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## FINANCIAL SUMMARY 

<img src='content_image/52500.jpg'>

## TOTAL INDEXED RETURN TO SHAREHOLDERS 

(Includes reinvestment of dividends) 

<img src='content_image/52503.jpg'>

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. 

