STOCK REPURCHASE ACQUISITIONS CAPITAL EXPENDITURES DIVIDENDS CONTINUING OPERATIONS $10 $0 2000 2001 2002 2003 $20 $30 $40 $50 $60 in millions *Fiscal year 2000 and the period from December 31, 2000 through  March 26, 2001 represent Flowers Industries, our predecessor. * * 2000 $10 $0 $20 $30 $40 $50 in millions 2001 2002 2003 2004 2005 2006 ** ** ** * * *Fiscal year 2000 and the period from December 31, 2000 through  March 26, 2001 represent Flowers Industries, our predecessor. ** Projected • Board of Directors conducts an annual review of dividends • Maintenance capital expenditures are approximately  $35 million per year. • Capital expenditures are expected to be $45 million to  $50 million per year, excluding new facilities • Operational fit • Disciplined buyer • Company has acquired sales of approximately $1.2 billion through 115 transactions since 1967 (excluding Keebler) • Authorization for repurchase of up to 7.5 million shares • 875,000 shares repurchased in 2003 at an average price of $25.35 per share CASH FLOWS