Hostess SPAC Presentation Deck

PAGE 6 HOSTESS STILL HAS SIGNIFICANT HEADROOM FOR GROWTH AND SHARE GAINS Hostess $ share of SBG category¹ 16% 2016 T ~6% gap to Old Co 22% OldCo Hostess Significant Upside Remains ✓ Distribution expansion (more items in more stores) ✓ Custom SKUs Seasonal flavors ✓ Display execution ✓ Portfolio optimization ✓eCommerce Notes: Hostess data does not include Superior. 1 Hostess market share, Total Nielsen Universe. Nielsen U.S. 12 weeks ending 10/6/2012, year-to-date ending 9/10/2016. Market share based on retail sales dollars. Hostess

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