Tranche Update on Flowers Foods, Inc.'s Equity Buyback Plan announced on December 19, 2002.

Flowers Foods, Inc. is a producer and marketer of packaged bakery foods in the United States. The Company's products include breads, buns, rolls, snack items, bagels, English muffins, and tortillas and are sold under a variety of brand names, including Nature's Own, Dave's Killer Bread (DKB), Wonder, Canyon Bakehouse, Tastykake, and Mrs. Freshley's. Its fresh baked foods customers include mass merchandisers, supermarkets and other retailers, restaurants, quick-serve chains, food wholesalers, institutions, dollar stores and vending companies. It supplies national and regional restaurants, institutions and foodservice distributors, and retail in-store bakeries with breads and rolls. It sells packaged bakery products to wholesale distributors for ultimate sale to food outlets. It sells packaged snack cakes primarily to customers who distribute them nationwide through multiple channels of distribution, including mass merchandisers, supermarkets, vending outlets and convenience stores.