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 $1.0 billion revolving credit facility and (ii) the 2016 Notes, at which time TFM Parent's guarantee of the 2022 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 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 Interest	—			—			—			—			—
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 Statement of Income and Comprehensive Income for the year ended October 1, 2011										in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	157		$	18,636		$	14,466		$	(1,227	)	$	32,032
Cost of Sales	29			17,461			13,574			(1,227		)	29,837
Gross Profit	128			1,175			892			—			2,195
Selling, General and Administrative	52			215			639			—			906
Operating Income	76			960			253			—			1,289
Other (Income) Expense:
Interest expense, net	(26		)	148			109			—			231
Other, net	(9		)	—			(11		)	—			(20		)
Equity in net earnings of subsidiaries	(673		)	(115		)	—			788			—
Total Other (Income) Expense	(708		)	33			98			788			211
Income from Continuing Operations before Income Taxes	784			927			155			(788		)	1,078
Income Tax Expense	34			272			34			—			340
Income from Continuing Operations	750			655			121			(788		)	738
Loss from Discontinued Operation, Net of Tax	—			—			(5		)	—			(5		)
Net Income	750			655			116			(788		)	733
Less: Net Loss Attributable to Noncontrolling Interests	—			—			(17		)	—			(17		)
Net Income Attributable to Tyson	$	750		$	655		$	133		$	(788	)	$	750

Comprehensive Income (Loss)	$	671		$	606		$	77		$	(700	)	$	654
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests	—			—			(17		)	—			(17		)
Comprehensive Income (Loss) Attributable to Tyson	$	671		$	606		$	94		$	(700	)	$	671



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 Balance Sheet as of September 29, 2012							in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	1	$	9	$	1,061	$	—		$	1,071
Accounts receivable, net	1		499		878		—			1,378
Inventories	—		950		1,859		—			2,809
Other current assets	139		100		90		(184		)	145
Total Current Assets	141		1,558		3,888		(184		)	5,403
Net Property, Plant and Equipment	31		873		3,118		—			4,022
Goodwill	—		881		1,010		—			1,891
Intangible Assets	—		26		103		—			129
Other Assets	1,257		151		251		(1,208		)	451
Investment in Subsidiaries	11,849		2,005		—		(13,854		)	—
Total Assets	$	13,278	$	5,494	$	8,370	$	(15,246	)	$	11,896
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	439	$	—	$	167	$	(91	)	$	515
Accounts payable	10		558		804		—			1,372
Other current liabilities	4,887		144		766		(4,854		)	943
Total Current Liabilities	5,336		702		1,737		(4,945		)	2,830
Long-Term Debt	1,774		809		486		(1,152		)	1,917
Deferred Income Taxes	—		135		432		(9		)	558
Other Liabilities	156		146		294		(47		)	549

Total Tyson Shareholders’ Equity	6,012		3,702		5,391		(9,093		)	6,012
Noncontrolling Interests	—		—		30		—			30
Total Shareholders’ Equity	6,012		3,702		5,421		(9,093		)	6,042
Total Liabilities and Shareholders’ Equity	$	13,278	$	5,494	$	8,370	$	(15,246	)	$	11,896



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		)
Purchase of redeemable noncontrolling interest	—			—			—			—			—
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 Year	$	—		$	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
Purchase of redeemable noncontrolling interest	—			—			—			—			—
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 Year	$	1		$	9		$	1,061		$	—		$	1,071



Condensed Consolidating Statement of Cash Flows for the year ended October 1, 2011										in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	31		$	564		$	471		$	(20	)	$	1,046
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(1		)	(107		)	(535		)	—			(643		)
(Purchases of)/Proceeds from marketable securities, net	—			(57		)	(23		)	—			(80		)
Proceeds from notes receivable	—			—			51			—			51
Acquisitions, net of cash acquired	—			—			—			—			—
Other, net	23			—			5			—			28
Cash Provided by (Used for) Investing Activities	22			(164		)	(502		)	—			(644		)
Cash Flows from Financing Activities:
Net change in debt	(391		)	(6		)	12			—			(385		)
Purchase of redeemable noncontrolling interest	—			—			(66		)	—			(66		)
Purchases of Tyson Class A common stock	(207		)	—			—			—			(207		)
Dividends	(59		)	—			(20		)	20			(59		)
Stock options exercised	51			—			—			—			51
Other, net	(2		)	—			10			—			8
Net change in intercompany balances	554			(395		)	(159		)	—			—
Cash Provided by (Used for) Financing Activities	(54		)	(401		)	(223		)	20			(658		)
Effect of Exchange Rate Change on Cash	—			—			(6		)	—			(6		)
Increase (Decrease) in Cash and Cash Equivalents	(1		)	(1		)	(260		)	—			(262		)
Cash and Cash Equivalents at Beginning of Year	2			2			974			—			978
Cash and Cash Equivalents at End of Year	$	1		$	1		$	714		$	—		$	716