Innovation Growth H/W

Business: The second-largest producer and marketer of packaged bakery foods in the U.S. 2018 sales: $4.0 billion Bakeries: 46 efficient bakeries in 18 states Employees: Approx. 9,700 Products: Breads, buns, rolls, snack cakes, tortillas Top brands: Nature’s Own, Dave’s Killer Bread, Tastykake, Canyon Bakehouse, Mrs. Freshley’s, Wonder 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 NYSE: FLO | MARKET CAP: $4.541B | January 2020

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

LONG-TERM GOALS Sales growth: 3% - 4% EBITDA margin: 13% - 14% EPS growth: 8% - 10%

FY 2018 SNAPSHOT

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

1Thrift stores, vending.

Chart data should not be used for historical comparisons since some business has shifted and because of changes in geographic definition.

IRI Flowers Custom Database Total MultiOutlet – 52 weeks ending 12/30/18

16.1% Fresh snack cakes

7.5% Frozen breads, rolls

76.4% Fresh breads, buns, rolls, and tortillas

85% Direct store delivery (DSD)

15% Direct to

customers’ warehouses

31% Mass merchandiser/ discount

5% Convenience store 4% Other1

22% Foodservice

38% Supermarket/ Drug

• Strong brands and a team committed to transforming company

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

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

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

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

• Fresh bakery foods delivered daily to approximately 85% of the U.S. by motivated independent distributor partners

• Frozen and non-frozen delivery to customers’ warehouses available nation-wide

59.1% Branded retail

24.0% Non-retail

1.8% Other

S A L E S BY C AT E G O R Y

15.1% Store-branded

retail

IRI Flowers Custom Database Total MultiOutlet – 52 weeks ending 12/30/18 Flowers Private Label Sales SDW. Chart data should not be used for historical comparison because of changes in geographic definition.

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

5.8% Pepperidge Farm

BRAND STRENGTH

18.8% Other

private label 29.9% BBU/Sara Lee

24.6% Other bakers’ store brands

16.0% Flowers branded

CATEGORY STRENGTH $28.6 billion retail sales* $7.4 billion foodservice sales**

*IRI Custom Database – 52 weeks ending 12/30/18

**Technomic FY2018

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

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

• 98.5% of households buy fresh packaged bread.*** ***IRI Panel Data

****Willard Bishop Super Study (Numbers should not be used for historical comparison because of change in IRI data.)

America’s best-selling bread. Nature’s Own fresh breads and buns have no artificial preservatives, colors, or flavors and no high fructose corn syrup.

The fastest-growing gluten-free bread brand in the country – Canyon Bakehouse offers breads, buns, bagels, English muffins, and specialty items.

The #1 organic bread brand in the U.S., Dave’s Killer Bread is powerfully different. Packed with protein, fiber, and whole grains with no artificial anything. Non-GMO and certified organic – it will rock your world.

Tastykake – one taste and you’ll know why it’s been a favorite of many for more than 100 years.

Putting a smile on people’s faces for nearly 20 years, Mrs. Freshley’s wide array of sweet treats are available in vending machines, convenience stores, and other retail outlets nationwide.

Hot dog, hamburger, or sandwich, Wonder Bread is the way to go. Instill a little wonder in whatever you’re eating next!

4.8% Flowers store brand

*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

FY18

FY14

FY15

FY16

FY17

$493.0

$238.0

$618.3

$360.1

$220.5

INDEPENDENT DISTRIBUTOR PARTNER (IDP) MODEL

CAPITAL ALLOCATION in millions

DIVIDENDS PER SHARE 2003 - 2018

SALES % growth

0.8%

<0.2>%

3.9%

$3,921

$3,927

$3,952

16

18

17

in millions

GROSS MARGIN*

16

18

17 48.7%

47.7%

48.4%

COMPONENTS OF ADJ. EBITDA*

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

ADJUSTED EBITDA* % margin

10.4%

11.5%

11.5%

$4501

$4531

$4111

16

18

17

ADJUSTED NET INCOME* % of sales

4.8%

5.0%

$1871

$195116

5.0%$198118

17

ADJUSTED DILUTED EPS* % change 5.6%

<4.3>%

1.1%

$0.891

$0.931

$0.941

16

18

17

INDEPENDENT DISTRIBUTOR PARTNER (IDP) MODEL • Independent distributor partners control and direct

independent businesses. • Entrepreneurial model that motivates IDPs to increase

sales through outstanding service and merchandising. • Approximately 5,900 territories • More info at flowersfoods.com/partners

24.7% Shipping/

distribution

10.4% Adj.

EBITDA 29.7% Ingredients/

packaging

12.6% All other2

22.6% Conversion1

% of FY18 Sales

03 04 05 06 07 08 09 10 11 12 13 14 15 16

1Excluding one-time events. *Reconciliations of non-GAAP measures are available at flowersfoods.com. Click on Investor Center and select Financial Documents.

in millions

in millions

17

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

18

2

4

2

3

Fresh/DSD

Frozen/Warehouse available throughout the continental U.S.

46 BAKERIES & FRESH/FROZEN DISTRIBUTION