CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

TFM Parent, our wholly-owned subsidiary, has fully and unconditionally guaranteed the 2016 Notes. Additionally, TFM Parent has fully and unconditionally guaranteed the 2022 Notes until such date TFM Parent has been released of its guarantee of both (i) Tyson's $1.25 billion revolving credit facility and (ii) the 2016 Notes, at which time TFM Parent's guarantee of the 2019, 2022, 2024, 2034 and 2044 Notes is permanently released. The following financial information presents condensed consolidating financial statements, which include Tyson Foods, Inc. (TFI Parent); TFM Parent; the Non-Guarantor Subsidiaries (Non-Guarantors) on a combined basis; the elimination entries necessary to consolidate TFI Parent, TFM Parent and the Non-Guarantors; and Tyson Foods, Inc. on a consolidated basis, and is provided as an alternative to providing separate financial statements for the guarantor.



Condensed Consolidating Statement of Income and Comprehensive Income for the year ended September 27, 2014										in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	579		$	21,924		$	16,926		$	(1,849	)	$	37,580
Cost of Sales	74			20,971			15,689			(1,839		)	34,895
Gross Profit	505			953			1,237			(10		)	2,685
Selling, General and Administrative	141			240			884			(10		)	1,255
Operating Income	364			713			353			—			1,430
Other (Income) Expense:
Interest expense, net	63			49			13			—			125
Other, net	67			(1		)	(13		)	—			53
Equity in net earnings of subsidiaries	(731		)	(43		)	—			774			—
Total Other (Income) Expense	(601		)	5			—			774			178
Income from Continuing Operations before Income Taxes	965			708			353			(774		)	1,252
Income Tax Expense	101			227			68			—			396
Income from Continuing Operations	864			481			285			(774		)	856
Loss from Discontinued Operation, Net of Tax	—			—			—			—			—
Net Income	864			481			285			(774		)	856
Less: Net Loss Attributable to Noncontrolling Interests	—			—			(8		)	—			(8		)
Net Income Attributable to Tyson	$	864		$	481		$	293		$	(774	)	$	864

Comprehensive Income (Loss)	$	817		$	449		$	243		$	(692	)	$	817
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			(8		)	—			(8		)
Comprehensive Income (Loss) Attributable to Tyson	$	817		$	449		$	251		$	(692	)	$	825



Condensed Consolidating Statement of Income and Comprehensive Income for the year ended September 28, 2013										in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	431		$	19,243		$	16,120		$	(1,420	)	$	34,374
Cost of Sales	40			18,464			14,932			(1,420		)	32,016
Gross Profit	391			779			1,188			—			2,358
Selling, General and Administrative	68			201			714			—			983
Operating Income	323			578			474			—			1,375
Other (Income) Expense:
Interest expense, net	36			62			40			—			138
Other, net	4			(1		)	(23		)	—			(20		)
Equity in net earnings of subsidiaries	(582		)	(40		)	—			622			—
Total Other (Income) Expense	(542		)	21			17			622			118
Income from Continuing Operations before Income Taxes	865			557			457			(622		)	1,257
Income Tax Expense	87			172			150			—			409
Income from Continuing Operations	778			385			307			(622		)	848
Loss from Discontinued Operation, Net of Tax	—			—			(70		)	—			(70		)
Net Income	778			385			237			(622		)	778
Less: Net Loss Attributable to Noncontrolling Interests	—			—			—			—			—
Net Income Attributable to Tyson	$	778		$	385		$	237		$	(622	)	$	778

Comprehensive Income (Loss)	$	733		$	380		$	212		$	(592	)	$	733
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			—			—			—
Comprehensive Income (Loss) Attributable to Tyson	$	733		$	380		$	212		$	(592	)	$	733



Condensed Consolidating Statement of Income and Comprehensive Income for the year ended September 29, 2012										in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	352		$	18,832		$	15,152		$	(1,281	)	$	33,055
Cost of Sales	(4		)	18,088			14,061			(1,280		)	30,865
Gross Profit	356			744			1,091			(1		)	2,190
Selling, General and Administrative	59			205			641			(1		)	904
Operating Income	297			539			450			—			1,286
Other (Income) Expense:
Interest expense, net	49			143			152			—			344
Other, net	1			—			(24		)	—			(23		)
Equity in net earnings of subsidiaries	(427		)	(43		)	—			470			—
Total Other (Income) Expense	(377		)	100			128			470			321
Income from Continuing Operations before Income Taxes	674			439			322			(470		)	965
Income Tax Expense	91			130			130			—			351
Income from Continuing Operations	583			309			192			(470		)	614
Loss from Discontinued Operation, Net of Tax	—			—			(38		)	—			(38		)
Net Income	583			309			154			(470		)	576
Less: Net Loss Attributable to Noncontrolling Interests	—			—			(7		)	—			(7		)
Net Income Attributable to Tyson	$	583		$	309		$	161		$	(470	)	$	583

Comprehensive Income (Loss)	$	599		$	324		$	166		$	(497	)	$	592
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			(7		)	—			(7		)
Comprehensive Income (Loss) Attributable to Tyson	$	599		$	324		$	173		$	(497	)	$	599



Condensed Consolidating Balance Sheet as of September 27, 2014							in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	41	$	397	$	—		$	438
Accounts receivable, net	3		665		1,016		—			1,684
Inventories	—		1,272		2,002		—			3,274
Other current assets	42		78		379		(120		)	379
Assets held for sale	3		—		443		—			446
Total Current Assets	48		2,056		4,237		(120		)	6,221
Net Property, Plant and Equipment	30		932		4,168		—			5,130
Goodwill	—		881		5,825		—			6,706
Intangible Assets	—		15		5,261		—			5,276
Other Assets	204		148		326		(55		)	623
Investment in Subsidiaries	20,845		2,049		—		(22,894		)	—
Total Assets	$	21,127	$	6,081	$	19,817	$	(23,069	)	$	23,956
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	240	$	—	$	403	$	—		$	643
Accounts payable	35		755		1,016		—			1,806
Other current liabilities	4,718		235		921		(4,667		)	1,207
Liabilities held for sale	—		—		141		—			141
Total Current Liabilities	4,993		990		2,481		(4,667		)	3,797
Long-Term Debt	7,056		2		532		(55		)	7,535
Deferred Income Taxes	21		96		2,333		—			2,450
Other Liabilities	167		125		978		—			1,270

Total Tyson Shareholders’ Equity	8,890		4,868		13,479		(18,347		)	8,890
Noncontrolling Interests	—		—		14		—			14
Total Shareholders’ Equity	8,890		4,868		13,493		(18,347		)	8,904
Total Liabilities and Shareholders’ Equity	$	21,127	$	6,081	$	19,817	$	(23,069	)	$	23,956



Condensed Consolidating Balance Sheet as of September 28, 2013							in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	21	$	1,124	$	—		$	1,145
Accounts receivable, net	—		571		926		—			1,497
Inventories	—		1,039		1,778		—			2,817
Other current assets	351		88		117		(411		)	145
Total Current Assets	351		1,719		3,945		(411		)	5,604
Net Property, Plant and Equipment	32		891		3,130		—			4,053
Goodwill	—		881		1,021		—			1,902
Intangible Assets	—		21		117		—			138
Other Assets	895		162		244		(821		)	480
Investment in Subsidiaries	11,975		2,035		—		(14,010		)	—
Total Assets	$	13,253	$	5,709	$	8,457	$	(15,242	)	$	12,177
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	457	$	132	$	251	$	(327	)	$	513
Accounts payable	27		575		757		—			1,359
Other current liabilities	4,625		200		901		(4,588		)	1,138
Total Current Liabilities	5,109		907		1,909		(4,915		)	3,010
Long-Term Debt	1,770		679		241		(795		)	1,895
Deferred Income Taxes	24		93		362		—			479
Other Liabilities	149		155		282		(26		)	560

Total Tyson Shareholders’ Equity	6,201		3,875		5,631		(9,506		)	6,201
Noncontrolling Interests	—		—		32		—			32
Total Shareholders’ Equity	6,201		3,875		5,663		(9,506		)	6,233
Total Liabilities and Shareholders’ Equity	$	13,253	$	5,709	$	8,457	$	(15,242	)	$	12,177



Condensed Consolidating Statement of Cash Flows for the year ended September 27, 2014										in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	132		$	431		$	660		$	(45	)	$	1,178
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(1		)	(147		)	(484		)	—			(632		)
(Purchases of)/Proceeds from marketable securities, net	—			—			15			—			15
Proceeds from notes receivable	—			—			—			—			—
Acquisitions, net of cash acquired	(8,193		)	—			—			—			(8,193		)
Other, net	5			2			3			—			10
Cash Provided by (Used for) Investing Activities	(8,189		)	(145		)	(466		)	—			(8,800		)
Cash Flows from Financing Activities:
Net change in debt	5,154			—			(12		)	—			5,142
Proceeds from issuance of common stock, net of issuance costs	873			—			—			—			873
Proceeds from issuance of equity component of tangible equity units	1,255			—			—			—			1,255
Purchases of Tyson Class A common stock	(295		)	—			—			—			(295		)
Dividends	(104		)	—			(45		)	45			(104		)
Stock options exercised	67			—			—			—			67
Other, net	(22		)	—			(1		)	—			(23		)
Net change in intercompany balances	1,129			(266		)	(863		)	—			—
Cash Provided by (Used for) Financing Activities	8,057			(266		)	(921		)	45			6,915
Effect of Exchange Rate Change on Cash	—			—			—			—			—
Increase (Decrease) in Cash and Cash Equivalents	—			20			(727		)	—			(707		)
Cash and Cash Equivalents at Beginning of Year	—			21			1,124			—			1,145
Cash and Cash Equivalents at End of Period	$	—		$	41		$	397		$	—		$	438



Condensed Consolidating Statement of Cash Flows for the year ended September 28, 2013										in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	294		$	337		$	696		$	(13	)	$	1,314
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(4		)	(113		)	(441		)	—			(558		)
(Purchases of)/Proceeds from marketable securities, net	—			(13		)	(5		)	—			(18		)
Proceeds from notes receivable	—			—			—			—			—
Acquisitions, net of cash acquired	—			—			(106		)	—			(106		)
Other, net	—			3			36			—			39
Cash Provided by (Used for) Investing Activities	(4		)	(123		)	(516		)	—			(643		)
Cash Flows from Financing Activities:
Net change in debt	5			—			(28		)	—			(23		)
Proceeds from issuance of common stock, net of issuance costs	—			—			—			—			—
Proceeds from issuance of equity component of tangible equity units	—			—			—			—			—
Purchases of Tyson Class A common stock	(614		)	—			—			—			(614		)
Dividends	(104		)	—			(13		)	13			(104		)
Stock options exercised	123			—			—			—			123
Other, net	18			—			—			—			18
Net change in intercompany balances	281			(202		)	(79		)	—			—
Cash Provided by (Used for) Financing Activities	(291		)	(202		)	(120		)	13			(600		)
Effect of Exchange Rate Change on Cash	—			—			3			—			3
Increase (Decrease) in Cash and Cash Equivalents	(1		)	12			63			—			74
Cash and Cash Equivalents at Beginning of Year	1			9			1,061			—			1,071
Cash and Cash Equivalents at End of Period	$	—		$	21		$	1,124		$	—		$	1,145



Condensed Consolidating Statement of Cash Flows for the year ended September 29, 2012										in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	312		$	438		$	447		$	(10	)	$	1,187
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(1		)	(104		)	(585		)	—			(690		)
(Purchases of)/Proceeds from marketable securities, net	—			(7		)	(4		)	—			(11		)
Proceeds from notes receivable	—			—			—			—			—
Acquisitions, net of cash acquired	—			—			—			—			—
Other, net	1			5			35			—			41
Cash Provided by (Used for) Investing Activities	—			(106		)	(554		)	—			(660		)
Cash Flows from Financing Activities:
Net change in debt	107			—			16			—			123
Proceeds from issuance of common stock, net of issuance costs	—			—			—			—			—
Proceeds from issuance of equity component of tangible equity units	—			—			—			—			—
Purchases of Tyson Class A common stock	(264		)	—			—			—			(264		)
Dividends	(57		)	—			(10		)	10			(57		)
Stock options exercised	34			—			—			—			34
Other, net	(8		)	—			1			—			(7		)
Net change in intercompany balances	(124		)	(324		)	448			—			—
Cash Provided by (Used for) Financing Activities	(312		)	(324		)	455			10			(171		)
Effect of Exchange Rate Change on Cash	—			—			(1		)	—			(1		)
Increase (Decrease) in Cash and Cash Equivalents	—			8			347			—			355
Cash and Cash Equivalents at Beginning of Year	1			1			714			—			716
Cash and Cash Equivalents at End of Period	$	1		$	9		$	1,061		$	—		$	1,071