NYSE: FLO

Natures Own is the #1 bread brand in America.

www.flowersfoods.com

INVESTOR FACT SHEET Nov. 2013

Business: The second-largest producer and marketer of packaged bakery foods in the U.S. 2012 sales: $3.1 billion 2013 estimated sales: $3.7 billion to $3.8 billion

Products: Breads, buns, rolls, snack cakes, pastries, tortillas Top company brands: Natures Own, Wonder, Whitewheat, Cobblestone Mill, Tastykake, Mrs. Freshleys, Bluebird Top regional/franchised brands: Sunbeam, Merita, Home Pride, Butternut, Bunny, Captain John Derst, Evangeline Maid, ButterKrust, Mary Jane, Betsy Ross, Roman Meal, Country Kitchen, Barowskys Organics Market: Retail and foodservice. Fresh bakery foods to over 79% of the U.S. population in the East, South, and Southwest through a network of independent distributors; frozen bakery items and snack cakes delivered to customers warehouses nationwide Bakeries: 45 highly efficient bakeries in 15 states

OPERATING STRATEGIES Grow sales Develop new/core markets

through new customers, new products, strong brands, acquisitions

OPERATING SEGMENTS - FY2012

DIRECT STORE DELIVERY (DSD)

3% Other

WAREHOUSE DELIVERY
19% Branded retail 22% Storebranded retail
8% Vending

Invest wisely Use technology and

efficiencies to be the low-cost producer of delicious bakery foods

Store-branded retail

17% 59% Branded retail

40% Foodservice

Give extraordinary service Go beyond

the expected to meet customer needs

21% Restaurant/ institutional

Bake smart Innovate to improve processes,

enhance quality, reduce costs, conserve resources

6% Other

5% Contract production

Appreciate team Respect every

individual, embrace diversity, promote career growth

D S D S A L E S B Y C AT E G O R Y
Approx. % of sales

WA R E H O U S E D E L I V E R Y S A L E S B Y C AT E G O R Y 2 Approx. % of sales
 $537.6 million in sales for FY12  Direct to customers warehouses by frozen and non-frozen contract carriers  National distribution of fresh snack cakes and frozen breads and rolls

2013 GUIDANCE
Sales growth EPS growth Capital ex 24.5% to 25.5% 30.4% to 34.8%*
$90 million to $100 million

$2.5 billion in sales for FY12  Access to over 77% of U.S. population Fresh bakery foods delivered daily Motivated independent distributors Broad product range--breads, buns, rolls sandwich rounds, snack cakes, tortillas
2

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

*Excludes bargain purchase accounting gain and acquisition-related costs.

LONG-TERM* GROWTH OBJECTIVES Sales Growth 5% to 10%

Organic Growth 3% to 5%
Acquisitions/Mergers

MARKET TERRITORY & 4 5 B A K E R Y L O C AT I O N S

2% to 5%

Fresh/DSD Frozen/Warehouse 8% Frozen bread, rolls 20% Fresh snack cakes, pastries 71% Fresh bread, buns, rolls, and tortillas

EBITDA Margin 11% to 13% ROIC 13% to 15% EPS double digits
*5 years - announced March 2011

FY2012
1% Mixes
18% Direct to customers warehouses

6% Convenience store

3% Other

MARKET FACTS--FLO
Stock info updated 11/07/13

29%
Mass merchandiser/ discount

36% Supermarket/ drug

52-week price range: High $25.67 Low $12.31

82% Direct store delivery (DSD)

26% Foodservice

Shares outstanding: Approx. 208.5 million Market cap: Approx. $4.6 billion Fiscal year end: Saturday closest to 12/31

PRODUCT MIX

DISTRIBUTION

SALES CHANNELS

Pie chart data for FY 2012 - Chart data should not be used for historical comparisons since some business has shifted between segments and because of changes in geographic definition.

A LEADING PRODUCER AND MARKETER OF PACKAGED BAKERY FOODS FOR RETAIL AND FOODSERVICE CUSTOMERS

HISTORICAL PERFORMANCE IN MILLIONS SALES 12 11 10 GROSS MARGIN* 12 11 10

*

CATEGORY STRENGTH: $21.2 billion retail sales / $6.3 billion foodservice sales*
Across the grocery store segment, fresh bread and rolls is the third-largest category, behind only carbonated beverages and milk in dollars.**  Bread is the number 1 grocery category in weekly true profits.*** 98% of households buy fresh packaged bread.**

% growth

$3,046 9.8% $2,773 $2,574

7.8% -1.0%

PRIMARY BRANDS

46.9% 46.9% 47.7% BRAND SHARE BRAND STRENGTH*

Natures Own is the #1 brand in total U.S.** Natures Own reached $973 million in retail sales in 2012 and posted a 4.0% dollar sales increase over 2011. In the Total U.S., Natures Own Honey Wheat is the #1 fresh packaged bread item and Natures Own Butterbread is the #1 White Bread loaf.** *Source: IRi/Technomic **IRi ***Willard Bishop Internal Data

Excludes depreciation & amortization. See reconcilliation to GAAP gross margin on the companys Web site, www.flowersfoods.com.

13.2% Flowers branded 4.5% Flowers store brand

COST OF GOODS SOLD - 2012

13.2% Other* 51.8% Ingredients
Flour, 43.0%

31.7% BBU/Sara Lee 23.1% Other bakers store brands 5.6% Pepperidge Farm 22.1% Independent/ specialty bakers
Hostess Brands Exited market 11/12

26.0% Labor

Oils/Short, 8.6%
Sweeteners, 13.8%

Other, 34.6%

9.0% Packaging Includes natural gas, lease expenses, repairs/maintenance, freight

*
1

I N D U S T R Y M A R K E T S H A R E - T O TA L U S 1
IRi Total US Census Region MultiOutlet data YTD ending 9/29/13; chart data should not be used for historical comparison because of changes in geographic definition.

EBITDA* 12 11 10

% of sales

$331 10.9%
1

MARKET GROWTH ACQUISITIONS

Hostess Bread Brands 7/13 2/13 7/12 5/11 10/09 5/09 8/08 8/08 12/07 2/06 9/05 9/04 CA - Sare Lee Earthgrains Lepage Bakeries Tasty Baking Leos Foods Bakery Mix Plant ButterKrust Bakery Holsum Bakery Bakery Mix Plant Derst Baking Co. Royal Cake Co. Bun Bakery

GEOGRAPHIC EXPANSION
DSD Growth
Current population served - over 77%

NEW PRODUCTS
New Item Sales
Sales growth from new products/SKUs
Flowers Internal Sales Data Warehouse

$2941 $291

10.6% 11.3%

4.98% 5.06% 3.78% 3.06% 3.82%

* Reconciliation of Net Income to EBITDA from Continuing Operations is available at www.flowersfoods.com. Click on Investor Center and select Financial Documents.

NET INCOME 12 11 10 DILUTED EPS 12 11 10

1

% of sales

Existing territory in 2004 Territory growth added 2004 - 2013 Potential market expansion 2004-2013 Expansion Population added: 132.7 million
DSD: Goal of .5% to 1% new market growth annually3
3

084

09

10

11

12

$1421 4.7% $1311

4.7%

Approx. $1.7 billion in revenue

Excluding acquisitions until cycled

2008 comparative year is a 53-week year.

$137 5.3%

FLO USES OF CASH

Cap ex Dividends Share repurchases Pension Acquisitions**

IN MILLIONS

 $67.3 million for cap expenditures in 2012, excluding

operating leases
$361.6 $509.1

% change

$.691 $.641 $.66

7.8% -3.0% 6.5%

$354.1

$86.5 million in dividends paid in 2012; payout ratio 64.3% 100+ acquisitions; operation fit, disciplined buyer

$199.3 $209.4

Authorized to repurchase up to 45 million shares; through Q3 2013, acquired approx. 58.3 million shares for $453.3 million (average $7.77 per share)
11 11
12

Excluding one-time costs

**In addition to cash, stock and debt are used to fund acquisitions.

08 08

09 09

10 10

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Contact: Marta Jones Turner, Executive VP/Corporate Relations, 229.227.2348, mjturner@flowersfoods.com Flowers Foods, 1919 Flowers Circle, Thomasville, GA 31757