COMPANY OVERVIEW MARCH 2018

COMPANY OVERVIEW MARCH 2018

REGARDING FORWARD-LOOKING STATEMENTS Statements contained in this press release that are not historical facts are forward-looking statements. Forward-looking statements relate to current expectations regarding our future financial condition, performance and results of operations, planned capital expenditures, long-term objectives of management, supply and demand, pricing trends and market forces, and integration plans and expected benefits of transactions and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) general economic and business conditions and the competitive conditions in the baked foods industry, including promotional and price competition, (b) changes in consumer demand for our products, including changes in consumer behavior, trends and preferences, including health and whole grain trends, and the movement toward more inexpensive store-branded products, (c) the success of productivity improvements and new product introductions, (d) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (e) fluctuations in commodity pricing, (f) energy and raw material costs and availability and hedging and counterparty risk, (g) our ability to fully integrate recent acquisitions into our business, (h) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value, (i) our ability to successfully implement our business strategies, including those strategies the company has initiated under Project Centennial, which may involve, among other things, the integration of recent acquisitions or the acquisition or disposition of assets at presently targeted values, the deployment of new systems and technology and an enhanced organizational structure, (j) consolidation within the baking industry and related industries, (k) disruptions in our directstore delivery system, including litigation or an adverse ruling from a court or regulatory or government body that could affect the independent contractor classification of our independent distributors, (l) increasing legal complexity and legal proceedings that we are or may become subject to, (m) product recalls or safety concerns related to our products, and (n) the failure of our information technology systems to perform adequately, including any interruptions, intrusions or security breaches of such systems. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other public disclosures made by the company, including the risk factors included in our most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and disclosures made in other filings with the SEC and company press releases, for other factors that may cause actual results to differ materially from those projected by the company. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law. 2

BUSINESS OVERVIEW Sales Overview Brand Portfolio Highlights 17FY Sales $3.9 billion Store branded retail 15% Branded breads 48% Nature s Own is the #1 loaf bread brand Wonder has 98% consumer awareness Non-retail & other 26% Branded Retail 59% Dave s Killer Bread is #1 organic bread brand Branded snack cakes 11% Tastykake the iconic Philly brand 3

OPERATIONS OVERVIEW 47 Operating Bakeries Direct-store-distribution access to 85% Warehouse distribution of the U.S. population NATIONWIDE Channels served Grocery / Mass Natural & Organic Club & Dollar, C-store E-commerce Foodservice & Vending 9,800 employees 5,500 independent distributors 4

LONG-TERM TRACK RECORD 10-year Shareholder Results: TTM Dividends per Share Cumulative Total Shareholder Return $1.00 $0.90 $0.80 $250 TSR-FLO TSR-SPY* $0.70 $200 $0.60 $0.50 $150 $0.40 $0.30 $100 $0.20 $0.10 $50 $- $- Source: Capital-IQ, data as of Feb 23, 2018, Cumulative Total Shareholder return equals change in stock price plus dividends received. * SPY: SPDR S&P 500 ETF 5

FLOWERS LONG-TERM OPPORTUNITY 1. Well-positioned in a huge category that is relevant to consumers and profitable for retailers 2. Flowers has built strong competitive advantages and has a strong platform for continued growth 3. Recognize that to drive shareholder value, Flowers must adapt to an ever-changing marketplace Clear Strategic Priorities to Create Shareholder Value Well-positioned to Deliver Top-tier Shareholder Returns 6

COMPETITIVE POSITION #2 Baker and Growing Share Fresh Packaged Breads Share 24.6% Store brands 15.1% Flowers 11.9 Flowers Market Share Fresh Pkg Breads 14.2 14.4 14.6 14.8 15.1 25.4% Independent bakers 29.5% BBU/Sara Lee 5.6% Pepperidge Farm 12Q4 13Q4 14Q4 15Q4 16Q4 17Q4 IRI Flowers custom data base Total US MultiOutlet 12 weeks ended 30-Dec-2017 7

BROAD CAPABILITIES Strong DSD Network 39 bakeries serving approximately 5,500 independent distributor partners (IDPs) Access to approximately 85% of the U.S. population National Warehouse Platform Important future resource as business grows to include new sales channels and product types Ability to serve the market across fresh, frozen and refrigerated products and make products available in multiple channels 85% of Flowers sales DSD Footprint Bakeries Increasing Investments in Innovation, Marketing and Bakeries Can Further Differentiate Flowers Products and Strengthen Relationships With IDPs, Consumers and Customers 8

FRESH BAKERY OVERVIEW Large and stable market $32 Billion Fresh Bakery Market US Fresh Bakery - Retail Outlets (in billions) $7.6B Foodservice (2) $22.5 $23.2 $23.8 $24.0 $24.1 $24.1B Retail Breads, Snack Cakes, and Tortillas (1) 13FY 14FY 15FY 16FY 17FY (1) Data for Retail Outlets sourced from IRI. FY 2017. (2) Data for Foodservice sourced from Techonomic 2017 9

CATEGORY REVIEW FRESH PACKAGED BREADS Dollar Sales % Chg Unit Sales % Chg 1.5% 1.3% 1.2% 1.1% 0.9% 0.8% 0.6% 0.6% 0.6% 0.5% 0.2% 0.0% -0.3% -0.2% -0.3% -0.5% -0.6% -0.6% -0.5% -0.9% -0.8% -0.8% -1.2% -1.1% -1.1% -1.1% Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Source: Flowers Custom Database IRi Total US Mulo + C Store 10

CATEGORY REVIEW TOTAL CATEGORY: COMMERCIAL CAKE Dollar Sales % Chg Unit Sales % Chg 6.6% 7.0% 5.4% 5.1% 4.2% 4.0% 3.6% 3.5% 1.9% 1.8% 1.1% 1.9% 1.2% 0.9% 2.3% 0.9% 1.6% 1.8% 0.0% 0.0% 0.1% -0.7% -0.2% -0.6% -0.7% -2.6% Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Source: Flowers Custom Database IRi Total US Mulo + C Store 11

FLOWERS MARKET SHARE FLO Bread Share FLO Cake Share 14.2 14.4 14.6 14.8 15.1 10.2 9.1 8.9 8.3 7.8 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Source: Flowers Custom Database IRi Total US Mulo + C Store 12

BRAND STRENGTH Strong demand for differentiated products Fresh Packaged Breads Store Brand Share Organic Fresh Packaged Bread Market 26.9% 26.5% 26.0% Flowers organic bread share: 53.3 $357.8 $490.4 24.9% 24.6% $179.8 $220.9 $275.5 13FY 14FY 15FY 16FY 17FY 13FY 14FY 15FY 16FY 17FY Source: IRI Custom Database Total US + Convenience. 13

ORGANICS GENERATING GROWTH TOTAL ORGANIC FRESH PACKAGED BREADS FLO DOLLAR SHARE OF TOTAL ORGANICS $490.4 53.3 $179.8 $220.8 $275.4 $357.6 35.3 34.6 38.2 43.6 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2013 FY 2014 FY 2015 FY 2016 TTM 2017 DKB IS DRIVING FLOWERS MARKET SHARE GAINS IN THE KEY GROWTH SEGMENT OF THE CATEGORY Source: IRI Custom Database Total US + Convenience 14

PROJECT CENTENNIAL Strategic Priorities: IMPROVE PROFITABILITY Generate Fuel for Growth Develop Leading Capabilities DRIVE GROWTH Reinvigorate the Core Capitalize on Adjacencies GROW SALES EXPAND MARGINS DELIVER SHAREHOLDER VALUE Focused on Improving Margins and Profitably Growing the Top-line 15

PROJECT CENTENNIAL VALUE CREATION PLAN Reduce costs to fuel growth Invest in capabilities Reinvigorate core business Capitalize on product adjacencies Taking Decisive Action and Working With Urgency to Drive Improvements 16

KEY SAVINGS INITIATIVES UNDERWAY Operate with Efficiency Centralize Where Appropriate Leverage Scale Effectively Purchased Goods & Services Initiatives Increased cost discipline Continuous improvement and network optimization programs Centralized purchasing to ensure best value Policy and specifications Supply Chain Optimization Initiatives to drive ongoing productivity gains Reduce operational complexity Capitalize on scale 17

ENHANCED ORGANIZATIONAL STRUCTURE Elevating the Capabilities of Our Team Align company to overall strategy Propel growth of the core business focusing on brand investment, local relationships and reliance on fresh products delivered via DSD Drive accountability and responsibility Increase standardization and centralization Voluntary Separation Incentive Program enabled meaningful headcount reduction With a Less Complex and More Focused Organizational Structure, Flowers Will Lower Costs and Grow a Business that is Now Operating on a National Level 18

NEW STRUCTURE SUMMARY Transition Underway to Revised Organizational Structure Two BUs: Fresh Packaged Bread and Snacking/Specialty Fresh Packaged Bread: Optimize profitability and support growth of core bread products Snacking/Specialty: Drive growth in products outside the retail bread aisle Supported by distinct Sales, Marketing, Supply Chain and Administrative/Strategic functions Transition to the new structure with full implementation expected to be completed at the beginning of fiscal 2019, will use DSD and Warehouse Delivery financial reporting segments until all systems fully transitioned New Company Structure will Enhance Individual Accountability and Operational Efficiency 19

FY 2017 & 2018 SAVINGS TARGETS & CONSIDERATIONS Gross Savings from PG&S, SCO, Organization Initiatives Offsets to 2018 Gross Savings Estimates: $32M $38-48M Anticipating 2018 input cost inflation of ~$40 million Incremental brand investments 17FY-Act 18FY-Est 20

PROJECT CENTENNIAL ROADMAP FY 2017-2018 FUND & DESIGN THE FUTURE FY 2019 & Beyond TRANSFORM TO THE FUTURE Focus Generate savings Design future organization Invest in growth Leverage capabilities Targets Sales growth: flat to +1.6% EBITDA margins: ~12%+ Sales growth: 3% to 4% EBITDA margins: ~13% to 14% Targeting at least 250bps net overall EBITDA margin improvement by FY21 21

REINVIGORATE CORE BUSINESS Invest In Brands Align brands to consumers ROI-focused investments in brand growth and innovation Improve Execution Streamline assortment - Fewer SKUs Reduced complexity Enable Partners Improve business intelligence PartnerUp program helps independent distributor partners grow their businesses Investing in Brands and Improving Execution to Drive Growth 22

BRAND INVESTMENT FRAMEWORK Innovation and marketing investments to drive growth of differentiated brands High-Potential Brands Focus on innovation and growth Strong consumer appeal Differentiated products Established Brands Focus on margin and cash flow Provide Scale Strengthen competitive position in the category Strong market potential High ROI from innovation and marketing investments Generating Strong Returns Through Brand Investment 23

OPTIMIZE ASSORTMENT Sales by SKU Better focus marketing investments 20% of SKUs driving 80%+ of sales Longer run times Improved efficiencies Enhanced margins Reducing the complexity of the assortment SKUs Closed our Winston-Salem snack cake facility in 17Q4 Focusing on higher-margin, faster-turning items 24

DSD ENABLEMENT Strengthening Our Business Relationship with IDPs Through New PartnerUp Program Voluntary Feedback Program Weekly discussions of best practices and opportunities for business growth Increasing Ordering Efficiency & Sales Potential Providing IDPs with better information and tools to improve order quality and identify sales opportunities 25

UNDERDEVELOPED PRODUCT SEGMENTS Focusing On Growing Share In Underdeveloped Markets Category Flowers 42.8% Segment Units % of Total Category 24.8% 14.3% 31.9% 10.1% 8.3% 18.9% 17.5% 11.5% 11.8% 81% of Flowers sales are in segments that account for only 48% of Total Category Dollars 3.2% 2.1% 2.0% 0.0% 0.6% 0.2% WHITE LOAF SOFT VARIETY LOAF SPECIALTY/PREMIUM LOAF SANDWICH BUNS/ROLLS DINNER BREAD/ROLLS BREAKFAST BREADS PITAS/FLATBREAD SANDWICH ROUNDS/THINS Source: IRI Custom Database FY 2017 26

UNDERDEVELOPED GEOGRAPHIES West 10.5 30.3 31.5 Plains 3.3 5.9 30.7 24.6 35.0 47.4 Midwest 6.1 Northeast 27.8 28.5 24.7 36.4 34.2 California 19.2 22.9 14.8 43.2 South 22.2 24.4 27.7 25.7 23.3 FLOWERS BBU STORE BRAND OTHER BRAND Bolt-on Acquisitions Remain Key Part of Our Growth Strategy Source: IRI Custom Database Dollar Share of Category FY 2017 27

CAPITALIZE ON PRODUCT ADJACENCIES Expanding Position In High-Growth Categories BUILD ON LEADING FOODSERVICE POSITION Expanding share of growing specialty products Moving beyond loaf and bun Breakfast items and dinner rolls are opportunities to increase share GROW IN-STORE DELI/BAKERY Grow specialty brands on the store perimeter GROW IN BAKED SNACKS Evolve cake strategy to leverage dual-brand capabilities Further diversify into snacking occasions Diversify business into growing segments of the bakery category 28

FINANCIAL TRENDS & COST COMPONENTS Operating Results Components of Adj EBITDA** % of 17FY Sales Billions 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Sales Adj EBITDA Mgn** 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% EBITDA % of Sales SG&A and Other 14.6% Adj. EBITDA ** 11.5% Shipping/ Distribution 22.7% Ing & Pkg 28.7% Conversion *** 22.5% - 0.0% * 53-week year; ** Adjusted for items affecting comparability. See non-gaap reconciliations at the end of the slide presentation. *** Includes direct labor and indirect manufacturing expenses. 29

CONSISTENT CASH FLOW Cash Flows, millions Operating Cash Flow Capital Expenditures $270 $315 $336 $357 $297 $217 $67 $99 $84 $91 $102 $75 12FY 13FY 14FY* 15FY 16FY 17FY Consistent Cash Flow Supports Balanced Capital Allocation Strategy *53-week year 30

BALANCED CAPITAL ALLOCATION Capital Allocation Dividends Share Repurchases Cash for Acquisitions $318 $416 $395 Capital Allocation Principles: Support core business growth Strong dividend Investment grade credit rating $19 $9 $39 $7 $126 $3 $86 $93 $102 $120 $131 $141 Accretive acquisitions Opportunistic share repurchases 12FY 13FY 14FY* 15FY 16FY 17FY (Amounts in millions) Focused On Consistent, Prudent Capital Allocation *53-week year 31

CONSERVATIVE FINANCIAL POSITION Total Debt & Capital Leases Aggregate Maturities, at 17Q4 Total Debt & Capital Leases $603 $919 $759 $1,005 $958 $832 Since end of fiscal 2015: Reduced Total Debt & Capital Lease Obligations by $173M At 17Q4: Leverage ratio of 1.8X, ~$670M available liquidity on undrawn borrowing arrangements $402 $406 $12 $11 $5 $4 12FY 13FY 14FY 15FY 16FY 17FY 18FY 19FY 20FY 21FY 22FY 23FY+ (Amounts in millions) Maintaining a Conservative Financial Profile 32

OBJECTIVES FOR 2019 & BEYOND Deliver organic sales growth above categories Pursue accretive M&A opportunities Targeting long-term sales growth of 3% to 4% Execute on initiatives to realize 250bps of EBITDA margin expansion by fiscal 2021 Achieve long-term EPS CAGR of 8%-10% Dividend yield of 2%-3% Well-positioned to deliver solid returns over the long-term 33

Q4 2017 FINANCIAL REVIEW NET SALES $873.6M +0.6% Divestiture decreased sales by 50bps Price/Mix 1.1%; Volume 0.0% Growth driven primarily by organic loaf and breakfast items, offset by declines in branded conventional bread, buns/rolls, and snack cakes CASH FLOWS Cash from Ops = $73.4 million Capex = $24.0 million Dividends = $35.8 million Net reduction in borrowings of $22.8 million ADJ. EBITDA 1 $91.0M Decreased 0.7% 10.4% of sales, down 10bps Higher manf contract labor offset by improved efficiencies and lower SD&A expense DILUTED EPS $0.37 ADJ. DILUTED EPS 2 $0.17 Lower adj. EBITDA offset by lower net interest expense (1) Earnings before interest, taxes, depreciation & amortization, adjusted for matters affecting comparability. See non-gaap reconciliations at the end of this slide presentation. (2) Adjusted for matters affecting comparability. See non- GAAP reconciliations at the end of this slide presentation. 34

FY 2018 OUTLOOK REVENUE CHG ADJ EPS 1 Flat to +1.6% GAAP EPS $1.00 to $1.11 $1.04 to $1.16 OTHER Depreciation & Amortization $145 to $150 million Net interest expense $11 to $12 million Effective tax rate 25.0% to 26.0% Diluted shares outstanding ~211.0 million Capital expenditures $95 to $105 million Adj EPS excludes: Project Centennial consulting and restructuring costs of $0.04 to $0.05. (1) Adjusted for matters affecting comparability. See non-gaap reconciliations at the end of this slide presentation. 35

KEY TAKEAWAYS 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 a company and operating model to deliver sustainable long-term value 36

REGARDING NON-GAAP FINANCIAL MEASURES The company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, from time to time, the company may present in its public statements, press releases and SEC filings, non-gaap financial measures such as, EBITDA, adjusted EBITDA, adjusted EBIT, EBITDA margin, adjusted EBITDA margin, adjusted net income, adjusted operating income, adjusted operating income by segment, adjusted EBIT by segment, adjusted EPS, adjusted income tax expense, adjusted selling, distribution and administrative expenses (SD&A), gross margin excluding depreciation and amortization and the ratio of net debt to adjusted EBITDA. The reconciliations attached provide reconciliations of the non-gaap measures used in this presentation or release to the most comparable GAAP financial measure. The company s definitions of these non-gaap measures may differ from similarly titled measures used by others. These non-gaap measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The company defines EBITDA as earnings from continuing operations before interest, income taxes, depreciation, amortization and income attributable to non-controlling interest. The company believes that EBITDA is a useful tool for managing the operations of its business and is an indicator of the company's ability to incur and service indebtedness and generate free cash flow. EBITDA is used as the primary performance measure in the company's 2014 Omnibus Equity and Incentive Compensation Plan. Furthermore, pursuant to the terms of our credit facility, EBITDA is used to determine the company's compliance with certain financial covenants. The company also believes that EBITDA measures are commonly reported and widely used by investors and other interested parties as measures of a company's operating performance and debt servicing ability because EBITDA measures assist in comparing performance on a consistent basis without regard to depreciation or amortization, which can vary significantly depending upon accounting methods and non-operating factors (such as historical cost). EBITDA is also a widely-accepted financial indicator of a company's ability to incur and service indebtedness. EBITDA should not be considered an alternative to (a) income from operations or net income (loss) as a measure of operating performance; (b) cash flows provided by operating, investing and financing activities (as determined in accordance with GAAP) as a measure of the company's ability to meet its cash needs; or (c) any other indicator of performance or liquidity that has been determined in accordance with GAAP. The company defines adjusted EBITDA, adjusted EBIT, EBITDA margin, adjusted EBITDA margin, adjusted net income, adjusted operating income, adjusted operating income by segment, adjusted EBIT by segment, adjusted EPS, adjusted income tax expense, adjusted selling, distribution and administrative expenses (SD&A), respectively, excluding the impact of asset impairment charges, Project Centennial consulting costs, lease terminations and legal settlements, acquisition-related costs, and pension plan settlements. Adjusted income tax expense also excludes the impact of tax reform. The company believes that these measures, when considered together with its GAAP financial results, provides management and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the effects of certain charges. Net debt to EBITDA is used as a measure of financial leverage employed by the company. Gross margin excluding depreciation and amortization is used as a performance measure to provide additional transparent information regarding our results of operations on a consolidated and segment basis. Changes in depreciation and amortization are separately discussed and include depreciation and amortization for materials, supplies, labor and other production costs and operating activities. Presentation of gross margin includes depreciation and amortization in the materials, supplies, labor and other production costs according to GAAP. Our method of presenting gross margin excludes the depreciation and amortization components, as discussed above. The reconciliations attached provide reconciliations of the non-gaap measures used in this presentation or release to the most comparable GAAP financial measure. 37

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods Reconciliation of Net Income to Adjusted EBITDA (000's omitted) 17FY 16FY 15FY 14FY 13FY 12FY 11FY 10FY 09FY 08FY 07FY 06FY 05FY 04FY Net Income attributable to Flowers Foods, Inc. $ 150,120 $ 163,776 $ 189,191 $ 175,739 $ 230,894 $ 136,121 $ 123,428 $ 137,047 $ 130,297 $ 119,233 $ 94,615 $ 81,043 $ 61,231 $ 50,774 (Income)/loss from discontinued operations, net of tax - - - - - - - - - - - (6,731) 1,627 3,486 Cumulative effect of a change in accounting principle - - - - - - - - - - - 568 - - Net income attributable to noncontrolling interest - - - - - - - - 3,415 3,074 3,500 3,255 2,904 1,769 Income tax expense (benefit) (827) 85,761 103,840 92,315 91,479 72,651 68,538 73,333 74,047 67,744 54,970 45,304 39,861 35,071 Interest income, net 13,619 14,353 4,848 7,341 12,860 9,739 (2,940) (4,518) (1,426) (7,349) (8,404) (4,946) (6,337) (8,826) Depreciation and amortization 146,719 140,869 132,175 128,961 118,491 102,690 94,638 85,118 80,928 73,312 66,094 64,250 59,344 56,702 EBITDA from Continuing Operations 309,631 404,759 430,054 404,356 453,724 321,201 283,664 290,980 287,261 256,014 210,775 182,743 158,630 138,976 Asset impairment and facility closure costs/divestiture - 24,877 4,507 9,301 - - 4,414 - - - - - - - Lease termination depreciation impact (1,844) - - - - - - - - - - - - - Multi-employer pension plan withdrawal costs 18,268 - - - - - - - - - - - - - Pension plan settlement loss 4,649 6,646-15,387 - - - - - - - - - - Legal settlement 6,543 10,500 - - - - - - - - - - - - Project Centennial consulting costs 37,306 6,324 - - - - - - - - - - - - Restructuring and related impairment charges 104,130 - - - - - - - - - - - - - Acquisition-related costs - - 6,187-17,776 9,560 6,240 - - - - - - - Divestiture/Bargain purchase gain (28,875) - - - (50,071) - - - - - - - - - Adjusted EBITDA $ 449,808 $ 453,106 $ 440,748 $ 429,044 $ 421,429 $ 330,761 $ 294,318 $ 290,980 $ 287,261 $ 256,014 $ 210,775 $ 182,743 $ 158,630 $ 138,976 Net Sales $ 3,920,733 $ 3,926,885 $ 3,778,505 $ 3,748,973 $ 3,732,616 $ 3,031,124 $ 2,759,367 $ 2,560,787 $ 2,600,849 $ 2,414,892 $ 2,036,674 $ 1,888,654 $ 1,715,869 $ 1,551,308 Adjusted EBITDA Margin 11.5% 11.5% 11.7% 11.4% 11.3% 10.9% 10.7% 11.4% 11.0% 10.6% 10.3% 9.7% 9.2% 9.0% 38

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 39

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted, except per share data) Reconciliation of Net Income to Adjusted EBIT and Adjusted EBITDA For the 12 Week For the 12 Week Period Ended Period Ended December 30, 2017 December 31, 2016 Net income $ 78,533 $ 13,042 Income tax expense (benefit) (34,709) 4,244 Interest expense, net 2,563 3,882 Earnings before interest and income taxes 46,387 21,168 Restructuring and related impairment charges 3,581 - Project Centennial consulting costs 5,461 3,849 Impairment of assets (unrelated to restructuring) - 24,877 Lease terminations and legal settlement 1,475 9,250 Pension plan settlement loss 1,619 173 Adjusted EBIT 58,523 59,317 Depreciation and amortization 32,431 32,274 Lease termination depreciation impact - - Adjusted EBITDA $ 90,954 $ 91,591 Sales $ 873,623 $ 868,717 Adjusted EBITDA margin 10.4% 10.5% 40

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted) Reconciliation of Net Income (Loss) to Adjusted EBITDA For the 16 Week For the 12 Week For the 12 Week For the 12 Week Trailing 52 Week Period Ended Period Ended Period Ended Period Ended Period Ended April 22, 2017 July 15, 2017 October 7, 2017 December 30, 2017 December 30, 2017 Net income (loss) $ 60,418 $ 44,740 $ (33,571) $ 78,533 $ 150,120 Income tax expense (benefit) 34,659 22,148 (22,925) (34,709) (827) Interest expense, net 5,048 3,278 2,730 2,563 13,619 Depreciation and amortization 47,188 34,128 32,972 32,431 146,719 EBITDA (loss) 147,313 104,294 (20,794) 78,818 309,631 Gain on divestiture (28,875) - - - (28,875) Project Centennial consulting costs 15,406 9,389 7,050 5,461 37,306 Lease terminations (1,279) - - - (1,279) Restructuring and related impairment charges - - 100,549 3,581 104,130 Multi-employer pension plan withdrawal costs - - 18,268-18,268 Pension plan settlement loss - - 3,030 1,619 4,649 Legal settlement 250-4,253 1,475 5,978 Adjusted EBITDA $ 132,815 $ 113,683 $ 112,356 $ 90,954 $ 449,808 41

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted) Reconciliation of Debt to Net Debt and Calculation of Net Debt to Trailing Twelve Month Adjusted EBITDA Ratio As of December 30, 2017 Current maturities of long-term debt and capital lease obligations $ 12,095 Long-term debt and capital lease obligations 820,141 Total debt and capital lease obligations 832,236 Less: Cash and cash equivalents 5,129 Net Debt $ 827,107 Adjusted EBITDA for the Trailing Twelve Months Ended December 30, 2017 $ 449,808 Ratio of Net Debt to Trailing Twelve Month EBITDA 1.8 42

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted, except per share data) Reconciliation of Gross Margin For the 12 Week For the 12 Week Period Ended Period Ended December 30, 2017 December 31, 2016 Sales $ 873,623 $ 868,717 Materials, supplies, labor and other production costs (exclusive of depreciation and amortization) 456,800 450,462 Gross Margin excluding depreciation and amortization 416,823 418,255 Less depreciation and amortization for production activities 19,586 19,682 Gross Margin $ 397,237 $ 398,573 Depreciation and amortization for production activities $ 19,586 $ 19,682 Depreciation and amortization for selling, distribution and administrative activities 12,845 12,592 Total depreciation and amortization $ 32,431 $ 32,274 43

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted) Reconciliation of Selling, Distribution and Administrative Expenses to Adjusted SD&A For the 12 Week For the 12 Week Period Ended Period Ended December 30, 2017 December 31, 2016 Selling, distribution and administrative expenses $ 332,805 $ 339,763 Project Centennial consulting costs (5,461) (3,849) Legal settlements (1,475) (9,250) Adjusted selling, distribution and administrative expenses $ 325,869 $ 326,664 Sales $ 873,623 $ 868,717 Adjusted SD&A as a percent of sales 37.3% 37.6% 44

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted, except per share data) Reconciliation of Adjusted EBITDA to Cash Flow from Operations For the 12 Week For the 12 Week Period Ended Period Ended December 30, 2017 December 31, 2016 Adjusted EBITDA $ 90,954 $ 91,591 Adjustments to reconcile net income to net cash provided by operating activities (39,471) 16,817 Changes in assets and liabilities and pension contributions 1,870 4,828 Income tax expense (benefit) 34,709 (4,244) Interest expense, net (2,563) (3,882) Restructuring and related impairment charges (3,581) - Project Centennial consulting costs (5,461) (3,849) Impairment of assets (unrelated to restructuring) - (24,877) Lease terminations and legal settlement (1,475) (9,250) Pension plan settlement loss (1,619) (173) Cash Flow From Operations $ 73,363 $ 66,961 45

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted, except per share data) Reconciliation of Income Tax Expense to Adjusted Income Tax Expense For the 12 Week For the 12 Week Period Ended Period Ended December 30, 2017 December 31, 2016 Income tax expense (benefit) $ (34,709) $ 4,244 Tax impact of: Restructuring and related impairment charges 1,379 - Project Centennial consulting costs 2,103 1,481 Impairment of assets (unrelated to restructuring) - 9,578 Lease terminations and legal settlement 568 3,561 Pension plan settlement loss 623 67 Impact of tax reform 48,160 - Windfall tax benefit from stock option exercises 2,082 - Adjusted income tax expense $ 20,206 $ 18,931 46

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted, except per share data) Reconciliation of Net Income to Adjusted Net Income For the 12 Week For the 12 Week Period Ended Period Ended December 30, 2017 December 31, 2016 Net income $ 78,533 $ 13,042 Restructuring and related impairment charges 2,202 - Project Centennial consulting costs 3,358 2,368 Impairment of assets (unrelated to restructuring) - 15,299 Lease terminations and legal settlement 907 5,689 Pension plan settlement loss 996 106 Impact of tax reform (48,160) - Windfall tax benefit from stock option exercises (2,082) - Adjusted net income $ 35,754 $ 36,504 47

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures Reconciliation of Earnings per Share - Full Year Fiscal 2018 Guidance Range Estimate Net income per diluted common share $ 1.00 to $ 1.11 Project Centennial reorganization and consulting costs 0.04 0.05 Adjusted net income per diluted common share $ 1.04 to $ 1.16 48

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Flowers Foods, Inc. Reconciliation of GAAP to Non-GAAP Measures (000's omitted) Reconciliation of Income (Loss) Before Income Taxes to Adjusted EBT For the 12 Week For the 12 Week Period Ended Period Ended December 30, 2017 December 31, 2016 Income before income taxes $ 43,824 $ 17,286 Project Centennial consulting costs 5,461 3,849 Restructuring and related impairment charges 3,581 - Impairment of assets - 24,877 Pension plan settlement loss 1,619 173 Legal settlements 1,475 9,250 Adjusted income before income taxes $ 55,960 $ 55,435 49