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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" ALIGN="right">Filed by Hostess Brands, Inc. (Commission File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-37540)</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">pursuant to Rule 425 under the Securities Act of 1933, as amended </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">and deemed filed pursuant to Rule <FONT STYLE="white-space:nowrap">14d-9</FONT> under </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">the Securities Exchange Act of 1934 as amended. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Subject Company: Hostess Brands, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Commission File No.: <FONT STYLE="white-space:nowrap">001-37540</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This filing relates to the proposed acquisition of Hostess Brands, Inc., a Delaware corporation (&#147;Hostess Brands&#148;), by The J. M. Smucker Company, an
Ohio corporation (the &#147;Company&#148;), and SSF Holdings, Inc., a Delaware corporation and wholly owned subsidiary of the Company (&#147;Purchaser&#148;), pursuant to the Agreement and Plan of Merger, dated as of September&nbsp;10, 2023, by and
among the Company, Hostess Brands, and Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">. . . </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The following communication was shared with employees of Hostess Brands by Andy Callahan, President and Chief Executive Officer of Hostess Brands, on
September&nbsp;11, 2023. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To: </B>All Hostess Brands Employees<B> </B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>From: </B>Andy Callahan </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Date: </B>September&nbsp;11,
2023<B> </B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subject: </B>Hostess Brands Business Update<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Team, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today, we announced that Hostess Brands is joining The
J.M. Smucker Co., adding our iconic snack brands to their growing portfolio. We and The J.M. Smucker Co. have a complementary <FONT STYLE="white-space:nowrap">go-to</FONT> market strategy, with very similar core business principles and operations.
Much of The J.M. Smucker Co.&#146;s decision to acquire our business was driven by the company&#146;s recognition of the strength of this team. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since
launching the business in 2013 and becoming a public company in 2016, Hostess Brands has been on a transformation journey. We have executed a new distribution model, modernized our portfolio and increased investments in our people, our bakeries, our
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">go-to-market</FONT></FONT> approach and our marketing and innovation strategies, all of which has led to growth in sales and margins that have outpaced the industry. Importantly, our
strength in the convenience channel is highly complementary to The J.M. Smucker Co.&#146;s business. By leveraging The J.M. Smucker Co.&#146;s operational excellence and global partnerships, we believe we can drive growth and excel as a combined
company in the rapidly growing snacking category and broader evolving food industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ultimately, Hostess Brands&#146; iconic brands, our prolific
innovation, our tremendous commitment to quality, our strong customer partnerships, our ability to deliver consistent, profitable and sustainable growth &#150; all of these vital ingredients that make up Hostess Brands &#150; are why The J.M.
Smucker Co. was so interested in our business. Again, it&#146;s a testament to all of you that this company is so highly valued in the market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
recognize that you will have many questions regarding today&#146;s announcement, and we will do our best to answer them. I will host a <B>Town Hall today at 9:00 am CT</B> with other members of the Leadership Team to share more details and address
your questions.<B> </B>A calendar invite will be sent momentarily. Additionally, the Leadership Team members each will host group meetings with their teams to discuss today&#146;s announcement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You should also expect to receive an email from Mark Smucker, the Chair of the Board, President and Chief Executive Officer of The J.M. Smucker Co., later
today, welcoming us to the company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beyond the clear strategic fit, this business combination would bring together two companies with a strong
cultural fit. From our interactions and what we know about Hostess Brands&#146; values, we are struck by the remarkable similarity to The J.M. Smucker Co.&#146;s values &#150; we each hold a deep appreciation for how vital our stakeholders,
including our employees, are to the success of our company and the communities in which we operate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>I would like to emphasize that for now, it is
business as usual at Hostess Brands</B>. These transactions take time to close and, until then, we remain an independent company. It is extremely important that we all focus on our
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> responsibilities and continue to provide our customers with the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT>
products and service they have come to expect from Hostess Brands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is possible today&#146;s announcement may generate additional attention from
external parties. Should you receive any inquiries from outside our organization, including from the media, investors, or customers, please do not respond and immediately forward them to Julie Ketay, Director of Communications, at
jketay@hostessbrands.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you again for your continued hard work and dedication to Hostess Brands. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Andy Callahan </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President and Chief Executive Officer </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ADDITIONAL INFORMATION
AND WHERE TO FIND IT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The exchange offer referenced in this communication has not yet commenced. This communication is for informational purposes only
and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the exchange offer materials that Hostess Brands or The J.M. Smucker Co. or its acquisition subsidiary, SSF Holdings, Inc., will
file with the SEC. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The solicitation and offer to buy Hostess Brands stock will only be made pursuant to an Offer to Exchange and related exchange offer materials that
The J.M. Smucker Co. intends to file with the SEC. At the time the exchange offer is commenced, The J.M. Smucker Co. and its acquisition subsidiary will file a tender offer statement on Schedule TO, The J.M. Smucker Co. will file a registration
statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> and thereafter Hostess Brands will file a Solicitation/Recommendation Statement on Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> with the SEC with respect to the exchange offer.
HOSTESS BRANDS&#146; STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ CAREFULLY THE EXCHANGE OFFER MATERIALS (INCLUDING AN OFFER TO EXCHANGE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER EXCHANGE OFFER DOCUMENTS) AND THE
SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE <FONT STYLE="white-space:nowrap">14D-9</FONT> BECAUSE THEY WILL EACH CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF HOSTESS BRANDS SECURITIES AND OTHER INVESTORS SHOULD CONSIDER BEFORE MAKING ANY
DECISION WITH RESPECT TO THE EXCHANGE OFFER. The Offer to Exchange, the related Letter of Transmittal, certain other exchange offer documents, as well as the Solicitation/Recommendation Statement on Schedule
<FONT STYLE="white-space:nowrap">14D-9,</FONT> will be made available to all stockholders of Hostess Brands at no expense to them and will also be made available for free at the SEC&#146;s website at www.sec.gov. Additional copies may be obtained
for free by contacting either The J.M. Smucker Co. or Hostess Brands. Copies of the documents filed with the SEC by Hostess Brands will be available free of charge on Hostess Brands&#146; website at https://www.hostessbrands.com. Copies of the
documents filed with the SEC by The J.M. Smucker Co. will be available free of charge on The J.M. Smucker Co.&#146;s website at https://investors.jmsmucker.com or by contacting The J.M. Smucker Co. Investor Relations Department at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">330-682-3000.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to the Offer to Exchange, the related Letter of
Transmittal and certain other exchange offer documents, as well as the Solicitation/Recommendation Statement on Schedule <FONT STYLE="white-space:nowrap">14D-9,</FONT> The J.M. Smucker Co. and Hostess Brands each file annual, quarterly and current
reports, proxy statements and other information with the SEC, which are available to the public over the Internet at the SEC&#146;s website at http://www.sec.gov. </P>
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