1

CAL-MAINE FOODS, INC.

Investor Presentation

January 2018

2

FORWARD-LOOKING STATEMENTS

This presentation includes forward-looking statements, which are all

statements other than historical facts, can be identified by use of words

such as “expect,” “will,” and “anticipate,” and include statements

regarding expected operating results, acquisition transactions and

potential effects of industry events or trends on our business. Important

factors that can cause our results to differ materially from those

anticipated in the forward-looking statements include egg prices and

feed costs; changes in consumer demand or requirements of major

customers; unanticipated results of acquisitions or joint ventures; ability

to obtain eggs from outside producers; agricultural, regulatory and

litigation risks; and other factors described in the cautionary language

included in our filings with the Securities and Exchange Commission,

including in the “Risk Factors” section of our annual report on Form 10-

K and subsequent filings. We undertake no obligation to update any

forward-looking statements.

3

CAL-MAINE FOODS PROFILE

We are the largest producer and marketer of

shell eggs in the United States

Founded in 1957 in Jackson, Mississippi

Acquired Ralston-Purina egg operations in 1972

Completed 20 acquisitions since 1989

Fully-integrated egg producer

Since 1996, publicly traded on NASDAQ under symbol “CALM”

FY 2017 U.S. fresh shell egg market share - 20 percent

Achieved record sales of $1.9 billion in FY 2016

FY 2017 sales $1.1 billion, down 43.7% from prior year

4

KEY INVESTMENT POINTS

Largest egg producer and marketer in the United States

Efficient, state-of-the-art operations

Solid customer base of leading retail and food service companies

Strong consumer demand for eggs

Leading producer and marketer of high-margin specialty eggs

Solid financial position

Proven management team

5

THE U.S. EGG INDUSTRY

In calendar year 2016, the United States produced

about 89 billion eggs.

66%3%

31%

Shell Eggs to

Foodservice &

Consumers

Egg Products

(Liquid, Frozen)

Exports

6

$477.6

$598.1

$915.9 $928.8 $910.1 $942.0

$1,113.1

$1,288.1

$1,440.9

$1,576.2

$1,908.7

$1,074.5

683.1 685.5 678.5

777.9805.4

821.4

884.3

948.5

1013.7

1063.11053.6

1031.1

500.0

600.0

700.0

800.0

900.0

1,000.0

1,100.0

1,200.0

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

$1,400.0

$1,600.0

$1,800.0

$2,000.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Net Sales Eggs Sold

SALES HISTORY

Cal-Maine Annual Net Sales ($ in millions)

Total Shell Eggs Sold (in millions of dozens)

7

CAL-MAINE LOCATIONS

Cal-Maine Locations

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FULLY-INTEGRATED OPERATIONS

Feed mills

Breeder flocks

Hatcheries

Pullet growing

Egg production

Processing and

packaging

Sales and distribution

9

EGG PRODUCTION FACILITIES

92%

8%

Contract production

Company-owned

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COMPANY-OWNED FACILITIES

State-of–the-art

Fully-automated

Temperature

controlled

Labor efficient

Located near our customers

11

90%8%

2%

CAL-MAINE CUSTOMERS

RetailFood Service

Egg Products(and Miscellaneous)

12

TOP 10 CUSTOMERS

1. Walmart and Sam’s Club 28.9%

2. Publix Super Markets 10.8%

3. H.E. Butt Co. 9.2%

4. Food Lion

5. Eggs America (Sysco, US Foodservice, etc.)

6. CCF Brands

7. Shoprite

8. Kroger

9. Costco

10. Specialty Egg

Total Top 10 customers 69.49%

% Fiscal 2017 Sales

13

Avian Influenza

Spring 2015 outbreak in the upper Midwestern

United States affected over 40 million laying

hens and pullets

12% reduction in the national laying flock

Repopulation efforts have increased bird

numbers above pre-outbreak levels

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MONTHLY HEN INVENTORY

Million Hens First Day of Month

Source: USDA Chicken and Egg Report as Revised December 2017

265.0

275.0

285.0

295.0

305.0

315.0

325.0

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

2013

2014

2015

2016

2017

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ANNUAL EGG PRICES

(Monthly average by fiscal year)

Urner Barry Southeastern Regional Large Egg Market Price

(per dozen eggs)

$0.79

$0.66

$0.78$0.69

$0.78

$1.05

$0.72 $0.75

$0.93

$1.38

$1.21$1.12 $1.13

$1.22

$1.35$1.43

$1.53

$1.79

$0.85

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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VOLATILE FEED INGREDIENT PRICES

(Monthly average)

Corn

$/bushel

Soy Meal

$/ton

Soy Bean Meal Dollars per Ton Corn Dollars per Bushel

9

8

7

6

5

4

3

2

1

00.00

100.00

200.00

300.00

400.00

500.00

600.00

700.00

800.00

900.00

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FEED COSTS

29

30

35

42

46

39

3738

3635 35

3333

39

40

45

48

47

45

48

51

57

55

53

54

49

46

49 48

43 44

41

42 4341

40

43

39 40

38 3839

20

25

30

35

40

45

50

55

60

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

Cents per Dozen Eggs Produced

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Pursue acquisitions of existing shell egg production

and processing facilities

Enhance production capacity and efficiency

Increase value-added specialty egg business

GROWTH STRATEGY

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GROWTH STRATEGY

Pursue acquisition opportunities

Leverage solid track record with completion of 20

acquisitions since 1989

Extend ability to identify, execute and integrate additional

operations

Expand capabilities in existing markets and broaden

geographic reach

Enhance national presence and strengthen customer

relationships

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ACQUISITION OPPORTUNITIES

Layers in Production, December 31, 2016, in thousands Source: Egg Industry Magazine – February 2017

Top U.S. Egg Producers

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FOODONICS INTERNATIONAL, INC.

Cal-Maine Foods acquired substantially all of the assets of

Foodonics International, Inc. and its related entities doing

business as Dixie Egg Company.

Includes capacity for 1.6 million laying hens and related feed

production, milling and distribution facilities in Georgia and

Florida as well as contract grower arrangements for an

additional 1.5 million laying hens.

Acquired Egg-Land’s Best franchise with licensing rights for

portions of certain markets in Alabama, Florida and Georgia

as well as Puerto Rico, Bahamas and Cuba.

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HAPPY HEN EGG FARMS, INC.

Cal-Maine Foods acquired substantially all of the assets of

Happy Hen Egg Farms, Inc.

Includes capacity for 350,000 laying hens and distribution

facilities near Harwood and Wharton, Texas.

Site is designed for capacity of up to 1.2 million laying hens.

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Enhance production capacity and efficiency

GROWTH STRATEGY

• Over the last five years we have spent over $310 million to expand

and upgrade our facilities

• Projects in Kentucky, Texas, Arkansas, and Florida will increase

Cage-Free and Organic capacity

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RED RIVER VALLEY EGG FARM, LLC

Cal-Maine Foods and Rose Acre Farms have entered a

production joint venture to build a cage-free shell egg

production complex near Bogata, Red River County, Texas

Provides for capacity of approximately 1.8 million laying hens, with

permits for up to 2.9 million hens

Creates 80-100 new jobs in local community

Fully online in 2017

Enhances ability to meet growing demand for cage-free and other

specialty eggs

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GROWTH STRATEGY

Offer nutritionally enhanced eggs,

cage-free and organic eggs

Meet consumer demand in rapidly

growing segment

Benefit from higher and less cyclical

selling prices

Through Q2 FY 2018, represented

22.6 percent of dozens sold and

32.3 percent of sales revenue

Increase value-added specialty egg business

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SPECIALTY EGG SALES

679778

805 821884

9481,014

1,063 1,054 1,031

81 107 116 132 144 156 174211 242 236

0

200

400

600

800

1000

1200

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

Total

Dozen Eggs Sold (in millions)

Specialty

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KEY STRENGTHS

Fully-integrated operations located in 16 states

Focused on automation throughout the supply chain

Eggs taste great and provide an affordable and

convenient source of protein

Solid track record of internal growth and acquisitions

Increasing sales of high-margin specialty eggs

Leading names of retail and institutional food service

customers

Solid financial position supports future growth

Low Cost

Producer

Favorable Consumer

Demand Trends

Attractive Growth

Profile

Solid Customer

Base

Strong Balance

Sheet

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FINANCIAL HIGHLIGHTS- FY2017*

Fiscal Year 2017 Annual Sales - $1.1 billion

Fiscal Year 2017 EBITDA – ($68 million) down

from $528 million in fiscal 2016

Working Capital - $372 million

Total Debt - $11 million

Debt to EBITDA – (.16):1

*Reported for fiscal year ended June 3, 2017

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INCOME STATEMENT – YTD FY2018

26 Weeks Ended 26 Weeks Ended

December 2, November 26,

2018 2016

Net sales $ 624,017 $ 493,389

Gross profit (loss) 99,732 (5,621)

Legal settlement expense 80,750 0

Operating loss (64,842) (88,608)

Other income 232 3,300

Loss before income taxes (64,610) (85,308)

Net loss $ (42,129) $ (53,946)

Net loss per common share:

Basic $ (0.87) $ (1.12)

Diluted $ (0.87) $ (1.12)

Weighted average shares outstanding:

Basic 48,330 48,249

Diluted 48,330 48,249

(Unaudited; in thousands except per share amounts)

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OPERATING HIGHLIGHTS – YTD FY2017

26 Weeks Ended 26 Weeks Ended

December 2, November 26,

2017 2016

Dozen Eggs Sold (000) 512,549 494,501

Dozen Eggs Produced (000) 436,459 410,753

% Specialty Egg Sales (Dozen) 22.2% 22.6%

% Specialty Sales (Dollars) 35.4% 46.2%

Net Average Selling Price (Dozen) $ 1.173 $ 0.962

Net Avg Selling Price Specialty Egg (Doz) $ 1.891 $ 1.988

Feed Cost (Dozen) $ 0.382 $ 0.412

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BALANCE SHEET HIGHLIGHTS

December 2, June 3,

2017 2017

Cash and short-term investments $ 209,300 $ 156,026

Total assets $ 1,066,131 $1,033,094

Long-term debt, less current maturities $ 4,204 $ 6,113

Shareholders' equity $ 803,954 $ 844,493

Working capital $ 311,238 $ 371,527

Debt to Capital .01:1 .01:1

(Unaudited; in thousands)

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CASH USE PRIORITIES

Variable Dividend

1/3 of Net Income Paid Quarterly

(after recovery of losses)

Acquisition of Existing Capacity

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CASH DIVIDENDS PAID*

7.9

19.1 21.6

7.1

0.0

8.6

24.0

14.7

3.4

10.6

23.5

5.1 2.2

16.3 18.2

26.0

6.6 10.0

21.2

0.0 3.4

18.1

29.6

21.7 19.1

25.2

35.0 31.7

98.3

75.1

44.1

0.0 0.0 0.0 0.0 0.0 0.0 0.0

*Cents per share, as adjusted for October 31, 2014, two-for-one stock split

34

STOCK OWNERSHIP & FLOAT

Holdings as of July 21, 2017

Shares % of

Ownership Outstanding TotalShares Owned by Adams/Baker Family

(Excludes ESOP) 16,828,942 34.6%

Shares Owned by Other Insiders

(Excludes ESOP) 221,576 0.5%

Shares Owned by ESOP 2,280,818 4.7%

Public Float 29,242,716 60.2%

Total Outstanding Shares 48,574,052 100.0%

35

KEY INVESTMENT POINTS

Largest egg producer and marketer in the United States

Efficient, state-of-the-art operations

Solid customer base of leading retail and food service companies

Strong consumer demand for eggs

Growing market for high-margin specialty eggs

Solid financial position

Proven management team

36

FINANCIAL SUMMARY

$477.6 $598.1 $915.9 $928.8 $910.1 $942.0 $1,113 $1,288 $1,441 $1,576 $1,909 $1,075-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

$1,400.0

$1,600.0

$1,800.0

$2,000.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Net Sales Operating Income

Annual Net Sales and Operating Income($ in millions)

Dozen

Eggs Sold(In millions)

685 778 805 821 884 948 1,014 1,063

FY 2013 Operating Income of $87.6 million excluding litigation settlement

679683 1,054 1,031

37

INCOME STATEMENT – YTD FY2017

53 Weeks Ended 52 Weeks Ended

June 3, May 287,

2017 2016

Net sales $ 1,074,513 $ 1,908,650

Gross profit (loss) 45,550 648,074

Operating income (loss) (132,094) 471,877

Other income 17,800 15,372

Income (loss) before income taxes (114,145) 485,243

Net income (loss) $ (74,278) $ 316,041

Net income (loss) per common share:

Basic $ (1.54) $ 6.56

Diluted $ (1.54) $ 6.53

Weighted average shares outstanding:

Basic 48,362 48,195

Diluted 48,362 48,365

(Unaudited; in thousands except per share amounts)

38

OPERATING HIGHLIGHTS – YTD FY2017

53 Weeks Ended 52 Weeks Ended

June 3, May 28,

2017 2016

Dozen Eggs Sold (000) 1,031,130 1,053,597

Dozen Eggs Produced (000) 870,252 819,307

% Specialty Egg Sales (Dozen) 22.9% 22.9%

% Specialty Sales (Dollars) 43.6% 29.1%

Net Average Selling Price (Dozen) $ 1.007 $ 1.735

Net Avg Selling Price Specialty Egg (Doz) $ 1.939 $ 2.213

Feed Cost (Dozen) $ 0.399 $ 0.414