Investor Overview

September 2011

Company Overview
o NYSE:

FLO IPO 1968, NYSE since 1982 in 1919

7% Frozen bread, rolls 19% Fresh snack cakes, pastries

1% Mixes

o Founded

o Headquartered

in Thomasville, GA associates DSD territories

o 9,500 o 4,400 o 41

Product Mix

73% Fresh bread, buns, rolls

highly efficient bakeries 2011 sales growth of 7% to 11% (including the impact of the Tasty acquisition)

3% All other

6% Convenience store

o Estimated

Flowers Foods is a leading baking company with diversified revenue stream and a culture of excellence.

Sales Channels

27% Mass merchandiser/ discount

26% Foodservice

38% Supermarket/ drug

Flowers Foods: Strong Position

12.1% Others 6.2% Hostess Brands 7.6% Pepperidge Farm 8.2% Sara Lee 17.6% Other private label

22.9% Flowers branded Total Dollar Sales* For breads, buns, rolls, bagels, English muffins in IRI South Market $3.4 billion 8.2% Flowers private label

17.3% Bimbo USA

*South Market - IRI Data latest 52 weeks ending 8/7/11 Supermarket/Mass/Drug only (does not include Walmart); chart data should not be used for historical comparison because of changes in geographic definition

IRI South Market Retail Fresh Bakery

IRI Panel Data All outlets; YTD ending Aug. 7, 2011

$7 billion
White bread Soft variety bread Specialty bread Buns & rolls Sandwich Rounds Breakfast breads Bagels English muffins Dinner breads & rolls

Cake $1.6 billion Fresh packaged breads $5.0 billion

Tortilla, wraps $572 million

Source: IRI Panel Data all outlets; includes grocery, drug, mass, sc, club, c stores/gas, dollar, specialty

Fresh Packaged Bread Market Share Trends

South
FD/DG/MM, calendar year
Dollar share
2007 2008 2009 2010 2011 YTD*

Total Flowers Foods Total BBU Total Hostess** Total Pepperidge Farm Total Sara Lee Total Store Brand Unit share

21.1 16.0 7.7 7.5 10.2 25.8

22.0 16.2 6.8 7.6 9.4 26.3

22.3 16.9 6.6 7.4 8.8 26.5

22.8 17.2 6.2 7.6 8.5 26.0

22.9 17.5 6.2 7.5 8.2 25.0

2007

2008

2009

2010

2011 YTD*

Total Flowers Foods Total BBU Total Hostess** Total Pepperidge Farm Total Sara Lee Total Store Brand

17.8 11.3 6.8 4.6 8.4 41.2

18.4 11.4 6.0 4.8 8.1 41.6

18.3 12.5 6.3 4.7 7.5 41.3

18.7 13.4 5.6 4.8 7.6 40.4

18.7 13.2 5.8 4.7 7.1 40.5

Source: IRI Food/Drug/Mass Excl Walmart; excludes cake and tortillas Source: Flowers IRI database restatement July 2011

*8/7/11 **Formerly IBC

U. S. Market Retail Fresh Bakery

IRI Panel Data All outlets; YTD ending Aug. 7, 2011

$20 billion
White bread Soft variety bread Specialty bread Buns & rolls Sandwich Rounds Breakfast breads Bagels English muffins Dinner breads & rolls

Fresh packaged breads $15.4 billion

Cake $4.2 billion

Tortilla, wraps $2.0 billion

Source: IRI Panel Data all outlets; includes grocery, drug, mass, sc, club, c stores/gas, dollar, specialty

Fresh Packaged Bread Market Share Trends

Total U.S.
Dollar share
2007 2008 2009 2010 2011 YTD*

F/D/M FD/DG/MM, calendar year

Total Flowers Foods Total BBU Total Hostess** Total Pepperidge Farm Total Sara Lee Total Store Brand Unit share Total Flowers Foods Total BBU Total Hostess** Total Pepperidge Farm Total Sara Lee Total Store Brand

7.2 22.9 8.3 5.9 10.1 26.6

7.4 22.9 7.0 5.9 10.0 27.3

7.6 23.3 7.1 5.9 9.3 27.5

7.8 23.3 7.1 6.0 9.2 26.8

7.9 23.1 7.4 5.9 8.8 26.9

6.5 16.8 7.2 3.9 8.1 40.7

2007

6.7 16.9 6.1 4.0 8.3 40.9

2008

6.7 17.6 6.6 3.9 7.7 40.7

2009

6.9 18.2 6.3 3.9 8.0 39.7

2010

2011 YTD*

7.0 17.4 6.8 3.9 7.3 40.3

Source: IRI Food/Drug/Mass Excl Walmart; excludes cake and tortillas Source: Flowers IRI database restatement July 2011

*8/7/11 **Formerly IBC

U.S. Fresh Baking Industry Consolidation

2000 2005 Today*

(Formerly Interstate Bakeries)

*Reflects the pending Bimbo/Sara Lee transaction

THE FLOWERS WAY

Grow Sales
Accelerate profitable growth --core markets --new markets --acquisitions --expand footprint for DSD Defend/expand leading market position Maintain high quality and execution standards Preserve capital structure flexibility/dividend Leverage the baking sectors best team to grow

Building Shareholder Value

Give Extraordinary Service Bake Smart Invest Wisely Appreciate Team

Grow Sales Acquisitions & New Markets

Current population served through FLO & Tasty DSD systems 61% 2016 goal 75%

Acquisitions since 2004 2004 2005 Sara Lee TX bakery Royal Derst Key Mix Holsum Bakery ButterKrust Bakery Specialty Blending Leos Foods Tasty Baking

Direct Store Delivery Systems

Existing territory 2004 Territory growth added 2004 201161% of U.S. Targeted growth 2011 201675% of U.S.
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2006 2007 2008 2008 2009 2009 2011

Long-Term* Growth Objectives

Annual Sales Growth of 5% to 10%

Organic Growth 3% to 5%

Acquisitions/Mergers 2% to 5%

EBITDA Margin of 11% to 13%

EPS
* 5 years

double digits
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Growth Drivers

Organic Growth
Population growth Retail growth Foodservice growth

Expansion Markets
Recent expansion Future markets Greenfield facilities

Acquisitions

12

Sales Growth
2011 Guidance 7.0% to 11.0% Growth* CAGR: 8.36% 2006 - 2010 In billions $3
CAGR Price/mix 5.02% Volume Acquisition 3.34% 8.36%

$2.60 2.5 $2.04 $2.41

$2.57

5 year goal of 5% to 10%

Organic 3% to 5% Acquisition 2% to 5% $1.44

$1.89

1.5

0.5
% Growth 10.1% 7.8% 18.6% 7.7% <1.0>% 5.7%

0 2006 2007 2008** 2009 2010 1H2011

*Including the impact of the Tasty acquisition. **53-week year

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EBITDA*
CAGR: 12.91% 2006 - 2010
$287.3 250 200 $182.7 150 100
% Growth 15.2% 15.4% 10.3% 21.5% 10.6% 12.2% 11.0% 1.3% 11.3% 3.2% 11.4%

In millions $ 300

$291.0

Focus on EBITDA expansion Grow EBITDA dollars

$164.0***

$256.0 $210.8

Improve EBITDA margins

50
% of Sales 9.7%

0 2006 2007 2008** 2009 2010 1H2011

*Earnings before interest, taxes, depreciation, and amortization. See reconciliation of net income to EBITDA on the companys Web site, www.flowersfoods.com. **53-week year *** Excluding one-time charges

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Gross Margin*
% of sales 50.0 49.7% 49.0% 47.7% 46.5% 47.7% 47.8%

2007-2009: Input cost pressure

Grow gross margin dollars Focus on gross margin expansion 2011 input cost pressure down 75 to 100 bps.

40.0 2006 2007 2008** 2009 2010 1H2011

* Excludes depreciation & amortization. See reconciliation to GAAP gross margin on the companys Web site, www.flowersfoods.com. ** 53-week year

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Efficiencies
Production Efficiency %
93 92 91 90 89 88 87.1% 87 86 85 84 2006
*53-week year

92.3% 91.0% 90.5%

87.9% 87.2%

2007

2008*

2009

2010

1H2011

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Cost of Goods Sold Components

Fiscal 2010
Total Cost of Goods Sold Ingredients

Other* 14.7%

Flour, 40.6%

Direct Labor 27.8%

Ingredients 49.0%

Oils & Shortening, 6.9% Sweeteners, 12.5%

Other, 40.0%

Packaging 8.5%
* Includes natural gas

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Selling, Distribution, & Admin Costs

% of sales

40.2% 40.0 38.7% 37.1% 36.4% 35.6%

Leverage revenue expansion

36.6%**

Control growth to low single digits Leverage technology 2011 down 80 to 100 bps

30.0 2006 2007 2008* 2009 2010 1H2011

* 53-week year **Excluding one-time charges

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Earnings
Income
In millions $ 140
120

Diluted EPS
2011 Guidance Flat to 5%**
$ 1.6 CAGR: 17.69% 2006 - 2010

CAGR: 16.85% 2006 - 2010 $137.0

$130.3 $119.2

1.4 1.2 1

100 80 60 40
% Growth 19.1% 4.0% 26.4% 4.6% 26.0% 4.9% 9.3% 5.0% 5.2% 5.3% 3.1%

$94.6 $74.9
$76.8**

0.8 0.6 0.4 0.2

$.85 $.68 $.54

$.94

$.99

$.56**

20
% of Sales 5.3%

% Growth

22.7%

25.9%

25.0%

10.6%

5.3%

3.7%

0 2006 2007 2008* 2009 2010 1H2011

0 2006 2007 2008* 2009 2010 1H2011

*53-week year **Excluding one-time charges

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Improved Productivity
Net Sales / Employee
In thousands $ 350 300 $261 250 200 150 100 50 0 2006
*53-week year

Net Income / Employee

In thousands $ 18 $16 $15 $14 $12 $10

$296 $274

$292

16 14 12 10 8 6 4 2 0

$242

2007

2008*

2009

2010

2006

2007

2008*

2009

2010

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Strong Cash Flow

In millions $ 400 350 300 250 200 150 100 50 0 2006 2007 2008***
Dividends

Uses of Cash
$354.2

Total Expenditures 2006 to 2010

(In millions) Capital expenditures $407.7 Acquisitions $196.6 $199.8 $209.4 Dividends $257.4 Share repurchases $220.7 Pension $16.4

$169.3

$166.1

Free Cash Flow**

(In millions) 2009
Pension

2010
Acquisitions*

2006 2007 2008 2009 2010

$89.5 $126.5 $8.0 $163.9 $207.6

Capital expenditures

Share repurchases

*In addition to cash, stock and debt are used to fund acquisitions. **Free cash flow is operating cash flow minus capital expenditures. ***53-week year

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Allocation of Cash Flow

Cash
CapEx Acquisitions Dividends Share Repurchases Return to Shareholders

Growth/Expansion

Debt Maturities*
2011 2012 2013 2014 2015 $28.4 million $42.1 million $53.9 million $2.5 million $0.4 million

*In addition, at the end of Q2 2011 (July 16, 2011), $204.0 million was outstanding under the companys unsecured credit facility. This is being paid as excess cash is available.

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Bakery Investments
Total Capital Expenditures
In millions $ 120
13.5

$111.9
13.5

100

$97.0

$103.1
15.0

$89.0
2.1

$86.8
14.7

80

35.2

60 88.1 40 61.8 20 98.4 86.9 72.1

0 2006
*53-week year

2007

2008*

2009

2010

Capex
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Operating leases

Return on Invested Capital

% 16 14 12 10 8 6 4 2 0 2006 2007 2008* 2009 2010

14.0% 12.0%

14.7% 13.6%

14.4%

*53-week year Numerator Income from continuing operations; Denominator Average beginning and ending shareholders equity and debt

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Dividends Strong Annual Dividend

$0.517

CAGR 25.39%
$0.383 $0.305 $0.211

$0.450

2006

2007

2008

2009

2010

Dividend yield

1.2%

1.9% 44.9%

2.4% 45.1%

2.8% 47.9%

2.9% 52.2%

Dividend payout ratio 39.1%

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Total Shareholder Return

Comparison of cumulative 5-year total return

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2011 Outlook
o Uncertain environment
o Input costs

still volatile

o Continued economic pressures o Consumer

confidence

o Projected 2011 sales growth o Projected 2011 EPS

7% to 11%*

growth Flat to 5%**

*Including the effect of the Tasty acquisition **Excluding one-time charges

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2011 Outlook*
Sales growth
- Price/mix - Volume - Tasty Baking

7% to 11% 3% to 5% Flat to 1% 4% - 5% Forecast down 35.0% to 35.5% 137.0 million $85 to $90 million

Gross profit margin Tax rate Shares outstanding Capital expenditures

*Includes the impact of the Tasty Baking acquisition

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Long-Term Growth
Market expansion Acquisitions New products Cost/margin management Exceptional execution

Driving

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Focus on

Growth
Core Markets Expansion Markets Acquisitions

30

FLO Growth
Growth strategycore, expansion, acquisitions
o Grow

in core markets by increasing share, innovative new products, further penetration of market geographic reach through market expansions

170 bp market share growth

o Expand

Access to 58 million in population added since 2004 16 new lines added since 2004

o Build

new bakeries with efficient capacity located close to new markets acquisitions that extend our reach into new markets, bring synergistic savings, and new capacity

o Make

9 acquisitions added $571 million in revenue since 2004

Flowers Foods has demonstrated success in a variety of avenues for sustainable growth

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FLO Growth
DSD & capacity growth 2004 to present
DSD Territory

New bakeries/capacity since 2004 2011 DSD (direct store delivery) territory 2004 DSD territory The Direct Store Delivery (DSD) Segment handles fresh breads, buns, rolls, and snack cakes that are sold regionally through a system that reaches about 61% of the U.S. population.
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Most Recent Mergers & Acquisitions

2011 Tasty Baking

2008 Holsum Bakery 2009 Leos Foods 2006 Derst Baking 2008 ButterKrust Bakery

Current DSD territory

33

Fresh Bakery Category Observations

Fresh bread is relatively inelastic 98% of consumers buy One of the highest revenue and profit categories for retailers Keeping bakery category vibrant and healthy is important Studies show excessive promotional pricing can lead to category deflation

34

Categories with Strong Brand Equity

0%

Strong Brand Presence 50%

Frozen Prepared Vegetables Crackers Baking Mixes Rfg Frankfurters Milk Substitute/ Soy Milk Rfg Sliced Lunchmeat Rfg Bacon Pasta Ketchup

Strong Brand Equity

100%

Salty Snacks Imitation Cheese Loaf Margarine RTE Cereal Carbonated Coffee Beverages Cookies Yogurt Orange Juice English Muffins Jam/Jellies Flour Ice Cream Pet/Convenience Water Mustard

Peanut Butter Imitation Cheese Slices

Branded Share of Volume

Total US

Fresh Bread Cream Cheese Fresh Buns/ Natural Chuck Canned Vegetables Rolls/Bagels Cheese Cheese Slices Flavored Milk/ Buttermilk Processed Cheese Cottage Cheese
Rfg Butter Frozen Plain Vegetables Natural Cheese Shredded Whole Milk Eggs Skim Milk

50%

Commodities
0%

Branded Price Per Volume Gap to Store Brand (%)

Source: Symphony IRI Reviews; Total US Region Foods, 52 weeks ending Source: Symphony IRI Reviews Total US FDMX; 52 weeks ending 12/26/11 12/26/10

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Strong Brands

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Natures Own
#1 soft variety bread brand in U.S. #2 loaf bread in U.S.
Source: Symphony IRI

NATURES OWN SLIDE

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Leading Fresh Bread Brands

Data for 52 weeks ended 8/7/11 Total U.S. supermarkets, drugstores, mass (excluding Walmart)
Total U.S. F/D/Mx Latest 52 weeks ending Feb. 20, 2011 Dollar Sales Dollar Change vs. PY % Volume Change vs. PY %

Volume Sales

Total Arnold, Oroweat, & Brownberry $734,426,048 Total Natures Own incl. Whitewheat $449,102,112 Total Pepperidge Farm $448,689,472 Total Sara Lee Brand $382,169,120 Total Wonder $240,125,424 Total Stroemann $110,411,600 Total Freihofer $93,820,712 Flowers Sunbeam $83,214,312 Total Mrs. Bairds $76,306,048 Private Label Fresh Bread $1,697,064,832

(1.8) 3.6 0.5 (2.9) (0.7) (7.0) (4.0) (5.3) (2.6) (1.3)

333,688,224 217,076,016 157,469,968 191,299,184 125,602,344 60,744,516 49,050,736 49,753,368 50,390,144 1,394,236,288

(8.3) (2.0) (1.8) (6.7) (3.1) (15.6) (11.5) (14.1) (4.5) (3.9)

Source: Symphany IRI Reviews; Total US F/D/Mx; 52 weeks ending August 7, 2011

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Brand Strength
In millions

$ 1000 900 800 700 600 500 400 300 200 100 0
11.6% 6.3% 12.1% 17.5% 10.9% 19.2% 19.9% 18.9% 7.5% 8.2%

5.9%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Est.
Sales estimated using internal sales data; All dollars shown as retail; Includes Whitewheat

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Recent New Product Successes

Whitewheat Sandwich Buns/Rolls The first better-for-you white buns on the market The top-selling better-for-you hamburger bun in the South Natures Own 100% Whole Grain Soft Variety Contains 11 different whole grains Risen to the top 10 in Soft Variety UPCs in South

2005

2009

2010

Natures Own Sandwich Rounds First to market with re-sealable bags

#3 and #4 of the top 10 Sandwich Rounds/Thins in South

2011

Thin Sliced Bagels First to the market with re-sealable bags The Thin Sliced Bagels are leading the segment growth in units and dollars in the South.
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Source: Symphony IRI 52 Weeks ending 8/7/2011

Newest Natures Own Items

April / July 2011

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Cake Brands

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Foodservice Sales
Total U.S. foodservice bread sales: $5.8 billion*
Flowers share of foodservice sales
47% 49% 31% 15% 26% 14% 6% Loaf/pan breads Commodity buns Sandwich rolls & wraps Meal accompaniment breads Total 13%

22%

24%

National

South

Source: Technomic Volumetric Study 2010; 52 weeks ending 9/26/2010

*Estimated, Technomic 2010

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Foodservice Industry Projections

Nominal Rates
Limited service
1.9 3.5

Full service
-1.3

1.5

Beyond restaurants
1.1

3.1

Total foodservice
0.7
-2 0 2

2.8

2010
Source: Technomic; May 2011 Food and Non-Alcoholic Beverages only

2011 forecast

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Continually Improving Our Business

45

Strengths

Flowers Foods

Focus on bakery foods category Proven strategies Supply chain excellence Technology advantage Experienced team Company culture
46

Investment Highlights

Experienced, dedicated management team Strong historical performance as foundation for growth Diversified product offering serving retail and foodservice channels 22.7% brand share in IRI South markets Proven growth strategy organic, market expansion, acquisitions Competitive advantages efficient bakeries, product innovation, independent distributors, information system Baked foods category strength

47

2011 Events
February 8 February 15 March March May May August 1 22 19 25 17 2010 release/conference call FLO management at Deutsche Bank Conference/Naples, FL FLO management at KeyBanc Conference/NY Analyst Event at NYSE 1Q release/conference call Shareholders Meeting/Thomasville, GA 2Q release/conference call 3Q release/conference call

November 10

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Forward-looking statement
Todays presentation includes forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, particularly statements regarding future financial and operating results of Flowers Foods and its business. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements, due to changes in economic, business, competitive, strategic or regulatory factors, and factors affecting the operation of the business of Flowers Foods. More detailed information about these factors may be found in filings by Flowers Foods with the Securities and Exchange Commission, especially its Form 10-K, in the sections entitled Forward Looking Statements. Flowers Foods is under no obligation and expressly disclaims any such obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

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