PANERA BREAD® is the registered and unregistered trademark of Pumpernickel Associates, LLC.
 
2 Estimated initial investment to open, excluding real estate and real estate improvements. Panera Bread estimated investment based upon the low end of their range, reported here and disclosed in Item 7 of 3/25/16 Panera Bread FDD. Great Harvest investment based upon average cost of two Hubs & three Spokes disclosed in Item 7 of 3/9/17 Great Harvest FDD.
 
Profit is EBITDA. Panera Bread Avg. Sales and Profits based upon information disclosed in Item 19 of 3/25/16 Panera Bread FDD. We make no other representations about, and do not verify any aspect of Panera Bread’s franchise offering. Great Harvest Avg. Sales reflect the actual average annual gross sales for the year 2016 for four franchised Hub bakery cafes and five franchised Spoke cafes that opened on or before 6/26/2016. Of the four franchised Hub bakery cafes, two of the four exceeded the average sales volume of $896,326. Of the five franchised Spoke cafes, two of the five exceeded the average sales volume of $629,704. Great Harvest profits reflect average annual EBITDA for the year 2015 for four franchised Hub bakery cafes. Of the four Hub/Spoke pairings in our system, two of four exceeded average EBITDA performance of $239,001. Great Harvest EBITDA based upon the sum of two Hub and three Spoke bakery cafes. For more details, refer to Item 19 of our 3/9/17 Great Harvest FDD. A new franchisee’s results may differ from the represented performance. There is no assurance that you will do as well and you must accept that risk. This offering is made by prospectus only.
 
Estimated Cost to Open based on average cost of a store, multiplied by the number of stores, disclosed in Item 7 of the 3/9/17 Great Harvest Franchise Disclosure Document (FDD).