INFORMATION REGARDING FORWARD LOOKING STATEMENTS

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1 INVESTOR PRESENTATION June INFORMATION REGARDING FORWARD LOOKING STATEMENTS 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 storebranded 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. 2 1

2 FOCUSED ON FRESH BAKED FOODS FOR OVER 95 YEARS One family owned bakery in Thomasville, GA FLO Listed publicly as FLO 1968 to Today More than 100 acquisitions #1 bread in U.S. Today Strong cake brand Proven business model Efficient bakeries/distribution Experienced team 49 operating bakeries Second largest baked foods company in U.S. Powerful brand portfolio Note: Wonder was #1 independently owned and distributed white bread brand prior to Hostess exit from market 3 HOW WE SERVE THE CATEGORY 84% of 2015 sales Direct Store Delivery 16% of 2015 sales Warehouse Distribution Fresh products delivered directly to consumers in partnership with approx. 5,100 independent distributors. DSD sales by category: 78% retail (primarily bread, buns, and rolls) 22% foodservice & other Fresh & frozen products shipped to customers warehouses nationwide. Warehouse sales by category: 54% retail and vending (primarily snack cake) 46% foodservice & other 4 2

3 GROWING THE FLOWERS WAY Approximately 35% of U.S. population served by DSD Consolidated sales $1.5 billion More than 85% of U.S. population served by DSD FY 2016 sales guidance of $3.986 to $4.080 billion 5 FINANCIAL TRENDS Sales 10 yr CAGR: 8% EBITDA (1) 10 yr CAGR: 11% EPS 10 yr CAGR: 12% In billions $3.78 In millions $441 (2) In dollars/share $0.92 (2) $1.72 $159 $0.30 (3) (1) Earnings before interest, taxes, depreciation, and amortization. See reconciliation of non GAAP measures at the end of this slide presentation. (2) Adjusted for asset impairment, facility closure, and acquisition related costs. See reconciliation of non GAAP measures at the end of this slide presentation. (3) Income from continuing operations. 6 3

4 FLOWERS BRAND PORTFOLIO 7 U.S. FRESH BAKERY CATEGORY: TOTAL $31.2 BILLION Retail Outlets Total Sales (1) $24.1 Billion Foodservice breads/rolls $7.2 billion (2) Fresh Packaged Breads Unit Share (i) 11.2% Breakfast items 3.0% Other Sales of $14.8 billion (ii) White bread Soft variety bread Specialty bread Buns & rolls Breakfast breads Bagels English muffins Dinner breads & rolls Fresh packaged breads $14.8 billion Commercial cake $7.0 billion Tortilla, wraps $2.3 billion (1) Source: IRi for Total US MultiOutlet plus Convenience (52 weeks ending 3 Jan 2016) (2) Source: Technomics 52 weeks ending 5 Oct % Specialty premium loaf (inc. organics) 17.9% Soft variety loaf 13.2% Dinner bread/rolls 20.9% White loaf 23.6% Sandwich buns /rolls White flour varieties are more than 50% of the unit volume (i) Source: Iri Total US MultiOutlet for 52 weeks ending 3 Jan 2016 (ii) Source: IRi Total US MultiOutlet plus Convenience for 52 weeks ending 3 Jan

5 VALUE CREATION PLAN 2% 3% 10%+ 2% 4% Sales Growth* 8% 10% EPS Growth* Dividend Yield Total Shareholder Return* Grow Sales Expand Margins Return Capital Deliver Value * Excluding future acquisitions 9 With 2016 as the base year: REVISED LONG TERM GOALS 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 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 10 5

6 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 11 Q SUMMARY 1Q16 results reflect actions and investments to achieve long term goals Prior Year Comparisons: Sales +5.1% EBITDA (1) +1.7% EPS 3.4% 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) (1) Earnings before interest, taxes, depreciation and amortization. See non GAAP reconciliations at the end of the slide presentation 12 6

7 ORGANIC BRANDS DRIVE INCREMENTAL SALES Flowers Branded Share by Category Segment 33.1% 30.1% 8.5% White Loaf Soft Variety Loaf Specialty/Premium Source: IRi MULO + Convenience, FY ORGANIC BREAD BUSINESS UPDATE Integration Progress Anticipate combined 2016 sales of $245 to $265 million Distributing Dave s Killer Bread via DSD across geographic footprint Tuscaloosa bakery conversion complete Producing DKB at the Alpine Valley bakery in Arizona Systems integration substantially complete at DKB and Alpine Valley 14 7

8 ORGANIC BREAD OPPORTUNITY Household penetration: Conventional vs. Organic (1) 2015 Estimated (2) Organic Bread U.S. Retail Sales $1.2 Billion 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 15 MARGIN IMPROVEMENT INITIATIVES 10.7% 10.9% Adjusted EBITDA* Margin 11.3% 11.4% 11.7% 14.0% 12.0% Increase Promotional Efficiency: Eliminate unproductive activity and increase price realizations 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 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 GOAL 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. 16 8

9 CATEGORY REVIEW Total Category Fresh Packaged Breads 2.8% 2.8% 2.5% 1.1% 0.4% 1.5% 0.2% 0.4% 0.5% 0.2% 1.0% 1.0% 0.0% 1.3% 0.9% 0.5% 0.2% 1.1% 0.1% 0.6% 0.9% 0.9% 0.2% 0.5% 0.4% 1.1% 0.4% 1.7% 1.3% 2.2% 2.6% 2.6% 3.2% 3.1% Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Dollar Sales % Chg Unit Sales % Chg Source: Flowers Custom Database IRiTotal US Mulo + C Store 17 FLOWERS MARKET SHARE Flowers continues to win and maintain share in highly competitive markets Fresh Packaged Breads Commercial Cake Flowers' Dollar Share Flowers's Dollar Share Source: Flowers Custom Database IRiTotal US Mulo + C Store 18 9

10 GEOGRAPHIC EXPANSION Flowers Market Share (1), 3yr Change California 14.7, West 9.2, +3.1 Colored areas represent the eight IRI Standard Regions South Central 33.5, +3.1 Plains 4.3, +2.9 Great Lakes 2.5, +1.8 Mid South 22.3, +2.1 Northeast 5.2, +2.3 Southeast 30.3, +2.1 Consolidated Sales Change Attributable to New Markets (2) % % % 2014 (3) 2.0% 2015 (3) 1.1% (1) Source: IRi for Standard Regions for Q and Q (2) Flowers internal data (3) Excludes impact of week TRADITIONAL LOAF SEGMENT Traditional Loaf Average $/Unit Traditional Loaf Unit % Change 4.7% 4.6% $2.67 $2.66 $2.64 $2.66 $ % 3.2% 1.7% $2.38 $2.43 $2.42 $2.41 $ % 5.3% 5.1% 2.0% 4.1% 3.9% 3.0% 5.7% 2.5% 6.0% Q Q Q Q Q Q Q Q Q Q FLO Avg $/Unit Other Brands' Avg $/Unit FLO Brands Other Brands Store Brand Source: Flowers Custom Database IRiTotal US Mulo + C Store 20 10

11 CAKE GROUP OVERVIEW Dual brand strategy DSD and Warehouse distribution Growing Tastykake on DSD Mrs. Freshley s has multichannel access nationwide $260 $198 Sales at Retail (in millions) $425 $440 $447 $325 $291 $300 $298 $ Tastykake Mrs. Freshley's Source: Flowers Internal Data 21 NEW SNACK CAKE PRODUCTS 22 11

12 REVIEW OF RECENT PLANT OPENINGS Fresher product Logistics cost savings Better efficiencies at surrounding plants Extension of distribution network frontiers Lenexa, KS Opened Summer 2015 Henderson, NV Opened Nov Organic Conversion Tuscaloosa, AL Completed Apr Knoxville, TN Opened May SALES AND EARNINGS GROWTH Sales (in billions) $3.7 $3.7 $3.8 Adjusted Earnings per Share (1) $0.91 $0.90 $0.92 $2.6 $2.8 $3.0 $0.66 $0.64 $ * * 2015 (1) Earnings per Share adjusted for items affecting comparability. Please see non GAAP reconciliations at the end of this slide presentation. * 53 week year 24 12

13 FREE CASH FLOW (1) PERFORMANCE Three year rolling average (in millions) $184 $212 $127 $142 $137 $125 $99 $75 3yrs ending yrs ending yrs ending yrs ending yrs ending yrs ending yrs ending yrs ending 2015 (1) Cash Flow from Operations less Capital Expenditures. Please see non GAAP reconciliations at the end of this slide presentation. 25 NET DEBT SUMMARY Net Debt (1) Q1 16 Net Debt/EBITDA (2) = 2.4X In millions $994 $1,053 $888 $833 $818 $809 $756 $698 $647 Q Q Q Q Q Q Q Q Q (1) Net Debt equals current & long term debt and capital leases, less cash & equivalents. See reconciliation of non GAAP measures at the end of this slide presentation. (2) Based on trailing twelve months EBITDA ended April 23, 2016, adjusted for asset impairment, facility closure, and acquisitionrelated costs. See reconciliation of non GAAP measures at the end of this slide presentation

14 CAPITAL ALLOCATION Dividends $ Years Ending FY 2015* (in millions) Share Repurchases* $441 Capital Expenditures $828 Acquisitions $1,491 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 CAPITAL EXPENDITURES In millions $116.7 $17.5 $90.0 to $ 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 $79.2 $67.3 $99.2 $83.8 $ Opened a bread and bun line in Lenexa, KS, and a bun line in Knoxville, TN 2011* 2012* * 2015* 2016 Projected Capex Operating leases 2016 Converted Tuscaloosa, AL bakery to organic production *No operating leases in 2011, 2012, 2014, and

15 RETURNING CAPITAL TO SHAREHOLDERS Dividends Paid Per Share Over $550 million* in share repurchases since 2004 $25.00 $0.14 $0.11 $0.09 $0.20 $0.49 $0.44 $0.42 $0.39 $0.34 $0.30 $0.26 $0.57 $0.63 Millions of Shares $20.00 $15.00 $10.00 $5.00 $ Purchase Price per Share '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Projected Q1 '16 Shares Repurchased Average Price Paid *Includes amounts under the accelerated share repurchase program announced March UPSIDE: STRATEGIC ACQUISITIONS Consolidation Opportunities Remain: Independent & specialty bakers Underdeveloped segments Adjacent categories Track record of prudent approach to acquisitions Store Brands 25.9 Independent/ Specialty Bakers 23.2 Flowers 14.9 Brand Share Other Major Bakers' Brands* 36.0 * Other Major Bakers: Bimbo USA, Pepperidge Farm Source: IRI MULO + Convenience, FY

16 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 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 The Results Distributors are: Highly motivated to grow sales Providing exceptional customer service Outperforming in the marketplace Building brand value Creates entrepreneurial incentives a win win win for IDs, Flowers, and retail customers. 31 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 Flowers is focused on running its business and creating value for shareholders 32 16

17 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 33 A STRATEGY THAT WORKS Bake Smart Innovate to improve processes, enhance quality, reduce costs, conserve resources Give Extraordinary Service Go beyond the expected to meet customer needs Grow Sales Develop new and expand core markets through new customers, new products, strong brands, acquisitions 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 34 17

18 INFORMATION REGARDING NON GAAP FINANCIAL MEASURES 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 EBITDAmaydifferfromthemethodsusedbyother 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. 35 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, , , ,690 94,638 59,344 EBITDA 430, , , , , ,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 Adjusted EBITDA Margin 11.7% 11.4% 11.3% 10.9% 10.7% 36 18

19 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, , , , , , , , ,988 Total debt and capital lease obligations 1,064,291 1,008, , , , , , , ,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 Pension plan settlement loss 0.05 Gain on acquisition (0.24) Acquisition related costs, net of break up fees Adjusted EPS $ 0.92 $ 0.90 $ 0.91 $ 0.69 $ 0.64 $ RECONCILIATION OF NON GAAP FINANCIAL MEASURES (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, Depreciation and amortization 135,825 43,467 32,471 29,419 30,468 EBITDA 432, ,623 84,020 99, ,509 Asset impairment and facility closure costs 4,507 1, ,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 Ratio of Net Debt to Trailing Twelve Month EBITDA 2.4 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,