#1M Cal-Maine Foods Inc. Investor Presentation April 2018#2FORWARD LOOKING STATEMENTS 2 This presentation includes forward-looking statements, which are all statements other than historical facts, can be identified by use of words such as 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. EM Cal-Maine Foods Inc.#3CAL-MAINE FOODS PROFILE 3 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 YTD 2018 sales $1.1 billion, up 32.5% from prior year EM Cal-Maine Foods Inc.#4KEY INVESTMENT POINTS 4 • 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 Total fresh eggs up 5.3% YTD through March 11, 2018 according to consumer market research firm IRI Leading producer and marketer of high-margin specialty eggs Solid financial position Proven management team EM Cal-Maine Foods Inc.#5THE U.S. EGG INDUSTRY In calendar year 2017, the United States produced about 92 billion eggs. Exports 3.5% Egg Products 30.2% 5 EM Cal-Maine Foods Inc. Shell Eggs to Foodservice & Consumers 66.3%#6SALES HISTORY 6 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2011 2012 2013 2014 2015 Period Ending 1.200 1,100 1,000 900 800 700 600 500 2016 2017 YTD 2017 YTD 2018 Net Sales Eggs Sold EM Cal-Maine Foods Inc.#7CAL-MAINE LOCATIONS 7 EM Cal-Maine Foods Inc. Acquired since 2005#8FULLY-INTEGRATED OPERATIONS 8 Sales and distribution Feed mills M Breeder flocks Processing and Cal-Maine Foods Hatcheries packaging Egg production Pullet growing EM Cal-Maine Foods Inc.#9EGG PRODUCTION FACILITIES Contract production 8% 0 Company-owned 92% 9 EM Cal-Maine Foods Inc. 1244 Guthrie, Kentucky#10COMPANY-OWNED FACILITIES 12 • • • State-of-the-art Fully-automated Temperature controlled Labor efficient Located near our customers 10 EM Cal-Maine Foods Inc.#11CAL-MAINE CUSTOMERS Fiscal Year 2017 Food Service 8% Retail 90% Egg Products 2% 11 EM Cal-Maine Foods Inc.#12TOP 10 CUSTOMERS 1. Walmart and Sam's Club 2. Publix Super Markets 3. H.E. Butt Co. 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 % Fiscal 2017 Sales 28.9% 10.8% 9.2% 69.5% Walmart Sam's Publix. H-·E·B 12 CLUB EM Cal-Maine Foods Inc.#13AVIAN 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 13 EM Cal-Maine Foods Inc.#1414 MONTHLY HEN INVENTORY Million Hens First Day of Month 330 320 310 300 290 280 270 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2014 2015 2016 2017 2018 Source: USDA Chicken and Egg Report Revised March 2018 EM Cal-Maine Foods Inc.#1515 $1.00 $0.80 $0.72 $0.60 2005 $1.80 $2.00 ANNUAL EGG PRICES Urner Barry Southeastern Regional Large Egg Market Price $1.60 $1.40 $1.20 $1.38 $1.21 $1.12 $1.13 $1.22 $1.35 $1.43 2006- $0.75 $0.93 2007- 2008- 2009- 2010- 2011- 2012- (Monthly average by fiscal year) EM Cal-Maine Foods Inc. 2013- 2014- 2015- 2016- 2017- $1.53 $0.85 YTD 2018- $1.79 $1.37#1616 $0 Soy Meal $/ton $200 $400 VOLATILE FEED INGREDIENT PRICES $600 $800 سامير 1/3/2006 7/3/2006 1/2/2007 7/2/2007 1/2/2008 7/1/2008- Corn 1/1/2009- 7/1/2009 1/1/2010- 7/1/2010- 1/1/2011 7/1/2011 Soy Bean Meal 1/1/2012 7/1/2012 1/1/2013 - 7/1/2013 1/1/2014 7/1/2014- Source: Monthly Average of Daily Closing Prices per Chicago Board of Trade EM Cal-Maine Foods Inc. 1/1/2015 7/1/2015 1/1/2016 7/1/2016 1/1/2017 7/1/2017 1/1/2018 $0 $2 9$- $8 Corn $/bushel#1717 20 20 30 1Q12- 40 60 FEED COSTS 51 50 48 48 47 45 57 55 54 53 2Q12- 3Q12- 4Q12- 1Q13- 2Q13- 3Q13- 4Q13- 1Q14- 2Q14- 49 14 46 49 48 43 44 41 3Q14- 4Q14- 1Q15- 2Q15- 3Q15- 4Q15- 1Q16- EM Cal-Maine Foods Inc. 2Q16- 3Q16- Cents per dozen produced 43 43 42 41 40 -910+ 39 40 38 38 39 39 1Q17- 2017- 3Q17- 4Q17- 1Q18- 2Q18- 3Q18-#18GROWTH STRATEGY Pursue acquisitions of existing shell egg production and processing facilities ■ Enhance production capacity and efficiency Increase value-added specialty egg business 18 EM Cal-Maine Foods Inc.#19PURSUE 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 19 EM Cal-Maine Foods Inc.#20ACQUISITION OPPORTUNITIES 20 Company Cal-Maine Foods Total Layers Company Total Layers Company Total Layers 40,100 S&R Egg Farms 4,350 Pine Hill Egg Ranch 1,650 Rose Acre Farms 26,900 Mid-States Specialty Eggs 4,230 Country Charm Eggs 1,600 Hillandale Farms 16,730 National Food Corp 4,080 Lathem Farms 1,600 Versova Holdings 16,400 Mahard Egg Farms 4,000 Schipper Eggs 1,600 Daybreak Foods 12,800 RW Sauder 3,500 Berne Hi-Way Hatchery 1,500 Rembrandt 12,500 Ritewood/Oakdell Egg 3,400 Demler Enterprises 1,500 Michael Foods 12,180 Cooper Farms 3,150 Egg Innovations 1,400 Center Fresh 9,700 Esbenshade Farms 2,800 J.S. West/JEM Eggs 1,400 Midwest Poultry 9,500 Creighton Bros. 2,660 Simpson's Eggs 1,300 Prairie Star Farms 9,400 Konos Inc. 2,580 Mercer Landmark 1,280 Herbruck's Poultry 8,400 CHS(Hamilton Farm) 2,280 Dakota Layers 1,250 Weaver Brothers 8,000 Sunrise Acres Egg Farm 2,280 Hertzfield Poultry Farms 1,200 Hickman's Egg 7,350 Minnich Poultry 2,250 Morning Fresh Farms 1,200 Fremont Farms 7,300 Wenger Feeds/Dutchland 2,200 Wilcox Farms 950 Sparboe Farms 6,100 Forsman Farms 2,150 Pearl Valley Eggs 920 ISE America 6,000 Braswell Foods 2,090 Hillside Poultry Farms 670 Kreider Farms 5,200 Giroux's Poultry Farm 2,000 The Happy Egg Co. 600 Opal Foods 5,180 Heritage PMS/LaValle 1,940 Sunrise Farms 530 Gemperle Farms 4,900 Kreher's Eggs 1,880 SKS Enterprises 500 Sunrise Farms Inc. 4,500 Chino Valley/MCM 1,800 Weber Family Farms 400 Wabash Valley 4,390 Hemmelgarn & Sons 1,660 Vital Farms 300 Total 314,160 Layers in Production, December 31, 2017, in thousands EM Cal-Maine Foods Inc. Source: Egg Industry Magazine - February 2018#21FOODONICS INTERNATIONAL, INC. 21 On October 16, 2016, 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. EM Cal-Maine Foods Inc.#22HAPPY HEN EGG FARMS, INC. On February 19, 2017, 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. 22 EM Cal-Maine Foods Inc.#23ENHANCE CAPACITY AND EFFICIENCY ◉ 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 23 EM Cal-Maine Foods Inc.#24RED 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 24 EM Cal-Maine Foods Inc.#25Increase 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 Q3 FY 2018, represented 22.9 percent of dozens sold and 33.3 percent of sales revenue EB FARM FRESH EGG-LAND'S BEST 12 GRADE A EGGS LARGE All natural Orian Fed He NOW! For Your Nutritious Diet EXCELLENT SOURCE OF Vitamins D B12 E GOOD SOURCE OF Vitamins B2 B5 PLUS-115mg Omega 3 25% Less Saturated Fat PER than Regular Eggs 4 Organic Grain 12 GRADE A LARGE BROWN EGGS 4 Grain hens are fed a wholesome diet of four all-natural "golden grains" including protein-rich soy, without any hormones, antibiotics or animal by-products. FROM NATURAL GRAIN FED FREE ROAMING NESTING HENS FARM HOUSE GOLD CASTE Certified organic From Cage Free hens 200 mcg Lutein All-vegetarian feed USDA ORGANIC Good Source of Vitamin E No hormones No antibiotics High-quality Protein ET WIT 24021L802681 ONE DOZEN GRADE A HAND LARGE EGGS GATHERED 12 LARGE BROWN EGGS CAGE FREE MILWAU 25 EM Cal-Maine Foods Inc.#26SPECIALTY EGG SALES 1,200 Dozen Eggs Sold (in millions) 1,063 1,054 1,000 1,014 1,031 948 884 800 805 821 26 600 400 200 786 758 242 236 211 174 174 180 132 144 156 116 0 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 YTD 2017 YTD 2018 Specialty Eggs All Shell Eggs EM Cal-Maine Foods Inc.#27KEY STRENGTHS 27 Low Cost Producer Favorable Consumer Demand Trends Attractive Growth Profile Fully-integrated operations 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 Solid Customer Base Leading names of retail and institutional food service Strong Balance Sheet customers Solid financial position supports future growth EM Cal-Maine Foods Inc.#28FINANCIAL HIGHLIGHTS - THIRTY-NINE WEEKS ENDED MARCH 3, 2018 28 YTD 2018 Sales - $1.1 billion - YTD 2018 EBITDA $62 million up from $(47.7) million YTD in 2017 Working Capital - $392 million Total Debt $7 million - Debt to EBITDA -0.12:1 EM Cal-Maine Foods Inc.#29INCOME STATEMENT - YEAR TO DATE 29 (Unaudited; in thousands except per share amounts) 39 Weeks Ended March 3, February 25, 2018 2017 Net sales Gross profit (loss) Legal settlement expense Operating income (loss) Other income $ 1,059,837 $ 799,929 219,830 33,544 80,750 11,360 (93,802) 12,087 12,659 Income (loss) before taxes 23,447 (81,143) Net income (loss) $ 54,165 $ (49,807) Net income (loss) per common share: Basic $ 1.12 $ (1.03) Diluted $ 1.12 $ (1.03) Weighted average shares outstanding: Basic 48,340 48,285 Diluted 48,460 48,285 EM Cal-Maine Foods Inc.#3030 OPERATING HIGHLIGHTS - YEAR TO DATE 39 Weeks Ended March 3, February 25, 2018 2017 Dozen Eggs Sold (000) Dozen Eggs Produced (000) % Specialty Sales (dozen) 785,758 758,114 657,577 633,246 22.9% 23.0% % Specialty Sales (dollars) 33.3% 44.1% Net Average Selling Price (dozen) $ 1.303 $ 1.020 Net Average Selling Price Specialty Eggs (dozen) $ Feed Cost (dozen) 1.907 $ 1.980 $ 0.387 $ 0.406 EM Cal-Maine Foods Inc.#31BALANCE SHEET HIGHLIGHTS 31 March 3, 2018 June 3, 2017 ' Cash and short-term investments Total assets $ 283,448 $ 156,026 $ 1,143,683 $ 1,033,094 Long-term debt, less current maturities $ 3,351 $ 6,113 Shareholders' equity Working capital Debt to Capital EM Cal-Maine Foods Inc. $ 899,659 $ 844,493 $ 391,780 $ 371,527 .01:1 .01:1#32CASH USE PRIORITIES 32 • Variable Dividend 1/3 of Net Income Paid Quarterly (after recovery of losses) • Acquisition of Existing Capacity Selected capital expansion to meet customer cage-free requirements EM Cal-Maine Foods Inc.#33CASH DIVIDENDS PAID* *Cents per share, as adjusted for October 31, 2014, two-for-one stock split 120 100 Cents per share 80 80 60 60 33 40 40 20 0 98.3 75.1 19.1.6 24 7.9 14.7 7.1 8.6 10.6 1Q09 2Q09 3Q09 3Q10 2Q10 1Q10 4Q09 3.4 5.1 T 2.2 4010 2Q11 IQ11 1Q13 4Q12 3Q12 2Q12 1Q12 4Q11 3Q11 10 6.6 35 31.7 29.6 26 23.5 25.2 21.2 21.7 16.318.2 18.1 19.1 3.4 2Q13 T EM Cal-Maine Foods Inc. 44.1 3Q18 2Q18 1Q18 4Q17 3Q17 2Q17 1Q17 4Q16 3Q16 2Q16 1Q16 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13#34STOCK OWNERSHIP AND FLOAT 34 Holdings as of July 21, 2017 Ownership Shares Outstanding % of Total Shares Owned by Adams/Baker Family (Excludes ESOP) 16,828,942 34.6% Shares Owned by Other Insiders (Excludes ESOP) Shares Owned by ESOP Public Float Total Outstanding Shares 221,576 0.5% 2,280,818 4.7% 29,242,716 60.2% 48,574,052 100.0% 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 66.2% of total voting power of all Common Stock and Class A Common Stock EM Cal-Maine Foods Inc.#35KEY INVESTMENT POINTS 35 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 EM Cal-Maine Foods Inc.#36FINANCIAL SUMMARY Annual Net Sales and Operating Income ($ in millions) Net Sales 2,200 2,000 1.800 1,600 1.400 1.200 1.000 800 600 Dozen Eggs Sold (in millions) 36 2012 2013 2014 Net Sales 0 600 500 400 300 200 100 -100 -200 2015 2016 2017 YTD 2017 YTD 2018 Operating Income 884 948 1,014 1,063 1,054 1,031 786 758 EM Cal-Maine Foods Inc. Operating Income#37INCOME STATEMENT - FISCAL 2017 & 2016 37 53 Weeks Ended 52 Weeks Ended June 3, 2017 May 28, 2016 Net sales Gross profit (loss) Other income $ 1,074,513 $ 1,908,650 45,550 648,074 Operating income (loss) (132,094) 471,877 17,800 15,372 Income (loss) before 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 EM Cal-Maine Foods Inc.#38OPERATING HIGHLIGHTS - FISCAL 2017 & 2016 53 Weeks Ended June 3, 2017 1,031,130 52 Weeks Ended May 28, 2016 1,053,597 Dozen Eggs Sold (000) Dozen Eggs Produced (000) % Specialty Sales (dozen) % Specialty Sales (dollars) 870,252 819,307 22.9% 22.9% 43.6% 29.1% Net Average Selling Price (dozen) $ 1.007 $ 1.735 Net Average Selling Price Specialty Eggs (dozen) $ 1.939 $ 2.213 Feed Cost (dozen) $ 0.399 $ 0.414 38 EM Cal-Maine Foods Inc.