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SEPTEMBER 2015INVESTOR PRESENTATION

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Statements contained in this press release that arenot historical facts are forward‐looking statements.Forward‐looking statements relate to currentexpectations regarding our future financialcondition, performance and results of operations,planned capital expenditures, long‐term objectivesof management, supply and demand, pricing trendsand market forces, and integration plans andexpected benefits of transactions and are oftenidentified by the use of words and phrases such as"anticipate," "believe," "continue," "could,""estimate," "expect," "intend," "may," "plan,""predict," "project," "should," "will," "would," "islikely to," "is expected to" or "will continue," or thenegative of these terms or other comparableterminology. All forward‐looking statements aresubject to risks and uncertainties that could causeactual results to differ from those projected. Otherfactors that may cause actual results to differ fromthe forward‐looking statements contained in thisrelease and that may affect the company'sprospects in general include, but are not limited to(a) competitive conditions in the baked foods

industry, including promotional and pricecompetition, (b) changes in consumer demand forour products, including changes in consumerbehavior, trends and preferences, including healthand whole grain trends, and the movement towardmore inexpensive store‐branded products, (c) thesuccess of productivity improvements and newproduct introductions, (d) a significant reduction inbusiness with any of our major customers includinga reduction from adverse developments in any ofour customer's business, (e) fluctuations incommodity pricing, (f) energy and raw materialcosts and availability and hedging and counterpartyrisk, (g) our ability to fully integrate recentacquisitions into our business, (h) our ability toachieve cash flow from capital expenditures andacquisitions and the availability of new acquisitionsthat build shareholder value; (i) consolidation withinthe baking industry and related industries; (j)disruptions in our direct‐store delivery system,including litigation or an adverse ruling from a courtor regulatory or government body that could affectthe independent contractor classification of our

independent distributors, and (k) the failure of ourinformation technology systems to performadequately, including any interruptions, intrusionsor security breaches of such systems. The foregoinglist of important factors does not include all suchfactors, nor necessarily present them in order ofimportance. In addition, you should consult otherdisclosures made by the company, including the riskfactors included in our most recently filed AnnualReport on Form 10‐K and Quarterly Report on Form10‐Q filed with the Securities and ExchangeCommission ("SEC") and disclosures made in otherfilings with the SEC and company press releases, forother factors that may cause actual results to differmaterially from those projected by the company. Wecaution you not to place undue reliance on forward‐looking statements, as they speak only as of thedate made and are inherently uncertain. Thecompany undertakes no obligation to publicly reviseor update such statements, except as required bylaw.

INFORMATION REGARDING FORWARD LOOKING STATEMENTS

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INITIATIVES

Operations:

• Leveraging our brands to grow in new geographies

• Strengthening our brands with product innovation

• Expanding our portfolio through strategic acquisitions

Financials:

• Executing on our margin improvement initiatives

• Strong year‐to‐date performance

• Focused on delivering shareholder value

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One family‐owned bakery in Thomasville, GA

FLOListed publicly as FLO

Note: Wonder was #1 independently owned and distributed white bread brand prior to Hostess’ exit from market

FOCUSED ON FRESH BAKED FOODS FOR OVER 95 YEARS

Proven business modelEfficient bakeries/distribution

Experienced team

47 operating bakeriesSecond‐largest baked foods 

company in U.S.

#1 bread in U.S.

Strong cake brand

Powerfulbrand portfolio

Today

1919 19681968 to 

2014More than 100 acquisitions

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HOW WE SERVE THE CATEGORY

84% of 2014 sales Direct  Store Delivery

16% of 2014 sales Warehouse Distribution

• Fresh products delivered directly to consumers in partnership with over 5,200 independent distributors.

• DSD sales by category:• 78% retail (primarily bread, buns, and rolls)

• 22% foodservice & other

• Fresh & frozen products shipped to customers’ warehouses nationwide.

•Warehouse sales by category:

• 54% retail and vending (primarily snack cake)

• 46% foodservice & other

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GROWING THE FLOWERS WAY

2004 2014Consolidated sales $1.5 billionApproximately 35% of U.S. population served by DSD

Consolidated sales of $3.7 billionMore than 81% of U.S. population served by DSD

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2004 2014*

$1.55

$3.75

2004 2014*

$139

$429(2)

(1) Earnings before interest, taxes, depreciation, and amortization. See reconciliation of non‐GAAP measures at the end of this slide presentation.(2) Adjusted for Leo’s divestiture, asset impairment, and pension settlement loss. See reconciliation of non‐GAAP measures at the end of this slide presentation.(3) Income from continuing operations.*      53‐week year

In billions In millions

2004 2014*

$0.90(2)

$0.24(3)

In dollars/share

FINANCIAL TRENDS

Sales10‐yr CAGR: 9%

EBITDA(1)

10‐yr CAGR: 12%EPS

10‐yr CAGR: 14%

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Tortilla, wraps$2.3 billion

Commercial cake$6.7 billion

Fresh packagedbreads$14.7 billion

•White bread• Soft variety bread• Specialty bread• Buns & rolls• Breakfast breads• Bagels• English muffins• Dinner breads & rolls

Foodservice breads/rolls$7.2 billion(2)

Retail Outlets – Total Sales(1)$23.7 Billion

(1) Source: IRi for Total US MultiOutlet plus Convenience (52 Weeks ending 19‐Jul‐2015)(2) Source: Technomics 52 weeks ending 5‐Oct‐2014

U.S. FRESH BAKERY CATEGORY: TOTAL $30.9 BILLION

White flour varieties are more than 50% of the unit volume

21.0%White loaf

18.1%Soft varietyloaf

10.2% Specialtypremium loaf(inc. organics)

23.4%Sandwich buns /rolls

11.2% Breakfast items

13.1% Dinner bread/rolls

3.0% Other

Fresh Packaged Breads – Unit Share(i)

Sales of $14.7 billion(ii)

(i) Source: Iri Total US MultiOutlet for 52 weeks ending 19‐Jul‐2015(ii) Source: IRi Total US MultiOutlet plus Convenience for 52 weeks ending 19‐Jul‐2015

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Core IRi South Market

FLO DSD Expansion Markets

Indicates FLO share in individual expansion marketsIndicates FLO share in expansion states

(1) 52 weeks ending 19‐Jul‐2015(2) Flowers’ internal data(3) Excludes week 53Individual markets: IRi Total US multi‐outlet, 16 weeks ending 19‐Jul‐2015

$568 million(Five‐year contribution from new markets)

Consolidated Sales Change Attributable to New Markets(2)

2010  0.4%2011  0.7%2012  0.7%2013  2.4%2014(3) 2.0%

13.0%16.8%

18.2%

9.3%

7.1%8.2%

3.1%2.8%

4.0%

4.6%

5.7%

3.6%13.0%

21.8%

GEOGRAPHIC EXPANSION

45.5% of FLO population served is in the IRi South MarketFLO share is 28.1%(1)

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0.8 1.3

1.8

3.3

0.3

2.7

4.6

Q2 2013 Q2 2014 Q2 2015

New York Dollar Share

FLO Share in Select Expansion Markets

Core brands $ share New brands $ share

NEW BRANDS FUEL EXPANSION MARKET GROWTH

5.4 6.5

4.56.6

0.0

9.9

13.0

Q2 2013 Q2 2014 Q2 2015

Kansas City Dollar Share

1.4 1.7 2.0

1.82.7

1.4

3.5

4.7

Q2 2013 Q2 2014 Q2 2015

Ohio Dollar Share

1.6 2.1

1.41.5

0.0

3.03.6

Q2 2013 Q2 2014 Q2 2015

Denver Dollar Share

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REVIEW OF RECENT PLANT OPENINGS

Lenexa, KSSummer 2015

Henderson, NVOpened  Nov. 2013

Knoxville, TNOpened May 2014

• Fresher product• Logistics cost savings• Better efficiencies at surrounding plants• Extension of distribution network frontiers

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NATURE’S OWN ATTRIBUTES• Since 1977—No artificial preservatives, colors, or flavors

• 1991—WhiteWheat, healthier white bread

• 1999—Sugar‐free bread 

• 2004—Lower carb bread, double fiber bread with omega‐3

• 2006—Premium breads with whole grains

• 2009—HFCS removed

• 2010—Sandwich rounds, thin‐sliced bagels

• Today—Cleaner label initiative going from 26 to 14 ingredients

THE FLOWERS WAY ‐ INNOVATION

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PENDING ACQUISITIONS

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Total USOrganic Food Sales

(in billions)

Source: Western Washington University; Center for Economic Vitality 

2010 2011 2012 2013 2014

$28.9$32.1

$35.4$38.7

$42.0

CAGR 9.8%

HEALTHY EATING: ORGANIC BREAD

ORGANIC BREAD OPPORTUNITY• Organic bread household penetration is currently 30%, and growing faster than organic food category

• Organic bread attractive to core demographics: Hispanics, Families, and Millennials

• Organic bread is incremental for Flowers – consumers are switching from in‐store bakery and premium, where Flowers is under‐indexed

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GROWTH OPPORTUNITIES: PREMIUM

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$198  $217 $325  $297 

$260 $291 

$425  $440 $458$508

$750 $737

(in millions)

Tastykake Acquisition

Hostess ExitsNovember 

2012

Hostess ReturnsJuly 2013

GROWING SNACK CAKE BUSINESS

3yr CAGR = 19%

Sales at Retail3 YR CAGR = 17%

2011 2012 2013 2014

3yr CAGR = 14%

Source: Flowers Internal Data

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NEW SNACK CAKE PRODUCTS

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EPS      Double Digits

Annual Sales Growth of 5% to 10%

EBITDA Margin of 11% to 13%

LONG‐TERM GROWTH OBJECTIVES

Existing Business Growth

3% to 5%

Acquisitions/Mergers

2% to 5%

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Note: Dollars in millions, except per share data(1) Adjusted earnings before taxes, interest, depreciation & amortization. See reconciliation of 

non‐GAAP measures at the end of this slide presentation.(2) Adjusted earnings per share. See reconciliation of non‐GAAP measures at the end of this slide 

presentation.

(28 wks)YTD 2015

(28 wks)YTD 2014

Sales $ 2,035 $ 2,027Adj. EBITDA(1) $ 249 $ 237% of Sales 12.2 % 11.7 %

Adj. EPS(2) $ 0.54 $ 0.50

CURRENT YEAR COMMENTS

• Financial comparisons expected to improve in the back‐half of 2015

• Will cycle Leo’s exit and begin to realize revenue from recent business wins

• Expect input cost declines to moderate

• Expect corporate costs to remain elevated

Key Factors for Back Half:YTD Summary:

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* Adjusted for Leo’s divestiture, asset impairment, and pension settlement loss. See reconciliation of non‐GAAP measures at the end of this slide presentation.

MARGIN IMPROVEMENT OPPORTUNITIES

2014 EBITDA Margin* = 11.4%

+ Lepage Turnaround & Carrying Cost Reductions

+ Improved Efficiencies

GOAL EBITDA MARGIN = 11% to 13%

+ Reduced Stales/Returned Product

21(1) See non‐GAAP reconciliations at the end of this slide presentation

Guidance(52 wks)FY 2015

Sales (in billions) $3.786 to $3.861Adj. earnings per share(1) $0.96 to $1.01Capital expenditures (in millions) $85 to $95Net interest expense (in millions) $7 to $8Depr. & amort. % of sales 3% to 3.4% Approximate tax rate 35.5%

GUIDANCE FOR 2015

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Returned to ShareholdersShare repurchases $438.1Dividends $641.8

Invested in GrowthAcquisitions $1,105.3Capital expenditures $796.0

CASH FLOW FROM OPERATIONS & CAPITAL ALLOCATION

$114$151

$215

$95

$236

$306

$134

$217

$270

$314

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

In millions

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NET DEBT SUMMARY

$833 $818 $809

$756

$698

$647

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015

(1) Net Debt equals current & long‐term debt and capital leases, less cash & equivalents. See reconciliation of non‐GAAP measures at the end of this slide presentation.

(2) Based on trailing twelve months EBITDA ended July 19, 2015, adjusted for Leo’s divestiture, asset impairment, and pension settlement loss. See reconciliation of non‐GAAP measures at the end of this slide presentation.

Net Debt(1)

Net Debt/EBITDA(2) = 1.5X

In millions

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2010 2011* 2012* 2013 2014* 2015Projected

$116.7$112.0

$85.0 to 

$95.0

$13.5

$99.2$98.5 $79.2 $67.3

*No operating leases in 2011, 2012, and 2014

Capex Operating leases

In millions2010Six new production linesNew bakery in Bardstown, KY

2013Opened bread lines in Henderson, NV and Oxford, PA

2014Opened bread lines in Modesto, CA and Knoxville, TN, and a bun line in Henderson, NV

2015Opened a bread and bun line in Lenexa, KS

$17.5

$83.8

CAPITAL EXPENDITURES

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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

COMPETITIVE DIVIDEND

Dividends Paid Per Share

$0.09 $0.11 $0.14 $0.20 $0.26 $0.30 $0.34 $0.39 $0.42 $0.44 $0.49

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CashDividends $    641.8Share repurchases 438.1TOTAL $ 1,079.9

Market CapitalizationIn billions

$1.1

$4.9

Sep 2004 Sep 2015

CREATING SHAREHOLDER VALUE

2005 to 2014 (millions)

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Grow SalesDevelop new and expand core markets through new customers, new products, strong brands, acquisitions

Give Extraordinary ServiceGo beyond the expected to meet customer needs

Bake SmartInnovate to improve processes, enhance quality, reduce costs, conserve resources

Invest WiselyUse technology and efficiencies to be the low‐cost producer of delicious bakery foods

Appreciate TeamRespect every individual, embrace diversity, and promote career growth

A STRATEGY THAT WORKS

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The company prepares its consolidated financialstatements in accordance with U.S. Generally AcceptedAccounting Principles (GAAP). However, from time totime, the company may present in its public statements,press releases and SEC filings, non‐GAAP financialmeasures such as, EBITDA, adjusted EBITDA, adjustedEBITDA margin, net debt to adjusted EBITDA, adjustedincome from continuing operations, and adjusted netincome per diluted share. EBITDA is used as the primaryperformance measure in the company's 2014 OmnibusEquity and Incentive Compensation Plan. The companydefines EBITDA as earnings from continuing operationsbefore interest, income taxes, depreciation,amortization and income attributable to non‐controllinginterest. The company believes that EBITDA is a usefultool for managing the operations of its business and isan indicator of the company's ability to incur andservice indebtedness and generate free cash flow.Furthermore, pursuant to the terms of our creditfacility, EBITDA is used to determine the company'scompliance with certain financial covenants. Thecompany also believes that EBITDA measures arecommonly reported and widely used by investors andother interested parties as measures of a company'soperating performance and debt servicing abilitybecause EBITDA measures assist in comparingperformance on a consistent basis without regard todepreciation or amortization, which can vary

significantly depending upon accounting methods andnon‐operating factors (such as historical cost). EBITDA isalso a widely‐accepted financial indicator of acompany's ability to incur and service indebtedness.The company defines net debt as the sum of thecurrent portion of long‐term debt and capital leaseobligations, long‐term debt, and capital leaseobligations. The ratio of net debt to adjusted EBITDA isa measure used by management and investors to assessthe company’s level of leverage and the cost ofadditional debt, which affects the company’s ability torefinance debt as it becomes due and incur additionaldebt to invest in business opportunities. AdjustedEBITDA, adjusted EBITDA margin, and adjusted netincome per diluted common share exclude additionalcosts that we consider important to present toinvestors. These include, but are not limited to, thecosts of closing a plant or costs associated withacquisition‐related activities. We believe that financialinformation excluding certain transactions notconsidered to be part of the ongoing business improvesthe comparability of earnings results. We believeinvestors will be able to better understand our earningsresults if these transactions are excluded from theresults. These non‐GAAP financial measures aremeasures of performance not defined by accountingprinciples generally accepted in the United States andshould be considered in addition to, not in lieu of, GAAP

reported measures. EBITDA should not be consideredan alternative to (a) income from operations or netincome (loss) as a measure of operating performance;(b) cash flows provided by operating, investing andfinancing activities (as determined in accordance withGAAP) as a measure of the company's ability to meet itscash needs; or (c) any other indicator of performance orliquidity that has been determined in accordance withGAAP. Our method of calculating EBITDA, adjustedEBITDA, adjusted EBITDA margin, adjusted net incomeper diluted common share, and net debt to EBITDA maydiffer from the methods used by other companies, and,accordingly, may not be comparable to similarly titledmeasures used by other companies. The reconciliationsattached provide a reconciliation of our net income, themost comparable GAAP financial measure to EBITDAand adjusted EBITDA, a reconciliation of debt to netdebt, and a reconciliation of net income per dilutedcommon share to adjusted net income per dilutedcommon share. We have also provided a calculation ofadjusted EBITDA margin and the ratio of net debt toEBITDA.

INFORMATION REGARDING NON‐GAAP FINANCIAL MEASURES

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RECONCILIATION OF NON‐GAAP FINANCIAL MEASURES

Reconciliation of Net Income to  For the 12 For the 28 For the 53 For the 28 For the 52EBITDA and Adjusted EBITDA and Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks EndedCalculation of Adjusted EBITDA Margin: July 18, 2015 July 18, 2015 January 3, 2015 July 12, 2014 January 1, 2005

(in thousands)Net income 51,760$         113,149$       175,739$           103,130$       50,774$            Loss  from discontinued operations, net of tax ‐                  ‐                  ‐                      ‐                  3,486                 Minority interest in variable interest entity ‐                  ‐                  ‐                      ‐                  1,769                 Income tax expense 27,421            60,988            92,315                55,546            35,071               Interest expense (income), net 860                 2,442              7,341                  4,906              (8,826)                Depreciation and amortization 30,468            70,285            128,961             69,199            56,702               EBITDA 110,509         246,864         404,356             232,781         138,976            

Asset impairment/Tortil la facil ity divestiture 2,275              2,275              9,301                  4,489              ‐                     Pension plan settlement loss ‐                  ‐                  15,387                ‐                  ‐                     Adjusted EBITDA 112,784$       249,139$       429,044$           237,270$       138,976$          

Sales 888,795$       2,034,840$    3,748,973$        2,026,708$   Adjusted EBITDA Margin 12.7% 12.2% 11.4% 11.7%

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Reconciliation of Debt to Net Debt andCalculation of Net Debt to  As of As of As of As of As of As ofTrailing Twelve Month Adjusted EBITDA Ratio: July 18, 2015 April 25, 2015 January 3, 2015 October 4, 2014 July 12, 2014 April 19, 2014

(in thousands)Current maturities  of long‐term debtand capital  lease obligations 34,180$        34,471$          34,496$             35,654$               34,272$        30,737$         Long‐term debt and capital  lease obligations 659,094        671,339          728,940             780,969               791,791        810,988         Total  debt and capital  lease obligations 693,274        705,810          763,436             816,623               826,063        841,725         

Less: Cash and cash equivalents 46,544           7,966               7,523                  8,075                   8,532             8,801              Net Debt 646,730$      697,844$        755,913$           808,548$            817,531$      832,924$       

Adjusted EBITDA for the Trail ing53 Weeks  Ended July 18, 2015 440,913$     Ratio of Net Debt toTrailing Twelve Month Adjusted EBITDA 1.5                 

RECONCILIATION OF NON‐GAAP FINANCIAL MEASURES

Calculation of Trailing Twelve Month Adjusted EBITDA(in thousands)

Adjusted EBITDA for the 53 weeks  ended January 3, 2015 429,044$ Less: Adjusted EBITDA for the 28 weeks ended July 12, 2014 (237,270)  Plus: Adjusted EBITDA for the 28 weeks  ended July 18, 2015 249,139    Adjusted EBITDA for the trailing 53 weeks ended July 18, 2015 440,913$ 

Reconciliation of EPS to Adjusted EPS:(in dollars per diluted share)

Net income per common diluted share 0.95$       to 1.00$      Asset impairment 0.01          0.01         Adjusted EPS Guidance 0.96$       to 1.01$      

Range EstimateFull Year 2015 Guidance

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RECONCILIATION OF NON‐GAAP FINANCIAL MEASURES

For the 28 For the 53 For the 28Weeks Ended Weeks Ended Weeks Ended

Reconciliation of EPS to Adjusted EPS: July 18, 2015 January 3, 2015 July 12, 2014(in dollars per diluted share)

Net income per common diluted share 0.53$              0.82$                  0.48$             Asset impairment/Tortil la facil ity divestiture 0.01                0.03                    0.02               Pension plan settlement loss ‐                  0.05                    ‐                 Adjusted EPS 0.54$              0.90$                  0.50$             

For the 53 For the 52Reconciliation of Income from Operations to Weeks Ended Weeks EndedAdjusted Income from Operations: January 3, 2015 January 1, 2005 Increase

(in thousands)Income from Operations 275,395$           82,274$            Pension plan settlement loss 15,387                ‐                     Impairment of assets 9,301                  ‐                     Adjusted Income from Operations 300,083$           82,274$             217,809$