THE FLOWERS WAY

November 2008

THE FLOWERS WAY

INVEST WISELYBAKE SMARTMANAGE RESOURCESINNOVATEAPPRECIATE TEAMDELIVER VALUESERVE THE MARKETGROW

PRODUCT MIX

76%Fresh bread,buns, rolls

15%Fresh snack

cakes, pastries

9% Frozen

bread, rolls

81% Direct storedelivery (DSD)

19% Direct tocustomers’

warehouses

DISTRIBUTION CHANNELS

WE UNDERSTAND OUR CUSTOMERS

72%Retail

28%Foodservice

OUR STRATEGY IS WORKING

CORE MARKETS – IRI data for calendar year 2007Supermarket/Drug only (does not include Mass)

24%Flowersbranded

11%Flowers private label

5%Bimbo

7%Pepperidge

Farm

6%IBC

9%Weston

11%Sara Lee

14%Otherprivate label

13%Others

MARKET CAPITALIZATION -- FLO

0

0.5

1

1.5

2

2.5

2003 2004 2005 2006 2007 2008

In billions

$

$1.662

$1.365

$1.144

($27.33 stock price)

$1.632

$2.198

2003-2007 CAGR: 17.73%

YTD

21.8% <1.9%> 34.7%19.3%% increaseor decrease

$2.535

THE FLOWERS WAY

BUILDING VALUE FOR SHAREHOLDERS2001 $1.24 billion to shareholders on sale of Keebler;

Spin-off of Flowers Foods ($400 million market cap)

Nov. 13, 2008 $2.1 billion in market cap created since spin-off

2008 and beyond Build additional shareholder value through operational and financial strengths

STRATEGY

BAKE SMART THE FLOWERS WAY

Efficiency…Quality…Innovation…New Products…Efficiency…Quality…

BAKING SMART

39 POWERFUL BAKERIES

$480 million invested in our bakeries since 2001

FLOWERS FOODS MARKET/BAKERY LOCATIONS

DSD territory $1.65 billion in sales (2007)

Warehouse delivery $387 million in sales (2007)

BAKING SMART

THE FLOWERS WAY

RECENT ACQUISITIONS

Holsum Bakeries• Annual sales of $150 million• Arizona-based with two bakeries/fresh breads and rolls• Independent distributors serve Arizona, New Mexico, Nevada

and Southern California• Completed on August 11, 2008

ButterKrust Bakery• Annual sales of $70 million• One bakery in Lakeland, Florida• Serves customers throughout Florida• Completed on August 4, 2008

���

���

�

���� �

��

EXPANSION OF DSD TERRITORY*

Growth since 2004

Current territory

GROWING STRONG

*Flowers’ fresh breads

Population served with DSD143 million

STRATEGY

INNOVATE THE FLOWERS WAY

Processes…Bakeries…Delivery Systems…Information…Products…Processes...

Information TechnologyPARTNERING WITH CUSTOMERS

Efficient Bakeries• New capacity—strategically located• Innovations• Technology

Distribution Strengths• DSD/motivated distributors• National reach

-Frozen foodservice-Snack cakes

BAKING SMART

THE FLOWERS WAY

STRATEGYSERVE THE MARKET

Customers…Consumers…Extreme Service…Right Products…Right Locations

WE UNDERSTAND CONSUMERS’ NEEDS

STRATEGY

PRODUCT INNOVATION

$750 million in annual sales, up 18% YTD#1 bread brand in the US#1 selling soft variety brand in the U.S.Honey wheat is #1 selling loaf in the IRI South Market100% Whole Wheat is #2 loaf in the IRI South Market

SOFT VARIETY BREAD

Sources: Category Numbers IRI; Brand internal SDW

SUPER PREMIUM BREAD

Sources: Category Numbers IRI; Brand internal SDW

$37 million in annual salesPositive consumer and retailer acceptanceBetter-for-you position with all-natural and made with organic flour

Using brand strength to grow share in the breakfast category

Developed and introduced new products

Leveraging nutritional position as a point of difference

BREAKFAST SELECTIONS

First healthier white bread on market$135 million in sales Meets market’s demand for healthier white bread

WHITE BREAD

Specialty rolls to make meal occasions special

Taking foodservice trends to supermarket

SPECIALTY SANDWICH ROLLS

SNACK CAKES

100-calorie snacks

Traditional snacks

BRAND STRENGTH

MARKETING STRATEGY

THE FLOWERS WAY

STRATEGYDELIVER VALUE

SALESEARNINGSMARKET CAPDIVIDENDS

FINANCIAL REPORT

0

0.5

1

1.5

2

2003* 2004 2005 2006 2007 2008*

6.8%

$

$1.55

$1.89

$1.72

10.6% 10.1%

In billions

$1.45

9.4%% Annualgrowth

$2.42 b - $2.43 b

18.8% - 19.3%

Projected

$2.04

7.8%

* 53-week year

FLOWERS FOODS SALES GROWTH

CAGR: 8.91%

Actual YTD$1.79 b+14.7%

Note: Includes recent acquisitionsCAGR excludes 2008 projected

0

0.5

1

1.5

2

2003* 2004 2005 2006 2007

$

In billions

AcquisitionGrowth

3.2%0.8%

0.4%

3.3%0.4%

10.6% 10.1% 7.8%6.8%9.4%% Growth

6.2%

6.0%10.2%

6.8%7.4%

OrganicGrowth

SALES

* 53-week year

EBITDA

0

40

80

120

160

200

240

2003* 2004 2005 2006 2007

In millions

$

$131.8 $139.0

$158.6

$182.7

9.0% 9.2%9.1%% of Sales 9.7%

5.5% 14.1%9.4%% Growth 15.2%

10.3%

15.4%

$210.8

* 53-week year

CAGR: 12.46%

INCOME FROM CONTINUING OPERATIONS

0

20

40

60

80

100

2003* 2004 2005 2006 2007 2008*

In millions

$

$62.9

$54.3$52.8

$74.9

3.5% 3.7% 4.0%3.6%% of Sales 4.6%

$113.6 m to $117.3 m

4.7% - 4.8%

Projected

$94.6

CAGR: 15.69%

* 53-week year

Actual YTD$87.1 m4.9% of sales

15.8% 19.1%2.8%% Growth 26.4%21.4%

Note: Includes recent acquisitionsCAGR does not include 2008 projected

20.1% - 24.0%

DILUTED EPS FROM CONTINUING OPERATIONS

0

0.2

0.4

0.6

0.8

1

1.2

2003* 2004 2005 2006 2007 2008*

$

$.66

$.54$.51

$.81

$1.02

5.9% 22.2% 22.7%21.4%% Annualgrowth 25.9%

$1.22- $1.26

Projected

19.6% - 23.5%

CAGR: 18.92%

* 53-week year

Actual YTD$0.94

+19.0%

Note: Includes recent acquisitionsCAGR does not include 2008 projected

THE FLOWERS WAY

STRATEGY

INVEST WISELY

Invest in… Bakeries… Products… Brands… Information… People…

CASH ALLOCATION*

* Major cash expenditures

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

$88.1 millionCapital

Expenditures$42.1 millionDividends

In millions

$

Acquisitions**

Pension

Sharerepurchases

Dividends

Capitalexpenditures

0153045607590

105120

2003 2004 2005 2006 2007

RETURN ON INVESTMENT

02468

10121416

2003* 2004 2005 2006 2007 2008*** 53-week year

7.4%

9.1%

10.6%

12.1%

Numerator – Income from continuing operationsDenominator – Average beginning and ending shareholders equity and debt

%

13.0%

14.2%

** Trailing 13 periods ended October 4, 2008

2008

THE FLOWERS WAY

Sales* $1,793.3 $1,563.0 14.7%

Net income* $87.1 $73.2 19.1%

Earnings per share $0.94 $0.79 19.0%

*in millions

$2,420 – $2,430 $2,037 18.8 – 19.3%

$113.6 – $117.3 $94.6 20.1 – 24.0%

$1.22 – 1.26 $1.02 19.6 – 23.5%

2007 Change2008

Guidance 2007 Change

40 Weeks FULL YEAR

Note: Includes recent acquisitions

36

LONG-TERM GOALS

LONG-TERM GOALS*

Sales growth of 5% to 8% 7.8% 14.7% $1,793.3

EBITDA margin of 10% to 12% 10.3% 10.4% $187.2

ROI of 13% to 15% 14.2% 13.0%

2007 Actual 40 Weeks 2008In millions

*3 – 5 year time horizon**For the trailing 13 periods ended October 4, 2008

**

THE FLOWERS WAY

INVEST WISELYBAKE SMARTMANAGE RESOURCESINNOVATEAPPRECIATE TEAMDELIVER VALUESERVE THE MARKETGROW

THE FLOWERS WAY

CALENDAR OF EVENTS

One-on-one meetings in Baltimore, Philadelphia, Boston

Company sponsored analysts event in NY

Flowers Foods Q4 earnings release and fiscal ’08 results and conference call

Nov. 17-18

Feb. 5

Contact: Marta Jones TurnerExec. VP, Corporate Relations229-227-2348 – phonemarta_j_turner@flocorp.com

Dec. 2

Today’s 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.

SAFE HARBOR