Highlights of Panera Bread’s Item 19 Financial Performance Representations (2012 FDD) – Part 1

• The franchise offered is for a Panera Bread Bakery-Cafe which will specialize in the retail sale of fresh bakery goods, sandwiches, soups, salads, custom roasted coffees and other cafe beverages, other menu items and merchandise related to the Panera concept, as the franchisor may authorize from time to time.

• The total investment necessary to begin operation of a Panera Bread Bakery-Cafe is $918,422 to $2,453,543 (excluding real estate and related costs, and landlord allowances), including an initial franchise fee of $35,000 and optional technology services of $14,055, payable to the franchisor.

• If you sign an area development agreement to develop a number of Panera Bread Bakery-Cafes, you will also have to pay a development fee, the amount of which will vary, and maintain initial working capital of $100,000.

Section I – Statement of Average Net Sales of Panera Bread Bakery-Cafes for the 52-Week Fiscal Year Ending December 27, 2011

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  The Statement of Average Net Sales consists of the mean averages of the reported annual Net Sales of 624 company-owned Bakery-Cafes and 721 franchisee-owned Bakery-Cafes open during the entire fiscal year ending December 27, 2011, excluding any acquisitions or dispositions that occurred during the year.

• The information provided does not include the results of any Panera Bread/St. Louis Bread Company Bakery-Cafes operated by Panera Bread Foundation, Inc.

• The Net Sales of franchisee-owned Bakery-Cafes were derived from unaudited financial reports submitted by franchisees for the purpose of computing royalties. Panera compiled the Net Sales of company-owned Bakery-Cafes on the basis of generally accepted accounting principles.

Average Net Sales

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