Dolph Baker Chairman & CEO

Max Bowman Vice President & CFO

Investor Presentation

November - 2019

2

FORWARD LOOKING STATEMENTSThis presentation includes forward-looking statements, which are allstatements other than historical facts, can be identified by use ofwords such as “expect,” “will,” and “anticipate,” and includestatements regarding expected operating results, acquisitiontransactions and potential effects of industry events or trends on ourbusiness. Important factors that can cause our results to differmaterially from those anticipated in the forward-looking statementsinclude egg prices and feed costs; changes in consumer demand orrequirements of major customers; unanticipated results ofacquisitions or joint ventures; ability to obtain eggs from outsideproducers; agricultural, regulatory and litigation risks; and otherfactors described in the cautionary language included in our filingswith the Securities and Exchange Commission, including in the “RiskFactors” section of our annual report on Form 10-K and subsequentfilings. We undertake no obligation to update any forward-lookingstatements.

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 2019 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

• Total fresh eggs up 2.0% calender YTD through October 20, 2019 according to consumer market research firm IRI

• 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%

Source: 2018 USDA AMS

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$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 Territory

8

FULLY-INTEGRATED OPERATIONS

9

EGG PRODUCTION FACILITIES

Contractproduction9%

Company-owned91%

Lake City, Florida

Total FlockAs of August 31, 2019

Layers 36.5 millionPullets 9.6 million

10

COMPANY-OWNED FACILITIES

• State-of-the-art

• Fully automated

• Temperature controlled

• Labor efficient

• Located near customers

11

CAL-MAINE CUSTOMERS

Fiscal Year 2019

Retail 90%

Food Service 7%

Egg Products 3%

12

ToP 10 CUSTOMERS - FISCAL 2019Top 3 over 52%

1. Walmart and Sam's Club of Fiscal 2019 Sales2. H.E. Butt Co.3. Publix Super Markets4. Food Lion5. CCF Brands6. Eggs America (Sysco, US Foodservice, etc.)7. Wakenfern Food Corporation8. Aldi9. Costco10. C&S Wholesale GrocersTotal Top 10 Customers 69.8%

13

MONTHLY HEN INVENTORYM

illio

n H

ens F

irst D

ay o

f Mon

th

2014 2015 2016 2017 2018 2019

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

280

290

300

310

320

330

340

350

Source: USDA Chicken and Egg Report Revised October 22, 2019

14

(Monthly average by fiscal year)

Urner Barry Southeastern Regional Large Egg Market Price

$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

$1.49

$1.23

$0.91

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

FY

TD

$0.00

$0.50

$1.00

$1.50

$2.00

ANNUAL EGG PRICES

Source: Urner Barry2020 Price updated through November 7, 2019

15

FEED INGREDIENT PRICESSo

y M

eal $

/ton C

orn $/bushel

Corn Soy Bean Meal

1/3/

2006

7/3/

2006

1/2/

2007

7/2/

2007

1/2/

2008

7/1/

2008

1/1/

2009

7/1/

2009

1/1/

2010

7/1/

2010

1/1/

2011

7/1/

2011

1/1/

2012

7/1/

2012

1/1/

2013

7/1/

2013

1/1/

2014

7/1/

2014

1/1/

2015

7/1/

2015

1/1/

2016

7/1/

2016

1/1/

2017

7/1/

2017

1/1/

2018

7/1/

2018

1/1/

2019

7/1/

2019

$0

$200

$400

$600

$800

$0

$2

$4

$6

$8

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

16

FEED COSTS - CENTS PER DOZEN PRODUCED

4847

45

48

51

57

55

5354

49

46

4948

4344

4142

43

4140

43

3940

38 3839 39

4241

42 42 4241

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

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 $ 8,767,050Soybean Meal $27 change in per ton $ 0.01 $ 8,767,050

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 21 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 40,250 Sunrise Farms Inc. 4,100 Egg Innovations 1,500Rose Acre Farms 26,600 National Food Corp 4,080 Pine Hill Egg Ranch 1,500Versova Holdings 21,100 Mahard Egg Farms 4,000 Mercer Landmark 1,490Hillandale Farms 20,000 Ritewood/Oakdell Egg 3,640 J.S. West/JEM Eggs 1,360Daybreak Foods 14,000 RW Sauder 3,500 Dakota Layers 1,350Michael Foods 13,290 Konos Inc. 3,400 Simpson's Eggs 1,340Rembrandt 12,500 Forsman Farms 3,300 Demler Enterprises 1,330Center Fresh 10,500 Cooper Farms 3,200 Sperry Farms 1,300Midwest Poultry 9,800 Esbenshade Farms 2,800 Fassio Egg Farms 1,280Prairie Star Farms 9,400 Creighton Bros. 2,700 3 Puglisi Brothers 1,270Herbruck's Poultry 8,650 Minnich Poultry 2,520 Morning Fresh Farms 1,250Weaver Brothers 8,350 CHS(Hamilton Farm) 2,280 Hertzfeld Poultry Farms 1,220Hickman's Egg 8,200 Sunrise Acres Egg Farm 2,210 Wenger Feeds/Dutchland Farms 1,140Opal Foods 8,000 Giroux's Poultry Farm 2,200 Hillside Poultry Farms 1,040Fremont Farms 7,330 Pearl Valley Eggs 2,040 Feather Crest 1,000ISE America 6,100 Braswell Egg 1,870 Green Valley Poultry Farm 920Sparboe Farms 5,840 Heritage PMS/LaValle 1,870 Wilcox Farms 900Kreider Farms 5,580 Kreher's Eggs 1,840 Chino Valley Ranchers/MCM 820Gemperle Farms 5,000 Country Charm Eggs 1,670 Hidden Villa Ranch 730Mid-States Specialty Eggs 4,440 Schipper Eggs 1,650 The Happy Egg Co. 600Wabash Valley 4,400 Hemmelgarn & Sons 1,600 Sunrise Farms LLC 500S & R Egg Farms 4,350 Lathem Farms 1,600 Weber Family Farms 500

Berne Hi-Way Hatchery 1,500 Vital Farms 300Total 337,890

Layers in Production, December 31, 2018, in thousands

Source: Egg Industry Magazine - February 2019

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. - Press Release

▪ On October 16, 2019 Cal-Maine Foods announced that it has reached a definitive agreement to acquire substantially all of the 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

▪ Through Q1 FY 2020, represented 22.2 percent of dozens sold and 44.9 percent of sales revenue

24

Dozen Eggs Sold (in millions)

805 821884

9481,014

1,063 1,054 1,031 1,038 1,039

116 132 144 156 174211

242 236 244 248

All Shell Eggs Specialty Eggs

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 20190

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 or likely will be by next summer

– California - Michigan– Washington - Arizona– Colorado - Oregon– Hawaii - Maine

Layer FlockCage-free estimated weekly U.S Egg Production - (Nov. 5, 2019)

Certified Organic Cage-Free LayersEst. Layer Flock Size: 16,111,500Est. Lay Rate: 75.75%

Non-Organic Cage-Free LayersEst. Layer Flock Size: 54,208,000Est. Lay Rate: 75.75%

All Cage-Free LayersEst. Layer Flock Size: 70,319,500Est. Lay Rate: 75.75%

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

▪ Over the last five years we have spent over $300 million to expand and upgrade our facilities

Project LocationProjected

CompletionProjected

CostSpent as of

August 31, 2019Remaining

Projected CostConvertible/Cage-Free Layer Houses Pittsburg, TX Jun-19 $11,069 $11,009 $60Convertible/Cage-Free Layer Houses Lake City, FL Sep-19 11,782 10,474 1,308Convertible/Cage-Free Layer Houses Harwood, TX Nov-19 12,505 11,672 833Convertible/Cage-Free Layer Houses Bushnell, FL Jan-20 11,543 10,358 1,185Convertible/Cage-Free Layer Houses Bushnell, FL Feb-20 6,151 603 5,548Cage-Free Pullet Houses Zephyrhills, FL Feb-20 6,332 6 6,326Convertible/Cage-Free Layer & Pullet Houses Pittsburg, TX Oct-20 25,550 5,965 19,585Convertible/Cage-Free Layer Houses Delta, UT Feb-21 17,941 3,765 14,176Cage-Free Layer & Pullet Houses/Processing Facilty Delta, UT Feb-22 84,664 1,865 82,799

$187,537 $55,717 $131,820

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 2019

2019 Sales - $1.4 billion

2019 EBITDA - $118 million down from $168 million in 2018

Working Capital - $493 million

Total Debt - $2.3 million

Debt to EBITDA - 0.02:1

29

INCOME STATEMENT - YEAR TO DATE

(Unaudited; in thousands except per share amounts) 13 Weeks EndedAugust 31,

2019September 1,

2018Net sales $ 241,166 $ 340,583Gross profit (21,125) 57,128Operating income (loss) (63,470) 12,677Other income (loss) 2,978 3,816Income (loss) before taxes (60,492) 16,493Net income (loss) $ (45,760) $ 12,405

Net income (loss) per common share:Basic $ (0.94) $ 0.26Diluted $ (0.94) $ 0.26

Weighted average shares outstanding:Basic 48,446 48,390Diluted 48,446 48,516

30

OPERATING HIGHLIGHTS - YEAR TO DATE

13 Weeks EndedAugust 31,

2019September 1,

2018

Dozen Eggs Sold (000) 254,424 250,059

Dozen Eggs Produced (000) 214,298 209,212

% Specialty Sales (dozen) 22.2% 23.8%

% Specialty Sales (dollars) 44.9% 34.2%

Net Average Selling Price (dozen) $ 0.915 $ 1.307

Net Average Selling Price Specialty Eggs (dozen) $ 1.863 $ 1.890

Feed Cost (dozen) $ 0.411 $ 0.413

31

BALANCE SHEET HIGHLIGHTS

August 31, 2019

June 1, 2019

Cash and short-term investments $ 236,086 $ 319,428

Total assets $ 1,096,872 $ 1,156,278

Long-term debt, less current maturities $ (204) $ (216)

Shareholders' equity $ 943,767 $ 989,806

Working capital $ 427,452 $ 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

32

Net

Sal

es

Operating Incom

e

Annual Net Sales and Operating Income ($ in millions)

Net Sales Operating Income

2012 2013 2014 2015 2016 2017 2018 20190

500

1,000

1,500

2,000

2,500

-600

-300

0

300

600

900

DozenEggs Sold

(in millions)884 948 1,014 1,063 1,054 1,031 1,038 1,039

FINANCIAL SUMMARY

33

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

34

CASH DIVIDENDS PAID*C

ents

per

sha

re

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

8

1922

7 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

1Q092Q09

3Q094Q09

1Q102Q10

3Q104Q10

1Q112Q11

3Q114Q11

1Q122Q12

3Q124Q12

1Q132Q13

3Q134Q13

1Q142Q14

3Q144Q14

1Q152Q15

3Q154Q15

1Q162Q16

3Q164Q16

1Q172Q17

3Q174Q17

1Q182Q18

3Q184Q18

1Q192Q19

3Q194Q19

1Q20

0

20

40

60

80

100

120

35

STOCK OWNERSHIP AND FLOAT

Holdings as of August 31, 2019

OwnershipShares

Outstanding % of TotalShares Owned by Adams/Baker Family

(Excludes ESOP) 16,182,512 33.2 %

Shares Owned by Other Insiders(Excludes ESOP) 191,774 0.4 %

Shares Owned by ESOP 2,148,416 4.4 %

Public Float 30,170,638 62.0 %

Total Outstanding Shares 48,693,340 100.0 %

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 65.5% of total voting power of all Common Stock and Class A Common Stock

36

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