J.P. Morgan New York Non-Deal Road Show. New York, New York

J.P. Morgan New York Non-Deal Road Show New York, New York March 2, 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. 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 12.1 MM 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

Poultry Plants Big Bird Deboning Full Capacity Live Pounds Processed Pounds Per Week (1) Per Week (2) Per Week (3) Laurel, MS 1965 625,000 5,625,000 5,217,250 Collins, MS 1981 1,250,000 11,250,000 10,434,500 Waco, TX 2007 1,275,000 11,475,000 10,643,000 Palestine, TX 2015 1,250,000 11,250,000 10,434,500 Balanced Asset Base Kinston, NC St. Pauls, NC St. Pauls, NC 2017 1,250,000 11,250,000 10,434,500 Total 5,650,000 50,850,000 47,163,750 Retail 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 Waco, TX Tyler, TX McComb, MS Jackson, MS Hazlehurst, MS 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 Hazlehurst, MS 1961 625,000 4,218,750 3,775,750 Hammond, LA 1974 625,000 4,218,750 3,775,750 Total 1,250,000 8,437,500 7,551,500 Expected Capacity 13,400,000 103,162,500 93,984,000 Bryan, TX Collins, MS Laurel, MS Hammond, LA Palestine, TX Prepared Chicken Plant Jackson, MS 1986 Notes: (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 Retail Feeder 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 4,291 4,426 4,499 4,887 5,000 4,500 Strong Track Record of Organic Growth Pounds Processed (millions) 2% 3% 14% 9% 4,000 3,500 13% 9% 3,000 9% 5% 3% 1% 2,500 21% -1% 6% 2,000 1,500 1,000 10% 24% 9% 8% 12% 10% 6% 3% 14% 12% 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. Assumes Hammond & Hazlehurst return to Big Bird Debone in 2020. 6

Key Strengths Low Cost Producer As one of the industry s most efficient producers, well positioned to capture share Favorable Product Mix All production is focused on the two most profitable market segments in our industry 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

Export Destinations (SAFM) Fiscal 2017 Sales Pounds 753.3 (million) 17.5% of total Gross Sales Dollars $268.5 (million) 7.9% of total Middle East 14% Other 8% Central Asia 20% Middle East 14% Other 9% Central Asia 20% Mexico 58% Mexico 57% 11

3,500 3,000 2,500 2,000 1,500 1,000 U.S. BROILER EXPORTS Volume in Metric Tons, excluding paws (1,000s) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TOP U.S. BROILER EXPORT DESTINATIONS Volume in Metric Tons, excluding paws Destination 2014 2015 2016 2017 Change Mexico 695,679 668,129 641,947 600,267-6.5% Cuba 143,677 105,939 155,649 205,024 31.7% Angola 230,858 140,728 113,565 173,360 52.7% Taiwan 115,209 174,515 151,028 153,470 1.6% Canada 162,805 181,267 162,856 151,924-6.7% Hong Kong 104,902 132,572 150,837 130,559-13.4% Guatemala 83,821 104,170 119,081 120,623 1.3% Philippines 85,292 71,710 90,495 103,659 14.5% South Africa 14,694 56 35,892 95,254 165.4% Kazakhstan 43,379 65,454 82,853 80,993-2.2% World Total 3,309,954 2,867,002 3,014,455 3,075,272 2.0% % 12

Domestic US Chicken Consumption January thru December in thousands Impact on 2016 2017 Change % Change US Cons Source Head Processed 8,768,427 8,915,383 146,956 1.7% USDA Poultry Slaughter Bird Weight 6.16 6.20 0.04 0.7% USDA Poultry Slaughter Total Live Pounds 54,037,067 55,309,576 1,272,509 2.4% USDA Poultry Slaughter Beg Stocks 853,982 795,824 (58,158) -6.8% -0.2% USDA Cold Storage Ready to Cook Pounds 40,696,232 41,658,296 962,064 2.4% 2.9% USDA Poultry Slaughter Exports 7,189,121 7,372,083 182,962 2.5% -0.5% USDA Chicken Exports End Stocks 795,824 881,516 85,692 10.8% -0.3% USDA Cold Storage Domestic Consumption 33,565,269 34,200,521 635,252 1.9% 1.9% Domestic US Chicken Consumption January thru December in thousands % Change 2016 2017 (Est) 2018 (Proj) 16 vs 17 17 vs 18 Source Beg Stocks Less Paws 832,000 778,000 855,000-6.5% 9.9% USDA WASDE - Feb 2017 Ready to Cook Pounds 40,261,000 41,213,000 42,144,000 2.4% 2.3% USDA WASDE - Feb 2017 Imports 131,000 126,000 130,000-3.8% 3.2% USDA WASDE - Feb 2017 Exports, No Paws 6,644,000 6,780,000 6,950,000 2.0% 2.5% USDA WASDE - Feb 2017 End Stocks Less Paws 778,000 855,000 830,000 9.9% -2.9% USDA WASDE - Feb 2017 Domestic Consumption 33,802,000 34,482,000 35,349,000 2.0% 2.5% USDA WASDE - Feb 2017 Per Capita 89.8 91.0 92.6 1.3% 1.8% USDA WASDE - Feb 2017 13

Market Overview 14

Current Market Overview Supply Broiler egg sets increased in 2015, 2016 and 2017 Hatch rate lower USDA estimates 2.4% more production in calendar 2018 Cold Storage Cold storage inventories elevated Leg quarter inventories reflect steady export demand Demand Retail grocery demand remains strong; supply steady Casual dining traffic is better in pockets (local chain concepts) and remains challenged in spots (legacy chains) 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 Higher production and exports of beef and pork Exports Export market improved Avian influenza Weaker US Dollar Geopolitical environment a question 15

Dec 30 Jan 20 Feb 10 Mar 03 Mar 24 Apr 14 May 05 May 26 Jun 16 Jul 07 Jul 28 Aug 18 Sep 08 Sep 29 Oct 20 Nov 10 Dec 01 Dec 22 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 2016 2017 2018 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 2016 2017 2018 Broiler Eggs Set 58,000 215 210 56,000 205 54,000 52,000 50,000 200 195 190 185 180 48,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-Yr High-Low Range 10-Yr Median 2015 2016 2018 175 10-Yr High-Low Range 10-Yr Median 2016 2017 2018 Source: USDA 16

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 2015 2016 2017 2018 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 62,018 65,531 68,802 68,873 Feb 7,892 8,098 7,832 103 97 61,999 66,136 69,669 69,049 Mar 7,160 8,143 8,262 114 101 62,220 66,452 70,129 69,495 Apr 6,995 7,615 7,045 109 93 62,804 68,230 70,194 70,200 May 7,541 8,083 8,159 107 101 63,157 68,149 70,377 70,626 Jun 7,790 8,500 8,258 109 97 63,509 67,487 69,989 70,737 Jul 7,428 7,730 7,085 104 92 63,514 67,871 69,381 70,069 Aug 7,907 7,690 8,156 97 106 63,763 67,602 68,929 70,095 Sep 8,573 7,609 8,240 89 108 64,084 68,159 68,678 Oct 6,863 6,909 7,589 101 110 64,150 68,512 68,440 Nov 7,230 7,710 7,943 107 103 64,933 68,699 67,755 Dec 7,544 7,535 7,594 100 101 65,038 68,875 68,224 Total 89,867 92,348 93,326 103 101 Source: USDA 17

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 57,788 102 101 104 Mar 53,830 55,510 55,084 103 99 Apr 54,913 55,234 55,600 101 101 May 55,011 55,117 55,917 100 101 Jun 55,600 55,063 56,513 99 103 Jul 54,829 54,664 57,102 100 104 Aug 54,754 54,464 56,966 99 105 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 56,258 57,381 100 103 102 Source: USDA 18

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 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 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 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 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 83% Jan 27 212,213 205,787 198,985 202,263 205,644 208,803 211,180 215,160 82% Jul 28 217,829 195,036 200,859 205,789 207,021 206,816 217,031 83% Feb 03 214,830 204,205 198,852 200,909 206,849 207,363 210,495 217,706 Aug 04 217,155 194,164 203,487 205,396 206,239 207,966 218,351 83% Feb 10 214,478 207,066 200,394 201,336 208,419 208,676 211,885 217,054 Aug 11 216,232 193,090 202,125 205,845 205,149 209,206 215,169 83% Feb 17 216,310 206,605 201,382 201,674 207,642 207,731 213,518 217,485 Aug 18 216,057 193,007 203,191 206,177 204,747 207,100 216,371 83% Feb 24 215,078 208,567 201,687 203,545 207,875 208,995 213,271 Aug 25 209,333 189,258 202,009 204,469 204,590 208,793 215,724 83% Mar 03 215,606 207,931 200,896 203,414 205,725 209,245 214,001 Sep 01 206,426 185,109 195,959 202,654 200,683 204,985 211,672 83% Mar 10 215,552 208,714 201,459 202,959 205,040 210,279 214,193 Sep 08 212,581 179,419 194,818 200,653 199,318 198,928 206,318 83% Mar 17 216,550 209,434 201,081 201,169 205,193 209,290 214,272 Sep 15 208,097 187,731 192,507 198,055 190,289 198,797 206,249 83% Mar 24 218,877 207,520 202,080 202,328 208,389 207,385 212,642 Sep 22 214,077 181,739 197,430 201,572 199,227 206,269 212,481 83% Mar 31 219,390 207,969 201,205 204,399 210,412 208,068 214,180 Sep 29 209,286 186,293 186,654 195,432 194,323 199,691 204,694 83% Apr 07 220,468 208,968 202,147 205,151 209,813 208,869 214,239 Oct 06 203,241 181,827 191,911 199,787 195,933 202,041 206,374 83% Apr 14 218,487 209,132 200,635 205,876 210,218 207,568 212,418 Oct 13 202,686 183,513 188,159 195,973 191,534 200,841 207,056 83% Apr 21 218,306 207,087 200,829 204,117 207,565 208,763 214,055 Oct 20 206,478 185,147 195,335 198,568 196,287 201,645 207,369 83% Apr 28 220,582 207,982 202,579 204,399 209,854 207,924 212,218 Oct 27 217,739 186,668 191,466 196,096 196,492 202,544 209,933 83% May 05 220,445 206,342 203,399 203,703 210,610 209,557 213,925 Nov 03 216,469 194,300 193,126 199,417 196,162 204,112 205,921 83% May 12 220,073 206,792 205,173 205,560 211,154 209,102 214,597 Nov 10 219,634 195,234 203,021 208,884 207,495 208,376 212,105 82% May 19 219,506 205,932 204,362 206,177 209,899 211,446 215,491 Nov 17 222,087 194,736 202,016 208,957 208,585 210,733 217,414 83% May 26 219,728 205,234 204,883 207,159 210,633 211,075 216,169 Nov 24 214,850 194,354 203,360 209,093 208,638 211,032 216,083 83% Jun 02 218,120 204,659 204,670 206,058 211,630 209,782 215,140 Dec 01 218,160 195,064 201,708 205,047 202,548 211,087 221,880 82% Jun 09 216,797 199,826 203,999 204,010 209,386 211,576 217,522 Dec 08 219,157 194,790 203,237 206,824 207,264 210,837 211,697 82% Jun 16 210,659 198,340 203,591 205,718 210,165 209,080 214,487 Dec 15 219,365 195,695 202,911 207,207 208,906 211,797 219,372 82% Jun 23 216,526 197,158 202,366 204,317 209,296 209,504 214,866 Dec 22 218,155 193,595 202,064 206,094 206,955 210,564 218,318 82% Average 216,270 215,321 198,295 200,167 203,589 205,481 207,698 213,272 * Broiler-Type: Chicks or chickens of meat-type strains for meat or other uses, such as breeding or research. Last 6 wks 2018 vs 2017 102.4% Source: USDA 19

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 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 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 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 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 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 Feb 03 171,931 167,820 163,372 163,910 168,957 169,432 170,071 172,457 Aug 04 178,956 162,336 166,434 169,733 170,768 172,404 176,536 Feb 10 172,420 167,375 164,565 164,852 167,930 170,744 172,225 171,495 Aug 11 177,696 161,039 167,065 168,926 170,248 171,865 177,047 Feb 17 173,568 168,648 164,632 163,836 167,839 170,236 171,936 172,357 Aug 18 177,403 162,943 165,777 168,195 170,210 170,211 176,755 Feb 24 174,701 167,677 164,432 162,727 168,689 169,472 171,395 Aug 25 176,356 160,923 167,622 168,260 169,604 171,611 177,388 Mar 03 174,791 170,304 165,759 163,778 170,307 170,419 172,023 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 Dec 22 178,398 162,896 165,185 168,337 166,451 172,422 178,410 Average 173,542 175,679 164,769 164,893 166,130 168,685 170,288 173,195 * Broiler-Type: Chicks or chickens of meat-type strains for meat. Last 6 wks 2018 vs 2017 100.8% Source: USDA 20

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 May-17 Jul-17 Sep-17 Nov-17 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 Mar-17 May-17 Jul-17 Sep-17 Nov-17-3.6% -3.5% -2.8% -2.8% -2.0% -2.1% -2.2% -1.8% -1.5% -1.0% -0.9% -1.0% -1.0% -1.0% -1.0% -0.4% -0.6% -0.5% -0.3% -0.3% 0.0% 0.0% 0.2% 0.3% 0.3% 0.3% 0.2% 0.1% 0.3% 0.4% 0.3% 0.3% 0.2% 0.2% 0.7% 1.4% US Hatching Egg Exports to Mexico Hatching Egg Exports to Mexico Impact on US Hatching Egg Supply 5,500 400% 5,000 350% 4,500 300% 4,000 250% 3,500 3,000 2,500 2,000 200% 150% 100% 1,500 50% 1,000 0% 500-50% - -100% Dozens of Eggs (thousands) Y/Y Source: USDA 21

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 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 7.8% 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 4.3% 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% Mar-17 3,918,063 94% 2,486 4.5% 1,191,477 113% 756 1.4% 1,557,690 73% 988 1.8% 6,667,230 91% 4,231 7.7% Apr-17 3,473,047 96% 2,277 4.1% 1,258,231 107% 825 1.5% 939,785 54% 616 1.1% 5,671,063 87% 3,719 6.7% May-17 3,882,835 97% 2,464 4.4% 1,239,695 111% 787 1.4% 1,173,216 70% 745 1.3% 6,295,746 93% 3,995 7.1% Jun-17 3,788,768 94% 2,484 4.4% 1,005,693 111% 659 1.2% 1,347,582 97% 884 1.6% 6,142,043 97% 4,028 7.1% 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% * Includes all chicken eggs, fertilized for incubation Source: USDA 22

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 699,346 749,302 771,808 107 103 4,330,457 6.19 4,644,230 6.20 4,829,451 6.26 107 104 Feb 699,896 679,684 97 4,321,076 6.17 4,185,729 6.16 97 Mar 760,432 771,634 101 4,683,241 6.16 4,756,928 6.16 102 Apr 707,069 690,347 98 4,379,848 6.19 4,267,049 6.18 97 May 745,305 782,516 105 4,601,965 6.17 4,838,295 6.18 105 Jun 754,657 763,011 101 4,632,668 6.14 4,702,145 6.16 101 Jul 708,391 725,770 102 4,313,651 6.09 4,456,916 6.14 103 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 8,916,097 771,808 102 54,037,067 6.16 55,314,913 6.20 102 Source: USDA 23

6.35 U.S. Broiler Live Weights (lbs) 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 24

Pounds (thousands) Chicken US Cold Storage Stocks, 2013-2017 (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 2018 2017 2016 2015 2014 Source: USDA 25

Pounds (thousands) Pounds (thousands) Pounds (thousands) 210,000 200,000 190,000 180,000 170,000 160,000 150,000 140,000 130,000 120,000 110,000 100,000 Chicken US Cold Storage Stocks, 2013-2017 (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 90,000 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 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 190,000 Leg Quarters 29,000 Whole Chickens 180,000 27,000 170,000 25,000 160,000 23,000 150,000 140,000 130,000 120,000 110,000 100,000 21,000 19,000 17,000 15,000 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 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 Source: USDA 26

2.3000 2.1000 1.9000 1.7000 1.5000 1.3000 1.1000 0.9000 1-Jan 22-Jan 12-Feb 5-Mar 26-Mar 1-Jan 22-Jan 12-Feb 5-Mar 26-Mar 16-Apr 7-May 28-May 1-Jan 22-Jan 12-Feb 5-Mar 26-Mar 16-Apr 7-May 28-May 18-Jun 16-Apr 18-Jun 9-Jul 30-Jul 20-Aug 10-Sep 1-Oct 22-Oct 12-Nov 3-Dec 24-Dec 9-Jul 30-Jul 20-Aug 10-Sep 1-Oct 22-Oct 12-Nov 3-Dec 24-Dec UB Boneless Skinless Breast (Approx. 13.1 million pounds/week assuming 25.70% yield*) 2/26/18 1.0300 10yr 1.4048 2.5000 2.3000 2.1000 1.9000 1.7000 1.5000 UB Breast Tenders (Approx. 2.2 million pounds/week assuming 4.30% yield*) 1.3000 1.1000 0.9000 2/26/18 1.6600 10yr 1.5663 2.3000 2.1000 1.9000 1.7000 1.5000 1.3000 1.1000 0.9000 0.7000 0.5000 7-May 28-May 18-Jun 10-Yr High-Low Range 10-Yr Median 2016 2017 2018 UB Jumbo Wings (Approx. 4.2 million pounds/week assuming 8.25% yield*) 9-Jul 30-Jul 20-Aug 10-Sep 1-Oct 22-Oct 12-Nov 3-Dec 2/26/18 1.3500 10yr 1.3816 24-Dec 0.7000 0.6000 0.5500 0.5000 0.4500 0.4000 0.3500 0.3000 0.2500 0.2000 0.1500 0.1000 1-Jan 22-Jan 12-Feb 5-Mar 26-Mar 16-Apr 7-May 28-May 18-Jun 10-Yr High-Low Range 10-Yr Median 2016 2017 2018 UB Leg Quarters (Approx. 17.3 million pounds/week assuming 34.00% yield*) 9-Jul 30-Jul 20-Aug 10-Sep 1-Oct 22-Oct 12-Nov 3-Dec 24-Dec Dark Meat Mix (% of LQs): Leg Qtrs 46% Whole Legs 34% Deboned 20% 2/26/18.3600 10yr -.3999 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. 27

Chicken Market History 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02/26/18 GA Dock 0.8564 0.8589 0.8744 0.9434 1.0389 1.1031 1.1468 1.1133 UB WB Composite 1.0140 0.9600 0.9590 Boneless Breast 1.3542 1.5062 1.2948 1.4123 1.6126 1.6906 1.3668 1.2351 1.3092 1.0300 1.0300 Tender 1.4630 1.5203 1.3291 1.6042 1.6595 1.9260 1.5386 1.7230 1.6512 1.5760 1.6600 Small Wing 1.4198 1.3037 0.9872 1.8179 1.4638 1.3808 1.7180 1.3763 1.7322 1.5528 1.4700 Jumbo Wing 1.3907 1.1953 0.9125 1.6498 1.3885 1.2802 1.5106 1.6292 1.9033 1.5380 1.3500 Leg Quarter 0.3821 0.3625 0.4508 0.4980 0.4851 0.4531 0.2716 0.3015 0.3569 0.3495 0.3600 Boneless Thigh 1.1595 0.9840 1.2655 1.3154 1.4001 1.2958 0.9421 1.0164 1.2063 1.1190 1.1100 Thighs 0.5147 0.4545 0.6377 0.6990 0.6842 0.6430 0.4470 0.3837 0.4981 0.4148 0.4300 Drumsticks 0.5484 0.4458 0.5294 0.5758 0.5502 0.4953 0.2947 0.3321 0.3785 0.3368 0.3700 Source: comtell.com 28

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 2018 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 2017 Est 2018 Est Cents/pound Pounds 650 Retail Meat Prices 100.0 US Per Capita Consumption 600 95.0 550 90.0 500 450 400 85.0 80.0 75.0 70.0 350 65.0 300 60.0 250 55.0 200 50.0 150 100 45.0 40.0 35.0 50 30.0-25.0 Choice Beef Pork Composite Broiler Beef Pork Broilers Source: USDA 29

Live Cattle Lean Hogs 30

Corn Soy 31

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 2018 Corn/Soy Sensitivity Quantity Purchased Hypothetical Price Change Fiscal 2017 Impact on Cash Ultimate Impact on 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 Quantity Purchased 1st Quarter - Fiscal 2018 Hypothetical Price Change Impact on Cash Ultimate Impact on COGS Corn 28.8 Million Bushels $1.00 / bushel $28.8 million $0.0265 / lb processed Soybean Meal 264,575 Tons $10.00 / ton $2.6 million $0.0024 / lb processed 32

Financial Summary 33

($/Share) (in millions) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 Strong Track Record of Financial Performance 2,049 1,809 1,537 1,537 Poultry Pounds Sold 2,956 3,038 3,066 2,800 2,399 2,463 2,581 3,765 3,455 4,248 4,439 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% Margins 1,000-10.00% 500 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (1) -15.00% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(2) Gross Profit Operating Income Net Income 13.00 11.00 9.00 7.00 5.00 3.00 1.00 (1.00) (3.00) (5.00) (7.00) Earnings per Share 12.30 10.80 9.52 8.37 6.07 5.68 4.62 3.53 3.91 3.94 2.35 2.24 (0.57) (2.13) (5.74) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(2) Stock Price $170 $160 $150 $140 $130 $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $- 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Note: (1) Estimated (2) Through first quarter 34

26.3 24.8 30.8 33.2 41.9 43.2 44.4 51.7 60.0 62.2 64.3 74.7 84.6 100.3 112.8 (in millions) $340 $320 $300 $280 $260 $240 $220 Capital Expenditures and Depreciation & Amortization 32.2 37.3 $200 $180 178.0 $160 $140 $120 $100 $80 $60 $40 $20 $0 15.1 92.3 9.5 18.0 20.7 15.2 88.2 24.2 4.8 14.0 9.4 8.1 2.8 29.0 26.2 26.7 22.6 2.3 107.7 12.2 18.6 34.8 32.2 2.0 5.7 47.2 48.8 7.4 104.6 59.6 11.7 29.0 13.2 122.4 50.6 4.5 5.7 78.3 72.8 12.4 26.3 9.4 4.2 89.7 92.7 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 35