Dolph Baker Chairman & CEO

Max Bowman Vice President & CFO

Investor Presentation

Fiscal Year 2020

2

FORWARD LOOKING STATEMENTSThis 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 22 acquisitions since 1989

• Fully integrated egg producer

• Since 1996, publicly traded on NASDAQ

under symbol "CALM"

• FY 2020 U.S. fresh shell egg market

share - 19 percent

4

KEY INVESTMENT POINTS

• Largest egg producer and marketer in the United States

• Commitment to Sustainability

• 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 and systems

5

THE U.S. EGG INDUSTRY

Food Service Shell Eggs -19.6 Million Cases7.4%

Exports - 7.4 Million Cases2.8%

Retail Shell Eggs - 157.6Million Cases 59.5%

Further Processing - 80.1 Million Cases30.3%

Case = 30 dozen eggs

6

Period Ending

(in m

illio

ns) (in m

illions)

Net Sales Eggs Sold

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

400

500

600

700

800

900

1,000

1,100

1,200

SALES HISTORY

7

CAL-MAINE LOCATIONS

Eggland's Best Franchise TerritoryIncluding Investment in Unconsolidated Entities

8

FULLY-INTEGRATED OPERATIONS

9

EGG PRODUCTION FACILITIES

Contractproduction9%

Company-owned91%

Lake City, Florida

Total FlockAs of May 30, 2020

Layers 40.1 millionPullets and Breeders 10.7 million

10

COMPANY-OWNED FACILITIES

• State-of-the-art

• Fully automated

• Temperature controlled

• Labor efficient

• Located near customers

11

CAL-MAINE CUSTOMERS

Fiscal Year 2020

Retail 92%

Food Service 6%

Egg Products 2%

12

ToP 10 CUSTOMERS - FISCAL 2020Top 3 over 51%

1. Walmart Inc. (Including Sam's Club) of Fiscal 2020 Sales2. H.E. Butt Co.3. Publix Super Markets4. Food Lion5. Aldi6. Eggs America (Sysco, US Foodservice, etc.)7. Kroger Company8. CCF Brands9. Costco10. Wakenfern Food Corporation

13

MONTHLY HEN INVENTORYM

illio

n H

ens F

irst D

ay o

f Mon

th

2014 2015 2016 2017 2018 2019 2020

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec270,000

280,000

290,000

300,000

310,000

320,000

330,000

340,000

350,000

Source: USDA National Agricultural Statistics Service

14

UB Southeast Region - Shell Eggs - White Large Price

FY 18 FY 19 FY 20 5 Yr Avg

Q1

Q2

Q3

Q4

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

ANNUAL EGG PRICES

Source: Urner Barry

15

FEED INGREDIENT PRICESSo

ybea

n M

eal $

/ton

Corn $/bushel

Corn Soybean Meal

1/1/20

15

5/1/20

15

9/1/20

15

1/1/20

16

5/1/20

16

9/1/20

16

1/1/20

17

5/1/20

17

9/1/20

17

1/1/20

18

5/1/20

18

9/1/20

18

1/1/20

19

5/1/20

19

9/1/20

19

1/1/20

20

5/1/20

20$250

$300

$350

$400

$2.5

$3

$3.5

$4

$4.5

$5

$5.5

Source: Monthly Average of Daily Closing Prices per Chicago Board of Trade

Feed ingredient Approximate change in feed ingredient costApproximate impact

on feed costs per dozenApproximate dollar impact on farm

production cost for the 2020 fiscal yearCorn $0.28 change in the average market price per bushel $ 0.01 $ 9,278,000 Soybean Meal $27.50 change in the average market price per ton $ 0.01 $ 9,278,000

16

FEED COSTS - CENTS PER DOZEN PRODUCED

48

4344

4142

43

4140

43

3940

38 3839 39

4241

42 42 4241

4241 41

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

30

35

40

45

50

55

60Feed ingredient Approximate change in

Approximate impact on feed costs per dozen

$ impact on production cost for the FY 2019

Corn $0.28 change per bushel $ 0.01 $ 9,278,000

Soybean Meal $27.50 change in per ton $ 0.01 $ 9,278,000

17

GROWTH STRATEGY

▪ Pursue selected acquisitions of existing shell egg production and processing facilities in key locations and markets

▪ Enhance production capacity and efficiency

▪ Increase value-added specialty egg business including cage-free capacity

18

PURSUE ACQUISITION OPPORTUNITIES

▪ Leverage solid track record with completion of 22 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

19

ACQUISITION OPPORTUNITIESCal-Maine Foods 44.99 S&R Egg Farm 4.53 Demler Brothers 1.50Rose Acre Farms 26.60 Sauder's Egg 4.50 Demler Enterprises 1.50Versova Holdings 21.10 National Food Corp. 4.00 Dutt & Wagner 1.44Hillandale Farms 20.00 Konos Inc. 3.40 Simpson's Eggs 1.35Daybreak Foods 14.00 Pearl Valley Eggs 2.90 Dakota Layers LLP 1.30Michael Foods 13.30 Esbenshade Farms 2.80 Sperry Farms 1.30Rembrandt Enterprises 11.90 Forsman Farms 2.60 J.S. West & Company/JEM Eggs 1.28MPS Egg Farms 10.90 Ritewood/Oakdell Egg Farms 2.60 3 Puglisi Brothers 1.27Center Fresh Group 10.80 Creighton Brothers 2.40 Mercer Landmark 1.25Prairie Star Farms 10.80 Sunrise Acres Egg Farm 2.31 Morning Fresh Farms 1.25Herbruck's Poultry Ranch 8.60 Giroux's Poultry Farm 2.25 Fassio Egg Farms 1.20Weaver Brothers 8.55 CHS 2.21 Hertzfeld Poultry Farms Inc. 1.05Opal Foods 7.79 Central Valley Eggs 2.20 Feather Crest 0.98Fremont Farms of Iowa 7.06 Kreher's Eggs 2.09 Chino Valley Ranchers/MCM Poultry 0.85Kreider Farms 6.08 Minnich Poultry 2.00 Colorado Eggs 0.80ISE America 5.80 Schipper Eggs LLC 1.85 Wilcox Farms 0.79Hickman's Egg Ranch 5.60 Heritage PMS/LaValle Egg Farms 1.70 Hidden Villa Ranch 0.70Sparboe Farms 5.58 Lathem Farms 1.67 Hillside Poultry Farms Inc. 0.70Gemperle Farms 5.10 Country Charm Eggs 1.64 Weber Family Farms 0.52Cooper Farms 5.00 Braswell Egg 1.60 Sunrise Farms LLC 0.50Sunrise Farms Inc. 5.00 Egg Innovations 1.60 Demler Egg Ranch 0.35Mid-States Specialty Eggs 4.94 Wenger Feeds/Duchland Farms 1.60 Vital Farms 0.30Wabash Valley Produce 4.66 Berne Hi-Way Hatchery Inc. 1.50

Total 342.28

Layers in Production, December 31, 2019, in millions Source: Egg Industry Magazine - February 2020

20

ACQUISITIONS

– Foodonics International, Inc. (dba Dixie Egg Company) - Acquired 2016

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.

– Happy Hen Egg Farms, Inc. - Acquired 2017

Includes capacity for 350,000 laying hens and distribution facilities near Harwood and Wharton, Texas. Site designed for capacity of up to 1.2 million laying hens.

– Featherland Egg Farms, Inc. - Acquired 2018

Includes capacity for 600,000 laying hens, a feed mill and related production and distribution facilities near Marion, Texas.

21

RED RIVER VALLEY EGG FARM, LLC

Cal-Maine Foods and Rose Acre Farms 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

▪ Production facilities fully online in 2017

▪ Enhances ability to meet growing demand for cage-

free and other specialty eggs

22

MAHARD EGG FARM, INC.

▪ On November 20, 2019 Cal-Maine Foods acquired certain assets of Mahard Egg Farm, Inc.

▪ Includes capacity for 3.9 million hens, feed mill, and related production facilities in Chillicothe, Texas, and Nebo, Oklahoma, and a distribution warehouse located in Gordonville, Texas.

▪ Sites are permitted for capacity of up to 8.0 million laying hens.

23

INCREASE VALUE-ADDED SPECIALTY EGG BUSINESS

▪ Offer nutritionally enhanced eggs, cage-free and organic eggs

▪ Meet consumer demand in rapidly growing segment

▪ Benefit from higher and less cyclical selling prices

▪ FY 2020, represented 23.9 percent of dozens sold and 46.8 percent of sales revenue

24

Dozen Eggs Sold (in millions)

805 821884

9481,014

1,063 1,054 1,031 1,038 1,0391,069

116 132 144176

202233

263 253 257 261 256

All Shell Eggs Specialty Eggs

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 20200

200

400

600

800

1,000

1,200

SPECIALTY EGG SALES

25

CAGE-FREE COMMITMENT AND LEGISLATION

– Over 200 Companies have cage-free egg commitments over the next six years

State laws already passed– California - Michigan– Washington - Rhode Island– Colorado - Oregon– Massachusetts

Cage-free estimated monthly U.S Egg Production - (July 6, 2020)

Certified Organic Cage-Free LayersEst. Layer Flock Size: 15,812,500Est. Lay Rate: 78.50%

Non-Organic Cage-Free LayersEst. Layer Flock Size: 62,590,000Est. Lay Rate: 78.50%

All Cage-Free LayersEst. Layer Flock Size: 78,402,500Est. Lay Rate: 78.50%

Layer Flock

Legislation Pending– Arizona - Hawaii

26

INVESTMENT IN CAGE-FREE ▪ New capacity and conversions for cage-free hens, additional pullets and processing plants

and related equipment

▪ Preparing for California demand in 2020 and 2022 and nearest our customer base

▪ Invested over $371.7 million in facilities, equipment and related operations to expand our cage-free production starting with our first facility in 2008

Project(s) TypeProjected

CompletionProjected

CostSpent as of May

30, 2020Remaining

Projected CostConvertible/Cage-Free Layer Houses & Pullet Houses Fiscal 2021 38,032 28,412 9,620 Cage-Free Layer & Pullet Houses/Processing Facility Fiscal 2022 87,204 50,411 36,793

$ 125,236 $ 78,823 $ 46,413

27

KEY STRENGTHS

Low Cost Producerl Fully-integrated operations in 16 states

l Focused on automation throughout the supply chain

Favorable Consumer Demand Trends l

Eggs taste great and provide an affordable and convenient source of protein

Attractive Growth Profile

l Solid track record of internal growth and acquisitions

l Increasing sales of high-margin specialty eggs

Solid Customer Base lLeading names of retail and institutional food service customers

Strong Balance Sheet l Solid financial position supports future growth

28

FINANCIAL HIGHLIGHTS - FISCAL YEAR 2020

2020 Sales - $1.4 billion

2020 EBITDA - $79 million down from $125 million in 2019

Cash & Investments - $232 million

Working Capital - $429 million

No Outstanding Debt

29

INCOME STATEMENT - Fourth Qtr 2020

(Unaudited; in thousands except per share amounts) For the 13 Weeks Ended

May 30, 2020 June 1, 2019Net sales $ 453,333 $ 280,573 Gross profit 121,510 12,755 Operating income 76,092 (30,420) Other income, net 1,459 2,477 Income before taxes 77,551 (27,943) Net income attributable to Cal-Maine Foods, Inc. $ 60,463 $ (19,761)

Net income per share attibutable to Cal-Maine Foods, Inc.:Basic $ 1.25 $ (0.41) Diluted $ 1.24 $ (0.41)

Weighted average shares outstanding:Basic 48,501 48,442 Diluted 48,608 48,442

30

INCOME STATEMENT - 2020

Fiscal Years Ended

May 30, 2020 June 1, 2019Net sales $ 1,351,609 $ 1,361,188 Gross profit 179,588 222,859 Operating income 1,269 45,781 Other income, net 18,790 25,024 Income before taxes 20,059 70,805 Net income attributable to Cal-Maine Foods, Inc. $ 18,391 $ 54,229

Net income per share attibutable to Cal-Maine Foods, Inc.:Basic $ 0.38 $ 1.12 Diluted $ 0.38 $ 1.12

Weighted average shares outstanding:Basic 48,467 48,467 Diluted 48,584 48,589

31

OPERATING HIGHLIGHTS - Fourth Qtr 2020

For the 13 Weeks EndedMay 30, 2020 June 1, 2019

Dozens Sold (in thousands)Conventional 213,467 192,301 Specialty 68,955 62,473 Total 282,422 254,774

Dozens Produced 242,962 222,325 % Production 86.0 % 87.3 %

% Specialty Sales (dozen) 24.4 % 24.5 %% Specialty Sales (dollars) 29.9 % 44.1 %

Net Average Selling Price Shell Eggs (per dozen)Conventional $ 1.459 $ 0.785 Specialty $ 1.934 $ 1.919 All Shell Eggs $ 1.575 $ 1.063

Farm Production Cost (per dozen produced)Feed $ 0.405 $ 0.411 Other 0.328 0.328 Total $ 0.733 $ 0.739

Outside egg purchases (average cost per dozen) $ 1.65 $ 1.05

32

OPERATING HIGHLIGHTS - 2020

Fiscal Years EndedMay 30, 2020 June 1, 2019

Dozens Sold (in thousands)Conventional 813,255 778,052 Specialty 255,895 260,848 Total 1,069,150 1,038,900

Dozens Produced 927,799 876,705 % Production 86.8 % 84.4 %

% Specialty Sales (dozen) 23.9 % 25.1 %% Specialty Sales (dollars) 36.8 % 38.2 %

Net Average Selling Price Shell Eggs (per dozen)Conventional $ 1.021 $ 1.041 Specialty $ 1.897 $ 1.933 All Shell Eggs $ 1.231 $ 1.265

Farm Production Cost (per dozen produced)Feed $ 0.409 $ 0.415 Other 0.329 0.319 Total $ 0.738 $ 0.734

Outside egg purchases (average cost per dozen) $ 1.26 $ 1.26

33

BALANCE SHEET HIGHLIGHTS

May 30, 2020 June 1, 2019Cash and short-term investments $ 232,293 $ 319,428

Total assets $ 1,206,694 $ 1,156,278

Stockholders' equity $ 1,009,675 $ 989,806

Working capital $ 429,068 $ 492,846

• On July 10, 2018, we entered into a $100.0 million Senior Secured Revolving Credit Facility, which provides additional financial flexibility to support our growth strategy

34

Net

Sal

es

Operating Incom

e

Annual Net Sales and Operating Income ($ in millions)

Net Sales Operating Income

2013 2014 2015 2016 2017 2018 2019 20200

500,000

1,000,000

1,500,000

2,000,000

2,500,000

-600,000

-300,000

0

300,000

600,000

900,000

DozenEggs Sold

(in millions)948 1,014 1,063 1,054 1,031 1,038 1,039 1,069

FINANCIAL SUMMARY

35

CASH USE PRIORITIES

• Variable Dividend1/3 of Net Income Paid Quarterly

(after recovery of losses)

• Selective Acquisition of Existing Capacity

• Capital expansion to meet customer cage-free requirements

• At the end of fiscal 2020, the amount of cumulative losses to be recovered before payment of a dividend was $1.4 million

36

CASH DIVIDENDS PAID*C

ents

per

sha

re

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

9

24

15

3

11

24

52

16 18

26

710

21

3

18

30

2219

25

3532

98

75

44

35

9

15

27

1Q102Q10

3Q104Q10

1Q112Q11

3Q114Q11

1Q122Q12

3Q124Q12

1Q132Q13

3Q134Q13

1Q142Q14

3Q144Q14

1Q152Q15

3Q154Q15

1Q162Q16

3Q164Q16

1Q172Q17

3Q174Q17

1Q182Q18

3Q184Q18

1Q192Q19

3Q194Q19

1Q202Q20

3Q204Q20

0

20

40

60

80

100

120

37

STOCK OWNERSHIP AND FLOAT

Holdings as of May 30, 2020

OwnershipCommon

StockClass A

Common Stock % of VotesShares Owned by Adams/Baker Family

(Excludes ESOP) 11,324,179 4,800,000 64.8 %

Shares Owned by Other Insiders(Excludes ESOP) 174,615 — 0.2 %

Shares Owned by ESOP 2,088,705 — 2.3 %

Public Float 29,913,219 — 32.7 %

Total Outstanding Shares 43,500,718 4,800,000 100.0 %

Cal-Maine Foods is a "controlled company" as defined in Rule 5615(c)(1) of NASDAQ's listing standards due to the Adams family's beneficial ownership of 65.6% of total voting power of all Common Stock and Class A Common Stock

38

Largest egg producer and marketer in the United States

Commitment to Sustainability

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

KEY INVESTMENT POINTS