<SUBMISSION>
<ACCESSION-NUMBER>0001193125-23-261229
<TYPE>SC 14D9/A
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20231024
<DATE-OF-FILING-DATE-CHANGE>20231024
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>Hostess Brands, Inc.
<CIK>0001644406
<ASSIGNED-SIC>2050
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 14D9/A
<ACT>34
<FILE-NUMBER>005-88982
<FILM-NUMBER>231341331
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>7905 QUIVIRA ROAD
<CITY>LENEXA
<STATE>KS
<ZIP>66215
<PHONE>816-701-4600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>7905 QUIVIRA ROAD
<CITY>LENEXA
<STATE>KS
<ZIP>66215
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Gores Holdings, Inc.
<DATE-CHANGED>20150608
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>Hostess Brands, Inc.
<CIK>0001644406
<ASSIGNED-SIC>2050
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 14D9/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>7905 QUIVIRA ROAD
<CITY>LENEXA
<STATE>KS
<ZIP>66215
<PHONE>816-701-4600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>7905 QUIVIRA ROAD
<CITY>LENEXA
<STATE>KS
<ZIP>66215
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Gores Holdings, Inc.
<DATE-CHANGED>20150608
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 14D9/A
<SEQUENCE>1
<FILENAME>d570556dsc14d9a.htm
<DESCRIPTION>SC 14D9/A
<TEXT>
<HTML><HEAD>
<TITLE>SC 14D9/A</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE <FONT
STYLE="white-space:nowrap">14D-9</FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;1) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>OLICITATION</SMALL>/R<SMALL>ECOMMENDATION</SMALL> S<SMALL>TATEMENT</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>U<SMALL>NDER</SMALL> S<SMALL>ECTION</SMALL> 14(<SMALL>D</SMALL>)(4) <SMALL>OF</SMALL> <SMALL>THE</SMALL> S<SMALL>ECURITIES</SMALL>
E<SMALL>XCHANGE</SMALL> A<SMALL>CT</SMALL> <SMALL>OF</SMALL> 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>HOSTESS
BRANDS, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Subject Company) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>HOSTESS
BRANDS, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Persons Filing Statement) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Class&nbsp;A Common Stock, par value $0.0001 per share </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class&nbsp;of Securities) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>44109J106 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number
of Class&nbsp;of Securities) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jolyn J. Sebree </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Senior Vice President, General Counsel and Secretary </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Hostess Brands, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7905 Quivira Road </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lenexa, Kansas 66215 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(816) <FONT STYLE="white-space:nowrap">701-4600</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, and telephone number of person authorized to receive notices and communications </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on behalf of the persons filing statement) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>With a
copy to: </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Howard Kenny </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Morgan, Lewis&nbsp;&amp; Bockius LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>101 Park Avenue </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New
York, New York 10178 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (212) <FONT STYLE="white-space:nowrap">309-6000</FONT></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;1 to the Solicitation/Recommendation Statement on Schedule <FONT
STYLE="white-space:nowrap">14D-9</FONT> (this &#147;Amendment&#148;) amends and supplements the Solicitation/Recommendation Statement on Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> filed with the Securities and Exchange Commission (the
&#147;SEC&#148;) on October&nbsp;10, 2023 (as it may be further amended and supplemented from time to time, the &#147;Schedule <FONT STYLE="white-space:nowrap">14D-9&#148;),</FONT> and relates to the exchange offer by SSF Holdings, Inc., a Delaware
corporation (&#147;Purchaser&#148;) and a direct, wholly owned subsidiary of The J. M. Smucker Company, an Ohio corporation (&#147;Smucker&#148;), to purchase all of the issued and outstanding shares of Class&nbsp;A common stock, par value $0.0001
per share of Hostess Brands, Inc. and its wholly owned subsidiaries (referred to herein as the &#147;Company,&#148; &#147;Hostess Brands,&#148; &#147;we,&#148; &#147;us,&#148; and &#147;our&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following amended and/or supplemented disclosures will not affect the consideration to be received by stockholders of Hostess Brands in connection with
the Offer or the timing of the Offer, which will expire at one minute past 11:59 P.M. Eastern Time, November&nbsp;6, 2023, unless the Offer has been extended to a subsequent date and time in accordance with the terms of the Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used in this Amendment but not defined herein shall have the respective meaning given to such terms in the Schedule <FONT
STYLE="white-space:nowrap">14D-9.</FONT> The information set forth in the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> remains unchanged and is incorporated herein by reference, except that such information is hereby amended or
supplemented to the extent specifically provided herein. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;4. The Solicitation or Recommendation. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Item 4 of the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> is hereby amended and supplemented by adding the following paragraph as a new paragraph
immediately after the first paragraph of &#147;Summary of Financial Analyses&#148; (which is on page 40) in the subsection entitled &#147;Opinion of the Financial Advisor to the Board&#148;: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;For purposes of Morgan Stanley&#146;s opinion and the analyses described below, and with the consent of Hostess Brands management, Morgan Stanley assumed
that the merger consideration is $34.25 per share consisting of cash consideration of $30.00 per share and assumed stock consideration of $4.25 per share, based on a merger exchange ratio equal to 0.03002 of a Smucker Common Share multiplied by the
closing price of Smucker Common Shares as of September 8, 2023 of $141.58.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Item 4 of the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT>
is hereby amended and supplemented by replacing the third paragraph of the subsection entitled &#147;Certain Hostess Brands Management Projections&#148; (which begins on page 46 and continues onto page 47) in its entirety with the following two
paragraphs: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The Projections, while presented with numerical specificity, necessarily were based on numerous variables, assumptions and
judgments, including, but not limited to, those relating to general business, economic, competitive, market and financial conditions and other future events, as well as matters specific to Hostess Brands&#146; business, all of which are difficult to
predict and many of which are beyond Hostess Brands&#146; control. The projected increases in annual revenue were based on Hostess Brands management&#146;s assumptions with respect to sales volume and pricing. The Projections assume a slight
decrease in sales volume in 2023, followed by an increase of approximately 6% in 2024, with smaller <FONT STYLE="white-space:nowrap">mid-single</FONT> digit increases each subsequent year resulting from innovation, advertising, revenue growth
management initiatives and execution. The Projections also assume modest price increases to partially offset inflation. Projected increases in gross profit assume 1% annual inflation with respect to cost of goods sold in 2024 with a step up to 2% in
2025 and 3% in 2026 and beyond and higher costs associated with the increase in production in the new Arkadelphia, Arkansas facility in 2024. With respect to selling, general and administrative costs, or SG&amp;A costs, the Projections assume
approximately $17&nbsp;million in incremental advertising and marketing costs in 2024, followed by approximately $13&nbsp;million incremental for each year thereafter; selling expenses of approximately 2.9% of net revenue; and 3.0% annual inflation
of general and administrative costs. Projected free cash flow assumes capital expenditures return to levels more in line with historical levels by 2025. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Projections are subjective in many respects and thus are susceptible to multiple interpretations and periodic revisions based on actual experience and
business developments. There can be no assurance that the forecasted results will be realized or that actual results will not be significantly higher or lower than forecasted. The Projections cover multiple years and such forecasts by their nature
become less predictive with each successive year. The assumptions also reflect assumptions as to certain business decisions that are subject to change. The Projections cannot, therefore, be considered a guaranty of future operating results, and
should not be relied on as such. None of Hostess Brands, Smucker, Purchaser, any of their respective affiliates, financial advisors or representatives or any other person assumes any responsibility for the validity, reasonableness, accuracy or
completeness of the Projections described below.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;8. Additional Information. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Item 8 of the Schedule 14D-9 is hereby amended and supplemented by adding the following sentences to the end of the second paragraph of &#147;United States
Antitrust Compliance&#148; (which is on page 57) in the subsection entitled &#147;Regulatory Approvals&#148;:</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The waiting period applicable to
the Offer and the Merger under the HSR Act expired effective October 23, 2023 at 11:59 P.M., New York City Time. Accordingly, the condition to the Offer relating to the expiration or termination of the HSR Act waiting period has been
satisfied.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Item 8 of the Schedule 14D-9 is hereby amended and supplemented by adding the following sentences to the end of the fourth paragraph
under &#147;Canada Antitrust Compliance&#148; (which is on page 58) in the subsection entitled &#147;Regulatory Approvals&#148;:</I> </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The waiting period applicable to the Offer and the Merger under the Competition Act expired effective
October&nbsp;23, 2023 at 11:59 P.M., New York City Time. Accordingly, the condition to the Offer relating to the expiration or termination of the Competition Act waiting period has been satisfied. The condition to the Offer relating to confirmation
that the Commissioner does not intend to challenge the Offer and the Merger remains outstanding.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Item 8 of the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> is hereby amended and supplemented by adding the following paragraphs under a new
subsection entitled &#147;Legal Proceedings&#148; (beginning on page 60): </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>(h) Legal Proceedings</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of October&nbsp;23, 2023, the following five complaints have been filed by purported stockholders of Hostess Brands: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On October&nbsp;12, 2023, a purported stockholder named James Walsh filed a complaint against Hostess Brands and
the members of the Board in the United States District Court for the District of Delaware, captioned <I>Walsh v. Hostess Brands, Inc., et al.,</I> Case <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1:23-cv-01142-UNA</FONT></FONT>
(the &#147;First Complaint&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On October 12, 2023, a purported stockholder named Ryan O&#146;Dell filed a complaint against Hostess Brands and
the members of the Board in the United States District Court for the Southern District of New York, captioned <I>O&#146;Dell v. Hostess Brands, Inc., et al.,</I> Case 1:23-cv-08972 (the &#147;Second Complaint&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On October 17, 2023, a purported stockholder named Elaine Wang filed a complaint against Hostess Brands and the
members of the Board in the United States District Court for the Southern District of New York, captioned <I>Wang v. Hostess Brands, Inc., et al.,</I> Case 1:23-cv-09119 (the &#147;Third Complaint&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On October 19, 2023, a purported stockholder named Brian Dixon filed a complaint against Hostess Brands and the
members of the Board in the United States District Court for the District of Delaware, captioned <I>Dixon v. Hostess Brands, Inc., et al.,</I> Case 1:23-cv-01176-UNA (the &#147;Fourth Complaint,&#148; together with the First Complaint, Second
Complaint, and Third Complaint, the &#147;Federal Complaints&#148;); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On October&nbsp;20, 2023, a purported stockholder named Dean Drulias filed a complaint against Hostess Brands,
the members of the Board, and Smucker in the District Court of Johnson County, Kansas Civil Court Department, captioned <I>Drulias v. Hostess Brands, Inc., et al.,</I> Case 23CV05685 Div4 (the &#147;State Complaint&#148; and, together with the
Federal Complaints, the &#147;Offer Litigation&#148;). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Federal Complaints allege, among other things, that the defendants violated
Sections 14(d)(4), 14(e), and 20(a) of the Exchange Act, as well as Rule <FONT STYLE="white-space:nowrap">14d-9</FONT> promulgated thereunder, by omitting or misrepresenting certain allegedly material information from the Schedule <FONT
STYLE="white-space:nowrap">14D-9.</FONT> The Federal Complaints further allege that such omissions and misrepresentations rendered the Schedule 14D-9 materially incomplete, false, and/or misleading. The State Complaint asserts, among other things,
(a)&nbsp;a claim against Smucker for violation of the Kansas Uniform Securities Act, and (b)&nbsp;claims against Hostess Brands, the members of its Board, and Smucker under Kansas common law for (i)&nbsp;negligent misrepresentation and concealment
and (ii)&nbsp;negligence. The State Complaint further alleges that the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> and the Offer to Exchange are deceptive because they omit material facts which render them incomplete and misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of October&nbsp;23, 2023, Hostess Brands had also received certain stockholder demand letters (collectively, the &#147;Demand Letters&#148;), which
generally seek that certain allegedly omitted information in the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> be disclosed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hostess Brands and
Smucker believe that the allegations and claims asserted in the Offer Litigation and Demand Letters are without merit. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hostess Brands and Smucker may receive additional demand letters, and/or additional complaints may be filed
against Hostess Brands, the Board, Smucker, and/or Purchaser in connection with the transactions contemplated by the Merger Agreement, the Schedule TO, and the Schedule <FONT STYLE="white-space:nowrap">14D-9.</FONT> If such additional demand letters
are received and/or such additional complaints are filed, absent new or different allegations that are material, Hostess Brands will not necessarily announce such additional demands and/or complaints.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. </P>
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<TD VALIGN="top">Dated: October&nbsp;24, 2023</TD>
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<TD VALIGN="top" COLSPAN="3">Hostess Brands, Inc.</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Andrew P. Callahan</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="top">Name: Andrew P. Callahan</TD></TR>
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<TD VALIGN="bottom">Title: President and Chief Executive Officer</TD></TR>
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