INFORMATION REGARDING FORWARD LOOKING STATEMENTS

(1)

1

June

2016

INVESTOR

PRESENTATION

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) 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) consolidation within the baking industry and related industries; (j) disruptions in our direct‐store 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, and (k) 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 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.

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3

One family‐owned bakery in

Thomasville, GA

FLO

Listed publicly as FLO

Note: Wonder was #1 independently owned and distributed white bread brand prior to Hostess’ exit from market

Proven business model Efficient bakeries/distribution

Experienced team

49 operating bakeries Second‐largest baked foods

company in U.S.

Today

1919

1968

to

Today

FOCUSED

ON

FRESH

BAKED

FOODS

FOR

OVER

95

YEARS

More than 100 acquisitions

#1

bread

in

U.S.

Strong

cake

brand

Powerful

brand

portfolio

4

HOW

WE

SERVE

THE

22% foodservice & other

•

Fresh

&

frozen

products

shipped

to

customers’

warehouses

nationwide.

•

Warehouse

sales

by

category:

•

54% retail and vending

(primarily snack cake)

(3)

5

GROWING

THE

FLOWERS

WAY

2004

2016

Consolidated

sales

$1.5

billion

Approximately

35%

of

U.S.

population

served

by

DSD

FY

2016

sales

guidance

of

$3.986

to

$4.080

billion

More

than

85%

of

U.S.

population

served

by

DSD

2005

2015

$1.72

$3.78

2005

2015

$159

$441

(2) In billions _In_millions

2005

2015

$0.92

(2)

$0.30

(3) In dollars/share

FINANCIAL

TRENDS

Sales

10

‐

yr

CAGR:

8%

EBITDA

(1)

10

‐

yr

CAGR:

11%

EPS

10

‐

yr

CAGR:

12%

(4)

7

FLOWERS’

BRAND

PORTFOLIO

8 Tortilla, wraps $2.3 billion Commercial cake $7.0 billion Fresh packaged breads $14.8 billion

•

White bread

•

Soft variety bread

•

Specialty bread

•

Buns & rolls

•

Breakfast breads

•

Bagels

•

English muffins

•

Dinner breads & rolls

Foodservice breads/rolls $7.2 billion(2)

Retail

Outlets

– Total

Sales

(1)

$24.1

Billion

(1) Source: IRi for Total US MultiOutlet plus Convenience (52 weeks ending 3‐Jan‐2016) (2) Source: Technomics 52 weeks ending 5‐Oct‐2014

U.S.

FRESH

BAKERY

CATEGORY:

TOTAL

$31.2

BILLION

White flour varieties are more than 50% of the unit volume 20.9% White loaf 17.9% Soft variety loaf 10.1% Specialty premium loaf (inc. organics) 23.6% Sandwich buns /rolls 11.2% Breakfast items 13.2% Dinner bread/rolls 3.0% Other

Fresh

Packaged

Breads

– Unit

Share

(i)

Sales of $14.8 billion(ii)

(i) Source: Iri Total US MultiOutlet for 52 weeks ending 3‐Jan‐2016

(5)

9

VALUE

CREATION

PLAN

* Excluding future acquisitions



Grow

Sales



Expand

Margins



Return

Capital



Deliver

Value

2%

‐

4%

Sales

Growth*

8%

‐

10%

EPS

Growth*

Dividend

Yield

10%+

Total

Shareholder

Return*

2%

‐

3%

REVISED

LONG

‐

TERM

GOALS

Grow

EPS

8%

‐

10%

(excluding

future

acquisitions)



Leverage

sales

growth



Achieve

EBITDA

margins

12%

to

14%



Reduce

stales



Execute

initiatives

to

improve

efficiencies

and

reduce

costs



Reduce

debt

and

interest

expense

Grow

Sales

2%

to

4%

(excluding

future

acquisitions)



Grow

volumes

in

expansion

markets

(e.g.

Midwest,

Northeast,

West

Coast)



Grow

sales

in

under

‐

developed

segments

(e.g.

Organics,

Breakfast)



Improve

price/mix

with

increased

focus

on

promotional

efficiency

(6)

11

CURRENT

2016

GUIDANCE

Sales

Guidance

=

$3.986

billion

to

$4.080

billion

•

Increase

of

5.5%

to

8.0%

over

fiscal

2015

•

Acquisitions

to

contribute

5.2%

to

5.7%

to

overall

increase

•

Core

and

expansion

markets

to

contribute

0.3%

to

2.3%

of

sales

growth

EPS

Guidance

=

$1.00

to

$1.06

per

share

•

EBITDA

margin

expansion

driven

by

improved

efficiencies,

cost

structure

leverage

•

Guidance

now

incorporates

accretion

from

accelerated

share

repurchase

Additional

Color:

•

Depreciation

&

amortization

=

$145

million

to

$150

million

•

Net

interest

expense

=

$10

million

to

$11

million

•

Updated

tax

rate

forecast

=

approximately

35.5%

•

Capital

expenditures

=

$90

million

to

$100

million

12

Q1

2016

SUMMARY

Sales

+5.1%

EBITDA

(1)

+1.7%

EPS

‐

3.4%

Prior

Year

Comparisons:

•

Acquisitions

drove

growth;

core

business

branded

price

increases

more

than

offset

by

mix

shift

and

volume

losses

due

to

weather

and

competitive

environment

•

Margins

pressured

by

lower

than

expected

sales,

Tuscaloosa

conversion,

outside

purchases,

shifts

in

product

mix

•

EPS

comparison

impacted

by:

•

Tuscaloosa

conversion

~($0.01)

1Q16

results

reflect

actions

and

investments

to

achieve

long

‐

term

goals

(7)

13

ORGANIC

BRANDS

DRIVE

INCREMENTAL

SALES

33.1%

30.1%

8.5%

White

Loaf

Soft

Variety

Loaf

Specialty/Premium

Flowers’

Branded

Share

by

Alpine

Valley

bakery

in

Arizona

•

Systems

integration

substantially

complete

(8)

15

ORGANIC

BREAD

OPPORTUNITY

Household

penetration:

Conventional

vs.

Organic

(1)

2015

Estimated

(2)

Organic

Bread

U.S.

Retail

Sales

$1.2

Billion

33.9

16.3

9.6

94.2

97.6

98.6

Produce Milk Fresh Bread & Rolls

% HH Buying Organic % HH Buying Category

Flowers

seeks

to

capitalize

on

this

opportunity

with

DSD

launch

Source: (1) IRI Panel 52 weeks ending 21‐Feb‐2016, (2) Euromonitor

16

MARGIN

IMPROVEMENT

INITIATIVES

12.0%

10.7%

10.9%

11.3%

11.4%

11.7%

14.0%

FY

2011 FY

2012 FY

2013 FY

2014 FY

2015

GOAL

Adjusted

EBITDA*

Margin

Reduce

Returned/Stale

Product:

•

Increase

market

share

in

expansion

markets

– higher

product

turns

at

the

shelf

•

Leverage

technology

to

help

independent

distributors

better

anticipate

consumer

demand

and

improve

ordering

Improve

Manufacturing

Efficiencies:

•

Leverage

recent

capacity

additions to

better

align

costs

with

production

needs

* Earnings Before Interest, Taxes, Depreciation and Amortization; adjusted for items affecting

comparability. See non‐GAAP reconciliations at the end of this slide presentation.

Increase

Promotional

Efficiency:

•

Eliminate

unproductive

activity

and

increase

price

realizations

(9)

17

Fresh

Packaged

Breads

Flowers' Dollar Share

7.8 8.0

11.7

9.5 _9.1

2011 2012 2013 2014 2015

Commercial

Cake

Flowers's Dollar Share

(10)

19

GEOGRAPHIC

EXPANSION

Flowers’

Market

Share

(1)

,

3yr

Change

Colored

areas

represent

the

eight

IRI

Standard

Regions

(1) Source: IRi for Standard Regions for Q4 2015 and Q4 2012 (2) Flowers’ internal data (3) Excludes impact of week 53 California 14.7, +12.5 West 9.2, +3.1 Plains 4.3, +2.9 South Central 33.5, +3.1 Southeast 30.3, +2.1 Great Lakes 2.5, +1.8 Mid South 22.3, +2.1 Northeast 5.2, +2.3

Consolidated

Sales

Change

Attributable

to

New

Markets

(2)

2011

0.7%

2012

0.7%

2013

2.4%

2014

(3)

2.0%

2015

(3)

1.1%

20

TRADITIONAL

LOAF

SEGMENT

$2.67

$2.66

$2.64

$2.66

$2.73

$2.38 $2.43 _$2.42 _$2.41 $2.39 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Traditional

Loaf

– Average

$/Unit

FLO

Avg

$/Unit

Other

Brands'

Avg

$/Unit

3.1% 4.7% 4.6% 3.2% ‐2.5% ‐3.6% ‐5.1% ‐4.1% ‐3.0% 1.7% ‐5.3% ‐2.0% ‐3.9% ‐5.7% _‐_6.0% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Traditional

Loaf

– Unit

%

Change

FLO

Brands

Other

Brands

Store

Brand

(11)

21

CAKE

GROUP

OVERVIEW

$260 $291 $425 $440 $447 $198 $217 $325 $300 $298 2011 2012 2013 2014 2015

Sales

at

Retail

(in

millions)

Tastykake Mrs. Freshley's

•

Dual

brand

strategy

•

DSD

and

Warehouse

distribution

•

Growing

Tastykake

on

DSD

•

Mrs.

Freshley’s

has

multi

‐

channel

access

nationwide

Source: Flowers Internal Data

(12)

23

REVIEW

OF

RECENT

PLANT

OPENINGS

Lenexa,

KS

Opened

Summer

2015

Henderson,

NV

Opened

Nov.

2013

Knoxville,

TN

Opened

May

2014

•

Fresher

product

•

Logistics

cost

savings

•

Better

efficiencies

at

surrounding

plants

•

Extension

of

distribution

network

frontiers

Organic

Conversion

Tuscaloosa,

AL

Completed

Apr.

2016

24

SALES

AND

EARNINGS

GROWTH

$2.6

$2.8

$3.0

$3.7

$3.8

2010

2011

2012

2013

2014*

2015

Sales

(in

billions)

$0.66

$0.64

$0.69

$0.91

$0.90

$0.92

2010

2011

2012

2013

2014*

2015

Adjusted

Earnings

per

Share

(1)

* 53 week year

(1) Earnings per Share adjusted for items affecting comparability. Please

(13)

25

FREE

CASH

FLOW

(1)

PERFORMANCE

$75

$99

$127

$142

$137

$125

$184

$212

3yrs

ending

2008

3yrs

ending

2009

3yrs

ending

2010

3yrs

ending

2011

3yrs

ending

2012

3yrs

ending

2013

3yrs

ending

2014

3yrs

ending

2015

Three

‐

year

rolling

average

(in

millions)

(1) Cash Flow from Operations less Capital Expenditures. Please

see non‐GAAP reconciliations at the end of this slide presentation.

NET

DEBT

SUMMARY

$833

$818

$809

$756

$698

$647

$888

$994

$1,053

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

Net

Debt

(1)

Q1

‘16

Net

Debt/EBITDA

(2)

=

2.4X

In

millions

(14)

27

CAPITAL

ALLOCATION

Acquisitions

$1,491

Capital

Expenditures

$828

Dividends

$739

Share

Repurchases*

$441

10 Years Ending FY 2015*

(in

millions)

Looking Ahead:

•

Continuing

to

reduce

leverage

•

Capital

expenditures

expected

to

trend

below

D&A

•

Returning

capital

to

shareholders

•

Monitoring

acquisition

environment

Committed

to

allocating

capital

to

deliver

highest

shareholder

return

* Share Repurchases amount includes $120 million Accelerated Share Repurchase announced March 2016

28 *No operating leases in 2011, 2012, 2014, and 2015

CAPITAL

EXPENDITURES

2011*

2012*

2013

2014*

2015*

2016

Projected

$116.7 $90.0 to $100.0 $99.2 $79.2 $67.3

Capex

Operating

leases

In

millions

$17.5

$83.8 $90.8

2013

Opened

bread

lines

in

Henderson,

NV

and

Oxford,

PA

2014

Opened

bread

lines

in

Modesto,

CA

and

Knoxville,

TN,

and

a

bun

line

in

Henderson,

NV

2015

Opened

a

bread

and

bun

line

in

Lenexa,

KS,

and

a

bun

line

in

Knoxville,

TN

2016

Converted

Tuscaloosa,

AL

bakery

(15)

29

RETURNING

CAPITAL

TO

SHAREHOLDERS

$‐ $5.00 $10.00 $15.00 $20.00 $25.00 ‐ 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

Q1

'1

6

Pur chas e Pr ic e per Sh ar e Millions of Shares

Shares

Repurchased

Average

Price

Paid

Over

$550

million*

in

share

repurchases

since

2004

$0.09 $0.11 $0.14 $0.20 $0.26 $0.30 $0.34 $0.39 $0.42 $0.44 $0.49 $0.57 $0.63

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

Dividends

Paid

Per

Share

*Includes amounts under the accelerated share repurchase program announced March 2016 Projected

UPSIDE:

STRATEGIC

ACQUISITIONS

Consolidation Opportunities Remain:

•

Independent

&

specialty

bakers

•

Underdeveloped

segments

•

Adjacent

Store

Brands

25.9

Brand

Share

(16)

31

FLOWERS

INDEPENDENT

DISTRIBUTOR

PROGRAM



A

proven,

market

‐

driven

approach

used

to

operate

DSD

since

1980s



Franchisee

arrangement:

Similar

to

other

models

in

baking

and

other

industries;

independent

distributor

owns

distribution

rights

in

specific

geographic

market



Proud

owners

who

control

their

business

The

Results

– Distributors

are:

•

Highly

motivated

to

grow

sales

•

Providing

exceptional

customer

service

•

Outperforming

in

the

marketplace

•

Building

brand

value

System

creates

significant

benefits

for

IDs:

•

Growing

sales

and

income

by

providing

outstanding

service

and

merchandising

•

Building

equity

in

their

territory

as

sales

grow

•

Realizing

value

from

sale

of

their

territories

in

secondary

markets

Creates

entrepreneurial

incentives

— a

win

‐

win

‐

win

for

IDs,

Flowers,

and

retail

customers.

32

DSD

LITIGATION

UPDATE



Flowers

is

facing

litigation

as

are

other

companies

with

independent

operator

models



23

cases

currently

pending

involving

approximately

190

named

plaintiffs,

compared

to

approximately

5,100

current

distributors



To

date,

one

class

certified,

one

class

denied



Flowers

believes

claims

are

meritless

and

is

vigorously

defending

its

position

(17)

33

STRATEGY

TO

DRIVE

GROWTH

IN

2016

AND

BEYOND

Focused on improving performance and taking actions to

address recent challenges

•

Integration

of

Dave’s

Killer

Bread

and

Alpine

Valley

Bread

•

More

fully

utilizing

capacity

available

at

our

bakeries

•

Maximizing

return

on

promotional

spending

•

Growing

in

expansion

markets

•

Improving

merchandising

strategies

and

reducing

costs

We expect 2016 will be a year of growth driven by:

•

The

Dave’s

Killer

Bread

and

Alpine

Valley

Bread

acquisitions

•

Continued

expansion

into

new

markets

•

Strength

of

high

quality

brands

Grow

Sales

Develop

new

and

expand

core

markets

through

new

customers,

new

products,

strong

brands,

acquisitions

Give

Extraordinary

Service

Go

beyond

the

expected

to

meet

customer

needs

Bake

Smart

Innovate

to

improve

processes,

enhance

quality,

reduce

costs,

conserve

resources

Invest

Wisely

Use

technology

and

efficiencies

to

be

the

low

‐

cost

producer

of

delicious

bakery

foods

Appreciate

Team

Respect

every

individual,

embrace

diversity,

and

promote

career

growth

(18)

35

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, EBITDA margin, adjusted EBITDA margin, adjusted net income per diluted common share, adjusted selling, distribution and administrative expenses (SD&A), gross margin excluding depreciation and amortization and the ratio of net debt to adjusted EBITDA. EBITDA is used as the primary performance measure in the company's 2014 Omnibus Equity and Incentive Compensation Plan. 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. 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. Our method of calculating EBITDA may differ from the methods used by other companies, and, accordingly, may not be comparable to similarly titled measures used by other companies. Net debt to EBITDA is used as a measure of financial leverage employed by the company. Our method of calculating net debt to EBITDA may differ from the methods used by other companies, and, accordingly, may not be comparable

to similarly titled measures used by other companies. 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. This presentation may differ from the methods used by other companies and may not be comparable to similarly titled measures used by other companies. The company may from time‐to‐time discuss SD&A adjusted for items that are not continuing in nature. The reconciliations attached provide reconciliations of the non‐GAAP measures used in this presentation or release to the most comparable GAAP financial measure.

INFORMATION

REGARDING

NON

‐

GAAP

FINANCIAL

MEASURES

36

RECONCILIATION

OF

NON

‐

GAAP

FINANCIAL

MEASURES

(in thousands)

Reconciliation of Net Income to For the 52 For the 53 For the 52 For the 52 For the 52 For the 52 EBITDA and Adjusted EBITDA and Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Calculation of Adjusted EBITDA Margin: Jan 2, 2016 Jan 3, 2015 Dec 28, 2013 Dec 29, 2012 Dec 31, 2011 Dec 31, 2005

Net income $ 189,191 $ 175,739 $ 230,894 $ 136,121 $ 123,428 $ 61,231 Loss from discontinued operations, net of tax ‐ ‐ ‐ ‐ ‐ 1,627 Minority interest in variable interest entity ‐ ‐ ‐ ‐ ‐ 2,904 Income tax expense 103,840 92,315 91,479 72,651 68,538 39,861 Interest expense (income), net 4,848 7,341 12,860 9,739 (2,940) (6,337) Depreciation and amortization 132,175 128,961 118,491 102,690 94,638 59,344

EBITDA 430,054 404,356 453,724 321,201 283,664 158,630 Asset impairment/Facility closure/Divestiture 4,507 9,301 ‐ ‐ 4,414 ‐

Acquisition‐related costs 6,187 ‐ 17,776 9,560 6,240 ‐

Pension plan settlement loss ‐ 15,387 ‐ ‐ ‐ ‐

Gain on acquisition ‐ ‐ (50,071) ‐ ‐ ‐

Adjusted EBITDA $ 440,748 $ 429,044 $ 421,429 $ 330,761 $ 294,318 $ 158,630

Sales $ 3,778,505 $ 3,748,973 $ 3,732,616 $ 3,031,124 $ 2,759,367

(19)

37

RECONCILIATION

OF

NON

‐

GAAP

FINANCIAL

MEASURES

(in thousands)

Reconciliation of Debt to Net Debt and

Calculation of Net Debt to As of As of As of As of As of As of As of As of As of Trailing Twelve Month Adjusted EBITDA Ratio: Apr 23, 2016 Jan 2, 2016 Oct 10, 2015 Jul 18, 2015 Apr 25, 2015 Jan 3, 2015 Oct 4, 2014 Jul 12, 2014 Apr 19, 2014

Current maturities of long‐term debt

and capital lease obligations $ 110,470 $ 74,685 $ 53,465 $ 34,180 $ 34,471 $ 34,496 $ 35,654 $ 34,272 $ 30,737

Long‐term debt and capital lease obligations 953,821 933,932 843,643 659,094 671,339 728,940 780,969 791,791 810,988

Total debt and capital lease obligations 1,064,291 1,008,617 897,108 693,274 705,810 763,436 816,623 826,063 841,725

Less: Cash and cash equivalents 11,469 14,378 8,780 46,544 7,966 7,523 8,075 8,532 8,801

Net Debt $ 1,052,822 $ 994,239 $ 888,328 $ 646,730 $ 697,844 $ 755,913 $ 808,548 $ 817,531 $ 832,924

For the 52 For the 53 For the 52 For the 52 For the 52 For the 52

(in dollars per diluted share) Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Reconciliation of EPS to Adjusted EPS: Jan 2, 2016 Jan 3, 2015 Dec 28, 2013 Dec 29, 2012 Dec 31, 2011 Jan 1, 2011

Net income per diluted common share $ 0.89 $ 0.82 $ 1.09 $ 0.66 $ 0.61 $ 0.66 Asset impairment/Facility closure/Divestiture 0.01 0.03 ‐ ‐ 0.01 ‐

Pension plan settlement loss ‐ 0.05 ‐ ‐ ‐ ‐

Gain on acquisition ‐ ‐ (0.24) ‐ ‐ ‐

Acquisition‐related costs, net of break‐up fees 0.02 ‐ 0.06 0.03 0.02 ‐ Adjusted EPS $ 0.92 $ 0.90 $ 0.91 $ 0.69 $ 0.64 $ 0.66

RECONCILIATION

OF

NON

‐

GAAP

FINANCIAL

MEASURES

For the 52 For the 52 For the 53 For the 52 For the 52 For the 52 For the 52 For the 52 For the 53 For the 52

(in thousands) Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended

Operating Cash Flow to Free Cash Flow: Dec 30, 2006 Dec 29, 2007 Jan 3, 2009 Jan 2, 2010 Jan 1, 2011 Dec 31, 2011 Dec 29, 2012 Dec 28, 2013 Jan 3, 2015 Jan 2, 2016

Cash provided by operating activities $ 151,276 $ 214,598 $ 94,872 $ 236,009 $ 306,050 $ 134,290 $ 216,880 $ 270,484 $ 313,970 $ 324,233 Purchase of plant, property and equipment (61,792) (88,125) (86,861) (72,093) (98,404) (79,162) (67,259) (99,181) (83,778) (90,773) Free Cash Flow $ 89,484 $ 126,473 $ 8,011 $ 163,916 $ 207,646 $ 55,128 $ 149,621 $ 171,303 $ 230,192 $ 233,460

3 Year Trailing Average Free Cash Flow $ 74,656 $ 99,467 $ 126,524 $ 142,230 $ 137,465 $ 125,351 $ 183,705 $ 211,652 (in thousands)

Reconciliation of Net Income to Trailing 52 For the 16 For the 12 For the 12 For the 12 EBITDA and Adjusted EBITDA and Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended Calculation of Adjusted EBITDA Margin: Apr 23, 2016 Apr 23, 2016 Jan 2, 2016 Oct 10, 2015 Jul 18, 2015

Net income $ 187,165 $ 59,363 $ 32,246 $ 43,796 $ 51,760 Income tax expense 103,288 33,015 17,775 25,077 27,421 Interest expense, net 6,044 2,778 1,528 878 860 Depreciation and amortization 135,825 43,467 32,471 29,419 30,468 EBITDA 432,322 138,623 84,020 99,170 110,509 Asset impairment and facility closure costs 4,507 ‐ 1,496 736 2,275 Acquisition‐related costs 6,187 ‐ 1,196 4,991 ‐

Adjusted EBITDA $ 443,016 $ 138,623 $ 86,712 $ 104,897 $ 112,784

Net Debt as of Apr 23, 2016 $ 1,052,822