Cal Maine Foods : Regulation FD Presentation - Form 8-K

CM CAL-MAINE FOODS STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE NOVEMBER 2022

FORWARD-LOOKING STATEMENTS AND USEOF NON-GAAP FINANCIAL MEASURES CM CAL-MAINEFOODS, INC. FORWARD‐LOOKING AND CAUTIONARYSTATEMENTS THIS PRESENTATIONCONTAINS "FORWARD‐LOOKING STATEMENTS"RELATING TO OUR SHELL EGG BUSINESS, INCLUDINGESTIMATED FUTURE PRODUCTION DATA, EXPECTEDCONSTRUCTION SCHEDULES, PROJECTED CONSTRUCTIONCOSTS, POTENTIAL FUTURE SUPPLY OF AND DEMANDFOR OUR PRODUCTS, POTENTIAL FUTURE CORN ANDSOYBEAN PRICE TRENDS, POTENTIAL FUTURE IMPACTON OUR BUSINESS OF THE COVID-19 PANDEMIC,POTENTIAL FUTURE IMPACT ON OUR BUSINESS OFNEW LEGISLATION, RULES OR POLICIES, POTENTIALOUTCOMES OF LEGAL PROCEEDINGS, AND OTHERPROJECTED OPERATINGDATA, INCLUDING ANTICIPATEDRESULTS OF OPERATIONS AND FINANCIALCONDITION. SUCH FORWARD-LOOKING STATEMENTSARE IDENTIFIED BY THE USE OF WORDS SUCH AS "BELIEVES,""INTENDS," "EXPECTS," "HOPES," "MAY,""SHOULD," "PLANS," "PROJECTED," "CONTEMPLATES,""ANTICIPATES," OR SIMILAR WORDS. ACTUALOUTCOMES OR RESULTS COULD DIFFER MATERIALLYFROM THOSE PROJECTED IN THE FORWARD-LOOKINGSTATEMENTS. THE FORWARD-LOOKINGSTATEMENTS ARE BASED ON MANAGEMENT'SCURRENT INTENT, BELIEF, EXPECTATIONS,ESTIMATES, AND PROJECTIONS REGARDING THECOMPANY AND ITS INDUSTRY. THESESTATEMENTS ARE NOT GUARANTEES OFFUTURE PERFORMANCE AND INVOLVE RISKS, UNCERTAINTIES,ASSUMPTIONS, AND OTHER FACTORS THATARE

DIFFICULT TO PREDICT AND MAY BE BEYOND OURCONTROL. THE FACTORS THAT COULDCAUSE ACTUAL RESULTS TO DIFFER MATERIALLYFROM THOSE PROJECTED IN THE FORWARD-LOOKINGSTATEMENTS INCLUDE, AMONG OTHERS, (I)THE RISK FACTORS SET FORTH IN PART IA OF THE 2022 ANNUAL REPORT (II) THERISKS AND HAZARDS INHERENT IN THE SHELL EGG BUSINESS(INCLUDING DISEASE, PESTS, WEATHER CONDITIONS,AND POTENTIAL FOR PRODUCT RECALL), INCLUDINGBUT NOT LIMITED TO THE CURRENT OUTBREAK OF HIGHLYPATHOGENIC AVIAN INFLUENZA (HPAI)AFFECTING POULTRY IN THE U.S., CANADA ANDOTHER COUNTRIES THAT WAS FIRST DETECTEDIN COMMERCIAL FLOCKS IN THE U.S. IN FEBRUARY2022, (III) CHANGES IN THE DEMAND FOR AND MARKETPRICES OF SHELL EGGS AND FEED COSTS, (IV) OUR ABILITYTO PREDICT AND MEET DEMAND FOR CAGE-FREEAND OTHER SPECIALTY EGGS, (V) RISKS, CHANGES,OR OBLIGATIONS THAT COULD RESULTFROM OUR FUTURE ACQUISITION OF NEW FLOCKS ORBUSINESSES AND RISKS OR CHANGES THAT MAYCAUSE CONDITIONS TO COMPLETING A PENDING ACQUISITIONNOT TO BE MET, (VI) RISKS RELATING TOTHE EVOLVING COVID-19 PANDEMIC, INCLUDINGWITHOUT LIMITATION INCREASED COSTS ANDRISING INFLATION AND INTEREST RATES, WHICHGENERALLY HAVE BEEN EXACERBATEDBY RUSSIA'S INVASION OF UKRAINESTARTING FEBRUARY 2022, (VII) OUR ABILITY TORETAIN EXISTING CUSTOMERS, ACQUIRE NEWCUSTOMERS AND GROW OUR PRODUCT MIX AND (VIII)ADVERSE RESULTS IN

PENDING LITIGATION MATTERS. READERS ARECAUTIONED NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS BECAUSE, WHILE WEBELIEVE THE ASSUMPTIONS ON WHICH THE FORWARD-LOOKING STATEMENTS ARE BASED ARE REASONABLE,THERE CAN BE NO ASSURANCE THAT THESEFORWARD-LOOKING STATEMENTS WILLPROVE TO BE ACCURATE. FURTHER, FORWARD-LOOKING STATEMENTS INCLUDED HEREIN AREONLY MADE AS OF THE RESPECTIVE DATESTHEREOF, OR IF NO DATE IS STATED,AS OF THE DATE HEREOF. EXCEPT AS OTHERWISEREQUIRED BY LAW, WE DISCLAIMANY INTENT OR OBLIGATION TO UPDATEPUBLICLY THESE FORWARD-LOOKING STATEMENTS,WHETHER BECAUSE OF NEW INFORMATION,FUTURE EVENTS, OR OTHERWISE. NOTICE REGARDINGNON‐GAAP FINANCIAL MEASURES IN ADDITION TOU.S. GAAP FINANCIAL MEASURES, THIS PRESENTATIONCONTAINS AND MAY REFER TO CERTAINNON‐GAAP FINANCIAL MEASURES. THESE NON‐GAAPFINANCIAL MEASURES ARE IN ADDITION TO, NOTA SUBSTITUTE FOR OR SUPERIOR TO, MEASURES OFFINANCIAL PERFORMANCE PREPARED IN ACCORDANCEWITH GAAP. THESE NON‐GAAP FINANCIALMEASURES SHOULD NOT BE CONSIDERED REPLACEMENTSFOR, AND SHOULD BE READ TOGETHER WITH, THE MOSTCOMPARABLE GAAP FINANCIAL MEASURES. RECONCILIATIONS TO THE MOST DIRECTLY COMPARABLEGAAP FINANCIAL MEASURES AND STATEMENTSOF WHY MANAGEMENT BELIEVES THESE MEASURESARE USEFUL TO INVESTORS ARE INCLUDED HEREIN IFTHE RECONCILIATION IS

NOT PRESENTED ON THE PAGE IN WHICH THE MEASUREIS PUBLISHED. CAL-MAINE FOODS | STEPHENS 2022ANNUAL INVESTMENT CONFERENCE | NOVEMBER 20222

CM CAL-MAINE FOODS, INC. WE ARE THE #1 U.S. PRODUCERAND DISTRIBUTOR OF FRESH EGGS, COMMITTED TOOFFERING OUR CUSTOMERS CHOICE IN A SAFE, COST-EFFECTIVEAND SUSTAINABLE MANNER OUR MISSION TOBE THE MOST SUSTAINABLE PRODUCER AND RELIABLESUPPLIER OF CONSISTENT, HIGH-QUALITYFRESH EGGS AND EGG PRODUCTS IN THE COUNTRY,DEMONSTRATING A "CULTURE OF SUSTAINABILITY"IN EVERYTHING WE DO OUR GOAL OUR EGGS AREAN IMPORTANT SOURCE OF LOW‐COSTPROTEIN, VITAMINS AND MINERALS FOR MILLIONS OFFAMILIES AND PROVIDING HEALTHY EGGS TOFAMILIES IN A RESPONSIBLE AND SUSTAINABLE MANNERHAS ALWAYS BEEN OUR GOAL CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 3

CORPORATE SNAPSHOT: FISCAL YEAR 2022 CMCAL-MAINE FOODS, INC. U.S. EGG MARKET SCALE #1 SHELLEGG PRODUCER AND DISTRIBUTOR(,) ~20% RETAILEGG MARKET SHARE (2) ~14% SHARE OF U.S. TABLEEGG LAYER FLOCK,3) CATEGORY SALES (4)3% 58% 39% ■ CONVENTIONAL ■SPECIALTY ■ EGGPRODUCTS AND OTHER FISCAL YEAR ENDED MAY 28,2022 FINANCIAL HIGHLIGHTS (5) $1.8 BN $209 MN REVENUEEBITDA (6) 1.1 BN 64 MN LBS. DOZENS SOLD EGGPRODUCTS SOLD ~28K OX ACRES OWNED LEVERAGE (8)CHANNEL SALES ,9) 9% 3% 88% ■ RETAIL "FOODSERVICE "EGG PRODUCTS CAL-MAINE FOODS' OPERATINGFOOTPRINT (10) ATTRACTIVE PRESENCE IN SOUTHERNU.S. EGG-LAND'S BEST™ SPECIALTY FRANCHISE INNYC, LA AND OTHER METRO AREAS CAL-MAINEFOODS, INC. OPERATING LOCATIONS EGGLAND'SBEST™ EXCLUSIVE FRANCHISE TERRITORY (INC. INVESTMENTIN UNCONSOLIDATED ENTITIES) ADDITIONALMARKET COVERAGE PRESENTATION CITATIONSARE AVAILABLE IN THE APPENDIXCAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 4

TENURED MANAGEMENT TEAM WITH DEEP INDUSTRYEXPERIENCE CM CAL-MAINE FOODS, INC. ADOLPHUSB. BAKER CHAIRMAN OF THE BOARD OF DIRECTORS 35+YEARS AT CALM )35 YEARS OF INDUSTRY EXPERIENCESERVED AT CAL‐MAINE FOODS SINCE 1986; MEMBEROF THE BOARD OF DIRECTORS SINCE 1991 SERVEDAS CEO FROM 2010 TO 2022; ELECTED CHAIRMAN OF THEBOD IN 2012 PREVIOUSLY SERVED AS PRESIDENTAND COO AND VICE PRESIDENT AND DIRECTOR OFMARKETING PRIOR TO BECOMING PRESIDENT SHERMANMILLER PRESIDENT, CHIEF EXECUTIVE OFFICER 25+ YEARSAT CALM JOINED CAL-MAINE FOODS IN 1996,MADE NAMED AS CEO OCTOBER 2022, PRESIDENTSINCE MARCH 2018 AND ELECTED TO THE BOD IN JULY2012. PREVIOUSLY SERVED AS COO MEMBER OFTHE BOARD OF THE U.S. POULTRYAND EGG ASSOCIATION AND BOARD OF UNITEDEGG PRODUCERS PREVIOUSLY SERVED ASVICE PRESIDENT OF OPERATIONS AND GENERALMANAGER IN CHASE, KANSAS, OFFICE AND VARIOUSMANAGEMENT POSITIONS SINCE JOINING THE COMPANYIN 1996 MAX BOWMAN VICE PRESIDENT, CHIEF FINANCIALOFFICER 4+ YEARS AT CALM ELECTED AS A DIRECTOROF THE COMPANY AND APPOINTED TO THE POSITIONOF CFO IN 2018; PREVIOUSLY SERVED AS THEVICE PRESIDENT OF FINANCE PRIOR TO JOINING THECOMPANY, SERVED AS CFO OF SOUTHERNSTATES UTILITY TRAILER SALES AND H&P LEASINGFROM OCTOBER 2014 TO JUNE 2018 PREVIOUSLY WASA CO‐FOUNDER, PRESIDENT AND DIRECTOR OF TENAXLLC AND TENAX AEROSPACE FROM 2003 TO 2014;CFO OF

CHEMFIRST, INC. FROM 1997 TO 2003 ROB HOLLADAYVICE PRESIDENT, GENERAL COUNSEL 10+ YEARSAT CALM JOINED THE COMPANY IN DECEMBEROF 2011 PREVIOUSLY ADVISED THE COMPANYAS AN OUTSIDE ATTORNEY WITH YOUNGWILLIAMS,P.A. EARNED A BACHELOR OF ACCOUNTANCYAND A MASTER OF TAXATION FROM THE UNIVERSITYOF MISSISSIPPI MEMBER OF THE MISSISSIPPI BAR ASSOCIATION,MISSISSIPPICORPORATE COUNSEL ASSOCIATION, THEASSOCIATION OF CORPORATE COUNSELAND THE AMERICAN AGRICULTURAL LAW ASSOCIATIONCAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 5

COMPETITIVE ADVANTAGES DIFFERENTIATECAL-MAINE FOODS IN THE PROTEIN MARKET CM CAL-MAINEFOODS, INC. PROVEN OPERATOR HIGHLY EFFICIENTOPERATIONAL EXPERTISE, CALM MANAGEMENTSYSTEM ENSURES PROACTIVE COST CONTROLAND ABILITY TO ADAPT TO MARKET PRESSURES THROUGHOUTBUSINESS CYCLE MANAGEMENT DRIVES GROWTH MANAGEMENT-DRIVEN CONTINUOUS IMPROVEMENT MINDSET.SIGNIFICANT GROWTH & ACQUISITION OPPORTUNITIESIN FRAGMENTED MARKET VERTICALLY INTEGRATED LARGEST U.S. PRODUCER & DISTRIBUTOR OF FRESHSHELL EGGS, WITH BROAD REACHING PRODUCTION,PROCESSING, PACKAGING & DISTRIBUTIONCAPABILITIES QUALITY PRODUCT MIX WIDE RANGE OFQUALITY CHOICES IN SHELL EGG CATEGORY INADDITION TO ENHANCED EGG-PRODUCTS' OFFERINGS.STRONG COMMITMENT TO SUSTAINABLYSERVING CUSTOMER NEEDS DISCIPLINED BALANCESHEET NIMBLE, WELL-CAPITALIZED TO SUPPORTGROWTH INITIATIVES, STAKEHOLDER RETURNS,AND INVESTMENT TO MEET EVOLVING CONSUMERPREFERENCES BLUE CHIP CUSTOMERS LONG-STANDINGRELATIONSHIPS WITH DIVERSE, HIGH-QUALITY RETAIL,WHOLESALE AND FOODSERVICE CUSTOMERSMINIMIZES REVENUE CONCENTRATION RISK CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 6

WHY CAL-MAINE FOODS? CM CAL-MAINE FOODS, INC. FOCUSON FOOD CHOICE AFFORDABLE AND NUTRITIOUS PROTEINPORTFOLIO SHIFT TO PREMIUM, INCLUDING CAGE-FREE,NUTRITIONALLY ENHANCED, ORGANIC AND HARD-COOKEDOFFERINGS LEVERAGE SCALE TO DRIVE NETWORKEFFICIENCIES AND CUSTOMER REACH DEPLOY KEYCONSUMER INSIGHTS TO DRIVE FUTURE CATEGORYGROWTH VALUE DRIVERS FOCUS ON OPERATIONALEFFICIENCIES TO IMPROVE FINANCIAL RESULTSAND MANAGE CYCLICALITY OF THE MARKET EXCELLENTCONTINUED PRODUCT AND CAPABILITY OFFERINGS TORETAIL AND FOOD SERVICES DEEP EXPERIENCE INTEGRATINGACQUISITIONSAND EXECUTING ON ORGANIC OPPORTUNITIESSTRONG OPERATIONAL RECORD DURING AVIANINFLUENZA CRISIS GROWTH POSITIONED MAINTAINCAPITAL ALLOCATION POLICY TO SUPPORTPRUDENTIAL EXPANSION STRATEGY SUPPORTCUSTOMERS THROUGH THE CAGE-FREE TRANSITIONEVOLVE HUMAN CAPITAL FOCUS THATELEVATES COLLEAGUE HEALTH AND WELLBEINGSUSTAINABILITY EFFORTS FOCUS ON KEY AREAS,INCLUDING FOOD QUALITY AND SAFETY, ANIMALWELFARE AND GOVERNANCE CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 7

A HISTORY OF GROWTH THROUGH ADAPTATIONAND SUCCESSFUL MARKET CONSOLIDATION(1) CM CAL-MAINE FOODS, INC. 1957 ■ 1963 FOUNDED INJACKSON, MS EXPANDED TO BUILD WORLD'SBY FRED ADAMS LARGEST EGG FARM IN EDWARDS,MS 1969 ■ 1972 ADAMS FOODS MERGED WITH ACQUIREDEGG OPERATIONS DAIRY FRESH PRODUCTSAND OF RALSTON-PURINA MAINE EGG FARMS TOFORM CAL-MAINE FOODS 1996 ■ 2012 DECEMBER 1996,TAKEN ACQUIRED EGG ASSETS OF PUBLIC ON NASDAQUNDER PILGRIM'S PRIDE AND MAXIM TICKER "CALM"PRODUCTION CO., ADDING -4.9 MILLION LAYERS 20142015 2016 2019 2022 SOLD )1 BILLION DOZEN EGGSFOR THE FIRST TIME ENTERED INTO RED RIVER VALLEYACQUIRED FOODONICS LNT:L FOR JV WITH ROSE ACREFARMS IN ~$72 MM. ADDING 3.1 MM TEXAS FORTHE PRODUCTION OF LAYER CAPACITYCAGE-FREE EGGS ACQUIRED SELECT ASSETS OF MAHARDEGG FARM FOR -S4Õ MM, INC. 3.9 MM LAYER HENCAPACITY ACQUIRED REMAINING 50% INTERESTIN RED RIVER VALLEY, ADDING -1.7 MM CAGE-FREELAYERS ANNOUNCED STRATEGIC INVESTMENTWITH MEADOWCREEK; INITIAL FOCUS IN HARD-COOKEDAND EXTENDED SHELF-LIFE EGG PRODUCT LINES INDUSTRYFRAGMENTATION MAY PRESENT FURTHERGROWTH OPPORTUNFTIES DISCIPLINED M&AAPPROACH WITH PROVEN EXECUTION AN INTEGRATIONCAPABILITY TO CAPTURE SYNERGIES 23 COMPANIESINTEGRATED SINCE 1 989 M&A ACTIVITY IS REDUCINGRELIANCE ON EXTERNAL SHELL EGG PURCHASES DOZENSOF SHELL EGGS PRODUCED VS. SOLD (MNS) 526 562605 683

679 805 884 1014 1054 1038 1069 1084 388 431 458 537 535 640 663750 819 873 928 1022 FY'02 FY'04 FY'06 FY'08 FY'10 FY'12FY'14 FY'16 FY'18 FY'20 FY'22 SOLD PRODUCED HISTORICM&A FOCUSED ON CONSOLIDATION OF OPERATIONSTO INCREASE DOZENS OF EGGS SOLD POST 2015 HPAIOUTBREAK, OVERSUPPLY OF EGGS DROVE COMPETITIONFOR CUSTOMERS AND SALES, FORCING PRICING DOWNRECENT TRANSACTIONS HAVE SPECIFICALLYTARGETED PRODUCTION CAPACITY TO REDUCETHE GAP BETWEEN DOZENS PRODUCED AND DOZENSSOLD CAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 8

LATEST QUARTER UPDATE: FISCAL Q1 2023(1) CM CAL-MAINE FOODS, INC. QUARTER ENDED AUG.27, 2022 FINANCIAL HIGHLIGHTS $658 MN REVENUE$183 MN EBITDA (2) 275 MN DOZENS SOLD $2,275 NET AVG.SALE PRIE (PER DOZEN) 16.5 MN LBS. EGG PRODUCTSSOLD 131 $0.85 /SH DIVIDEND CATEGORYSALES (4) 5% 65% 30% CHANNEL SALES (5) 11% 4% 85% ■CONVENTIONAL "SPECIALTY "EGG PRODUCTS ANDOTHER ■ RETAIL "FOOD SERVICE "EGG PRODUCTSCONSISTENT RISING REVENUE AND NET AVERAGESALE PRICE (PER DOZEN) (6) $325 $382 $477 $593 $658 $1,235$1,372 $1,605 $2,069 $2,275 255 276 288 272 275 1Q 22 2Q22 3Q 22 4Q 22 1Q 23 REENUE DOZEN SOLD (MNS SHELL EGGNASP FEED INGREDIENT COST DRIVING HIGHERFARM PRODUCTION COSTS (PER DOZEN) (7) $0.898 $0.878$0.912 $0.995 $1.046 $0.545 $0.529 $0.562 $0.641 $0.667 (3%)+6% +14% 4% $0.353 $0.349 $0.350 $0.354 $0.379 1Q 22 2Q22 3Q 22 4Q 22 1Q 23 OTHER FARM PRODUCTIONCOSTS FEED COSTS QGNQ FEED COST CHANGE CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 9

VOLUME & SALES GROWTH CONTINUE TO OUTPACEINDUSTRY (1) CM CAL-MAINE FOODS, INC. SHELLEGG VOLUME AND SALES: CHANGE VS. PRIOR YEARQUARTER (%) CONVENTIONAL EGGS CAL-MAINEFOOD'S CONVENTIONAL EGG VOLUME IS DECREASINGAT A SIGNIFICANTLY LOWER RATE THANINDUSTRY WHILE STILL OUTPACING SALES GROWTHI ^■INDUSTRY VOLS. INDUSTRY SALES MCALM VOLS.CALM SALES 17% 11% 37% 84% 134% -15% -3% -1% 33%68% -19% -6% -17% -5% -21% -5% -15% -3% -15% -2% FY22Q1FY22Q2 FY22Q3 FY22Q4 FY23Q1 SPECIALTY EGGSCAL-MAINE FOODS CONTINUES TO OUTPACE MARKETVOLUMES AND SALES GROWTH OF SPECIALTY EGGS,AS THE COMPANY SHIFTS PRODUCT MIX TOMEET CHANGES IN CUSTOMER DEMAND ^■INDUSTRYVOLS. INDUSTRY SALES ■■CALM VOLS. CALMSALES 7% 13% 26% 42% 52% 2% 10% 26% 35% 50% 1% 3%14% 7% 28% 24% 26% 32% 28% 35% FY22Q1 FY22Q2FY22Q3 FY22Q4 FY23Q1 CAL-MAINE FOODS | STEPHENS 2022ANNUAL INVESTMENT CONFERENCE | NOVEMBER 202210

EGGS HAVE ENJOYED SECULAR TAILWINDS INTHE U.S. CM CAL-MAINE FOODS, INC. STRENGTH INRECENT DECADES (*) EGGS AND EGG PRODUCTS IN THE U.S.HAVE ENJOYED A CONTINUED DOMESTICTAILWIND SINCE THE 1990'S CONSUMER PREFERENCESHAVE CONTINUED TO SHIFT TO CHICKEN, EGGSAND OTHER ANIMAL PROTEIN SOURCES 2020S: EGGSDEMONSTRATE CONTINUED SECULAR UPTAKE;ESTIMATED -280 AVERAGE PER CAPITAAVAILABILITY SELECT AVERAGEANNUAL PER CAPITA PROTEIN AVAILABILITY(EGGS & LBS.) ^ ? -Q POST-WWIL EGG 1966 INTAKEPEAK SURGEON GENERAL ISSUES EGG CHOLESTEROL ALERTSTO FIGHT INFLATION 1980S 1989 AHA ADVISES AHARELAXES EGG RESTRICTING EGG INTAKE INTAKEADVICE FOR TO REDUCE CHOLESTEROL HEALTHYPERSONS 2015 USDA RECOMMENDS EGG: FOR HEALTHYEATING EGG AVAILABILITY PER CAPITA(NUMBER) 363 311 280 252 233 249 263 59.7 74 85.9 76 66.365.1 56.4 23.8 33.1 41.8 56.4 79.4 96 101.6 1950-1959 1960-1969 1970-1979 1980-1989 1990-1999 2000-2009 2010-2019 EGGSCHICKEN BEEF POUNDS PER CAPITA CAL-MAINE FOODS| STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 11

OUR SHELL EGG PORTFOLIO IS POSITIONED TO MEET NUTRITIONNEEDS CM CAL-MAINE FOODS, INC. A UNIVERSALPROTEIN ~98% OF U.S. HOUSEHOLDS PURCHASE SHELL EGGSAND EGG PRODUCTS (,) ~98% HOUSEHOLD PENETRATIONSUPPORT HEALTH NEEDS (3-4-5) A ''HEALTHYFOOD" IN NEW PROPOSED FDA DEFINITION ONE OF THEMOST AFFORDABLE HIGH-QUALITY PROTEINS © 1 EGGEQUALS 1 SERVING OF PROTEIN SOURCE OF KEY NUTRIENTS;CHOLINE & LUTEIN SUPPORT BRAIN HEALTH ONLY70 CALORIES ONE OF THE ONLY FOODS THATPER LARGE EGG NATURALLY HAS VITAMIND CALL TO ACTION: FEED PEOPLE EGGS ARE "UNIQUELYPOSITIONED" TO SUPPORT THE UN GOALS OF ZERO HUNGERAND GOOD HEALTHAND WELL-BEING (6) CAL-MAINE FOODS AIMS TOSERVE AS THE MOST SUSTAINABLE PRODUCER ANDSUPPLIER OF HIGH-QUALITY, FRESH EGGS AND EGGPRODUCTS IN THE U.S., INVESTING IN A SOCIALLYBENEFICIAL PRODUCT PORTFOLIO "ACCESS TO NUTRITIOUSAND AFFORDABLE FOOD IS A FUNDAMENTALHUMAN RIGHT." - CAL-MAINE FOODS' HUMANRIGHTS STATEMENT CAL-MAINE FOODS |STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE |NOVEMBER 2022 12

BUILDING ON OUR CORNERSTONE OF SUSTAINABILITYCM CAL-MAINE FOODS, INC. QUALITY FOOD CHOICES OUREFFORTS CONTINUE TO DRIVE STRONG RESULTS#1 SCORE ZERO #1 ISS SCORE: PRODUCT PRODUCTRECALLS OR SAFETY, QUALITY & BRAND(1) MARKET BANS IN PRIOR THREE FISCAL YEARS (2) 100%SQF™-CERTIFIED WITH VERY STRONG FOOD SAFETYRECORD (3) ENVIRONMENTAL STEWARDSHIPWE CONTINUE TO EVALUATE OUR IMPACTSGHG LAND WATER INTENSITY USE USERELATIVELY FAVORABLE ANIMALPROTEIN EMISSION PROFILE (4) OUR OWNED FARMSCOMMITTED TO ROBUST CAREFULLY MANAGE WATERMANAGEMENT NUTRIENT PLANS (5) IN VALUECHAIN (6) ANIMAL WELFARE OUR CERTIFICATIONSEVIDENCE STRONG WELFARE COMMITMENT CERTIFICATIONSPROTOCOLS WATER, NUTRITION AND HANDLINGPROTOCOLS ADVANCE OUR ABILITY TO DELIVERFOR STAKEHOLDERS BREEDS WHITE LEGHORN - ARELATIVELY HIGH-WELFARE BREED - PRODUCESTHE MAJORITY OF OUR EGGS CORPORATE GOVERNANCECOMMITTED TO STRONG AND DIVERSE BOARD (8) 57%29% INDEPENDENT FEMALE 14% MULTICULTURALOUTSIDE DIRECTOR JOINED BOARD IN MARCH 2021 29%OF OUR BOARD MEMBERS IDENTIFY AS FEMALE14% OF BOARD MEMBERS IDENTIFY AS A MEMBEROF ETHNIC OR CULTURAL MINORITY COMMUNITYCAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 13

CAL-MAINE FOODS TODAY: THE LEADING GLOBALEGG PRODUCER AND DISTRIBUTOR CM CAL-MAINEFOODS, INC. WORLD'S TOP-10 EGG PRODUCERS (LAYERMNS) (1) CAL-MAINE FOODS, 44.3 PROTEINA ANIMAL,36.0 ROSE ACRE FARMS, 27.6 CP GROUP, 22.0BEIJING DAT CO., 20.6 VERSOVA HOLDINGS,20.1 HILLANDALE FARMS, 20.0 ISE INC., 20.0 DAYBREAKFOODS, 15.0 ACOLID, 14.1 SCALED PRODUCTION MEETSDEMAND G) 61% MORE LAYERS THAN OUR NEAREST U.S. COMPETITOR CALM MAINTAINS LEADINGPRODUCTION SCALE SUPPORTED BY BEST-IN-CLASSOPERATING EXPERTISE UNIQUELY POSITIONEDWITH BROAD PRODUCT OFFERINGS OF HIGH-QUALITY,AFFORDABLE AND HEALTHY PROTEIN CHOICES DIVERSEPRODUCTS OFFER CONSUMER CHOICE 60K UNIQUERETAIL LOCATIONS -800 SKUS, LARGELY CONCENTRATEDWITH PRIVATE LABEL CUSTOMERS,COMPLEMENTED BY CALM BRANDS 13% 1% 48% 24% 14%~800 SKUS ■ PRIVATE LEGEND NON BRAND CALMEG GLAND'S BEST ■ NATIONAL BRAND CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 14

BLUE-CHIP CUSTOMER BASE MINIMIZES REVENUE CONCENTRATIONRISK CM CAL-MAINE FOODS, INC. MANAGE TOP-10RELATIONSHIPS (1) 1 WALMART INC. SAM'SCLUB 6 ALDI 2 H E B 7 COSTCO 3 PUBLIX 8 SPECIALTYEGG (2) 4 FOOD LION 9 KROGER 5 WAKEFERN10 C&S WHOLESALE GROCERS BROAD EGG OFFERINGCAPABILITIES HELP US CONTINUE TO SERVEA DIVERSE, HIGH-QUALITY CUSTOMER BASE AND MINIMIZEREVENUE CONCENTRATION RISK LARGEST CUSTOMERREPRESENTS 25% OF REVENUE TOP-3 CUSTOMERSREPRESENT 42% OF REVENUE MAINTAIN DIVERSECUSTOMER BASE SERVE RETAIL, WHOLESALE ANDFOODSERVICE CUSTOMERS HIGH-QUALITY,DIVERSE AND LONG-STANDING RELATIONSHIPS+60,000 RETAIL LOCATIONS STORE-DOORAND DISTRIBUTION-CENTER DELIVERY PROXIMITYCAPTURES BACKHAUL EFFICIENCIES IN RISING FREIGHT-COSTENVIRONMENT CAL-MAINE FOODS | STEPHENS 2022 ANNUALINVESTMENT CONFERENCE | NOVEMBER 2022 15

FULLY INTEGRATED OPERATIONS ALLOWFOR SCALED PRODUCTION AND DISTRIBUTION CAPACITY(1) CM CAL-MAINE FOODS, INC. FULLY INTEGRATED25 FEED MILLS PRODUCTION FACILITIES~7.2 MILLION EGGS PER HOUR PRODUCTION & PROCESSINGCAPACITY BREEDING FACILITIES PACKAGINGFACILITIES ROBUST PRODUCTION-TO -DISTRIBUTIONCYCLE SUPPORT LAYING COMPUTER-CONTROLLEDFEEDING, TEMPERATURE AND LIGHTING MONITOREDHUMIDITY AND VENTILATIONCOLLECT EGGS EGGS MOVE ON BELTS FROM LAYINGFACILITIES TO PROCESSING PLANTS FOR IMMEDIATEGRADING AND INSPECTION WASH, GRADE& PACK CLEAN EGGS GRADED IN QUALITY-CONTROLCENTERS THEN FINISHED REFRIGERATE AND DELIVEREGGS ARE PART OF COLD CHAIN THROUGHDELIVERY CAL-MAINE FOODS | STEPHENS 2022 ANNUALINVESTMENT CONFERENCE | NOVEMBER 2022 16

SCALING PRODUCTION TO MANAGE COSTS AND REDUCEPURCHASE DEPENDENCY (1) CM CAL-MAINE FOODS, INC.SCALING PRODUCTION TO CONTROL COSTS SELF-PRODUCTIONOFFERS RELATIVELY ATTRACTIVE EXPENSEPROFILE; SUPPORTS FLEXIBILITY DURING TIGHTENEDEGG SUPPLY FY22 PRODUCED-TO-SOLD RATIOIMPROVED TO 93% FROM 84% IN FY19 SELF-PRODUCEDCOST BREAKDOWN (%) 22% 22% 22% 34% 30% 28% 44%48% 50% FY 19 FY 22 FY 23 PROCESSING, PACKGAGING& WAREHOUSEOTHER FARM COSTS, INC. AMORTIZATIONFEED SCALING PRODUCTION TO REDUCE DEPENDENCYDEPENDENCE ON OUTSIDE SHELL EGG PURCHASES HASREDUCED, AS CAL-MAINE'S PRODUCTION HAS SCALED TOMEET DEMAND ENSURES WE MAINTAIN QUALITYSERVICE TO CUSTOMERS AND PROVIDES MANAGEMENTOF MARKET CYCLICALITY OUTSIDE EGG PURCHASES(%AGE OF SALES) 26% 23% 24% 21% 21% 20% 25% 26%22% 16% 13% 6% FY FY FY FY FY FY FY FY FY FY FYFY 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 20202022 CAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE | NOVEMBER 2022 17

LEVERAGING PRODUCTION TO MANAGE EXPENSE ANDMAINTAIN ROBUST SUPPLY CHAIN (1) CM CAL-MAINE FOODS, INC. MANAGING COST OF SALES (COS)FARM PRODUCTION COSTS, LARGELY FEED INGREDIENTS,FACILITY AND AMORTIZATION, DRIVESCOS EXPENSE CALM MANAGEMENT SYSTEM PROVIDESCONSTANT EVALUATION OF COSTS &PRICING TO BEST MANAGE VOLATILITY SINCE 2019,REDUCTION IN OUTSIDE EGG PURCHASED HAVE HELPEDOFFSET SHELL EGG COST OF GOODS FOR DOZENSSOLD COST OF SALES COMPONENTS EX-EGG PRODUCTS($ M M AND % CONTRIBUTION)* ■ FARM PRODUCTIONPROCESSING, PACKAGING & WAREHOUSE EGGPURCHASE AND OTHER 57% 20% 23% 67% 21% 12% 64% 20%16% $636 $223 $251 $928 $289 $172 $267 $81 $68 FY 19 FY 221Q 23 EMBEDDED SUPPLY CHAIN RESILIENCE DUAL-AND MULTI-SOURCING FOR KEY INPUTS, INCLUDINGFEED INGREDIENTS, CARTONS AND OTHER PACKAGINGSUPPLY CHAIN THESIS: WHILE INPUT PRICES REMAINVOLATILE, WE ANTICIPATE WE WILLBE ABLE TO MEET OUR NEEDS OPERATING CONSISTENTLYTHOUGH CHALLENGING ENVIRONMENTS INC. HURRICANES,COVD, HPAI FY22 TOP-20 VENDOR EXPENSEEXPOSURE (2) 3% 56% 15% 15% 7% 4% • FEED INGREDIENTS• EGG CARTONS AND PACKAGING EGG PINCHASES• FRANCHISE AND MARKETING FEES • LABOR • HOUSINGAND EQUIPMENT *EXCLUDES EGG PRODUCTS EXPENSELINE ITEM OF $29 MILLION, $51 MILLION & $24.5 MILLION,FOR FY 19, FY 22 & 1Q 23, RESPECTIVELY. EGGPURCHASES AND OTHER INCLUDES CHANGES IN INVENTORY.CAL-MAINE FOODS |

STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE | NOVEMBER2022 18

SCALING HARD-COOKED EGG OFFERINGS, OPTIMISING THROUGHPUTAND CATEGORY REACH CM CAL-MAINE FOODS,INC. HARD-COOKED IS AN ATTRACTIVECATEGORY PROTEIN-PACKED KETO-FRIENDLYAND GLUTEN-FREE CONVENIENT FOR MEAL PREPARATIONAND SNACKING KID-FRIENDLY CATEGORYCAPTURES VALUE INTEGRATED PRODUCTIONAND PROCESSING CAPABILITIES HELP LEVERAGEMORE VALUE FROM EGGS DURING PRE-PEAK LAYEGG SIZE INCREASES TO CONSUMER-PREFERREDLARGE+ ONLY AFTER ~15 WEEKS (16% OF LAYINGLIFE) OF MEDIUM EGG LAYING ABILITY TO UPCYCLEPRE-PEAK, MEDIUM SIZE EGGS TO HARD-COOKED DRIVESCOMMERCIAL THROUGHPUT AND CATEGORYPENETRATION LARGE+ SIZES PREFERRED FORRETAIL MEDIUM SIZE EGGS IDEAL FOR HARD-COOKEDOUR CAPABILITIES ARE SCALING* 3Q FY23 OPERATIONSEXPECTED ON-LINE ~26 MM LBS ANNUAL CAPACITY(1) PLAN TO SELF-SUPPLY MAJORITY OF EGGS,INITIAL FOCUS ON HARD-COOKED PRODUCTS LEVERAGEDISTRIBUTION RELATIONSHIPS AND DRIVECATEGORY EXPANSION PURSUE GROWTHIN COMMERCIAL FOOD SERVICES *MEADOWCREEKIS A CONSOLIDATED ENTITY. CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 19

CONSERVATIVE APPROACH TO CAPITALALLOCATION, EXECUTING ON STRATEGICPRIORITIES (1) CM CAL-MAINE FOODS, INC. MANAGECASH PRIORITIES SELECTIVE ACQUISITION POSTURE FORCAGE-FREE CAPACITY VARIABLE DIVIDEND POLICYDRIVEN BY COMMODITY-BASED, CYCLICAL BUSINESSMODEL FY USE OF CASH ($ MM)* $169 $97 $13 $64 $45 $2 $6$37 $124 $95 $45 $28 $72 FY 20 FY 21 FY 22 1Q 23 CAPEX ACQUISITIONSDIVIDENDS PAID PRIORITIZE LIQUIDITY MAINTAINCURRENT ASSETS, INCLUDING CASH AND SECURITIES'BALANCES, TO SUPPORT OPERATING NEEDSCONTINUED FOCUS ON FUNDING INVESTMENTSFOR LONGER-TERM GROWTH, PRIMARILY SPECIALTYAND BOLT-ON CAGE-FREE OPPORTUNITIESTOTAL CURRENT ASSETS, CASH AND INVESTMENTSECURITIES ($ MM) $520 $520 $662 $779 $232 $170 $175 $282$288 $350 $487 $497 TOTAL CASH AND AFS TOTALCURRENT ASSETS (EX. CASH & AFS) CAGE-FREE CAPEX PIPELINECOMMITTED $683 MM TO EXPAND CAGE-FREEPRODUCTION CAPABILITIES SINCE 2008 COMMITTEDCAGE-FREE CAPEX ALLOCATION AS OF END FISCALQ1, 2023 ($ MM) $151 $532 $683MM SPENT TO DATEALLOCATED COSTS TO BE SPENT *FY 2022 USEOF CASH INCLUDES $6.1 MILLION ACCRUAL FOR PAYMENTOF 3QFY22 COMMON DIVIDEND. SELECT TOTALSMAY NOT FOOT TO FORMS 10-Q AND FORMS 10-KDUE TO ROUNDING CAL-MAINE FOODS | STEPHENS 2022ANNUAL INVESTMENT CONFERENCE | NOVEMBER 202220

VARIABLE CASH DIVIDEND PROVIDES SUSTAINABLERETURNS THROUGH CYCLE (1) CM CAL-MAINE FOODS, INC.1/3 OF NET INCOME ALLOCATED EACH QUARTERUNDER OUR VARIABLE DIVIDEND POLICY $478MMOF DIVIDENDS PAID SINCE FY2000 SHAREHOLDERRETURNS COMMITTED TO ALLOCATION OFCAPITAL TO OUR SHAREHOLDERS THROUGH A VARIABLEQUARTERLY DIVIDEND PLAN MANAGINGINDUSTRY CYCLICALITY VARIABLE POLICYPROVIDES INSULATION AGAINST CYCLICALITY OFINDUSTRY, TIES DIRECTLY TO COMPANYPERFORMANCE THROUGH NET INCOME VARIABLEDIVIDEND HISTORY VS. ANNUALNET INCOME ($MNS) $350 $300 $250 $200 $150 TOTALDIVIDEND $100 NET INCOME $50 $0 -$50 -$100 FY FYFY FY FY FY FY FY FY FY FY FY FY FYTD 1998 2000 2002 20042006 2008 2010 2012 2014 2016 2018 2020 2022 2023 CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 21

MEETING EVOLVING RETAIL MARKET NEEDS BY DRIVINGFAVORABLE PRODUCT MIX CM CAL-MAINEFOODS, INC. SERVE CHANGING CUSTOMER NEEDSIRI DATA INDICATES MOST SIGNIFICANTDEMAND GROWTH IS AMONG CAGE-FREE AND ORGANICEGG PRODUCTS DESPITE SHIFT IN THIS MIX, CONVENTIONALEGGS MAINTAIN CORE RETAIL MARKETPOSITION, WITH 36 MILLION PEOPLE IN THE U.S. EATING1 EGG PER DAY CONVENTIONAL EGGS MAINTAINLEADING RETAIL MARKET SHARE (%) ® 11% 18%24% 4% 7% 7% 8% 8% 9% 77% 68% 60% FY 19 FY 22 1Q23 CAGE-FREE AND ORGANIC FREE-RANGE AND PASTURE-RAISED NUTRITIONALY ENHANCED` COMMODITYWHITE AND CAGED BROWN CONTINUED VOLUMEMIX SHIFT MARKET SHIFT ACCELERATED IN 2019WITH STATE CAGE-FREE MANDATES ANDRETAILER COMMITMENTS DRIVING HIGHER SPECIALTYSHELL EGG SALES VOLUMES, LARGELY IN LINE WITHRETAIL MARKET11 ) FISCAL YEAR SHELL EGG VOLUMES*% OF DOZENS SOLD 75% 25% 73% 27% 65% 35% FY 19FY 22 1Q 23 CONVENTIANL SPECIALITY REVENUE CONTRIBUTIONCONTINUE TO DRIVE SHELL EGG PREMIUM PRODUCTS'REVENUE CONTRIBUTIONS EXPANDED SPECIALTYCAPABILITIES, INCLUDING CAGE-FREE, DRIVES REVENUE CONTRIBUTION (2) FISCAL YEARNET SITE! EGG SALES 06) & NET AVERAGESELLING PNCE (HASP) $ PER DOZEN 39% 61% 38% 62% 32%68% $1.041 $1.933 $1.265 $1.420 $1.932 $1.579 $2.368 $2.101$2.275 FY 19 FY 22 1Q 23 CONVENTIONAL SALES SPECIALTYSALES ALL SHELL EGG NASP *FY19 INCLUDES THE IMPACTOF SPECIALTY CO-PACK EGG SALES VOLUMES

CAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 22

HISTORIC MARKET TRENDS CM CAL-MAINE FOODS, INC.MARKET TRENDS HAVE BEEN IMPROVING OURSHELL EGGS ARE SOLD AT PRICES RELATED TOINDEPENDENTLY QUOTED WHOLESALE MARKETPRICES OR FORMULAS RELATED TO OUR COSTS OFPRODUCTION OUR OPERATING RESULTS ARE MATERIALLYIMPACTED BY CHANGES IN THE DEMAND FOR, ANDMARKET PRICES OF, SHELL EGGS AND FEED GRAINS(CORN AND SOYBEAN MEAL) HIGHER MARKETPRICES FOR EGGS HAVE A POSITIVE IMPACTON OUR FINANCIAL RESULTS HIGHER MARKETPRICES FOR FEED GRAINS HAVE A NEGATIVEIMPACT ON OUR FINANCIAL RESULTS CBOTFEED INGREDIENT PRICES (1) OBSERVED PRICINGFOR CORN ($/BUSHEL) AND SOYBEAN MEAL ($/TON) $303 $320$382 $450 $456 $3.94 $3.64 $5.76 $6.96 $6.65 FY 19 FY 20FY 21 FY 22 1Q 23 URNER BARRY SOUTHEAST LARGE INDEXOBSERVED FY AVERAGE DAILY PRICEPER DOZEN (2) $1.23 $1.22 $1.16 $1.71 $2.78 FY 19 FY 20FY 21 FY 22 1Q 23 CAL-MAINE FOODS | STEPHENS 2022 ANNUALINVESTMENT CONFERENCE | NOVEMBER 2022 23

VOLATILE FEED INGREDIENT PRICING PROVIDES MARGINOPPORTUNITIES CM CAL-MAINE FOODS, INC.MONITOR FEED INGREDIENT INPUTS (1) WASDEREPORTS CITE RUSSIA'S INVASION OF UKRAINEAS SIGNIFICANTLY INCREASING UNCERTAINTYOF AGRICULTURAL SUPPLY/DEMAND CONDITIONSUSDA PROJECTIONS ESTIMATE THAT '22/23 U.S.CORN PLANTED ACREAGE DECLINES TO ~88.6 MM, OR~5%, VS. PRIOR YEAR BASIS LEVELS FOR CORN RAN SIGNIFICANTLYHIGHER IN OUR AREA OF OPERATIONS COMPAREDTO OUR PRIOR YEAR FIRST FISCALQUARTER AVERAGE OBSERVED CBOTFEED INGREDIENT PRICE IN CALM FISCAL QUARTER(2) AS OF AUG. 27, 2022 $3.28 $3.92 $4.96 $6.10 $5.96 $5.43$6.13 $7.71 $6.65 $288 $359 $423 $411 $364 $338 $412 $454 $456FY'21 FY'21 FY'21 FY'21 FY'22 FY'22 FY'22 FY'22 FY'23 Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 AVERAGE COM PX /BUSHEL AVERAGE SOYBEAN MEAL PX / TON U.S.CORN SUPPLY TIGHTENS U.S. '22/23 SEPT.PROJECTED CORN STOCK-TO-USE RATIO PROJECTEDAT 8.3%; BELOW 14.4% AVG. SEEN DURING'15/16 TO 19/20 (3) STOCKS FOR MAJOR CORN EXPORTINGCOUNTRIES, INC. THE U.S., EXPECTED TO BE LOWESTSINCE '12/13 (4) '22/23 USDA U.S. CORN ENDING STOCKBUSHEL MILLIONS AND TOTAL USE PROJECTIONS (5) 9.6%9.6% 9.6% 8.3% $14,935 $14,570 $14,525 $14,175 APR-22 JUN-22AUG-22 NOV-22 CORN TOTAL USE CORN ENDINGSTOCK PROJECTED STOCK-TO-TOTAL-USE RATIOCALM FEED APPROACH REMAIN FOCUSED ON MONITORINGFEED INGREDIENTS' PRICING EXPOSURE STAYCLOSE TO MARKETS WITH PURCHASES; ACCESSOPPORTUNISTICALLY CONTINUED

FOCUS ON PRODUCTION EFFICIENCIES UNDER OUR CONTROLFY22 FEED INGREDIENTS' PRICE IMPACTS ON PERDOZEN SHELL EGG FARM PRODUCTIONCOSTS (6)IN FEED INGREDIENT $ PER DOZEN IMPACT BUSHELOF CORN $0.28 $0.01 TON OF SOYBEAN MEAL$25.50 $0.01 CAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 24

HPAI SEASONED BIOSECURITY TEAM EFFECTIVELYMANAGING THOUGH U.S. 2022 OUTBREAK CM CAL-MAINEFOODS, INC. WHAT IS HIGHLY PATHOGENICAVIAN INFLUENZA (HPAI?) (2) CAUSED BY AN"INFLUENZA TYPE A VIRUS", IMPACTS CHICKENS,TURKEYS, AND OTHER DOMESTICATED ANDWILD BIRDS HPAI HAS IMPACTED COMMERCIALPOULTRY AND EGG PRODUCTION IN EUROPE AND ASIA"HPAI IS MAINLY SPREAD THROUGH DIRECTCONTACT BETWEEN HEALTHY BIRDS ANDBODILY WASTE FROM INFECTED BIRDS." (3) PADEPARTMENT OF AGRICULTURE MANAGINGTHROUGH AVIAN INFLUENZA LONG-TENURED ANDSEASONED CALM OPERATIONS TEAM HELPED USMANAGE THROUGH THE 2014-15 AVIAN INFLUENZAOUTBREAK. THEY CONTINUE TO HELP US PROTECTOUR PEOPLE, OUR FOOD AND OUR FLOCK. "PUBLIC HEALTHRISK RELATED TO BIRD FLU REMAINS LOW"CDC "RISK OF HPAI INFECTIONS THROUGH PROPERLYPREPARED AND STORED EGGS IN THE RETAILMARKET IS LOW" (1) FDA UPHOLD BIOSECURITYFOCUS KEY FOCUS AREAS FOR ROBUST BIOSECURITY INCLUDE:PROHIBIT NON-ESSENTIAL GUESTS REQUIRE VEHICLESANITATION BEFORE ENTRY ENFORCEBIOSECURE PERIMETERS WITH REQUIRED CLOTHING,FOOTWEAR AND GEAR SANITATION SHARPENEDCONTROL MEASURES, PREVENT SITE-SPECIFIC CONTACTBETWEEN FLOCK AND WILD BIRDS SERVE CUSTOMERSDURING IMPACTED EGG MARKET CONTINUE TOMEET CUSTOMER NEEDS IN ANY MARKET CONDITIONSABILITY TO SELF-PRODUCE MINIMIZES RISK OF TRANSMISSIONFROM OUTSIDE EGG PURCHASES

USDA LOWERED SHELL EGG PRODUCTION AND PER CAPITADISAPPEARANCE ESTIMATES FOR CY22 SINCEFIRST CASE ANNOUNCED U.S. EGG PRODUCTION & DISAPPEARANCEPROJECTION CHANGES SINCE HPAI CONFIRMATION(4) FEB-22 SEPT-22 CUMULATIVE REVISIONSHELL EGG PRODUCTION ESTIMATES (MN. DZNS) 9,4309,560 1.4% PER CAPITA EGG DISAPPEARANCE 287.3292.4 1.8% CAL-MAINE FOODS | STEPHENS 2022 ANNUALINVESTMENT CONFERENCE | NOVEMBER 2022 25

HPAI 2022 VS. 2014-2015 SNAPSHOT (1) CM CAL-MAINEFOODS, INC. 2022 HPAI INFECTIONS: NOV. 6, 2022(L) ~39 MN TOTAL BIRDS IMPACTED MIX OFCOMMERCIALEGG LAYERS, PULLETS, BREEDERS, TURKEYS,BROILER CHICKENS AND BACKYARD MULTI-SPECIES~38 MN ~1 MN ~100K TABLE EGG LAYER HENS PULLETSOF 3.7MM BREEDER DEPOPULATED(2)DEPOPULATED FLOCK AFFECTED VECTORSPREAD NOV. 6TH WAS DAY 271 OF HPAIC22 OUTBREAK 2014-15 OUTBREAK COMPRISED 186 DAYS2022 VECTOR HAS SPREAD WITH INCREASED DIVERSITYACROSS U.S. STATES, AND CONCENTRATEDIMPACTS IN IOWA AND WISCONSIN HPAICYCLE COMPARISONS: 2014 - 2015 VS. NOV.6, 2022 IN 2014 - 2015: HPAI IMPACTED -35.6 MILLIONTABLE EGG LAYER HENS IN 2022: HPAIHAS IMPACTED -TABLE EGG LAYER LOSSES THROUGHNOVEMBER 6, 2022 OF -37.8 MILLION TABLE EGGLAYER HENS 201 5 CUMULATIVE LAYERFLOCK IMPACTED (MNS.) 2022 CUMULATIVE LAYERFLOCK IMPACTED (MNS.) 1.1 18 28.6 28.8 30.7 30.7 30.735.6 36.7 37.8 17.4 34.6 35.6 FEB. MAR APR MAYJUN JUL AUG SEP OCT NOV 2015 COMULATIVE LAYERFLOCK IMPACTED (M NS.) 2022 COMULATIVELAYER FLOCK IMPACTED (M NS.) CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 26

STATE MANDATES PROVIDE A PATHTO CAGE-FREE EGGS IN 2026 CM CAL-MAINE FOODS,INC. STATE MANDATES ACCELERATESHIFT TO CAGE-FREE EGGS (1) 10 U.S. STATESHAVE PASSED CAGE-FREE LEGISLATIONOR REGULATION FOR IMPLEMENTATIONBY 2026 %AGE OF U.S. HOUSEHOLDS WITHIN CAGE-FREEMANDATED STATES WILL CONTINUETO INCREASE AS FURTHER MANDATES ANNOUNCED~67 BN CAGE-FREE EGGS/YR NEEDED TO MEET 100%OF NEEDS (3) ~135 MN SHORTAGE OF HENSFROM CURRENT NON-ORGANIC CAGE-FREE FLOCK (2) OURCUSTOMER COMMITMENTS MANY OF OUR CUSTOMERSHAVE ANNOUNCED GOALS TO OFFER CAGE-FREEEGGS EXCLUSIVELY ON OR BEFORE 2026,SOME HAVE RECENTLY CHANGED THOSE GOALSTO 70% BY YE2030 CALIFORNIA 'PROP 12' SUPREMECOURT CASE MAY MATERIALLYCHANGE NATION'S INTERSTATE COMMERCELAWS WE ARE ENGAGING WITH CUSTOMERS TO ACHIEVEA SMOOTH TRANSITION IN MEETING THEIR ANNOUNCEDGOALS AND NEEDS U.S. STATE CAGE-FREEMANDATE IMPLEMENTATION TIMELINE& CUM. POPULATION (MNS) (3) UTAH CALIFORNIAOREGON ARIZONA RHODE ISLAND MASSACHUSSETTS NEVADACOLORADO WASHINGTON MICHIGAN 46.7 49.9 55.855.8 68.0 68.0 88.8 88.8 89.9 1H'22 2H'22 1H'23 2H'23 1H'24 2H'241H'25 2H'25 1H'26 CAL-MAINE FOODS | STEPHENS 2022 ANNUALINVESTMENT CONFERENCE | NOVEMBER 2022 27

CAL-MAINE FOODS IDEALLY POSITIONED TO SUPPLYTRANSITIONING CAGE-FREE DEMAND CM CAL-MAINEFOODS, INC. CAGE-FREE DEMAND DRIVERS HUSBANDRYFOCUS APPETITE FOR DIVERSE HOUSING CONDITIONSCONSUMER SOCIAL RESPONSIBILITY FOCUS ON HUMAN ANDANIMAL HEALTH AND WELL-BEING LEGISLATIVEACTIONS -27-32% HOUSEHOLDS EXPECTED TORESIDE IN MANDATED CAGE-FREE STATESIN 2026 (1) CAGE-FREE DEMAND REQUIREMENTS ASSESSCURRENT STATE -34-35% FLOCK CURRENTLYHOUSED IN CAGE-FREE CONDITIONS (2) MEET RETAILERCOMMITMENTS -135 MN ADDITIONAL HENS TO BE HOUSEDCAGE-FREE BY 2026; AVERAGE CAPITALCOST ~$45/BIRD ,3) INVEST CAPITAL ~$6 BN REQUIREDINDUSTRY INVESTMENT TO COMPLETE ESTIMATEDCAGE-FREE CAPACITY BUILD (4) CALM CAGE-FREESUPPLY PLAN ALIGN SALES 22.1% FY22 TOTALNET SHELL EGG SALES TIED TO CAGE-FREE EGGSALES; WILL CONTINUE TO PACE REVENUE WITH CAGE-FREEUPTAKE (5) MAINTAIN NIMBLE CAGE-FREE POSTUREWE CONTINUE TO DEPLOY CAPITAL TOWARDPRODUCTION THAT MEETS CURRENT AND FUTURECUSTOMER NEEDS INCREASING CAGE-FREE FOCUSCAGE-FREE DOZENS SOLD INCREASED 58% IN Q1 OF FISCAL2023 VS. FISCAL Q1 '22 (6) IMPLIED ~FIVE-YEAR RUNWAYTO ADAPT TO CURRENT LEGISLATIONCALM WILL DEPLOY CAPITAL COMMENSURATE WITHANTICIPATED CUSTOMER DEMAND CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 28

SHELL EGG INDUSTRY IS FRAGMENTED; OPPORTUNITIESREMAIN CM CAL-MAINE FOODS, INC. SUCCESSFULINTEGRATION HISTORY INFORMS OUR OUTLOOK23 SUCCESSFUL INTEGRATIONS SINCE 1989 (1) ACQUISITIONBENEFITS GEOGRAPHY CAGE-FREE CAPABILITY MILLINGPROCESSING SYNERGY HIGHLIGHTS CUSTOMER PROXIMITYSPECIALTY FRANCHISE ACCESS INTEGRATED DISTRIBUTIONSCALABLE THROUGHPUT TOP-FIVE PRODUCERS: LAYERHEN RANKINGS (2) TOP-FIVE PRODUCERS OWN~37% OF U.S. LAYER HEN FLOCK CAL-MAINE FOODS14% ROSE ACRE FARMS 8% HILLANDALE FARMS6% VERSOVA HOLDINGS 6% DAYBREAK FOODS4% OTHER 62% IN 2020, THE TOP-FIVE BROILER HENPRODUCERS PROCESSED ~59% OF U.S. READY-TO-COOKPRODUCTS (3) ADDITIONAL MEANINGFUL OPPORTUNITIESAHEAD (4) MARCH 2022 $82.5 MM INVESTMENTFOR NEW CAGE-FREE CAPACITY AND CONVERSION OFEXISTING CAPACITY TO CAGE-FREE PRODUCTIONDECEMBER 2021 ADDITIONAL INVESTMENT IN SOUTHWESTSPECIALTY VENTURE TO ENHANCE DISTRIBUTION ANDWAREHOUSING CAPABILITIES IN CALIFORNIA,ARIZONA AND NEVADA MARKETS OCTOBER2021 INVESTMENT IN MEADOWCREEK OPERATIONTO PRODUCE HARD-COOKED AND OTHER HIGHER-VALUE EGG PRODUCTS 1Q23 $151 MM OFCAPITAL ALLOCATED BUT NOT YET DEPLOYEDTO ENHANCE CAGE-FREE CAPABILITIES CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 29

KEY TAKEAWAYS CM CAL-MAINEFOODS, INC. 1.1 BILLION DOZENS SOLD FY22 60+ YEARS OPERATINGQUALITY FOOD CHOICES LARGEST PRODUCER ANDDISTRIBUTOR OF FRESH SHELL EGGS AND EGG PRODUCTSIN THE U.S. PROVEN, HIGHLY EFFICIENT OPERATORSWITH DEEP TALENT BENCH AND INDUSTRY EXPERTISENIMBLE AND POISED TO MEET EVOLVING CONSUMERFOOD CHOICE PREFERENCES SUSTAINABLE PLATFORMADEPT ACQUIRER & INTEGRATOR PRUDENTIALCAPITAL ALLOCATION COMMITMENT TO SUSTAINABLEOPERATING PLATFORM IS CORE TO OURMISSION SIGNIFICANT GROWTH AND ACQUISITION OPPORTUNITIESIN A FRAGMENTED MARKET ROBUST FINANCIALPOSITION TO SUPPORT GROWTH INITIATIVESCAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 30

CM CAL-MAINE FOODS, INC. QUESTIONS? [e-mail]

CM CAL-MAINE FOODS, INC. APPENDIX IMAGE COURTESYOF KANAN KHASMAMMADOV, UNSPLASH.CAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 32

CONTINUE TO EVOLVE OUR STRONG HUMAN CAPITALAND COMMUNITY FOCUS CM CAL-MAINE FOODS, INC.JIA SCOTT, LEFT, SERVES AS VICE PRESIDENT,TREASURY, AND OVERSEES THE COMPANY'STREASURY MANAGEMENT, ACCOUNTS PAYABLEAND CORPORATE TAX FUNCTIONS. JIA ALSOHELPS OVERSEE THE COMPANY'S PHILANTHROPICAND CORPORATE SUSTAINABILITY INITIATIVES. RHONDA WHITEMAN SERVES AS VICE PRESIDENT,OPERATIONS ACCOUNTING. RHONDA'SROLE IS TO PLAN, DIRECT AND COORDINATE OPERATIONAL ACTIVITIES TO DRIVE DEVELOPMENT AND IMPLEMENTATIONOF EFFICIENT AND COST-EFFECTIVE SYSTEMSTO MEET CURRENT AND FUTURE ENTERPRISE NEEDS.ENHANCED HUMAN RIGHTS FOCUS CALM BOARD OF DIRECTORSAPPROVED HUMAN RIGHTS STATEMENT IN2021(1) WE STRIVE TO OFFER NOURISHING, HEALTHYPRODUCTS, FREELY CHOSEN, ATTRACTIVEEMPLOYMENT OPPORTUNITIES AND A SUPPORTIVEWORKPLACE CULTURE WE ALIGN OUR MISSIONTO FEED PEOPLE WITH UNITED NATIONS SUSTAINABLEDEVELOPMENT GOALS CONTINUED COMMUNITYSUPPORT FIGHT HUNGER WITH CONTINUEDFOOD DONATIONS AND MONETARY ASSISTANCEOUR GENERAL MANAGERS MAINTAIN COMMUNITYTIES NEEDED TO IDENTIFY ORGANIZATIONS ANDINDIVIDUALS IN NEED OF HEALTHY FOOD DONATIONSSINCE FY 2018, WE HAVE DONATED ~5.4 MILLIONDOZEN FRESH SHELL EGGS, OR ~65 MILLION SERVINGSOF PROTEIN WITH EACH DONATED EGG, WEPROVIDE 70 CALORIES AND ONE SERVING, OR SIXGRAMS, OF PROTEIN THIS COMPRISES ~10%

OF THE PROTEIN REQUIRED TO SUPPORT A 2,000-CALORIEDAILY NUTRITION NEED.(2) CAL-MAINE FOODS| STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 33

INVEST TO ATTRACT AND RETAIN TOP TALENTCM CAL-MAINE FOODS, INC. BRIAN BALLARD SERVESAS CORPORATE RECRUITER AND IS RESPONSIBLEFOR FINDING EARLY-CAREER TALENT AT UNDERGRADUATEINSTITUTIONS. HE LEADS OUR ENTERPRISE EFFORT TOENHANCE CANDIDATE POOL DIVERSITY ANDATTRACT TOP-PERFORMING INDIVIDUALS TO OURMANAGEMENT TRAINING PROGRAM. RECRUIT TOPEARLY-CAREER TALENT AUGMENT MULTI-DECADERELATIONSHIPS WITH UNDERGRADUATE INSTITUTIONS;EXPAND CURRENT REACH WITH HBCUS HIRE GRADUATESFROM ESSENTIAL DISCIPLINES, INCLUDING AGRICULTURALSCIENCE, ECONOMICS, ENGINEERING AND FINANCE, AMONGOTHERS EMBED EXCELLENCE IN MANAGEMENT TRAINING,INCLUDING FOCUS ON COLLEAGUE HEALTH ANDSAFETY, FOOD QUALITY AND SAFETY AND ANIMALWELFARE FOCUS RECRUITING EFFORTS REGIONALLYTO CAPTURE DISPARATE TALENT POOLS;FOSTER CAREER MOBILITY POST-INITIAL PLACEMENTOFFER ATTRACTIVE WORK CULTURE STRIVETO ATTRACT AND RETAIN TALENT WITHCOMPETITIVE COMPENSATION AND BENEFITS THATINCLUDE EMPLOYER-SPONSORED HEALTH INSURANCE,RETIREMENT PLAN, EDUCATIONAL AND OTHER COLLEAGUEASSISTANCE WE CONTINUE TO LOOK FOR WAYSTO IMPROVE FEMALE REPRESENTATION INOUR OPERATIONS, INCLUDING OUR SENIOR LEADERSHIPCALM WORKFORCE CHARACTERISTICS (FY) VS. ANIMALPRODUCTION INDUSTRY NAICS 112 (CY)(1) GENDERCOMPOSITION ETHNIC COMPOSITION 30% 30% 52% 20% 20212022 CALM FEMALE

REPRESENTATION CALM ETHNIC MINORITY REPRESENTATIONINDUSTRY FEMALE REPRESENTATIONINDUSTRY ETHNIC MINORITY REPRESENTATIONCAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 34

DRIVE COLLEAGUE ENGAGEMENT AND SAFETY OUTCOMESCM CAL-MAINE FOODS, INC. TRISHA PERKINS, LEFT, ANDMELVIN BONDS SERVE AS CORPORATESAFETY MANAGERS WHO DEVELOP AND DEPLOY ENTERPRISESAFETY PROTOCOLS AND TRAINING. THEY ALSO MANAGEENTERPRISE HEALTH AND SAFETY COMPLIANCEAND REGULATORY REPORTING. DRIVESTRONG SAFETY OUTCOMES STRONG AND STEADILYIMPROVING SAFETY OUTCOMES CONSISTENT POULTRY-INDUSTRY SAFETY OUTPERFORMANCE VENDORSAND CONTRACTORS MUST ADHERE TO OUR HEALTHAND SAFETY PROTOCOLS OSHA SAFETY OUTCOMES:POULTRY-RAISING INDUSTRY TOTALRECORDABLE INJURY RATE (TRIR) % | NAICS 1123(1) 5.2 4.5 4.9 3.5 N/A 2.9 2019 2022 2021 INDUSTRY CALMCONTINUOUS COLLEAGUE ENGAGEMENT 100% OPERATINGLOCATIONS MAINTAIN SAFETY AND HEALTHCOMMITTEES WITH INDIVIDUAL CONTRIBUTOR REPRESENTATIONSTRONG CULTURE OF OSHA-ALIGNED SAFETY TRAININGAND REPORTING ENTERPRISE RESPIRATORYPROTECTION PROGRAM (RPP) SUPPORTS OUR COLLEAGUES'RESPIRATORY HEALTH AND WELL-BEING INA BUSINESS-AS-USUAL OPERATING MODEL CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 35

SELECT INCOME STATEMENT HIGHLIGHTS CM CAL-MAINEFOODS, INC. FISCAL YEAR ENDED QUARTER ENDED $S,EXCEPT SHARE AMOUNT 2018 2019 2020 2021 20228/27/22 NET SALES $ 1,502,932 1,361,188 1,351,609 1,348,9871,777,159 658,344 GROSS PROFIT $ 361,046 222,859 179,588160,661 337,059 217,490 OPERATING INCOME (LOSS)$ 181,257 45,781 1,269 (26,264) 143,537 163,850 OTHER INCOME,NET $ 16,830 25,024 18,790 16,315 22,478 1,630 INCOME (LOSS)BEFORE INCOME TAXES $ 198,087 70,805 20,059 (9,949)166,015 165,480 NET INCOME (LOSS) ATTRIBUTABLETO CAL-MAINE FOODS, INC. $ 206,946 55,062 18,3912,060 132,441 125,134 NET INCOME (LOSS) PER COMMONSHARE ATTRIBUTABLE TO CAL-MAINE FOODS, INC.:BASIC $ 4.27 1.12 0.38 0.04 2.73 2.58 DILUTED $ 4.26 1.120.38 0.04 2.71 2.57 WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC 48,353 48,467 48,467 48,522 48,62248,623 DILUTED 48,468 48,589 48,544 48,656 48,94048,811 CAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 36

SELECT OPERATING RESULTS CM CAL-MAINEFOODS, INC. FISCAL YEAR ENDED QUARTER ENDED $S,EXCEPT SALES VOLUME AND PERCENTAGE DATA2018 2019 2020 2021 2022 8/27/22 DOZEN EGGS SOLD (000)CONVENTIONAL 780,362 778,051 813,255 785,446 747,914179,712 SPECIALTY 257,352 260,848 255,895 287,765335,875 95,605 TOTAL 1,037,714 1,038,899 1,069,150 1,073,2111,083,789 275,317 DOZEN EGGS PRODUCED (000) 873,307876,705 927,799 970,837 1,022,327 257,654 % PRODUCTION84.2% 84.4% 86.8% 90.5% 94.3% 93.6% % SPECIALTYSALES (DOZEN) 23.5% 23.8% 23.9% 26.8% 31.0% 37.4% %SPECIALTY SALES (DOLLARS) 32.0% 36.2% 36.8% 41.1%37.8% 31.8% NET AVERAGE SELLING PRICE (DOZENS)CONVENTIONAL $ 1.229 1.040 1.011 0.976 1.424 2.368 SPECIALTY$ 1.916 1.931 1.896 1.876 1.927 2.101 ALL SHELL EGGS$ 1.394 1.263 1.222 1.217 1.570 2.275 FARM PRODUCTIONCOST (PER DOZEN PRODUCED) FEED $ 0.394 0.415 0.410 0.4460.569 0.667 OTHER $ 0.303 0.319 0.328 0.320 0.351 0.379 TOTAL$ 0.697 0.734 0.738 0.766 0.921 1.046 OUTSIDE EGGPURCHASES (AVERAGECOST PER DOZEN) $ 1.445 1.249 1.245 1.233 1.738 2.570 CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 37

EBITDA RECONCILIATION CM CAL-MAINE FOODS, INC.NON-GAAP MEASURE - EBITDA EBITDA IS A NON-GAAPMEASURE AND DEFINED AS NET INCOME ATTRIBUTABLETO CAL-MAINE FOODS, INC. PLUS INTEREST, TAXES,DEPRECIATION AND AMORTIZATION.THE FOLLOWING TABLE SETS FORTHA RECONCILIATION OF EBITDA TO NET INCOMEATTRIBUTABLE TO CAL-MAINE FOODS,INC.: EBITDA RECONCILIATION FISCAL YEAR ENDEDQUARTER ENDED $000S 2018 2019 2020 2021 2022 8/27/22NET INCOME (LOSS) ATTRIBUTABLE TOCAL-MAINE FOODS, INC. 125,932 54,229 18,391 2,060 132,650 125,287ADD: INTEREST EXPENSE 265 644 498 213 403 148ADD: INCOME TAX EXPENSE (BENEFIT) (8,859) 15,7431,731 (12,009) 33,574 40,346 ADD: DEPRECIATIONAND AMORTIZATION 54,026 54,650 58,103 59,47768,395 17,312 EBITDA 171,364 125,266 78,723 49,741 235,022183,093 ANTI-TRUST LEGAL SETTLEMENTS & RELATEDFEES 83,140 2,495 117 53 185 841 ADJUSTED EBITDA 254,504127,761 78,840 49,794 235,207 183,934 CAL-MAINE FOODS| STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 38

CITATIONS (1/6) CM CAL-MAINE FOODS, INC.SLIDE 4 - CORPORATE SNAPSHOT: FISCAL YEAR 2022RANKINGS FROM WATT POULTRY."2022 POULTRY TOP U.S. EGG PRODUCERSRANKINGS." DATA AS OF DECEMBER 31, 2021.WORLD AGRICULTURAL SUPPLY ANDDEMAND ESTIMATES (WASDE). U.S. MARKETSHARE DATA IS AS OF-CALENDAR YEAR-END;CALM PERCENT OF SHELL EGG MARKET SHARE BASED ONFISCAL YEAR EGG DISAPPEARANCE DATA, WHICHEXCLUDES BREAKING EGGS AND EXPORTS. ALSOEXCLUDES CALM PORTION OF EGGS SOLD TOFOOD SERVICE CHANNEL. COMPANY FILINGSAND USDA EXPRESSED AS PERCENT OF FISCAL YEAR2022 NET SALES. PERCENT OF SPECIALTY SALESARE CLASSIFIED AS NUTRITIONALLY ENHANCED,CAGE-FREE, ORGANIC, BROWN EGGS, PASTURE-RAISEDAND FREE-RANGE EGGS. EGG PRODUCT SALES ANDOTHER SALES REPRESENT HARD-COOKED EGGS, HATCHINGEGGS AND OTHER MISCELLANEOUS PRODUCTS THATARE INCLUDED WITH SHELL EGG OPERATIONS.SELECT TOTALS MAY NOT FOOT TO PUBLISHEDCOMPANY DISCLOSURES, INCLUDING FORMS 10-K, DUETO ROUNDING. FINANCIAL HIGHLIGHTS REPRESENTFISCAL YEAR 2022 DATA AS OF MAY 28,2022 UNLESS OTHERWISE NOTED. PLEASE REVIEWTHE MOST RECENT FORM 10-K FOR MORE INFORMATIONNON-GAAP EBITDA RECONCILIATION LOCATEDIN APPENDIX SHELL EGG OPERATIONS HAVERUN AT OR EXCEEDED SHELL EGG CAPACITYFOR THE FISCAL YEAR AS PUBLISHED IN THE MOST RECENTFORM 10-K BALANCE SHEET LEVERAGE AS OF END FISCALYEAR 2022. PLEASE REVIEW

THE MOST RECENT FORM 10-K FOR MORE INFORMATIONEXPRESSED AS PERCENT OF FISCAL YEAR 2022 SALES.SELECT TOTALS MAY NOT FOOT TO PUBLISHEDCOMPANY DISCLOSURES, INCLUDING FORMS 10-Q AND10-K, DUE TO ROUNDING EGGLAND'S BEST FRANCHISE TERRITORYINCLUDES LAND O'LAKES MARKET AREAS AND INCLUDESINVESTMENT IN UNCONSOLIDATED ENTITYSLIDE 8 - BUILD ON OUR SUSTAINABLE CORNERSTONECOMPANY FILINGS SLIDE 9 - LATEST QUARTERUPDATE - FISCAL Q1 2023 FINANCIAL HIGHLIGHTSREPRESENT FISCAL Q1 2023 DATA AS OF AUGUST27, 2022 UNLESS OTHERWISE NOTED. PLEASE REVIEWTHE MOST RECENT FORM 10-Q FOR MORE INFORMATIONNON-GAAP EBITDA RECONCILIATION LOCATEDIN APPENDIX SHELL EGG OPERATIONS HAVERUN AT OR EXCEEDED SHELL EGG CAPACITYFOR THE FISCAL YEAR AS PUBLISHED IN THE MOST RECENTFORM 10-Q EXPRESSED AS PERCENT OF FISCAL Q1 2023SALES. SELECT TOTALS MAY NOT FOOT TOPUBLISHED COMPANY DISCLOSURES, INCLUDINGFORMS 10-Q DUE TO ROUNDING EXPRESSED AS PERCENTOF FISCAL Q1 2023 NET SALES. PERCENT OF SPECIALTYSALES ARE CLASSIFIED AS NUTRITIONALLY ENHANCED,CAGE-FREE, ORGANIC, BROWN EGGS, PASTURE-RAISEDAND FREE-RANGE EGGS. EGG PRODUCT SALES ANDOTHER SALES REPRESENT HARD-COOKED EGGS, HATCHINGEGGS AND OTHER MISCELLANEOUS PRODUCTS THATARE INCLUDED WITH SHELL EGG OPERATIONS.SELECT TOTALS MAY NOT FOOT TO PUBLISHEDCOMPANY DISCLOSURES, INCLUDING FORMS 10-Q, DUETO ROUNDING.

COMPANY FILINGS COMPANY FILINGS CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE| NOVEMBER 2022 39

CITATIONS (2/6) CM CAL-MAINE FOODS, INC.SLIDE 10 - VOLUME & SALES GROWTH VS. INDUSTRYCOMPANY FILINGS AND RESEARCH SLIDE 11 - EGGSHAVE ENJOYED SECULAR TAILWINDIN THE U.S. USDA ECONOMIC RESEARCH SERVICE. DATAMOST RECENTLY UPDATED ON JUNE 1, 2020. EGGSAVAILABLE PER CAPITA. CHICKEN WEIGHTPER CAPITAL ON A CARCASS BASIS. PORK AND BEEFEXPRESSED AS POUNDS OF PRODUCT AVAILABLEAT RETAIL POST-WWII HIGH CONSUMPTIONAND AMERICAN HEART ASSOCIATIONCITATION COURTESY OF NEW YORK TIMES,"THE EGG: ONCE SPURNED, NOW RECLAIMED" APRIL3, 1996. HTTPS://WWW.NYTIMES.COM/1996/04/03/GARDEN/THE-EGG-ONCE-SPURNED-NOW-RECLAIMED.HTMLSLIDE 12 - POSITION FOOD PORTFOLIO TO MEET NUTRITIONNEEDS IRI DATA PROPOSED U.S. FOOD AND DRUGADMINISTRATION (FDA) DEFINITION, 90-DAYCOMMENT PERIOD BEFORE FINAL RULING AMERICAN EGGBOARD AMERICAN ACADEMY OF PEDIATRICS UNITEDNATIONS. GOAL 2: ZERO HUNGER. HTTPS://WWW.UN.ORG/SUSTAINABLEDEVELOPMENT/HUNGER/. RETRIEVED ON OCTOBER 21, 2021.SLIDE 13 - BUILD ON OUR SUSTAINABLE CORNERSTONEAS OF MAY 1, 2022. FOR DESCRIPTION OF ISS ESGRATINGS AND RANKINGS VISIT HTTPS://WWW.ISSGOVERNANCE.COM/ESG/RATINGS/.IN EACH OF FISCAL YEARS 2019, 2020 AND 2021 WE DIDNOT PARTICIPATE IN ANY VOLUNTARYOR INVOLUNTARY MARKET RECALLS FOR OURPRODUCTS. IN EACH OF THOSE FISCAL YEARS, WE DIDNOT SEEK TO MARKET ANY NOTABLE QUANTITIESOF OUR PRODUCTS TO JURISDICTIONS WITH

MARKET BANS. AS OF JUNE 1, 2021, OUR ENTERPRISE TRANSITIONEDTO CERTIFY AGAINST SQF EDITION 9 STANDARDS.SQF CERTIFICATION COMPRISES THE PROCESSINGOF FRESH SHELL EGGS THAT LEAD TO FINISHEDEGGS. FAO.ORG. EMISSIONS INTENSITIES. HTTP://WWW.FAO.ORG/FAOSTAT/EN/#DATA/EIANIMAL FEEDING OPERATIONS THATMEET THE REGULATORY DEFINITION OF A CAFOMAY BE REGULATED IN ACCORDANCE WITH THEEPA'S NPDES PERMITTING REQUIREMENTS.A KEY ELEMENT OF NPDES PERMITTING IS A COMPLIANTNUTRIENT MANAGEMENT PLAN (NMP). FOR MORE INFORMATIONABOUT OUR BLUE, GREEN AND GRAY WATERMANAGEMENT PRACTICES, PLEASE VISIT SCALINGOUR SUSTAINABILITY, OUR FISCAL YEAR 2020SUSTAINABILITY REPORT. HTTPS://WWW.CALMAINEFOODS.COM/MEDIA/1188/CALM-FY2020-SUSTAINABILITY-REPORT.PDF. THE UEP CERTIFIEDPROGRAM ADDRESSES THE FIVE FREEDOMS OF ANIMALWELFARE, WHICH SEEKS TO HELP DRIVE EXCELLENTCARE AND QUALITY OF LIFE FOR ANIMALS ENGAGED INFRESH SHELL EGG PRODUCTION. HTTPS://UEPCERTIFIED.COM/BOARD COMPOSITION AS OF 1Q FY 2023. CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE |NOVEMBER 2022 40

CITATIONS (3/6) CM CAL-MAINE FOODS, INC.SLIDE 14 - LATEST QUARTER UPDATE -FISCAL Q1 2023 RANKINGS FROM WATT POULTRY."2022 POULTRY TOP U.S. EGG PRODUCERS RANKINGS."DATA AS OF DECEMBER 31, 2021. COMPANYFILINGS AND RESEARCH SLIDE 15 - EXCELLENT SERVICEFOR BLUE-CHIP CUSTOMER BASE DATA AS OFFISCAL YEAR 2022 UNLESS NOTED. FOR MORE INFORMATIONABOUT OUR REVENUE CONCENTRATION, PLEASEREVIEW OUR MOST RECENT FORM 10-K. INCLUDES INVESTMENTIN UNCONSOLIDATED ENTITY. EGGS PACKEDIN

USDA GRADEMARKED CONSUMER PACKAGES LABELEDAS CAGE-FREE MUST BE PRODUCED BY HENS HOUSEDIN A BUILDING, ROOM, OR ENCLOSED AREA THATALLOWS FOR UNLIMITED ACCESS TO FOOD, WATER,AND PROVIDES THE FREEDOM TO ROAM WITHINTHE AREA DURING THE LAYING CYCLE. EGGS PACKEDIN USDA-GRADEMARKED CONSUMER PACKAGESLABELED AS FREE-RANGE MUST BE PRODUCED BY HENSHOUSED IN A BUILDING, ROOM, OR AREA THATALLOWS FOR UNLIMITED ACCESS TO FOOD, WATER,AND CONTINUOUS ACCESSTO THE OUTDOORS DURING THEIR LAYING CYCLE.THE OUTDOOR AREA MAY BE FENCED AND/ORCOVERED WITH NETTING-LIKE MATERIAL. USDADOES NOT REGULATE PASTURE-RAISEDCLAIMS; THESE HUSBANDRY ARE TYPICALLY CERTIFIEDBY THIRD-PARTY PROVIDERS. SLIDE 16 - SCALEDPRODUCTION AND DISTRIBUTION CAPACITY COMPANYFILINGS SLIDE 17 - LEVERAGE PRODUCTION TO MANAGEEXPENSE DATA AS OF FISCAL YEAR 2019,2022 AND Q1 OF FISCAL 2023, UNLESS OTHERWISESTATED COMPANY RESEARCH SLIDE 18 - LEVERAGEPRODUCTION TO MANAGE EXPENSE DATA ASOF FISCAL YEAR 2019, 2022 AND Q1 OF FISCAL 2023,UNLESS OTHERWISE STATED COMPANYRESEARCH SLIDE 19 - SCALE HARD-COOKED EGG OFFERINGSAS OF FISCAL YEAR 2022. FACILITY WILL HAVETHE CAPACITY TO PRODUCE APPROXIMATELY500 THOUSAND POUNDS OF WEEKLY HARD-COOKEDEGG PRODUCTS. PLEASE REVIEW THE MOST RECENTFORM 10-K FOR MORE INFORMATION. CAL-MAINEFOODS | STEPHENS 2022 ANNUAL INVESTMENT

CONFERENCE | NOVEMBER 2022 41

CITATIONS (4/6) CM CAL-MAINE FOODS, INC.SLIDE 20 - EXECUTE AGAINST CAPITAL ALLOCATIONPRIORITIES COMPANY FILINGS SLIDE 21 - EXECUTEAGAINST CAPITAL ALLOCATION PRIORITIESCOMPANY FILINGS SLIDE 22 - DRIVE FAVORABLEMIX WHILE MEETING CUSTOMER NEEDS COMPANYFILINGS AND OTHER PUBLIC DISCLOSURES. SPECIALTYSALES ARE CLASSIFIED AS NUTRITIONALLY ENHANCED,CAGE-FREE, ORGANIC, BROWN, PASTURE-RAISED ANDFREE-RANGE EGGS. REPRESENTS PERCENT OF NET SHELL EGGSALES AND EXCLUDES OTHER SALES, INCLUDINGHARD-COOKED EGGS, HATCHING EGGS, OTHER EGGPRODUCTS, HENS AND MANURE, WHICH ARE INCLUDED WITHOUR SHELL EGG OPERATIONS. IRI UNIFY.U.S. MULTI-OUTLET DATA TIED TOCALM FISCAL YEAR THROUGH MAY 28, 2022 AND FISCAL1Q 2023. SELECT TOTALS MAY NOT FOOT DUE TOROUNDING. PERCENT OF MARKET SHARE DATABASED ON SHELL EGG DOZENS SOLD. IRI MULTI-OUTLETRETAIL DATA BASED ON REPRESENTATIVESAMPLING. SLIDE 23 - MARKET INDICATORS CBOT OBSERVEDPRICING. 1QFY 2020 TO 1Q FY2023 CALM FY URNER BARRYSOUTHEAST LARGE EGG PRICING. FY2022 REFLECTSPRICING THROUGH APRIL 22, 2022 SLIDE 24 - NAVIGATEVOLATILE FEED INGREDIENT PRICING WORLDAGRICULTURAL SUPPLY AND DEMAND ESTIMATES(WASDE). NOV. 2022. HTTPS://WWW.USDA.GOV/OCE/COMMODITY/WASDE/WASDE1122.PDFCBOT OBSERVED PRICING. 1QFY 2020 TO 1Q FY2023WASDE U.S. FEED GRAIN AND CORN SUPPLYAND USE. OCT. 12, 2022. . HTTPS://WWW.USDA.GOV/OCE/COMMODITY/WASDE

USDA FOREIGN AGRICULTURAL SERVICE. INTERNATIONALAGRICULTURAL TRADE REPORT. "THE UKRAINECONFLICT AND OTHER FACTORS CONTRIBUTINGTO HIGH COMMODITY PRICES AND FOOD INSECURITY."APRIL 6, 2022. HTTPS://WWW.FAS.USDA.GOV/DATA/UKRAINE-CONFLICT-AND-OTHER-FACTORS-CONTRIBUTING-HIGH-COMMODITY-PRICES-AND-FOOD-INSECURITY.RETRIEVED ON APRIL 18, 2022. WASDE U.S. FEED GRAINAND CORN SUPPLY AND USE. OCT. 12, 2022.. HTTPS://WWW.USDA.GOV/OCE/COMMODITY/WASDECOMPANY DATA FOR FISCAL YEAR 2022.CAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 42

CITATIONS (5/6) CM CAL-MAINE FOODS, INC.SLIDE 25 - SEASONED HPAI RISK MANAGEMENT TEAMCDC.GOV. MARCH 7, 2022 UPDATE: H5N1BIRD FLU POSES LOW RISK TO THE PUBLIC. HTTPS://WWW.CDC.GOV/FLU/AVIANFLU/SPOTLIGHTS/2021-2022/H5N1-LOW-RISK-PUBLIC.HTM. FDA. QUESTIONS AND ANSWERSREGARDING THE SAFETY OF EGGS DURING HIGHLYPATHOGENIC AVIAN INFLUENZA OUTBREAKS.HTTPS://WWW.FDA.GOV/FOOD/EGGS-GUIDANCE-DOCUMENTS-REGULATORY-INFORMATION/QUESTIONS-AND-ANSWERS-REGARDING-SAFETY-EGGS-DURING-HIGHLY-PATHOGENIC-AVIAN-INFLUENZA-OUTBREAKS. RETRIEVED ON MAY12, 2022. U.S. DEPARTMENT OF AGRICULTUREANIMAL AND PLANT HEALTH INSPECTION SERVICE(APHIS). AVIAN INFLUENZA. FEBRUARY16, 2022. HTTPS://WWW.APHIS.USDA.GOV/APHIS/OURFOCUS/ANIMALHEALTH/ANIMAL-DISEASE-INFORMATION/AVIAN/AVIAN-INFLUENZA U.S. DEPARTMENT OF AGRICULTUREANIMAL AND PLANT HEALTH INSPECTION SERVICE(APHIS). 2022 DETECTIONS OF HIGHLY PATHOGENICAVIAN INFLUENZA. RETRIEVED ON APRIL 22,2022. HTTPS://WWW.APHIS.USDA.GOV/APHIS/OURFOCUS/ANIMALHEALTH/ANIMAL-DISEASE-INFORMATION/AVIAN/AVIAN-INFLUENZA/2022-HPAI. PERCENT OF THE U.S. TABLEEGG LAYER FLOCK IMPACTED BASED ON USDA'SFEBRUARY 2022 REPORTED TABLE EGG LAYERLEVELS. TABLE EGG LAYERS IMPACTEDFROM APHIS REPORTING AS OF APRIL 24, 2022. USDA'SWASDE REPORT AS OF OCT. 12, 2022.RETRIEVED ON OCT. 12, 2022. HTTPS://WWW.USDA.GOV/OCE/COMMODITY/WASDE/WASDE1022.PDFSLIDE 26 -

U.S. HPAI SNAPSHOT: 2022 VS. 2014-2015 USDA REPORTAS OF SEPT. 2022. - HTTPS://WWW.APHIS.USDA.GOV/APHIS/OURFOCUS/ANIMALHEALTH/ANIMAL-DISEASE-INFORMATION/AVIAN/AVIAN-INFLUENZA/HPAI-2022 BASED ON FEB. 22 LAYERHEN LEVELS SLIDE 27 - CAGE-FREE STATEMANDATES'EXPANSION: PATH TO 2026 LEAPMARKET ANALYTICS. EGG MARKET SUMMARYAND OUTLOOK. MAY 4, 2022 UDA EGG MARKETS OVERVIEW,OCTOBER21, 2022 HTTPS://WORLDPOPULATIONREVIEW.COM/STATESSLIDE 28 - POSITIONED TO SUPPLY TRANSITIONINGSHELL EGG DEMAND HEN HOUSING REQUIREMENTSBY STATE. UNITED EGG PRODUCERS. JUNE 8, 2021.ENHANCED SPACE IN-STATE PRODUCTIONOR SALE REQUIREMENTS. SOURCE: UNITED EGGPRODUCERS AS OF JANUARY 2022. U.S. CENSUS DATAPOPULATION ESTIMATES AS OF 2021. USDA EGGMARKETS OVERVIEW. CAGE-FREE TABLE EGGLAYER FLOCK ESTIMATES AS OF APRIL 29, 2022.PER UNITED EGG PRODUCERS ARTICLE PUBLISHEDFEB. 2020 "MEETING CAGE-FREE COMMITMENTS IMPOSSIBLEFOR EGG PRODUCERS. " HTTPS://WWW.FEEDSTUFFS.COM/NEWS/MEETING-CAGE-FREE-COMMITMENTS-IMPOSSIBLE-EGG-PRODUCERS. BASED ONCAPITAL REQUIRED FOR INDUSTRY TO TRANSITIONCAGE-FREE LAYER FLOCK TO ~70% OF U.S. DOMESTICLAYER FLOCK FOR 2026 EXPECTED DOMESTICNEEDS FOR CAGE-FREE EGGS. USDA EGG MARKETS OVERVIEWAPRIL 29, 2022. "CAGE-FREE COMMITMENTS AS OF APRIL2022 REMAIN ABOUT UNCHANGED, REQUIRING 66.7 BILLIONCAGE-FREE EGGS PER YEAR TO MEET 100% OF NEEDSFROM AN

APPROXIMATELY CAGE-FREE FLOCK OF 221MILLION HENS…INDICATING A SHORTAGE OF130 MILLION HENS FROM THE CURRENT NON-ORGANICCAGE-FREE FLOCK OF 90.5 MILLION HENS." AS OF FISCAL YEAR2022. PLEASE REVIEW THE MOST RECENT FORM 10-KFOR MORE INFORMATION. AS OF Q1 OF FISCAL YEAR2023. PLEASE REVIEW THE MOST RECENT FORM 10-QFOR MORE INFORMATION. CAL-MAINE FOODS |STEPHENS 2022 ANNUAL INVESTMENT CONFERENCE |NOVEMBER 2022 43

CITATIONS (6/6) CM CAL-MAINE FOODS, INC.SLIDE 29 - SHELL EGG INDUSTRY IS FRAGMENTED; OPPORTUNITIESREMAIN COMPANY PRESS RELEASES AND FILINGS 2022WATT POULTRY TOP U.S. EGG PRODUCERS'RANKINGS. HTTPS://WWW.EGGINDUSTRY-DIGITAL.COM/EGGINDUSTRY/JANUARY_2022/MOBILEPAGEDREPLICA.ACTION?PM=2&FOLIO=AD1#PG1WATT POULTRY USA. "TOP BROILERCOMPANIES CONTEND WITH COVID-19 IN 2020". HTTPS://WWW.WATTPOULTRYUSA-DIGITAL.COM/WATTPOULTRYUSA/MARCH_2021/MOBILEPAGEDARTICLE.ACTION?ARTICLEID=1668232#ARTICLEID1668232COMPANY PRESS RELEASES AND FILINGS SLIDE 33- CONTINUE TO EVOLVE OUR STRONG HUMAN CAPITALAND COMMUNITY FOCUS CAL-MAINE FOODS' HUMANRIGHTS STATEMENT. HTTPS://WWW.CALMAINEFOODS.COM/MEDIA/1189/CAL-MAINE-FOODS-HUMAN-RIGHTS-STATEMENT-FINAL.PDF. CAL-MAINEFOODS' COMPANY DATA SLIDE 34 - INVESTTO ATTRACT AND RETAIN TOP TALENTCALM DATA AS OF FISCAL YEAR-END2021. INDUSTRY DATA FOR ANIMAL PRODUCTIONINDUSTRY (NAICS 112) AS OF CALENDAR YEAR 2021SLIDE 35 - INVEST TO ATTRACT AND RETAINTOP TALENT OCCUPATIONAL SAFETYAND HEALTH ADMINISTRATION (OSHA) TOTALRECORDABLE INCIDENT RATE (TRIR) FOR CAL-MAINEFOODS AS OF 2021 FISCAL YEAR END. POULTRY-RAISINGNAICS SECTOR 1123 TRIR DATA AS OFCY 2020, THE MOST RECENT YEAR IN WHICH THE BUREAU OFLABOR STATISTICS (BLS) RELEASED DATA.CAL-MAINE FOODS | STEPHENS 2022 ANNUAL INVESTMENTCONFERENCE | NOVEMBER 2022 44