An investment of $100 in Flowers Foods on March 28, 2001 (the company’s first trading day following its spin-off from Flowers Industries) was worth approximately $283 on January 2, 2004. By comparison, an investment of $100 in each of the S&P 500 Index, S&P 500 Packaged Foods Index and S&P SmallCap 600 Index on  March 28, 2001 was worth approximately $99, $123, and $136, respectively, on January 2, 2004.These performance figures assume the reinvestment of all dividends. 2003 2002 F INANCIAL D ATA: Sales  $1,452,995,000  $1,328,607,000  Income from continuing operations before cumulative  effect of a change in accounting principle $  52,804,000  $  43,485,000  Loss from discontinued operations, net of income tax $ (38,146,000) $ (37,362,000) Cumulative effect of a change in accounting principle, net of income tax $ –  $ (23,078,000) Net income (loss) $ 14,658,000  $ (16,955,000) To t a l d e b t ( i n c l u d e s c u r r e n t a n d l o n g - t e r m m a t u r i t i e s ) $ 15,152,000  $ 250,364,000  To t a l s t o c k h o l d e r s ’ e q u i t y $ 577,651,000  $ 592,996,000  Debt to total capitalization (total debt/total debt plus stockholders’ equity) 3% 30% C OMMON S TOCK D ATA: Diluted income per share from continuing operations before  cumulative effect of a change in accounting principle $ 1.15 $ 0.95 Diluted loss per share from discontinued operations, net of income tax $ (0.83) $ (0.82) Diluted loss per share from cumulative effect of a change in accounting principle, net of income tax $ –  $ (0.50) Diluted net income (loss) per share $ 0.32 $ (0.37) Dividends paid per share $ 0.33 $ 0.03 Diluted average shares outstanding 45,768,000  45,792,000  Market price per share – year end $ 25.81 $ 12.78 TOTAL INDEXED RETURN TO SHAREHOLDERS (Includes reinvestment of dividends) Source: Standard & Poor’s 50 0 3-28-2001 12-28-2001 12-27-2002 1-2-2004 DOLLARS 100 150 200 250 300 Flowers Foods S&P SmallCap 600 Index S&P 500 Packaged Foods Index S&P 500 Index FINANCIAL SUMMARY