875MM head/week 3

Top 10 Poultry Companies for 2016 All Other 42.6% Tyson 20.0% Source: WATT PoultryUSA Survey March 2017 Pilgrim's 16.3% Sanderson 8.3% 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 10/13 34.98 202.32 5.76 174.29 20.0% Pilgrim's 24 0/5 28.61 165.13 5.77 142.20 16.3% Sanderson Farms, Inc. 10 1/0 9.75 79.20 8.12 72.40 8.3% Perdue Foods 11 3/4 12.98 78.00 6.01 62.40 7.2% Koch Foods, Inc. 8 4/1 12.00 63.60 5.30 50.00 5.7% Wayne Farms, LLC 9 0/2 6.80 52.12 7.72 47.22 5.4% Mountaire Farms, Inc. 3 6.48 52.73 8.15 46.63 5.3% Peco Foods 6 1/2 4.34 37.20 8.58 29.21 3.3% House of Raeford Farms, Inc. 5 2/2 3.54 31.47 8.89 27.35 3.1% Keystone Foods, LLC 3 0/4 3.61 27.00 7.48 23.60 2.7% Total Top 10 111 21/33 123.09 788.77 6.41 675.30 77.4% All Others 40 27/9 44.46 252.38 5.68 197.39 22.6% Total 151 48/42 167.55 1,041.15 6.21 872.69 100.0% Koch 5.7% Perdue 7.2% 4

Balanced Asset Base Poultry Plants Big Bird Deboning Full Capacity Live Pounds Processed Pounds Per Week (1) Per Week (2) Per Week (3) Hazlehurst, MS 1961 625,000 5,625,000 5,118,750 Laurel, MS 1965 625,000 5,625,000 5,118,750 Hammond, LA 1974 625,000 5,625,000 5,118,750 Collins, MS 1981 1,250,000 11,250,000 10,237,500 Waco, TX 2007 1,250,000 11,250,000 10,237,500 Palestine, TX 2015 1,250,000 11,250,000 10,237,500 St. Pauls, NC 2017 1,250,000 11,250,000 10,237,500 Retail Total 6,875,000 61,875,000 56,306,250 McComb, MS 1993 1,250,000 8,437,500 7,425,000 Bryan, TX 1997 1,250,000 8,437,500 7,425,000 Waco, TX Tyler, TX McComb, MS Jackson, MS Hazlehurst, MS Kinston, NC St. Pauls, NC Moultrie, GA Moultrie, GA 2005 1,250,000 8,437,500 7,425,000 Kinston, NC 2011 1,250,000 8,437,500 7,425,000 Tyler, TX 2019(4) 1,250,000 8,437,500 7,425,000 Total 6,250,000 42,187,500 37,125,000 Expected Capacity 13,125,000 104,062,500 93,431,250 Bryan, TX Collins, MS Laurel, MS Hammond, LA Palestine, TX Prepared Chicken Plant Jackson, MS 1986 Note: (1) Capacity measured in head/week. (2) Based on target live weights. (3) Based on historical yields. (4) Expected to open 1st Quarter of 2019. Big Bird Deboning Plants Prepared Chicken Plant Retail Tray Pack Plants 5

722 795 986 1,077 1,167 1,308 1,437 1,530 1,580 1,802 2,025 2,441 2,426 2,567 2,805 2,959 3,041 3,058 3,441 3,765 4,157 4,321 4,446 4,683 5,000 4,500 4,000 3,500 Strong Track Record of Organic Growth Pounds Processed (millions) 4% 3% 10% 9% 13% 5% 3,000 9% 5% 3% 1% 2,500 21% -1% 6% 2,000 14% 12% 1,500 1,000 10% 24% 9% 8% 12% 10% 6% 3% 500 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 1 st Quarter 2018. Assumes Tyler, TX opens 1 st Quarter 2019 and reaches full production in 2 nd Quarter 2020. 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

Prepared Foods Strong Portfolio of Customers 8

Strong Portfolio of Customers Big Bird Deboning / Foodservice 9

Tray Pack / Retail Strong Portfolio of Customers 10

130 Favorable Product Mix (2) 0% 48% 52% 0% 41% 59% 0% 40% 60% 0% 38% 62% 0% 42% 58% 0% 45% 55% 0% 46% 54% 0% 47% 53% 0% 44% 56% 0% 41% 59% 0% 39% 61% 120 Industry Average Operating Margin, Cents per Head (1) 110 100 90 80 70 60 50 40 30 20 10 0 (10) (20) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Small Bird Tray Pack Big Bird Deboning (3) Notes: (1) Agri Stats, calendar year. (2) SAFM s % of pounds processed, fiscal year. (3) Margin-calendar YTD Feb, Mix-fiscal Q1 11

100 Industry Average Operating Margin, Cents per Head (1) 90 80 70 60 50 40 30 20 10 0 (10) (20) Russian embargo Avian influenza $8 corn; recession Drought induced high grain prices; oversupply 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Note: (1) Agri Stats, calendar quarters. 12

Export Destinations (SAFM) Fiscal 2016 Sales Pounds 750.1 (million) 19.6% of total Gross Sales Dollars $213.5 (million) 7.4% of total Middle East Middle East 6% Other 6% Other 5% 5% Central Asia Central Asia Africa 13% 12% 4% Africa 4% Mexico 72% Mexico 73% 13

160% Strengthening U.S. Dollar 150% 140% 130% 120% 110% 100% 90% Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 USD Index Euro Canadian Dollar Brazilian Real Mexican Peso Source: Bloomberg 14

Domestic US Chicken Consumption January & February in thousands Impact on 2016 2017 Change % Change US Cons Source Head Processed 1,399,242 1,428,784 29,542 2.1% USDA Poultry Slaughter Bird Weight 6.18 6.18 (0.00) -0.1% USDA Poultry Slaughter Total Live Pounds 8,651,533 8,828,900 177,367 2.1% USDA Poultry Slaughter Beg Stocks 853,982 795,824 (58,158) -6.8% -1.1% USDA Cold Storage Ready to Cook Pounds 6,513,439 6,649,842 136,403 2.1% 2.5% USDA Poultry Slaughter Exports 1,108,254 1,180,326 72,071 6.5% -1.3% USDA Chicken Exports End Stocks 793,854 780,292 (13,562) -1.7% 0.2% USDA Cold Storage Domestic Consumption 5,465,313 5,485,048 19,736 0.4% 0.4% Domestic US Chicken Consumption January thru December in thousands % Change 2015 2016 (Est) 2017 (Proj) 15 vs 16 16 vs 17 Source Beg Stocks Less Paws 680,000 832,000 778,000 22.4% -6.5% USDA WASDE - Mar 2017 Ready to Cook Pounds 39,620,000 40,260,000 41,081,000 1.6% 2.0% USDA WASDE - Mar 2017 Imports 131,000 131,000 140,000 0.0% 6.9% USDA WASDE - Mar 2017 Exports, No Paws 6,321,000 6,647,000 6,925,000 5.2% 4.2% USDA WASDE - Mar 2017 End Stocks Less Paws 832,000 778,000 745,000-6.5% -4.2% USDA WASDE - Mar 2017 Domestic Consumption 33,278,000 33,798,000 34,329,000 1.6% 1.6% USDA WASDE - Mar 2017 Per Capita 89.0 89.8 90.4 0.9% 0.7% USDA WASDE - Mar 2017 15

Market Overview 16

Current Market Overview Supply Broiler egg sets increased in 2015 and 2016 Pullet placements increased in 2015; continued to increase in 2016, perhaps for export market and has since moderated Cold Storage Cold storage inventories now lower than a year ago Leg quarter inventories lower compared to 2015 Demand Retail grocery demand remains strong; supply steady Casual dining traffic improved in 2015 (probably because of lower gasoline prices); flat to lower during 2016; lower again in Q1 of 2017 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, but lower Exports Export market improved Avian influenza Strong US Dollar Geopolitical environment a question 17

Dec 31 Jan 21 Feb 11 Mar 04 Mar 25 Apr 15 May 06 May 27 Jun 17 Jul 08 Jul 29 Aug 19 Sep 09 Sep 30 Oct 21 Nov 11 Dec 02 Dec 23 Broiler-Type Hatching Egg Layers (thousands) Broiler-Type Eggs Set (millions) Pullet Placements Potential Breeder Placements 9,000 72,000 Broiler-Type Pullet Chicks Hatched (thousands) 8,500 8,000 7,500 7,000 6,500 Broiler-Type Cumulative Potential Placements (thousands) 70,000 68,000 66,000 64,000 62,000 60,000 6,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-Yr High-Low Range 10-Yr Median 2015 2016 2017 60,000 Layers 58,000 220 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-Yr High-Low Range 10-Yr Median 2015 2016 2017 Broiler Eggs Set 58,000 215 210 56,000 205 54,000 200 195 52,000 190 185 50,000 180 48,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-Yr High-Low Range 10-Yr Median 2015 2016 2017 175 10-Yr High-Low Range 10-Yr Median 2015 2016 2017 Source: USDA 18

Intended Placements: Broiler-Type Pullet Chicks for Hatchery Supply Flocks by Month and Total, 2014-17 2015 2016 2017 Cumulative Potential Placements Month Pullet Chicks Hatched as % of as % of as % of Relative to Current Supply Flocks 2014 2015 2016 7-15 Months Earlier 2014 2015 2016 2017 2013 2014 2015 2016 2017 1,000 1,000 1,000 1,000 Percent Percent Percent 1,000 1,000 1,000 1,000 1,000 Jan 6,470 6,944 6,726 7,163 107 97 106 60,864 60,546 62,018 65,531 68,864 Feb 7,239 7,892 8,098 7,832 109 103 97 60,646 60,850 61,999 66,136 69,731 Mar 6,790 7,160 8,143 105 114 61,094 61,214 62,220 66,452 70,191 Apr 6,710 6,995 7,615 104 109 61,342 61,457 62,804 68,230 70,256 May 7,600 7,541 8,083 99 107 60,934 61,385 63,157 68,149 70,439 Jun 7,094 7,790 8,562 110 110 60,676 61,444 63,509 67,487 70,051 Jul 6,212 7,428 7,730 120 104 60,591 61,524 63,514 67,871 69,443 Aug 7,436 7,907 7,690 106 97 60,370 61,772 63,763 67,602 68,991 Sep 7,253 8,573 7,609 118 89 60,054 61,446 64,084 68,159 68,740 Oct 6,823 6,863 6,909 101 101 59,843 61,225 64,150 68,512 Nov 7,591 7,230 7,710 95 107 59,994 61,366 64,933 68,699 Dec 6,795 7,544 7,535 111 100 60,221 61,835 65,038 68,875 Total 84,013 89,867 92,410 14,995 107 103 Source: USDA 19

USDA Layers in Inventory on First Day of the Month by Month and Total, 2015-2017 2016 2017 Month Broiler-Type Hatching Layers as % of as % of 2015 2016 2015 2016 2017 1,000 1,000 1,000 Percent Percent Jan 53,699 54,797 54,261 102 99 Feb 53,844 54,952 54,689 102 100 Mar 53,830 55,510 55,082 103 99 Apr 54,913 54,954 100 May 55,011 54,837 100 Jun 55,600 54,720 98 Jul 54,829 54,334 99 Aug 54,754 54,143 99 Sep 54,570 53,595 98 Oct 54,288 53,540 99 Nov 54,434 53,311 98 Dec 54,481 54,022 99 Average 54,521 54,393 100 Source: USDA 20

USDA Broiler-Type* Eggs Set (in thousands), 19 State Total W/E Date 2007 2011 2013 2014 2015 2016 2017 W/E Date 2007 2011 2013 2014 2015 2016 Dec 31 210,985 205,691 197,827 200,700 206,129 205,645 211,668 Jul 01 218,682 194,961 204,037 204,815 206,724 207,050 Jan 07 209,163 205,186 197,750 203,112 205,477 207,152 211,212 Jul 08 217,510 196,576 204,332 206,955 207,803 210,153 Jan 14 210,082 204,327 197,068 201,022 206,873 208,184 209,003 Jul 15 218,421 195,141 201,917 207,252 207,909 209,812 Jan 21 211,406 203,989 199,097 202,459 206,626 208,789 211,171 Jul 22 216,771 194,434 202,633 206,058 207,650 209,288 Jan 28 212,213 205,787 198,985 202,263 205,644 208,803 211,180 Jul 29 217,829 195,036 200,859 205,789 207,021 206,816 Feb 04 214,830 204,205 198,852 200,909 206,849 207,363 210,495 Aug 05 217,155 194,164 203,487 205,396 206,239 207,966 Feb 11 214,478 207,066 200,394 201,336 208,419 208,676 211,885 Aug 12 216,232 193,090 202,125 205,845 205,149 209,206 Feb 18 216,310 206,605 201,382 201,674 207,642 207,731 213,518 Aug 19 216,057 193,007 203,191 206,177 204,747 207,100 Feb 25 215,078 208,567 201,687 203,545 207,875 208,995 213,271 Aug 26 209,333 189,258 202,009 204,469 204,590 208,793 Mar 04 215,606 207,931 200,896 203,414 205,725 209,245 214,001 Sep 02 206,426 185,109 195,959 202,654 200,683 204,985 Mar 11 215,552 208,714 201,459 202,959 205,040 210,279 214,193 Sep 09 212,581 179,419 194,818 200,653 199,318 198,928 Mar 18 216,550 209,434 201,081 201,169 205,193 209,290 214,245 Sep 16 208,097 187,731 192,507 198,055 190,289 198,797 Mar 25 218,877 207,520 202,080 202,328 208,389 207,385 212,243 Sep 23 214,077 181,739 197,430 201,572 199,227 206,269 Apr 01 219,390 207,969 201,205 204,399 210,412 208,068 212,765 Sep 30 209,286 186,293 186,654 195,432 194,323 199,691 Apr 08 220,468 208,968 202,147 205,151 209,813 208,869 Oct 07 203,241 181,827 191,911 199,787 195,933 202,041 Apr 15 218,487 209,132 200,635 205,876 210,218 207,568 Last 6 wks Oct 14 202,686 183,513 188,159 195,973 191,534 200,841 Apr 22 218,306 207,087 200,829 204,117 207,565 208,763 2017 vs 2016 Oct 21 206,478 185,147 195,335 198,568 196,287 201,645 Apr 29 220,582 207,982 202,579 204,399 209,854 207,924 102.2% Oct 28 217,739 186,668 191,466 196,096 196,492 202,544 May 06 220,445 206,342 203,399 203,703 210,610 209,557 Nov 04 216,469 194,300 193,126 199,417 196,162 204,112 May 13 220,073 206,792 205,173 205,560 211,154 209,102 Nov 11 219,634 195,234 203,021 208,884 207,495 208,376 May 20 219,506 205,932 204,362 206,177 209,899 211,446 Nov 18 222,087 194,736 202,016 208,957 208,585 210,733 May 27 219,728 205,234 204,883 207,159 210,633 211,075 Nov 25 214,850 194,354 203,360 209,093 208,638 211,032 Jun 03 218,120 204,659 204,670 206,058 211,630 209,782 Dec 02 218,160 195,064 201,708 205,047 202,548 211,087 Jun 10 216,797 199,826 203,999 204,010 209,386 211,576 Dec 09 219,157 194,790 203,237 206,824 207,264 210,837 Jun 17 210,659 198,340 203,591 205,718 210,165 209,080 Dec 16 219,365 195,695 202,911 207,207 208,906 211,797 Jun 24 216,526 197,158 202,366 204,317 209,296 209,504 Dec 23 218,155 193,595 202,064 206,094 206,955 210,564 Average 212,204 215,321 198,295 200,167 203,589 205,481 207,698 * Broiler-Type: Chicks or chickens of meat-type strains for meat or other uses, such as breeding or research. Source: USDA 21

Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17-3.6% -3.5% -3.0% -2.9% -2.8% -2.8% -2.6% -2.2% -2.0% -2.1% -2.2% -1.8% -1.5% -0.9% -1.0% -1.0% -0.8% -0.9% -1.0% -1.0% -1.0% -1.0% -0.6% -0.4% -0.5% -0.3% -0.3% 0.1% 0.1% 0.0% 0.2% 0.3% 0.3% 0.4% 0.5% 0.4% 0.6% US Hatching Egg Exports to Mexico Hatching Egg Exports to Mexico Impact on US Hatching Egg Supply 5,500 1000% 5,000 4,500 800% 4,000 3,500 600% 3,000 2,500 400% 2,000 200% 1,500 1,000 0% 500 - -200% Dozens of Eggs (thousands) Y/Y Source: USDA 22

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 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 4.9% 925,419 97% 587 1.1% 2,355,370 136% 1,495 2.7% 7,555,301 207% 4,794 8.7% 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 2.6% 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 4.9% 1,038,248 124% 704 1.3% 1,704,524 83% 1,156 2.1% 6,742,065 127% 4,573 8.3% Mar-16 4,161,943 131% 2,641 4.8% 1,052,037 94% 668 1.2% 2,138,697 96% 1,357 2.4% 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% May-16 3,994,412 133% 2,535 4.6% 1,119,084 111% 710 1.3% 1,671,444 72% 1,061 1.9% 6,784,940 107% 4,306 7.9% 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 7.6% 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 9.0% Oct-16 4,353,913 91% 2,763 5.2% 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 5.2% 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 4.3% 1,404,770 129% 891 1.6% 1,667,787 87% 1,058 2.0% 6,711,710 97% 4,259 7.8% Feb-17 3,449,619 86% 2,424 4.4% 1,145,312 110% 805 1.5% 1,263,690 74% 888 1.6% 5,858,621 87% 4,116 7.5% * Includes all chicken eggs, fertilized for incubation Source: USDA 23

USDA Young Chickens Slaughtered by Month and Total, 2015-2017 2016 2017 2016 2017 Month Head as % of as % of Live Pounds as % of as % of 2015 2016 2015 2016 2015 2016 2017 2015 2016 2017 1,000 1,000 1,000 % % 1,000 Avg Wt 1,000 Avg Wt 1,000 Avg Wt % % Jan 724,605 699,346 749,302 97 107 4,432,867 6.12 4,330,457 6.19 4,644,226 6.20 98 107 Feb 654,079 699,896 679,482 107 97 3,982,649 6.09 4,321,076 6.17 4,184,674 6.16 108 97 Mar 741,932 760,427 102 4,503,176 6.07 4,683,220 6.16 104 Apr 725,500 707,069 97 4,436,998 6.12 4,379,848 6.19 99 May 704,622 745,305 106 4,304,567 6.11 4,601,965 6.17 107 Jun 747,482 754,657 101 4,550,968 6.09 4,632,667 6.14 102 Jul 762,580 708,391 93 4,609,589 6.04 4,313,651 6.09 94 Aug 740,822 792,496 107 4,534,088 6.12 4,823,245 6.09 106 Sep 748,689 745,766 100 4,623,321 6.18 4,584,382 6.15 99 Oct 743,348 731,963 98 4,602,641 6.19 4,535,961 6.20 99 Nov 674,127 712,796 106 4,159,180 6.17 4,429,185 6.21 106 Dec 720,679 709,319 98 4,428,113 6.14 4,395,633 6.20 99 Annual 8,688,465 8,767,431 1,428,784 101 53,168,157 6.12 54,031,290 6.16 8,828,900 6.18 102 Source: USDA 24

6.30 U.S. Broiler Live Weights (lbs) 6.25 6.20 6.15 6.10 6.05 6.00 5.95 5.90 5.85 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 2016 2017 Source: USDA 25

Pounds (thousands) Chicken US Cold Storage Stocks, 2012-2016 (1,000 pounds) 900,000 Total Chicken 850,000 800,000 750,000 700,000 650,000 600,000 550,000 500,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2016 2015 2014 2013 Source: USDA 26

Pounds (thousands) Pounds (thousands) Pounds (thousands) 200,000 190,000 180,000 170,000 160,000 150,000 140,000 130,000 120,000 110,000 100,000 90,000 Chicken US Cold Storage Stocks, 2012-2016 (1,000 pounds) Breasts & Breast Meat Wings 110,000 100,000 Pounds (thousands) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 80,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013 190,000 Leg Quarters 29,000 Whole Chickens 180,000 27,000 170,000 25,000 160,000 150,000 140,000 130,000 120,000 110,000 23,000 21,000 19,000 17,000 15,000 100,000 13,000 90,000 11,000 80,000 9,000 70,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 7,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013 Source: USDA 27

4-Jan 25-Jan 15-Feb 7-Mar 28-Mar 18-Apr 9-May 30-May 20-Jun 11-Jul 1-Aug 22-Aug 12-Sep 3-Oct 24-Oct 14-Nov 5-Dec 26-Dec 1.2500 Georgia Dock 1.1500 1.0500 0.9500 0.8500 0.7500 0.6500 0.5500 10-Yr High-Low Range 10-Yr Median 2014 2015 2016 Source: comtell.com 28

2-Jan 23-Jan 13-Feb 6-Mar 27-Mar 17-Apr 8-May 29-May 19-Jun 10-Jul 31-Jul 21-Aug 11-Sep 2-Oct 23-Oct 13-Nov 4-Dec 25-Dec 2-Jan 23-Jan 13-Feb 6-Mar 27-Mar 17-Apr 8-May 29-May 19-Jun 10-Jul 31-Jul 21-Aug 11-Sep 2-Oct 23-Oct 13-Nov 4-Dec 25-Dec 2.3000 2.1000 1.9000 1.7000 1.5000 1.3000 1.1000 0.9000 2.1000 1.9000 1.7000 1.5000 1.3000 1.1000 0.9000 0.7000 UB Boneless Skinless Breast (Approx. 14.8 million pounds/week assuming 23.95% yield*) 2-Jan 23-Jan 13-Feb 6-Mar 27-Mar 17-Apr 8-May 29-May 19-Jun 10-Yr High-Low Range 10-Yr Median 2015 2016 2017 UB Jumbo Wings (Approx. 4.8 million pounds/week assuming 7.75% yield*) 10-Jul 31-Jul 21-Aug 11-Sep 2-Oct 23-Oct 13-Nov 4-Dec 25-Dec 2.5000 2.3000 2.1000 1.9000 1.7000 1.5000 1.3000 1.1000 0.9000 0.7000 0.6000 0.5500 0.5000 0.4500 0.4000 0.3500 0.3000 0.2500 0.2000 0.1500 UB Breast Tenders (Approx. 2.7 million pounds/week assuming 4.30% yield*) 2-Jan 23-Jan 13-Feb 6-Mar 27-Mar 17-Apr 8-May 29-May 19-Jun 10-Jul 31-Jul 21-Aug 11-Sep 2-Oct 23-Oct 13-Nov 4-Dec 25-Dec 10-Yr High-Low Range 10-Yr Median 2015 2016 2017 UB Leg Quarters (Approx. 21.6 million pounds/week assuming 34.90% yield*) 0.5000 0.1000 10-Yr High-Low Range 10-Yr Median 2015 2016 2017 10-Yr High-Low Range 10-Yr Median 2015 2016 2017 Source: comtell.com * Estimated pounds for BBDB plants based on target live weights and historical yields. 29

Chicken Market History 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Current GA Dock 0.8467 0.8564 0.8589 0.8744 0.9434 1.0389 1.1031 1.1468 1.1133 n/a n/a Boneless Breast 1.3265 1.3542 1.5062 1.2948 1.4123 1.6126 1.6906 1.3668 1.2351 1.1994 1.3200 Tender 1.2479 1.4630 1.5203 1.3291 1.6042 1.6595 1.9260 1.5386 1.7230 1.6059 1.7500 Small Wing 1.0563 1.4198 1.3037 0.9872 1.8179 1.4638 1.3808 1.7180 1.3763 1.6030 1.7300 Jumbo Wing 0.9326 1.3907 1.1953 0.9125 1.6498 1.3885 1.2802 1.5106 1.6292 1.7977 1.8100 Leg Quarter 0.4461 0.3821 0.3625 0.4508 0.4980 0.4851 0.4531 0.2716 0.3015 0.3243 0.3600 Boneless Thigh 1.2667 1.1595 0.9840 1.2655 1.3154 1.4001 1.2958 0.9421 1.0164 0.9796 1.2100 Thighs 0.5804 0.5147 0.4545 0.6377 0.6990 0.6842 0.6430 0.4470 0.3837 0.4461 0.5700 Drumsticks 0.5762 0.5484 0.4458 0.5294 0.5758 0.5502 0.4953 0.2947 0.3321 0.3449 0.4000 Source: comtell.com 30

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 2017 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 Cents/pound Pounds 650 Retail Meat Prices 100.0 US Per Capita Consumption 600 95.0 550 90.0 500 450 85.0 80.0 75.0 400 70.0 350 300 250 200 150 100 50-65.0 60.0 55.0 50.0 45.0 40.0 35.0 30.0 25.0 Choice Beef Pork Composite Broiler Beef Pork Broilers Source: USDA 31

Live Cattle Lean Hogs 32

Corn Soy 33

50 45 40 SAFM Feed Cost, Cents per Processed Pound 35 30 25 20 15 10 5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Corn/Soy Sensitivity Quantity Purchased Hypothetical Price Change Fiscal 2016 Impact on Cash Ultimate Impact on COGS Corn 104.5 Million Bushels $1.00 / bushel $104.5 million $0.0278 / lb processed Soybean Meal 961,074 Tons $10.00 / ton $9.6 million $0.0025 / lb processed Quantity Purchased Fiscal 2017-1st Quarter Hypothetical Price Change Impact on Cash Ultimate Impact on COGS Corn 27.5 Million Bushels $1.00 / bushel $27.5 million $0.0280 / lb processed Soybean Meal 252,396 Tons $10.00 / ton $2.5 million $0.0025 / lb processed 34

Financial Summary 35

($/Share) (in millions) Strong Track Record of Financial Performance Poultry Pounds Sold 4,000 3,765 3,455 3,500 2,956 3,038 3,066 3,000 2,800 2,399 2,463 2,581 2,500 2,049 2,000 1,809 1,537 1,537 1,500 1,000 500 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(1) 4,148 25.00% Margins 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(2) Gross Profit Operating Income Net Income 11.00 9.00 Earnings per Share 10.80 9.52 8.37 $100 $90 Stock Price 7.00 5.00 3.00 1.00 (1.00) 4.62 3.53 (0.57) 3.91 3.94 6.07 2.35 5.68 1.02 $80 $70 $60 $50 $40 $30 (3.00) (2.13) $20 (5.00) (7.00) (5.74) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(2) $10 $- 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Note: (1) Estimated (2) Through first quarter 36

18.0 26.3 20.7 24.8 29.0 30.8 26.2 33.2 25.4 9.5 40.7 41.9 43.2 37.1 44.4 44.4 51.7 49.2 48.8 60.0 62.2 67.0 64.3 74.7 72.8 90.0 84.6 99.8 92.3 24.2 15.2 18.6 88.2 129.9 107.7 104.6 50.6 13.2 122.4 19.4 35.0 $260 $240 Capital Expenditures and Depreciation & Amortization (in millions) $220 $200 $180 $160 $140 10.5 $120 15.1 $100 4.5 $80 5.7 $60 $40 4.8 9.4 8.1 5.7 $20 $0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* Maintenance Depreciation Georgia Complex General Office Prepared Foods Collins Expansion Waco Complex Kinston Complex Palestine Complex St. Pauls Complex Tyler Complex * Estimated 37