The board of directors of Flowers Industries today declared a quarterly dividend of $.1325 on the company’s common stock. This action renews the annual dividend rate of $.53 paid in the previous quarter. The dividend is payable on June 28, 2000, to shareholders of record on June 14, 2000.

“Flowers Industries’ board of directors is optimistic about the future performance of the company’s three businesses — Keebler Foods, Flowers Bakeries, and Mrs. Smith’s Bakeries — and this dividend declaration reflects that confidence,” said Amos R. McMullian, Flowers Industries’ chairman of the board and chief executive officer.

Flowers Industries, headquartered in Thomasville, Ga., produces and markets a full line of fresh and frozen baked foods to retail and foodservice customers nationwide through its business units — Flowers Bakeries, Mrs. Smith’s Bakeries, and Keebler Foods. Flowers Industries’ products are sold under such well-known brand names as Keebler, Cheez-It, Famous Amos, Carr’s, Mrs. Smith’s, Nature’s Own, and Cobblestone Mill.

Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. 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, changes in general economic and business conditions (including the baked foods markets), the company’s ability to operate the manufacturing lines according to schedule and train personnel to run the new production capacity, the availability of capital on acceptable terms, actions of competitors and customers, the extent to which the company is able to develop new products and markets for its products and such other factors as are described in the company’s filings with the Securities and Exchange Commission.

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