HOSTESS BRANDS 1 Barclays Global Consumer Staples Conference September 2017 ® DISCLAIMER Forward Looking Statements This investor presentation contains statements reflecting our views about our future performance that constitute “forward-looking statements” that involve substantial risks and uncertainties. Forward-looking statements are generally identified through the inclusion of words such as “believes,” “expects,” “intends,” “estimates,” “projects,” “anticipates,” “will,” “plan,” “may,” “should,” or similar language. Statements addressing our future operating performance and statements addressing events and developments that we expect or anticipate will occur are also considered as forward-looking statements. All forward looking statements included herein are made only as of the date hereof. Hostess Brands undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. These risks and uncertainties include, but are not limited to, maintaining, extending and expanding our reputation and brand image; protecting our intellectual property rights; leveraging our brand value to compete against lower-priced alternative brands; correctly predicting, identifying and interpreting changes in consumer preferences and demand and offering new products to meet those changes; operating in a highly competitive industry; our continued ability to produce and successfully market products with extended shelf life; our ability to drive revenue growth in our key products or add products that are faster-growing and more profitable; volatility in commodity, energy, and other input prices; our dependence on our major customers; our geographic focus could make us particularly vulnerable to economic and other events and trends in North America; increased costs in order to comply with governmental regulation; general political, social and economic conditions; a portion of our workforce belongs to unions and strikes or work stoppages could cause our business to suffer; product liability claims, product recalls, or regulatory enforcement actions; unanticipated business disruptions; dependence on third parties for significant services; our insurance may not provide adequate levels of coverage against claims; failures, unavailability, or disruptions of our information technology systems; our ability to achieve expected synergies and benefits and performance from our strategic acquisitions; dependence on key personnel or a highly skilled and diverse workforce; and our ability to finance our indebtedness on terms favorable to us; and other risks as set forth under the caption “Risk Factors” from time to time in our Securities and Exchange Commission filings. Industry and Market Data In this Investor Presentation, Hostess Brands relies on and refers to information and statistics regarding market shares in the sectors in which it competes and other industry data. Hostess Brands obtained this information and statistics from third-party sources, including reports by market research firms, such as Nielsen. Hostess Brands has supplemented this information where necessary with information from discussions with Hostess customers and its own internal estimates, taking into account publicly available information about other industry participants and Hostess Brands’ management’s best view as to information that is not publicly available. Hostess Brands has transitioned to a new Nielsen database for Market Share and Industry Data. All prior periods have been restated utilizing the updated database. Pro Forma Combined Financial Information Hostess Brands, Inc. acquired a controlling interest in Hostess Brands on November 4, 2016 (the ”Business Combination”). Unless otherwise noted, financial information for 2016 and LTM ended June 30, 2017 is presented on a pro forma combined basis given effect to the Business Combination as if it occurred on January 1, 2016. Use of Non-GAAP Financial Measures This Investor Presentation includes non-GAAP financial measures, including earnings before interest, taxes, depreciation, amortization and other adjustments to eliminate the impact of certain items that we do not consider indicative of our ongoing performance (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow and Free Cash Flow Conversion. Adjusted EBITDA and Adjusted Gross Profit exclude certain items. Adjusted EBITDA Margin represents Adjusted EBITDA divided by net revenues. Adjusted Gross Profit Margin represents Adjusted Gross Profit divided by net revenues, Free Cash Flow is defined as Adjusted EBITDA minus capital expenditures, and Free Cash Flow conversion is defined as Free Cash Flow divided by Adjusted EBITDA. You can find the reconciliation of these measures to the nearest comparable GAAP measures in the Appendix. Hostess Brands believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Hostess Brands’ financial condition and results of operations. Hostess Brands’ management uses these non-GAAP measures to compare Hostess Brands’ performance to that of prior periods for trend analyses, for purposes of determining management incentive compensation, and for budgeting and planning purposes. These measures are used in monthly financial reports prepared for management and Hostess Brands’ board of directors. Hostess Brands believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Management of Hostess Brands does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Other companies may calculate Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow, Free Cash Flow Conversion and other non-GAAP measures differently, and therefore Hostess Brands’ Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Free Cash Flow , Free Cash Flow Conversion and other non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Totals in this Investor Presentation may not add up due to rounding. ® 2 DEAN METROPOULOS Executive Chairman Founder and Executive Chairman of Metropoulos & Co. More than 30 years of successful experience revamping iconic brands throughout the consumer space Strong track record of growing revenues, reducing costs and enhancing capital efficiency of portfolio companies ® 3 BILL TOLER President & CEO Former CEO and President of AdvancePierre Foods Former President of Pinnacle Foods 30+ years of executive experience in the packaged food and consumer sectors Proven track record of brand growth, strategic planning, operations management, and profit growth ® 4 AGENDA 1 COMPANY OVERVIEW 2 BRAND & CHANNEL POSITIONING 3 GROWTH DRIVERS 4 FINANCIAL OVERVIEW APPENDIX ® 5 1 COMPANY OVERVIEW ® 6 HOSTESS BRANDS AT A GLANCE Iconic American brand delivering new and classic sweet treats to our customers for generations Kansas City, MO KEY HIGHLIGHTS LTM Net Sales(1): Product Portfolio #2 Market Modern and Direct to Proven $763m with Numerous Iconic Brands Position Efficient National Warehouse Platform LTM Adj. EBITDA(2): in $6.55bn Sweet Manufacturing System Distribution Model with Multiple Avenues Baked Goods Driving Industry of Growth $226m Category Leading Profitability % Adj. EBITDA margin(2): 30% Source: Nielsen U.S. total universe, 52 weeks ending 8/12/17. (1) Financial results for 2016 and LTM ended 6/30/17 are presented on a pro forma combined basis. See “Pro Forma Combined Financial Information” on page 2. ® (2) See “Use of Non-GAAP Financial Measures” and the Appendix for an explanation of all non-GAAP measures on page 2 and reconciliations to the comparable GAAP measures. 7 ICONIC BRAND Delivering New and Classic Sweet Treats BRANDS SINCE <50 RELAUNCH YEARS OLD 75+ 50+ YEARS OLD YEARS OLD 8 EMOTIONAL BRAND CONNECTION Consumers share a special emotional relationship with the 98 year old Hostess, a brand that defines the rapidly growing “Indulgent Snacking” trend 98 90%+ Year history Brand awareness Source: Harmon Atchison, Awareness, Use and Status Perception Study, 12/8/14 9 SIGNIFICANT GROWTH SINCE RE-LAUNCH WITH MEANINGFUL UPSIDE POTENTIAL Net Revenue ($ in millions) Total Increase 37.5% $763 $728 $621 $555 2014A 2015A 2016A LTM Ending 6/30/17 (1) Growth Rate: 12% 17% 16% Organic Growth Rate(2): 12% 13% 10% Note: Does not include Superior pre-acquisition revenue. Financial results for 2016 and LTM Ending 6/30/16 are presented on a pro forma combined basis. See “Pro Forma Combined Financial Information.” ® (1) Compared to $658m for the LTM Ended 06/30/16. (2) Growth rate excluding the acquisition of Superior Cake Products, Inc. 10 SINCE THE RELAUNCH, HOSTESS HAS… Created a Compelling Growth Story Powerful Aggressive Competitively Compelling Hostess Brand Capital Advantaged = Growth Story Investment Business Model ® 11 EXPERIENCED SENIOR LEADERSHIP Dean Bill Toler Tom Michael Andrew Burke Darryl Jolyn Metropoulos President Peterson Cramer Jacobs Raine Riley Sebree Executive & CEO EVP & CFO EVP & Chief EVP & Chief SVP & SVP, SVP, Chairman Administrative Commercial CMO