Innovation Growth H/W

Business: The second-largest producer and marketer of packaged bakery foods in the U.S. 2016 sales: $3.9 billion Bakeries: 49 efficient bakeries in 18 states Employees: Approx. 10,800 Products: Breads, buns, rolls, snack cakes, tortillas Top brands: Nature’s Own, Wonder, Dave’s Killer Bread, Cobblestone Bread Co., Tastykake, Mrs. Freshley’s Market: Retail and foodservice. Fresh bakery foods to +85% of the U.S. population through a network of independent distributors; frozen bakery items and snack cakes to customers’ warehouses nationwide.

INVESTOR FACT SHEET | JUNE 2017 | NYSE: FLO | Market Cap: $3.9B

VISION As America’s premier baker, we craft foods that make people smile. We are driven by a passion to boldly grow our business through inspiring leadership, teamwork, and creativity.

VALUE CREATION STRATEGIES Reinvigorate core business Align brands to consumers, invest in brand growth and innovation, support distributor partners

Capitalize on product adjacencies Build leading foodservice position, grow in-store bakery, seek opportunities in healthy snacking

Reduce costs to fuel growth Simplify and streamline operating model; better leverage national footprint

Invest in capabilities & growth Enhance financial planning and analyst capabilities, performance management system

CATEGORY STRENGTH $28.0 billion retail sales* $7.4 billion foodservice sales**

LONG-TERM GOALS Sales growth: 2% - 4% EBITDA margin: 13% - 14% EPS growth: 8% - 10%

Fresh/DSD Frozen/Warehouse

FY 2016 SNAPSHOT

49 BAKERIES & FRESH/FROZEN DISTRIBUTION COMPANY STRENGTHS

P R O D U C T M I X D I S T R I B U T I O N S A L E S C H A N N E L S 1Mix business sold 1/17. 2Thrift stores, vending, all other Chart data should not be used for historical comparisons since some business has shifted between segments and because of changes in geographic definition.

17% Fresh snack cakes

6% Frozen breads, rolls

76% Fresh breads, buns, rolls, and tortillas

1% Mixes1

84% Direct store delivery (DSD)

16% Direct to

customers’ warehouses

30% Mass merchandiser/ discount

5% Convenience store

5% Other2

23% Foodservice

37% Supermarket/ Drug

IRI Flowers Custom Database Total US MultiOutlet – 52 weeks ending 01/01/17. Flowers Private Label Sales SDW. Chart data should not be used for historical comparison because of changes in geographic definition. IRI Flowers Custom Database – 52 weeks ending 01/01/17

• Nature’s Own is the #1 loaf bread brand in total U.S. with $1.0 billion in retail sales in 2016.

• In total U.S., Nature’s Own Honey Wheat is the #1 fresh packaged bread item and Nature’s Own Butterbread is the #1 white loaf item.

• Wonder, nearing the century mark, has 98% consumer awareness in the U.S.

• Dave’s Killer Bread is the #1 organic bread brand in total U.S.

• CBC breads and buns make every day eating occasions more special.

• The iconic snack cake brand from Philly is capturing new fans around the country.

• Award-winning Mrs. Freshley’s offers a wide variety of snack cakes sold through warehouse distribution nationwide.

• Regional white bread brands have been family favorites for generations.

• Strong brands and a team committed to transforming the company

• Clear objectives to grow sales, expand margins, and deliver shareholder value

• Executing today on initiatives to reinvigorate the core, obtain fuel for growth, and improve financial performance

• Designing an operating model to deliver sustainable, long-term growth

BRAND SHARE, TOTAL U.S. Breads, Buns, Rolls

14.8% Flowers branded

4.1% Flowers store brand

6.0% Pepperidge Farm

BRAND STRENGTH

23.8% Independent/ specialty bakers

30.4% BBU/Sara Lee

20.9% Other bakers’ store brands

*IRI Custom Database – 52 weeks ending 01/01/17

**Technomic FY2016

***IRI Custom Database – 52 weeks ending 12/25/16

****Willard Bishop Super Study 2015 Kroger/Safeway/Ahold

Numbers should not be used for historical comparison because of change in IRI data.

• Across the grocery store segment, fresh bread and rolls is the third-largest category, in dollars, behind only carbonated beverages and beer/ale/alcoholic cider.***

• Bread is the No. 1 grocery category in weekly true profits.****

• 98.6% of households buy fresh packaged bread.***

*In addition to cash, stock and debt are used

to fund acquisitions.

$0.70

$0.60

$0.50

$0.40

$0.30

$0.20

$0.10

Cap ex

Acquisitions* Pension

Share repurchases Dividends

FY12

FY13

FY14

FY15

FY16

$509.1

$631.4

$238.0

$621.3

$360.1

DSD SALES BY CATEGORY1

WAREHOUSE SALES BY CATEGORY1

Approx. % of FY16 sales

Approx. % of FY16 sales

1Segment charts should not be used for historical comparisons since some business has been shifted between segments.

64% Branded retail

14% Store-branded

retail

37% Foodservice

26% Branded retail

4% Other

18% Store- branded retail

11% Vending

4% Contract production

FLOWERS FOODS’ OPERATING SEGMENTS

DIRECT STORE DELIVERY (DSD) — 84% OF SALES

Contact: J.T. Rieck, VP IR/Financial Analysis, 229.227.2253, [email protected], Flowers Foods, 1919 Flowers Cir., Thomasville, GA 31757, flowersfoods.com

CAPITAL ALLOCATION in millions

DIVIDENDS PER SHARE 2003 - 2016

WAREHOUSE DELIVERY — 16% OF SALES

SALES % growth

0.4%

3.9%

0.8%

$3,927

$3,779

$3,749

15

14

16 in millions

GROSS MARGIN*

15

14

16 48.4%

48.0%

48.0%1

COMPONENTS OF ADJ. EBITDA*

1Includes direct labor & indirect manufacturing expenses 2Includes selling & administrative expenses

ADJUSTED EBITDA* % margin

11.4%

11.4%

11.7%

$4471

$4411

$4291 15

14

16

ADJUSTED NET INCOME* % of sales

5.1%

4.9%

5.2%

$1911

$1971

$1921 15

14

16

ADJUSTED DILUTED EPS* % change

<1.1>%

<1.1>%

2.2%

$.911

$.921

$.901 15

14

16

• Broad product range—breads, buns, rolls, snack cakes, tortillas

• $3.3 billion in sales for FY16 • Access to more than 85% of US population • Fresh bakery foods delivered daily • Motivated independent distributor partners

INDEPENDENT DISTRIBUTOR (ID) MODEL • Independent distributors who control and

direct independent businesses • Entrepreneurial model that motivates IDs to

increase sales through outstanding service and merchandising

• Approximately 5,100 territories • More info at flowersfoods.com/IDprogram

• Fresh snack cakes, frozen breads and rolls

• $642.7 million in sales for FY16

• National distribution

• Direct to customers’ warehouses by frozen and non-frozen contract carriers

21.8% Shipping +

Distribution

11.4% Adj.

EBITDA 28.9% Ingredients + Packaging

15.2% All Other2

22.7% Conversion1

% of FY16 Sales

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

1Excluding one-time events; 2014 was a 53-week year. *Reconciliations of non-GAAP measures are available at flowersfoods.com. Click on Investor Center and select Financial Documents.

22% Restaurant/

institutional/ other

in thousands

in thousands