#1EM CAL-MAINE FOODS, INC Investor Presentation August 2020 FM#2Disclaimer 2 EM Cal-Maine Foods, Inc. Forward-Looking and Cautionary Statements This presentation contains "forward-looking statements" relating to, among other things, our shell egg business, including estimated future production data, expected construction schedules, projected construction costs, potential future supply of and demand for our products, potential future corn and soybean price trends, potential future impact on our business of the novel coronavirus ("COVID-19") pandemic, potential future impact on our business of new legislation, rules or policies, potential outcomes of legal proceedings, and projected operating data, results of operations and financial condition. Such forward-looking statements are identified by the use of words such as "believes," "intends," "expects," "hopes," "may," "should," "plans," "projected," "contemplates," "anticipates," or similar words and are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements. The forward-looking statements are based on management's current intent, belief, expectations, estimates, and projections regarding us and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions, and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth in our reports we file from time to time with the SEC (including our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg business (including disease, pests, weather conditions, and potential for product recall), (iii) changes in the demand for and market prices of shell eggs and feed costs, (iv) our ability to predict and meet demand for cage-free and other specialty eggs, (v) risks, changes, or obligations that could result from our future acquisition of new flocks or businesses and risks or changes that may cause conditions to completing a pending acquisition not to be met, (vi) risks relating to the evolving COVID-19 pandemic, and (vii) adverse results in pending litigation matters. You are cautioned not to place undue reliance on forward-looking statements because, while we believe that the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance these forward-looking statements will prove to be accurate. Further, the forward-looking statements included herein are only made as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Notice Regarding Non-GAAP Financial Measures In addition to U.S. GAAP financial measures, this presentation contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included herein if the reconciliation is not presented on the page in which the measure is published.#3Agenda M CAL-MAINE FOODS, INC 3 1. COMPANY OVERVIEW 2. KEY INDUSTRY TRENDS 3. INVESTMENT HIGHLIGHTS 4. FINANCIAL PERFORMANCE EM Cal-Maine Foods, Inc. 4 11 16 26#4COMPANY OVERVIEW EM CAL-MAINE FOODS, INC#5Cal-Maine Snapshot Who We Are & Where We Cover #1 EGG PRODUCER & DISTRIBUTOR OF SHELL EGGS IN U.S. 19% MARKET SHARE 22 ACQUISITIONS 1B+ SINCE 1989 DOZEN EGGS SOLD IN '20 ~51M TOTAL FLOCK Eggland's Best Exclusive Franchise Territory Including Investment in Unconsolidated Entities $1.4B SALES Key Highlights (2020) $79M EBITDA (1) EM Cal-Maine Foods, Inc. 8.1% 20YR SALES CAGR 3.6% 20YR VOLUME CAGR 28.4K ACRES OF LAND OWNED ~OX LEVERAGE Sales By Category <1% Sales By Channel 2% 6% 37% 63% 92% (2) Conventional (3) Other ■Specialty ■Retail Food Service Egg Products Source: Company filings and website. 5 Note: FYE May. (1) Reported EBITDA reconciliation located in appendix. (2) Classified as nutritionally enhanced, cage-free, organic and brown eggs. (3) Other sales represent hard cooked eggs, hatching eggs, other miscellaneous products, which are included with shell egg operations.#6What We Stand For EM Cal-Maine Foods, Inc. We are the #1 U.S. producer and distributor of fresh eggs, committed to offering our customers choice in a safe, cost effective and sustainable manner 60 OUR MISSION To be the most sustainable producer and reliable supplier of consistent, high quality fresh eggs and egg products in the country, demonstrating a "Culture of Sustainability” in everything we do. OUR GOAL Our eggs are an important source of low-cost protein, vitamins and minerals for millions of families and providing healthy eggs to families in a responsible and sustainable manner has always been our goal.#7Company History 1957 Founded in Jackson, MS by Fred Adams 1963 Expanded to build the world's largest egg farm in Edwards, MS 1969 Adams Foods merged with Dairy Fresh Products Company and Maine Egg Farms to form Cal-Maine M CAL-MAINE FOODS, INC 1972 Acquired Ralston- Purina egg operations Ralston Purina Company 1996 On December 12, 1996, went public on NASDAQ under the ticker "CALM" Nasdaq 2012 Acquired commercial egg assets of Pilgrim's Pride and Maxim Production Co. adding ~5mm layers Pilgrim's 2014 Sold over a billion dozens of eggs for the first time in FY'14 2015 Entered into a JV with Rose Acre Farms in TX, for the production of cage-free eggs, called Red River 2016 Acquired Foodonics International for ~$72mm, adding 1.6mm layers 2019 Acquired certain assets of Mahard Egg Farm for $46mm, including capacity for 3.9mm hens (1) Today Has completed 22 acquisitions since 1989 Valley Egg Farm Dixie egg 605 571 575 562 545 526 683 686 679 FY'00 FY'01 FY'02 FY'03 FY'04 FY'05 FY'06 Source: Company filings and website. Note: FYE May. 7 (1) Has a permitted capacity for up to 8mm laying hens. EM Cal-Maine Foods, Inc. Volume (Million Dozens) 1,063 1,069 1,054 1,031 1,038 1,039 1,014 949 884 821 805 778 FY'07 FY'08 FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20#8Strong Track Record of Resilient Growth ($mm) Global Recession 2007 2009 CAGR: 24.6% $572 $598 $478 $358 $387 $375 $326 $287 Sales CAGR 8.1% Avian Influenza Outbreak $1,576 $1,441 $1,288 $1,113 $916 $929 $910 $942 $1,909 $1,075 EM Cal-Maine Foods, Inc. $1,503 $1,361 $1,352 FY'00 FY'01 FY'02 FY'03 FY'04 FY'05 FY'06 FY'07 FY'08 FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 Source: Company filings. Note: FYE May.#99 Long-standing Blue Chip Customer Base DOE m Serves retail, wholesale and foodservice customers High-quality, diverse and long- standing customer relationships Top 3 customers represent ~51% of total revenue in FY 2020 Top 10 Customers EM Cal-Maine Foods, Inc. 1 Company Walmart Sam's Club Company 6 Eggs America (US Foods/Sysco) • 2 HEB 7 Kroger 3 Publix 8 CCF BRANDS . 4 Food Lion 9. COSTCO % No customer represented over 33% of FY 2020 revenue 5 ALDI 10 Wakefern We have longstanding relationships with our customers, but we approach each business day with an attitude of humility to earn customers business and trust#10Proven Acquirer with Successful Track Record and Tremendous Consolidation Opportunities Grown Through Strategic Acquisitions Careful Integration of 22 Companies, Representing ~47mm Layers Date Targets Layers Acquired (mm) 1989 Egg City 1.3 1990 Sunny Fresh Foods 7.5 Other 1991 1994 Sunnyside Eggs Wayne Detling Farms 1.8 1.5 63% 1995 A&G Farms ~1.0 1997 1997 1998 Sunbest Farms Southern Empire Egg Farm J&S Farms/Savannah Valley Egg 0.6 1.3 0.9 1999 Hudson Brothers 1.2 2000 Smith Farms 3.9 2005 Hillandale Farms (51% Stake) (1) 4.4 2006 Greenforest Foods (50% Remaining Stake) ~1.0 2007 George's (Shell Egg Division) ~1.0 ■ (2) 2008 Zephyr Egg Company ~2.0 2008 Tampa Farms (3) ~4.0 2012 Pilgrim's Pride Corp (Commercial Egg Operations) ~1.4 2012 Maxim Production Co. (Commercial Egg Assets) ~3.5 2014 Delta Egg Farm (50% JV) ~1.6 2016 Foodonics International (d/b/a Dixie Egg Company) 2017 Happy Hen Egg Farms ~3.1 ~0.4 (4) ■ 2018 Featherland Egg Farms 2019 Mahard Egg Farm 0.6 ~3.9(5) Highly Fragmented Market 13% FM CAL-MAINE FOODS, INC 8% Rose Acre Farms 6% Versova Holdings 6% Hillandale 4% Farms Daybreak Foods EM Cal-Maine Foods, Inc. Fragmented market with top 5 players representing ~37% of the total layers in production Industry fragmentation will facilitate growth opportunities Disciplined M&A approach with proven execution and integration capability Meaningful market and company insights to identify attractive targets Source: Company filings and Egg Industry Magazine, February 2020. Note: Data as of December 31, 2019. (3) 10 (1) Acquired 51% of the units of membership, the remaining 49% of the units of membership in Hillandale were acquired in essentially equal annual installments over a four-year period. In addition, the Company acquired the 4Grain® brand of specialty eggs, certain flocks of contract laying hens and the Seller's 12.88% interest in American Egg Products, giving it ~99.5% ownership interest in American Egg Products. (2) In connection with the acquisition, the Company acquired the Egg-Land's Best franchise for southern Florida, certain flocks of contract laying hens and Zephyr's 12.58%. interest in American Egg Products, in which the Company already had a majority interest. (4) Acquired site is designed for capacity of up to 1.2mm laying hens. (5) Has a permitted capacity for up to 8mm laying hens.#11KEY INDUSTRY TRENDS EM CAL-MAINE FOODS, INC#12Stable and Consistent Market Growth Supported by Favorable Demographic Mega Trends on Health & Wellness EM Cal-Maine Foods, Inc. 12 Nutritional Powerhouse Selenium, Vitamin A, Vitamin B, B2, B5, B6, B12, Minerals, Vitamin D & E & K, Calcium and Choline Quality Protein An egg contains 6 Grams of high-quality protein -with essential amino acids in the right ratios Health-conscious Millenials want a balanced, protein-rich diet ✓ Increasingly moving away from red meat to other alternatives such as lean protein and eggs Value-focused Millenials are fairly price-sensitive - price rules over recommendations or brand reputations Eggs continue to be the least expensive source of high-quality protein Eating More Protein 52% 51% 44% 36% I I Gen Z Millenials I Gen X Boomers 1 I Average Retail Price Per Serving $1.32 $0.99 $0.88 $0.63 | I $0.131 $0.20 Eggs Milk Chicken Pork Ground Beef Chop Beef Roast Joint HHS & USDA Committee Report - Key Observations The HHS & USDA released a joint committee report in July 2020, promoting eggs for babies, toddlers, pre-teens, adolescents and pregnant women LOW CAL Low Calorie 77 Calories per serving. Eggs are incredibly filling, hence, help reduce calorie intake later USDA Scientific Report of the 2020 Dietary Guidelines. Advisory Committee Advisory Recon to the Secretary of Agriculture and Secretary of Health and Human Service Eggs supply choline which supports metabolism and brain development during pregnancy and lactation Consuming two eggs per day, as compared to an oatmeal breakfast, helps maintain favorable cholesterol ratios Whole egg consumption improves lipoprotein profiles and insulin sensitivity in individuals with metabolic syndromes Source: USDA scientific report of the 2020 dietary guidelines advisory committee, Mintel, Euromonitor, Linkage Research and other publicly available information.#13Egg Consumption Continues to Rise Stable Market Growth U.S. Egg Market (1) Retail Sales Volume ('000 tons) CAGR 1.5% 3,987 3,943 3,895 3,841 3,780 3,715 3,657 3,582 2017 2018 2019 2020E 2021E 2022E 2023E 2024E Select Consumers Are Willing to Pay Premium for Cage-Free Eggs Average Cage-Free Egg Selling Price Per Dozen ($) $2.98 $2.80 $2.66 $2.48 $2.31 $0.94 $1.60 $1.14 $1.58 $1.26 $2.07 $1.21 $1.36 $1.01 $1.05 2015 2016 (Per Capita) 260 Domestic Egg Consumption (2) CAGR 3.1% 282 2017 2018 2019 2015 2017 2019 Average Annual Cage-Free Premium 13 Average Annual Grade AA Egg Price Source: USDA, WASDE, Euromonitor and Wall Street research. (1) Includes all fresh eggs, egg whites and liquid or dry egg products. (2) Measure of total egg production, less exports, plus imports, divided by the total population. 293 EM Cal-Maine Foods, Inc.#14Cage-free Eggs Poised to Further Growth As Multiple Headwinds Forcing The Industry to Change Drivers of Cage-free Movement... Increasing Concerns on Animal Welfare Social Responsibility & Sustainability ...Pressuring States to Change Legislation EM Cal-Maine Foods, Inc. 7 states with 23% of total U.S. population have fully enacted cage-free legislation to begin by '22 - '26 (2 states pending) Several states have similar laws or are putting in place defining space requirements or other restrictions States with laws already passed or likely to pass by next summer Changes in State Legislation ■Total cage-free goals would require a laying flock of ~225mm hens, or over 70% of U.S. flock ~2.9x current flock size ~$7bn investment required for conversion Total Cage-free Retail Sales Goals Expected to Accelerate... ...With Grocery Stores & Restaurants Leading The Way Billion Eggs 10 14 Source: Publicly available information and American Farm Bureau Federation. 5 Big Box Retailer #1 National Grocer #1 National Grocer #2 States with laws passed States pending legislation Big Box Retailer #2 Quick Service Restaurant #1 Big Box Retailer #3 National Grocer #3 National Grocer #4 Foodservice Distributor National Grocer #5#1515 Key Egg Margin Drivers Indicate Favorable Trend Urner Barry SE Region - Shell Egg / Large White Price Daily Average by fiscal year $2.00 Avian Influenza Outbreak 400 $1.76 $1.55 $1.49 350 $1.50 $1.42 $1.43 $1.36 $1.21 $1.22 $1.23 $1.22 $1.12 $1.13 $1.00 $0.93 300 $0.85 $0.72 $0.75 $0.50 - 250 $0.00 345,000 330,000 315,000 300,000 285,000 270,000 Jan FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2015 Monthly Hen Inventory Feb Mar Apr May June July Aug Sept Oct Nov Dec 2016 2017 2018 ―2019 Source: USDA National Agricultural Statistics Service and Urner Barry. (1) Soybean meal $/ton and corn $/bushel. 2020 May-16 Nov-16 May-171 Feed Ingredient Prices(1) Nov-17 May-18 Nov-18 May-197 Nov-19 60 60 Soybean Meal - Corn Feed Costs (Cents per Dozen Produced) 50 48 40 40 30 20 10 10 0 43 44 41 42 43 43 41 40 40 39 38 38 39 39 42 41 42 42 42 42 41 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 EM Cal-Maine Foods, Inc. Feed Costs At Historical Lows May-20 41 41 4.5 + 4.0 3.5 3.0 2.5#16INVESTMENT HIGHLIGHTS EM CAL-MAINE FOODS, INC#17Investment Highlights EM CAL-MAINE FOODS, INC 1. Largest Producer and Distributor of Fresh Shell Eggs in the U.S EM Cal-Maine Foods, Inc. 2. 3. Nimble, Well-capitalized to Capture Shifting Consumer Trends Well-Positioned in the Shift to "Food-At-Home" Trend with Strong Retail Presence 4. Proven and Highly Efficient Operational Expertise 5. Strong Commitment to a Sustainable Platform 6. Significant Organic Growth and Acquisition Opportunities in a Highly Fragmented Market 7. Robust Financial Position to Support Growth Initiatives 8. Proven Management Team with Decades of Industry Experience 17#181 ① Largest Producer and Distributor of Fresh Shell Eggs in the U.S Top 10 Layers in Production in 2019 (in mm) EM CAL-MAINE FOODS, INC Rose Acre Farms Versova Holdings Hillandale Farms Daybreak 14.0 Foods Michael 13.3 Foods Rembrandt 11.9 Enterprises MPS Egg 10.9 Farms Center Fresh 10.8 Group Prairie Star 10.8 Farms 18 21.1 20.0 26.6 Source: Egg Industry Magazine, February 2020, IRi Segment Analyzer and USDA. Note: Data as of December 31, 2019. (1) Industry data sourced from IRi Segment Analyzer and based on 2020 retail sales volume only, omitting CALM caged brown eggs as specialty eggs. (2) Based on dozens of eggs sold. EM Cal-Maine Foods, Inc. Addressing 96% of the U.S Retail Egg Market (¹) (Sale by Volume Breakdown) (2) FM U.S Retail Egg Market CAL-MAINE FOODS, INC 45.01 14% 20% 24% 4% CALM represents 34% market share 19% of specialty (4) 96% 86% 80% 76% 77% FY 2010 FY 2015 FY 2020 (3) ■Conventional Specialty Pasture / Free Range Competitive Advantages of Scale $ Significant Buying Power FY 2020 Continuously Improving Management Systems Full Vertical Integration Strong Balance Sheet and Access to Capital $ Strong Specialty Egg Capital Investment Program (3) ལེ་ Classified as nutritionally enhanced, cage-free, organic, brown eggs and other. (4) Per IRi Segment Analyzer retail data for specialty egg volume sold by dozens in FY 2020.#192 Nimble, Well-capitalized to Capture Shifting Consumer Trends EM Cal-Maine Foods, Inc. SHIFTING CONSUMER 1 DEMAND IN CAGE-FREE EGGS & LEGISLATION CHANGES 4 Organic Grain ORGANIC EGOS Scale to Drive Growth EM CAL-MAINE FOODS, INC 2 SCALE / INVESTMENT 3 SUSTAINABLE GROWTH 256 million specialty egg dozens sold in FY2020 19 Source: Company filings, USDA, The United Egg Producers and Wall Street research. (1) 78.4m hens according to USDA report as of June 2020. IGGUNDS NOW Your Nutritious Diet LARCE $ Currently ~25% of the total U.S. hen population is in cage-free facilities (¹). To meet the projected demand, over 70% of the U.S. laying flock need to be in cage-free production by 2026, requiring ~$7bn of industry-wide investment Estimated conversion costs of ~$45 per bird to build cage-free facilities. CALM has invested over $371m to expand cage-free production facilities since 2008 with ample liquidity Board of Directors approved a major expansion of the cage-free capacity at Utah facility in 2019 Current Investment Pipeline - Projected Cost ($mm) $150.0 LARGE YES! $100.0 $125.2 $87.2 $46.4 $36.8 $50.0 $38.0 $78.8 $9.6 $50.4 $28.4 $0.0 Convertible Cage-free Layer Houses & Pullet Houses Cage-free Layer & Pullet Total Houses/Processing Facility Invested Amount as of 5/30/20 ■Remaining Cost#203 Well-Positioned in the Shift to "Food-At-Home" Trend with Strong Retail Presence EM Cal-Maine Foods, Inc. 20 At-Home Meal Increases CALM's Sales by Channel 2% 6% As Millenials grow older and start families, growth in dine at home is expected to increase COVID-19 has accelerated at- home meal consumption: ~65% of the food wallet is now being spent on groceries vs. being 50% - 50% split a few months ago 75% FY 2020 65% 92% 55% ■Retail Food Service Egg Products Structural Drivers Lower restaurant traffic due to social distancing 45% restrictions and potential safety concerns; some permanent closures 35% Working from home - less eating at or near the office Consumers re-discovering cooking With time-pressured consumers increasingly looking for quick and simple meal solutions, eggs are seen as an answer Increased availability of online grocery/curbside pick-up alternatives Monthly U.S. Food Expenditures (%) Food-at-Home as a % of total food consumption at highest levels in more than 25 years 70.3% Feb. 2019 50.4% 49.6% 25% Apr-15 May-16 May-17 May-18 May-19 Food at Home Food Away from Home Source: Company filings, U.S. Census Bureau Annual & Monthly Retail Trade Surveys (Seasonally Adjusted), Wall Street research, Mintel and Linkage Research. 29.7% 64.8% 35.2% May-20#214 Proven and Highly Efficient Operational Expertise Fully Integrated Operations From hatching to production, our facilities are capable of producing and processing 6.6 million eggs per hour Egg Production Facilities Egg Laying Computer controlled feeding, temperature, and lighting Monitoring of humidity level and ventilation to maintain ideal conditions 21 24 Sales capability and 6 distribution facilities 44 Processing and packaging facilities 23 Feed mills M CAL-MAINE FOODS, INC 12 Collection EM Cal-Maine Foods, Inc. Automated belts move eggs from laying facilities to processing plants for immediate grading and inspection Refrigeration & Delivery 3 Breeding facilities Eggs are immediately refrigerated and placed in coolers Most eggs are delivered in refrigerated trucks to supermarkets within days of laying Flock Housing (As of May 30, 2020) 43 Washing, Grading, Weighing & Packing • . Cleaned eggs are graded in a quality control centers from A, AA to B based on quality of shell, white and yolk, and the size of the air cell Eggs are weighed and packed in cartons Total Flock (As of May 30, 2020) 42 Shell egg production facilities 28 Pullet growing facilities 2 Hatcheries 9% 91% 21% ~51 Million 79% ■Company-Owned Contract Production Layers Pullets and Breeders#22ANIMAL WELFARE ENVIRONMENT 5 Strong Commitment to a Sustainable Platform FOOD SAFETY EM Cal-Maine Foods, Inc. 100% of facilities certified to Safe Quality Food (SQF) and Global Food Safety Initiative (GFSI) frameworks SQF CERTIFIED GFSi Global Food Safety Initiative 100% domestically sourced soy meal and corn purchased to manufacture feed 49 dedicated compliance managers ensuring Food Safety & Quality Annual Audits at all of our processing plants by third-parties to monitor compliance and adherence to our food safety programs 28.4K acres of responsibly managed and owned land acres throughout the United States 0.5% of feed in the 2018 reporting year contained antibiotics. Only used for therapeutic purposes - never for growth or performance enhancement 10% reduction in energy consumption with the installation of efficient LED lighting (per facility installed) 59 Absence of Artificial Hormones (2) 50% reduction in phosphorus generated by operations in 2018, compared to 2016 15 P Phosphorus 30.974 176 Tons Per Year (¹) reduction in greenhouse gas emissions due to investments in equipment Organic all of our organic facilities are audited by third-parties to monitor compliance and adherence to our food safety programs and national organic program standards $371M+ invested to expand cage free production for facilities, equipment and related operations 22 Source: Company filings and website. (1) Emission calculations based on EPA GHG Equivalencies Calculation Methodology. (2) Cal-Maine Foods, Inc. does not use artificial hormones in the production of its eggs. Hormone use in poultry and egg production has been banned in the U.S. since the 1950's.#236 Significant Organic Growth and Acquisition Opportunities in a Highly Fragmented Market EM Cal-Maine Foods, Inc. Cage-free & Specialty Egg Capacity Expansion Utah facility expansion targeted to be completed by 2022 Continue to invest in cage-free production with our approved expansion products across our portfolio Significant Opportunities ☐ Fragmented market with meaningful consolidation opportunities ■ Proven integration capabilities in capturing synergy potential Buyer of choice for smaller players Organic / Cage-free Expansion Acquisitions 23#247 Robust Financial Position to Support Growth Initiatives EM Cal-Maine Foods, Inc. $390 Historical Cash Balance & Marketable Securities $331 $319 $232 $360 $283 $250 $156 $154 $138 $29 $18 $48 $69 $78 2016 2017 2018 2019 2020 Cash Marketable Securities Management has a history of operating the company with a conservative capital structure that allows for nimble and quick decisions on investment and acquisitions Management's conservatism allows for safety during years of egg price volatility and growth during years of strong financial performance 24 Source: Company filings.#258 Proven Management Team with Decades of Industry Experience 25 EM Cal-Maine Foods, Inc. Adolphus B. Baker Chief Executive Officer and Chairman of the Board of Directors 33+ Years at CALM 34 years of industry experience, employed at Cal-Maine since 1986 and a member of the Board of Directors since 1991 Has served as CEO since October 2010 and was elected Chairman of the Board of Directors in July 2012 Previously served as President and COO, and was the Vice President and Director of Marketing prior to becoming President Max Bowman Vice President, Chief Financial Officer, Treasurer, Secretary and Director 2+ Years at CALM Elected as a Director of the company and appointed to the position of CFO in 2018; previously served as the Vice President of Finance Prior to joining the company he was CFO of Sothern States Utility Trailer Sales and H&P Leasing, from October 2014 to June 2018 Previously was a co-founder, President and Director of Tenax LLC and Tenax Aerospace from 2003 to 2014 and CFO of ChemFirst, Inc. from 1997 to 2003 Sherman Miller President and Chief Operations Officer and Director 23+ Years at CALM Served as COO since May 2011, President since March 2018, and has been a Board member since July 2012. Also a member of the Board of the U.S. Poultry and Egg Association and the United Egg Producers Previously served as the Vice President of Operations and General Manager in Chase, Kansas office and various management positions since joining the company in 1996 Rob Holladay Vice President, General Counsel Joined the company in December of 2011, previously advised the company as an outside attorney with YoungWilliams, P.A. 8+ Years at CALM#26FINANCIAL PERFORMANCE Σ EM CAL-MAINE FOODS, INC#27Financial Highlights - Fiscal Year 2020 2020 Sales $1.4 billion 2020 EBITDA - $79 million (1) Cash & Investments - $232 million Working Capital - $429 million No Outstanding Debt 27 Source: Company filings. (1) Reported EBITDA reconciliation located in appendix. Big Dutchman Big Dutchman EM Cal-Maine Foods, Inc.#28COVID-19 Impact & Responses Employee Wellness COVID-19 Response We are in daily communications with our managers across our operations and continue to closely monitor the situation in the communities where we live and work As part of the nation's food supply, we work in a critical infrastructure industry, and we have a special responsibility to maintain our normal work schedule Health and Safety Measures Strict sanitation protocols and biosecurity measures in place throughout our operations with restricted access to visitors All non-essential corporate travel has been suspended Logistics and Business Impact To date, Cal-Maine Foods facilities have and continue to meet customer requirements with minimal disruptions We incurred total COVID-19 related expenses of approximately $2.8 million related primarily to supplemental pay as of fiscal 2020 28 Source: Company filings. EM Cal-Maine Foods, Inc.#29Strong History of Growth (in $mm) (in mm of dozens) $1,075 $1.01 $1,503 $1.40 Annual Net Sales $1,361 $1,352 $1.27 $1.23 2017 2018 2019 2020 Net Sales Net Average Shell Egg Price Annual Egg Production 1,031 1,038 1,039 1,069 256 253 257 261 779 780 813 778 2017 2018 2019 2020 ■Conventional Eggs ■Specialty Eggs 29 Source: Company filings. EM Cal-Maine Foods, Inc.#30Strong Q4'20 Results Driven by Favorable Pricing & Volume EM Cal-Maine Foods, Inc. (in $mm) (in $) 30 (1) Revenue 61.6% $453 $281 Q4'19 ($0.41) Q4'19 Q4'20 Earnings Per Share NM $1.24 (in $ per dozen) (1) (in mm of dozens) Net Average Selling Price 48.3% $1.58 $1.06 Q4'19 255 62 192 Eggs Sold 10.9% Q4'20 282 69 213 Q4'19 Q4'20 ■Conventional Eggs Sold I Speciaty Eggs Sold Q4'20 Source: Company filings. Fiscal quarter net average selling price per company filings.#31Ample Liquidity and Conservative Capital Allocation Strategy to Execute Growth Strategy (in $mm) Use of Capital (1) $169 0.1x $152 $45 $128 $86 $42 $18 $124 $67 $20 $68 $20 2017 2018 2019 Capex Acquisitions Historical Net Leverage Ratio (2) (0.2x) (0.5x) EM Cal-Maine Foods, Inc. (1.0x) 2017 2018 2019 2020 2020 ■Dividends Paid Over the past 4 years, we have maintained a Net Debt/TTM EBITDA ratio of <0.2x with undrawn $100mm credit facility Source: Company filings and Wall Street Research. 31 (1) (2) Share repurchases of ~$1mm annually used for payment of taxes on incentive stock vested are omitted. Reported EBITDA reconciliation located in appendix.#32Capital Allocation Priorities Cash Priorities ■Selective acquisition of existing capacity ■ Capital expansion to meet customer cage-free requirements ■ Variable Dividend ■1/3 of net income paid quarterly (after recovery of losses) Cash Dividends Paid (cents per share, as adjusted for October 31, 2014, two-for-one stock split) 15 25 35 32 32 98 75 EM Cal-Maine Foods, Inc. 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 44 35 1Q18 2Q18 3Q18 6 4Q18 15 222 27 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q10 2Q10 32 Source: Company filings and FactSet as of July 20, 2020. 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 24 15 11 9 5 3 2 24 26 21 22 16 18 18 19 7 4Q13 3 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16#33Investment Highlights EM CAL-MAINE FOODS, INC 1. Largest Producer and Distributor of Fresh Shell Eggs in the U.S EM Cal-Maine Foods, Inc. 2. 3. Nimble, Well-capitalized to Capture Shifting Consumer Trends Well-Positioned in the Shift to "Food-At-Home" Trend with Strong Retail Presence 4. Proven and Highly Efficient Operational Expertise 5. Strong Commitment to a Sustainable Platform 6. Significant Organic Growth and Acquisition Opportunities in a Highly Fragmented Market 7. Robust Financial Position to Support Growth Initiatives 8. Proven Management Team with Decades of Industry Experience 33#34APPENDIX M CAL-MAINE FOODS, INC#35Financial Highlights - Q4'20 (Unaudited; in thousands except per share amounts) Net sales Gross profit Operating income Other income, net Income before taxes Net income attributable to Cal-Maine Foods, Inc. Net income per share attibutable to Cal-Maine Foods, Inc.: Basic Diluted Weighted average shares outstanding: Basic Diluted Dozen Eggs Sold (000) Conventional Specialty Total Dozen Eggs Produced (000) % Production % Specialty Sales (dozen) % Specialty Sales (dollars) Net Average Selling Price (dozen) Conventional Specialty All Shell Eggs Farm Production Cost (per dozen produced) Feed Other Total Outside egg purchases (average cost per dozen) 35 Source: Company filings. Income Statement Operating Highlights EM Cal-Maine Foods, Inc. For the 13 Weeks Ended May 30, 2020 June 1, 2019 453,333 280,573 121,510 12,755 76,092 (30,420) 1,459 2,477 77,551 $ 60,463 (27,943) (19,761) st st 1.25 (0.41) $ 1.24 (0.41) 48,501 48,608 48,442 48,442 For the 13 Weeks Ended May 30, 2020 June 1, 2019 213,467 68,955 192,301 62,473 282,422 254,774 242,962 222,325 86.0% 87.3% 24.4% 24.5% 29.9% 44.1% SSS 1.459 $ 1.934 $ 1.575 sss $ 0.785 $ 1.919 1.063 0.405 0.328 0.733 sss 0.411 $ 0.328 $ 0.739 1.65 1.05#36Financial Highlights - FY'20 (in thousands except per share amounts) Net sales Gross profit Operating income Other income, net Income before taxes Net income attributable to Cal-Maine Foods, Inc. Net income per share attributable to Cal-Maine Foods, Inc.: Basic Diluted Weighted average shares outstanding: Basic Diluted Dozen Eggs Sold (000) Conventional Specialty Total Dozen Eggs Produced (000) % Production % Specialty Sales (dozen) % Specialty Sales (dollars) Net Average Selling Price (dozen) Conventional Specialty All Shell Eggs Farm Production Cost (per dozen produced) Feed Other Total Outside egg purchases (average cost per dozen) 36 Source: Company filings. Income Statement EM Cal-Maine Foods, Inc. May 30, 2020 Fiscal Years Ended 1,351,609 June 1, 2019 1,361,188 179,588 222,859 1,269 45,781 18,790 25,024 20,059 70,805 18,391 $ 54,229 $9 0.38 1.12 0.38 $ 1.12 48,467 48,584 48,467 48,589 Operating Highlights May 30, 2020 813,255 sss Fiscal Years Ended June 1, 2019 778,052 260,848 255,895 1,069,150 1,038,900 927,799 876,705 86.8% 84.4 % 23.9% 25.1% 36.8% 38.2% 1.021 1.897 1.231 sss $ 1.041 $ 1.933 1.265 0.409 0.415 0.329 $ 0.319 0.738 0.734 1.26 $ 1.26#37EBITDA Reconciliation Non-GAAP Measure - EBITDA EBITDA is a Non-GAAP measure and defined as Net income attributable to Cal-Maine Foods, Inc. plus interest, taxes, depreciation and amortization. The following table sets forth a reconciliation of EBITDA to net income attributable to Cal-Maine Foods, Inc.: (in thousands) Fiscal Years Ended June 3, 2017 June 2, 2018 June 1, 2019 May 30, 2020 Net income attributable to Cal-Maine Foods, Inc. $ (74,278) 125,932 54,229 18,391 Add: Interest Expense 318 265 644 498 Add: Income Tax Expense Add: Depreciation and Amortization (39,867) (8,859) 15,743 1,731 49,113 54,026 54,650 58,103 EBITDA $ (64,716) 171,364 125,266 78,723 37 Source: Company filings. EM Cal-Maine Foods, Inc.