August 11, 2016

Second Quarter 2016

Statements contained in this press release that arenot historical facts are forward-lookingstatements. Forward-looking statements relate tocurrent expectations regarding our future financialcondition, performance and results of operations,planned capital expenditures, long-term objectivesof management, supply and demand, pricingtrends and market forces, and integration plansand expected benefits of transactions and areoften identified by the use of words and phrasessuch as "anticipate," "believe," "continue,""could," "estimate," "expect," "intend," "may,""plan," "predict," "project," "should," "will,""would," "is likely to," "is expected to" or "willcontinue," or the negative of these terms or othercomparable terminology. All forward-lookingstatements are subject to risks and uncertaintiesthat could cause actual results to differ from thoseprojected. Other factors that may cause actualresults to differ from the forward-lookingstatements contained in this release and that mayaffect the company's prospects in general include,but are not limited to (a) competitive conditions in

the baked foods industry, including promotionaland price competition, (b) changes in consumerdemand for our products, including changes inconsumer behavior, trends and preferences,including health and whole grain trends, and themovement toward more inexpensive store-branded products, (c) the success of productivityimprovements and new product introductions, (d)a significant reduction in business with any of ourmajor customers including a reduction fromadverse developments in any of our customer'sbusiness, (e) fluctuations in commodity pricing, (f)energy and raw material costs and availability andhedging and counterparty risk, (g) our ability tofully integrate recent acquisitions into ourbusiness, (h) our ability to achieve cash flow fromcapital expenditures and acquisitions and theavailability of new acquisitions that buildshareholder value; (i) consolidation within thebaking industry and related industries; (j)disruptions in our direct-store delivery system,including litigation or an adverse ruling from acourt or regulatory or government body that could

affect the independent contractor classification ofour independent distributors, and (k) the failure ofour information technology systems to performadequately, including any interruptions, intrusionsor security breaches of such systems. Theforegoing list of important factors does not includeall such factors, nor necessarily present them inorder of importance. In addition, you shouldconsult other disclosures made by the company,including the risk factors included in our mostrecently filed Annual Report on Form 10-K andQuarterly Reports on Form 10-Q filed with theSecurities and Exchange Commission ("SEC") anddisclosures made in other filings with the SEC andcompany press releases, for other factors that maycause actual results to differ materially from thoseprojected by the company. We caution you not toplace undue reliance on forward-lookingstatements, as they speak only as of the datemade and are inherently uncertain. The companyundertakes no obligation to publicly revise orupdate such statements, except as required bylaw.

INFORMATION REGARDING FORWARD LOOKING STATEMENTS

2

Q2 2016 SUMMARY RESULTS

Sales

Prior Year Comparisons:• Acquisitions drove growth; core business

branded price increases more than offset by mix shift and volume losses due to competitive environment

• Margins stable as lower input costs are offset by higher purchases of co-manufactured product

• Diluted EPS and Adj. Diluted EPS were impacted by higher amortization expense, increased legal and consulting costs, and the ASR program

2Q16 results reflect growth strategies offsetting competitive marketplace

(1) Earnings before interest, taxes, depreciation and amortization.(2) See non-GAAP reconciliations at the end of the slide presentation 3

+5.2%

Adj. EBITDA(1) +5.2%

Diluted EPS flat

Adj. Dil. EPS(2) +4.0%

Net Income -1.2%

KEY TOPICS

Objective:Competitive Environment:

Outcome:

Operational Focus:

Project Centennial:

4

• Heightened promotional activity• Soft consumer demand

• Protect market share• Support growing brands• Achieve strategic priorities

• Comprehensive business and cost structure review

CATEGORY REVIEW

-1.1%

-3.1%

-0.1%

-0.9%

1.1%

2.8%

1.5%

2.6%

-0.2%

0.4%

-0.5%

1.0% 1.0%1.3%

0.9%0.6%

-0.4%

-2.2%

-2.6%

-0.6%

-2.6%

-0.9%

0.4%0.2%

2.8%

0.2%0.5%

-0.4%

0.0%

-1.1%

-0.4%

-1.7%

-1.2%-1.5%

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Total Category – Fresh Packaged Breads

Dollar Sales % Chg Unit Sales % Chg

Source: Flowers Custom Database – IRi Total US Mulo + C Store 5

TRADITIONAL LOAF SEGMENT

$2.67 $2.66 $2.64 $2.66

$2.73 $2.74

$2.38

$2.43 $2.42 $2.41 $2.39 $2.40

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Traditional Loaf – Average $/Unit

FLO Avg $/Unit Other Brands' Avg $/Unit

3.1%

4.7% 4.6%

3.2%

-2.5%

-5.5%

-3.6%

-5.1%

-4.1%

-3.0%

1.7%

5.7%

-2.7%

-1.7%-2.1%

-2.6%-2.2% -2.5%

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Traditional Loaf – Unit % Change

FLO Brands Other Brands Brands & PL

Source: Flowers Custom Database – IRi Total US Mulo + C Store 6

DKB NATIONWIDE LAUNCH A SUCCESS

7

ORGANICS SHOW STRONG GROWTH

Source: IRI Custom Database Total US + Convenience 8

$92.6 $114.1

$143.3

$180.7

Q1 + Q22013

Q1 + Q22014

Q1 + Q22015

Q1 + Q22016

29.8 30.1

31.3

35.4

Q1 + Q22013

Q1 + Q22014

Q1 + Q22015

Q1 + Q22016

DKB Dollar Share of Total Organics

Total Organic Fresh Packaged Breads

MARKETING INITIATIVES

Nature’s OwnEntering New Markets

Cobblestone Bread Co.Award-winning Choice

TastykakeDrivers: Minis, Seasonals

9

FINANCIAL REVIEW

Note: See non-GAAP reconciliations at the end of the slide presentation

Net Sales = $935 million, +5.2%• Strong growth from acquisitions, +5.6%• Price/Mix -0.5%; Volume +0.1%• Soft volumes on core items due to fewer

promotions and competitive marketplace, partially offset by price increases

Adj. EBITDA = $118.7 million• Increased 5.2%• 12.7% of sales, in-line with prior year• Soft volumes, capacity constraints, and

increased marketing, legal, and consulting costs offset lower input pricing

Cash from Ops = $73.2 million• Down versus PY primarily due to hedge margin

Diluted EPS = $0.24

10

Adj. Diluted EPS = $0.26• Increased 4%• Higher amortization, legal and consulting

expenses impacted EPS

NET INCOME = $51.2 million• Decreased 1.2%

Capex = $17.8 million

SEGMENT DETAILS

4.5%

0.9%

-1.8%

5.4%

Total Change Pricing/Mix Volume Acquisition

DSD Segment Sales Change

Contribution to Sales Change

9.1%

-3.3%

5.8%6.6%

Total Change Pricing/Mix Volume Acquisition

Warehouse Segment Sales Change

Contribution to Sales Change

REVISED 2016 GUIDANCE

Sales Guidance = $3.930 billion to $3.986 billion

• Revision driven by soft consumer demand and competitive environment

EPS Guidance = $0.88 to $0.93 per shareAdj. Diluted EPS Guidance = $0.90 to $0.95 per share

• Revision driven by lower than anticipated sales and increased promotional activity

• Guidance now includes Project Centennial, as well as expected benefit from ongoing efforts to improve in underperforming markets

Additional Color:

• Depreciation & amortization = $145 million to $150 million

• Net interest expense = $10 million to $12 million

• Updated tax rate forecast = approximately 35.5%

• Capital expenditures = $90 million to $100 million

12Note: See non-GAAP reconciliations at the end of the slide presentation

Q&A

13

INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES

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, EBITDAmargin, adjusted EBITDA margin, adjusted net incomeper diluted common share, adjusted selling, distributionand administrative expenses (SD&A), gross marginexcluding depreciation and amortization and the ratio ofnet debt to adjusted EBITDA. EBITDA is used as theprimary performance measure in the company's 2014Omnibus Equity and Incentive Compensation Plan. Thecompany defines EBITDA as earnings from continuingoperations before 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 and serviceindebtedness and generate free cash flow. Furthermore,pursuant to the terms of our credit facility, EBITDA isused to determine the company's compliance withcertain financial covenants. The company also believesthat EBITDA measures are commonly reported and

widely used by investors and other interested parties asmeasures of a company's operating performance anddebt servicing ability because EBITDA measures assist incomparing performance on a consistent basis withoutregard to depreciation or amortization, which can varysignificantly 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.EBITDA should not be considered an alternative to (a)income from operations or net income (loss) as ameasure of operating performance; (b) cash flowsprovided by operating, investing and financing activities(as determined in accordance with GAAP) as a measureof the company's ability to meet its cash needs; or (c)any other indicator of performance or liquidity that hasbeen determined in accordance with GAAP. Our methodof calculating EBITDA may differ from the methods usedby other companies, and, accordingly, may not becomparable to similarly titled measures used by othercompanies. Net debt to EBITDA is used as a measure offinancial leverage employed by the company. Ourmethod of calculating net debt to EBITDA may differfrom the methods used by other companies, and,

accordingly, may not be comparable to similarly titledmeasures used by other companies. Gross marginexcluding depreciation and amortization is used as aperformance measure to provide additional transparentinformation regarding our results of operations on aconsolidated and segment basis. Changes indepreciation and amortization are separately discussedand include depreciation and amortization for materials,supplies, labor and other production costs andoperating activities. Presentation of gross marginincludes depreciation and amortization in the materials,supplies, labor and other production costs according toGAAP. Our method of presenting gross margin excludesthe depreciation and amortization components, asdiscussed above. This presentation may differ from themethods used by other companies and may not becomparable to similarly titled measures used by othercompanies. The company may from time-to-time discussSD&A adjusted for items that are not continuing innature. The reconciliations attached providereconciliations of the non-GAAP measures used in thispresentation or release to the most comparable GAAPfinancial measure.

14

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

15

For the 12

Week Period

Ended

For the 12

Week Period

Ended

For the 16

Week Period

Ended

For the 12

Week Period

Ended

Trailing 52

Week Period

Ended

Oct 10, 2015 Jan 2, 2016 Apr 23, 2016 Jul 16, 2016 Jul 16, 2016

Net income 43,796$ 32,246$ 59,363$ 51,155$ 186,560$

Income tax expense 25,077 17,775 33,015 27,270 103,137

Interest expense, net 878 1,528 2,778 3,010 8,194

Depreciation and amortization 29,419 32,471 43,467 32,598 137,955

EBITDA 99,170 84,020 138,623 114,033 435,846

Asset impairment and facility closure costs 736 1,496 - - 2,232

Pension plan settlement loss - - - 4,641 4,641

Acquisition-related costs 4,991 1,196 - - 6,187

Adjusted EBITDA 104,897$ 86,712$ 138,623$ 118,674$ 448,906$

Reconciliation of Net Income to Adjusted EBITDA

(in thousands)

Dollars in thousands

Dollars in thousands

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

16

For the 12 Week

Period Ended

For the 12 Week

Period Ended

July 16, 2016 July 18, 2015

EBIT 80,135$ 78,071$

Asset impairment and facility closure costs - 2,275

Adjusted EBIT 80,135 80,346

Depreciation and amortization 27,980 26,995

Adjusted EBITDA 108,115$ 107,341$

Sales 785,767$ 751,969$

Adjusted EBITDA margin 13.8% 14.3%

Reconciliation of EBIT to Adjusted EBIT and Adjusted EBITDA - DSD

For the 12 Week

Period Ended

For the 12 Week

Period Ended

July 16, 2016 July 18, 2015

EBIT 15,710$ 13,976$

Depreciation and amortization 4,599 3,591

EBITDA 20,309$ 17,567$

Sales 149,258$ 136,826$

EBITDA margin 13.6% 12.8%

Reconciliation of EBIT to EBITDA - Warehouse

For the 12 Week

Period Ended

For the 12 Week

Period Ended

July 16, 2016 July 18, 2015

EBIT (14,410)$ (12,006)$

Pension plan settlement loss 4,641 -

Adjusted EBIT (9,769)$ (12,006)$

Depreciation and amortization 19 (118)

Adjusted EBITDA (9,750)$ (12,124)$

Reconciliation of EBIT to Adjusted EBIT and Adjusted EBITDA - Corporate

For the 12 Week

Period Ended

For the 12 Week

Period Ended

July 16, 2016 July 18, 2015

Net income 51,155$ 51,760$

Income tax expense 27,270 27,421

Interest expense, net 3,010 860

Depreciation and amortization 32,598 30,468

EBITDA 114,033 110,509

Asset impairment and facility closure costs - 2,275

Pension plan settlement loss 4,641 -

Acquisition-related costs - -

Adjusted EBITDA 118,674$ 112,784$

Sales 935,025$ 888,795$

Adjusted EBITDA margin 12.7% 12.7%

Reconciliation of Net Income to Adjusted EBITDA

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

17

For the 12 Week

Period Ended

For the 12 Week

Period Ended

July 16, 2016 July 18, 2015

935,025$ 888,795$

477,955 457,253

Gross Margin excluding depreciation and amortization 457,070 431,542

Less depreciation and amortization for production activities 19,869 20,184

Gross Margin 437,201$ 411,358$

Depreciation and amortization for production activities 19,869$ 20,184$

12,729 10,284

Total depreciation and amortization 32,598$ 30,468$

Reconciliation of Gross Margin

SalesMaterials, supplies, labor and other production costs

(exclusive of depreciation and amortization)

Depreciation and amortization for selling, distribution and

administrative activities

Net income per diluted common share 0.88$ to 0.93$

Pension plan settlement loss 0.02 0.02

Adjusted net income per diluted common share 0.90$ to 0.95$

Range Estimate

Reconciliation of Earnings per Share -

Full Year Fiscal 2016 Guidance

Dollars in thousands, except per share dataReconciliation of Debt to Net Debt and Calculation of Net As of

Debt to Trailing Twelve Month Adjusted EBITDA Ratio Jul 16, 2016

Current maturities of long-term debt and capital lease obligations 130,359$

Long-term debt and capital lease obligations 895,815

Total debt and capital lease obligations 1,026,174

Less: Cash and cash equivalents 11,592

Net Debt 1,014,582$

Adjusted EBITDA for the Trailing Twelve Months Ended Jul 16, 2016 448,906$

Ratio of Net Debt to Trailing Twelve Month EBITDA 2.3