1. COMPANY SNIPPETS.............. 1

2. MAJOR PRODUCTS AND SERVICES..............2

3. SALES DATA.............. 4 Table 1: Flowers Foods, Inc.'s Sales by Business Segment (2013-2014) in Percentage for Direct-Store-Delivery (“DSD”) Segment and Warehouse Segment..............4

Table 2: Flowers Foods, Inc.'s Sales by Product Category (2013-2014) in Percentage for Branded Retail, Store Branded Retail and Non-Retail and Others..............5

4. COMPETITION BY DIVISION.............. 6

5. MARKET OVERVIEW.............. 7 Bakery Products.............. 7 Table 3: Bakery Market by Category in the US (2015) - Percentage Share Breakdown by Value for Private-Label and Others.............. 7

Table 4: Bakery Products Market by Category in Saudi Arabia (2015) - Percentage Share Breakdown by Value for Breads, Cakes, Dough, Pastries, and Others 8 Bread Products.............. 9 Table 5: Bread Market by Type in China (2014) - Percentage Share Breakdown by Value Sales for Artisan Bread, Packaged Bread, and Others.............. 9 Table 6: Bread Market in China (2014) in RMB Million 10 Table 7: Bread Market by Type in India (2014) - Percentage Share Breakdown by Value Sales for Brown Bread, Multi Grain Bread, White Bread, Whole Wheat Bread, and Others 11

Table 8: Bread Market by Type in India (2015) - Percentage Share Breakdown by Value for Brown Bread, Multi Grain Bread, White Bread, and Others..............12

Table 9: Bread Market by Product Segment in Mexico (2014) - Percentage Share Breakdown by Value Sales for Multi-Grain Bread, Toast, Tortilla, and White Bread 13

Table 10: Bread Production by Category in the US (2014) - Percentage Share Breakdown by Value Sales for Bread, Frozen Cakes, Pies, Rolls, Soft Cakes, Retail Bakery Products, and Others.............. 14 Table 11: Bread Production in the US (2014) in US$ Million 15 Table 12: Packaged Bread Products Market in the US (2014) in US$ Million.............. 16 Fresh Bakery Products..............17 Table 13: Fresh Bakery Bread (Artisanal & Packaged) Market in Canada (2014) in CAD Million..............17 Table 14: Fresh Bakery Bread Market by Category in Canada (2014) - Percentage Share Breakdown by Value Sales for Artisanal Bread, and Packaged Bread 18

Table 15: Fresh Bread Market by Category in the US (2015) - Percentage Share Breakdown by Value for Breakfast Items, Dinner & Bread Rolls, Fresh Packaged Breads, Soft Variety Loaf, Specialty Premium Loaf, and Others 19

Table 16: Fresh Bakery Products Market by Type in the US (2015) - Percentage Share Breakdown by Value for Cake, Food Service, Fresh Packaged Breads, and Tortilla, Wraps 20 Fresh Packaged Bakery Products..............21 Table 17: Fresh Packaged Bakery Products Market by Category in the US (2014) - Percentage Share Breakdown by Retail Value for Breakfast Items, Dinner Bread/ Rolls, Sandwich Buns & Rolls, Soft Variety Loaf, Specialty Premium Loaf, White Loaf, and Others.............. 21 Table 18: Fresh Packaged Bakery Products Retail Market in the US (2014) in US$ Million..............22 Sandwiches.............. 23 Table 19: Sandwich Market by Distribution Channels by Product Segment in the UK (2014) - Percentage Breakdown for Bakers, Coffee shops, Multiples, Non Grocery, Sanwich bars, Workplace and Others.............. 23 Frozen and Refrigerated Bagels..............24 Table 20: Frozen and Refrigerated Bagels Market by Brand in the US (2015) - Percentage Share Breakdown by Value for Lender's, and Others..............24

6. COMPETITIVE LANDSCAPE.............. 25 Bakery Products.............. 25 Table 21: Market Shares of Leading Bakery Product Producers in North America (2015) - Percentage Breakdown by Value for Bimbo, S.A.B. de C.V, Flowers Foods Corporation, McKee Foods Corporation, and Others..............25

Table 22: Market Shares of Leading Bakery Product Manufacturers in Latin America in 2014: Percentage Shares in Sales Value held by Grupo Bimbo, S.A.B. de C.V., Kellogg's, Kraft Foods Group, Inc., Nestle SA, and PepsiCo Inc. 26

Table 23: Market Shares of Leading Bakery Product Manufacturers in Saudi Arabia (2015) - Percentage Breakdown by Value for Almarai Co., and Others 27

Table 24: Market Shares of Leading Bakery Product Producers in the US (2014) - Percentage Breakdown by Value for Bimbo Bakeries USA(Saralee), Pepperidge Farm, and Others 28 Bread.............. 29 Table 25: Market Shares of Leading Bread Brands by Value Sales in South Africa (2014) Percentage Breakdown for Albany, Artisanal, Blue Ribbon, Sasko, Sunbake, Private Label and Others.............. 29

Table 26: Market Shares of Leading Bread Manufacturers by Value Sales in South Africa (2014) - Percentage Breakdown for Foodcorp (Pty) Ltd., Pioneer Food Group Ltd., Premier Foods Plc, Tiger Brands Ltd., Private Label, and Others 30

Table 27: Market Shares of Leading Fresh Bread Manufacturers in the US (2014) - Percentage Breakdown by Value Sales for Flowers Foods, Inc., Grupo Bimbo, S.A.B. de C.V., Hostess Brands, LLC, Private Label, and Others 31

Table 28: Market Shares of Leading Packaged Bread Manufacturers in Canada (2014) - Percentage Breakdown by Volume Sales for Canada Bread Company, Ltd., Weston Foods (Canada), Inc., Private Label, and Others 32 Bread, Rolls.............. 33 Table 29: Market Shares of Leading Bread, Rolls Bakers by Value Sales in Western Europe (2014) - Percentage Breakdown for Bimbo Bakeries, Flowers Foods, Pepperidge Farm, Inc., and Others.............. 33

Table 30: Market Shares of Leading Bread/ Rolls Producers by Value Sales Worldwide (2014) - Percentage Breakdown for Campbell Soup Company, Grupo Bimbo S.A.B. de C.V., Private Label and Others.............. 34 Burgers & Sandwiches.............. 35 Table 31: Market Shares of Leading Burger & Sandwich Chains in India (2015) - Percentage Share Breakdown by Value for KFC, McDonald's and Others..............35 Cupcakes and Brownies..............36 Table 32: Market Shares of Leading Cupcakes and Brownies Manufacturers by Value Sales in the US (2014) - Percentage Breakdown for Flowers Foods, Grupo Bimbo, S.A.B, Hostess Brands, McKee Foods Corporation, Supermarket Brand and Others 36 Fresh Loaf Bread.............. 37 Table 33: Market Shares of Leading Fresh Loaf Bread Producers by Value Sales in the US (2014) - Percentage Breakdown for Campbell Soup Company, Flowers Foods, Inc., Grupo Bimbo SAB, La Brea Bakery, Supermarket Brands and Others 37 Roll/Buns/Croissants (Fresh)..............38 Table 34: Market Shares of Leading Fresh Roll/Buns/Croissants Producers in the US (2014) - Percentage Breakdown by Value Sales for Flowers Foods, Inc., Grupo Bimbo, S.A.B. de C.V., Hostess Brands, LLC, Private Label, and Others 38

Table 35: Market Shares of Leading Rolls/Buns/Croissants Producers by Value Sales in the US (2014) - Percentage Breakdown for Flowers Foods, Inc., Grupo Bimbo, S.A.B., King's Hawaiian, Martin's Famous Pastry Shoppe, Supermarket Brands and Others.............. 39 Sandwich and Filled Crackers..............40 Table 36: Market Shares of Leading Sandwich Producers by Value Sales in the UK (2014) - Percentage Breakdown for 2 Sisters Food Group, Adelie Foods Group Ltd., Greencore Group Plc, Samworth Brothers, Sandwich factory and Others 40

Table 37: Market Shares of Leading Sandwich and Filled Cracker Manufacturers in the US (2015) - Percentage Breakdown by Value for Kellogg, Kraft Foods Group, Inc., Snyder's - Lance, Inc., Private Label Company, LLC., and Others 41 White Loaf and Sandwich Buns and Rolls 42 Table 38: Market Shares of Leading White Loaf and Sandwich Buns and Rolls Producers in the US (2014) - Percentage Breakdown by Value Sales for Bimbo Bakeries USA, Flowers Foods, Inc., Pepperidge Farm, and Others 42 Cake/Cupcake/Pie Mixes.............. 43 Table 39: Market Shares of Leading Cake/Cupcake/Pie Mixes Producers by Value Sales in the US (2014) - Percentage Breakdown for General Mills, Inc., Pinnacle Foods Group LLC and Others.............. 43 Bagels/English Muffins.............. 44 Table 40: Market Shares of Leading Bagels/English Muffins Producers by Value Sales in the US (2014) - Percentage Breakdown for Flowers Foods, Inc., Grupo Bimbo SAB, Supermarket Brands and Others..............44

7. COMPANY FACTS.............. 45 Table 41: Flowers Foods, Inc.'s Snack Cake Sales by Category in the US (2015) - Percentage Share Breakdown by Value for Fresh Leys and Taste Cake..............45

Table 42: Flowers Foods, Inc.'s Sales by Product Segment Worldwide (2013) in Percentage for Direct-Store-Delivery Segment (DSD) and Warehouse..............46

Table 43: Flowers Foods, Inc.'s Sales by Product Category Worldwide (2011-2013) in US$ Thousands for Branded Retail, Store Branded Retail, Non-Retail and Other 47

8. RECENT INDUSTRY DEVELOPMENTS..............48