Company Information. December 27 December 28 December Company Name. Panera Bread Company. Fiscal Year End Dates

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1 Company Information Company Name Fiscal Year End Dates Balance Sheet Units (i.e. 000's) Income Statement Units (i.e. 000's) Most Recent Year for Data Date of Analysis 2011 Calendar Year Industry Comparisons Panera Bread Company December 27 December 28 December thousands thousands 2011 February 21, 2015 SIC 5812 Eating Places UNIT UQ MED LQ Current Ratio Times Quick Ratios Times Inventory Turnover (Sales) Times Inventory Turnover (COGS) Collection Period Days Fixed Assets Turnover Total Assets Turnover Long-Term Debt Ratio Debt Ratio Times Interest Earned Profit Margin (ROS) Decimal Return on Assets Decimal Return on Equity Decimal Dun & Bradstreet

2 Consolidated Statements of Income FY 2011 FY 2010 FY 2009 As of Dec 27, 2011 Dec 28, 2010 Dec 29, 2009 REVENUE Bakery-café sales, net $1,592,951 $1,321,162 $1,153,255 Franchise royalties and fees 92,793 86,195 78,367 Fresh dough and other product sales to franchisees 136, , ,872 Total Revenue 1,822,032 1,542,489 1,353,494 COSTS & EXPENSES Bakery-café expenses: Cost of food and paper products 470, , ,599 Labor 484, , ,595 Occupancy 115, ,970 95,996 Other operating expenses 216, , ,396 Total bakery-café expenses 1,285,939 1,071, ,586 Fresh dough and other product cost of sales to franchisees 116, , ,229 Total Cost of Goods Sold 1,402,206 1,182,971 1,059,815 Gross Profit 419, , ,679 OPERATING EXPENSES Depreciation and amortization 79,899 68,673 67,162 General and administrative expenses 113, ,494 83,169 Pre-opening expenses 6,585 4,282 2,451 Total Operating Expenses 199, , ,782 Operating Profit 220, , ,897 OTHER EXPENSES Interest expense Other (income) expense, net (466) 4, INCOME BEFORE INCOME TAXES 219, , ,924 Income Taxes (Benefit) 83,951 68,563 53,073 Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 135, ,599 86,851 Less: net (loss) income attributable to noncontrolling interest 0 (267) 801 NET INCOME $135,952 $111,866 $86,050 Source: 2011 Form 10-K,

3 Consolidated Balance Sheets FY 2011 FY 2010 As of Dec 27, 2011 Dec 28, 2010 ASSETS CURRENT ASSETS Cash and Cash Equivalents $222,640 $229,299 Trade accounts receivable, net 30,700 20,378 Other accounts receivable 24,009 17,962 Receivables, net 54,709 38,340 Inventories 17,016 14,345 Prepaid expenses and other 31,228 23,905 Deferred income taxes 27,526 24,796 Total Current Assets 353, ,685 PROPERTY AND EQUIPMENT Property and equipment, net 492, ,094 Total Fixed Assets 492, ,094 OTHER ASSETS Goodwill 108,071 94,442 Other intangible assets, net 67,269 48,402 Deposits and other 6,841 6,958 Total Other Assets 182, ,802 TOTAL ASSETS 1,027, ,581 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable 15,884 7,346 Accrued expenses 222, ,170 Total Current Liabilities 238, ,516 Deferred rent 54,055 47,974 Deferred income taxes 34,345 30,264 Other long-term liabilities 45,512 39,219 Total Liabilities 372, ,973 COMMITMENTS AND CONTINGENCIES MINORITY INTEREST STOCKHOLDERS' EQUITY Common stock, $.0001 par value; 112,500,000 shares authorized; 30,330,759 shares issued and 28,265,672 shares outstanding at Dec. 27, 2011 and 30,125,936 shares issued and 29,006,844 shares outstanding at Dec. 28, 2010 Common stock, $.0001 par value; Class B, 10,000,000 shares authorized; 1,383,687 shares issued and outstanding at Dec. 27, 2011 and 1,391,607 shares at Dec. 28, 2010 Treasury stock, carried at cost: 2,048,338 shares at Dec. 27, 2011 and 1,119,092 shares at Dec. 28, (175,595) (78,990) Preferred stock, $ par value per share; 2,000,000 shares authorized and no shares issued or outstanding at Dec. 27, and Dec. 28, 2012 Additional Paid-in Capital 150, ,005 Accumulated other comprehensive income Retained Earnings 680, ,315 Total Stockholder's Equity 655, ,608 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,027,322 $924,581 Source: 2011 Form 10-K,

4 Horizontal and Vertical Analysis FY 2011 FY 2010 FY 2009 FY 2011 FY 2010 As of 27-Dec Dec Dec Dec Dec-10 REVENUE VERTICAL HORIZONTAL Total Revenue $1,822,032 $1,542,489 $1,353, % 13.96% Bakery-café sales, net % 14.56% Franchise royalties and fees % 9.99% Fresh dough and other product sales to franchisees % 10.88% COST OF SALES Bakery-café expenses: Cost of food and paper products % 11.02% Labor % 13.10% Occupancy % 5.18% Other operating expenses % 13.94% Total bakery-café expenses % 11.71% Fresh dough cost of sales to franchisees % 10.73% Total Cost of Goods Sold % 11.62% Gross Profit % 22.42% OPERATING EXPENSES Depreciation and amortization % 2.25% General and administrative expenses % 22.03% Pre-opening expenses % 74.70% Total Operating Expenses % 14.18% Operating Profit % 31.35% OTHER EXPENSES Interest expense % 3.57% Other (income) expense, net (0.000) % % INCOME BEFORE INCOME TAXES % 28.76% Income Taxes (Benefit) % 29.19% Net Income (Loss), Including Portion Attributable to Noncontrolling Interest % 28.49% Less: net (loss) income attributable to noncontrolling interest (0.000) % % NET INCOME % 30.00%

5 Sources and Uses Analysis FY 2011 FY 2010 Sources Uses As of Dec 27, 2011 Dec 28, 2010 ASSETS Cash and Cash Equivalents $222,640 $229,299 ($6,659) Trade accounts receivable, net $30,700 $20,378 $10,322 Other accounts receivable $24,009 $17,962 $6,047 Inventories $17,016 $14,345 $2,671 Prepaid expenses and other $31,228 $23,905 $7,323 Deferred income taxes $27,526 $24,796 $2,730 Property and Equipment, net $492,022 $444,094 $47,928 Goodwill $108,071 $94,442 $13,629 Other intangible assets, net $67,269 $48,402 $18,867 Deposits and other $6,841 $6,958 $117 LIABILITIES AND EQUITY Accounts payable $15,884 $7,346 $8,538 Accrued expenses $222,450 $204,170 $18,280 Deferred rent $54,055 $47,974 $6,081 Deferred income taxes $34,345 $30,264 $4,081 Other long-term liabilities $45,512 $39,219 $6,293 Commitments $0 $0 $0 Common stock, $.0001 par value; 112,500,000 shares authorized; 30,330,759 shares issued and 28,265,672 shares outstanding at Dec. 27, 2011 and 30,125,936 shares issued and 29,006,844 shares outstanding at Dec. 28, 2010 $3 $3 $0 Common stock, $.0001 par value; Class B, 10,000,000 shares authorized; 1,383,687 shares issued and outstanding at Dec. 27, 2011 and 1,391,607 shares at Dec. 28, 2010 Treasury stock, carried at cost: 2,048,338 shares at Dec. 27, 2011 and 1,119,092 shares at Dec. 28, 2010 Preferred stock, $ par value per share; 2,000,000 shares authorized and no shares issued or outstanding at Dec. 27, 2011 and Dec. 28, 2012 $0 $0 $0 ($175,595) ($78,990) $96,605 $0 $0 $0 Additional Paid-in Capital $150,093 $130,005 $20,088 Accumulated other comprehensive income $308 $275 $33 Retained Earnings $680,267 $544,315 $135,952 TOTAL: $199,463 $206,122 Sources Decrease in assets Sources: $199,463 Increase in liabilities Uses: $206,122 Increase in equities SubTotal: ($6,659) OK Uses Increase in assets Cash in FY 2011: $222,640 Decrease in liabilities Cash in FY 2010: $229,299 Decrease in equities Sub Total: ($6,659) OK

6 Financial Ratios Industry MED for Calendar Year 2011 FY 2011 FY 2010 FY 2009 Dec 27, 2011 Dec 28, 2010 Dec 29, 2009 Current Ratio Quick Ratios Inventory Turnover (Sales) Inventory Turnover (COGS) Collection Period Fixed Assets Turnover Total Assets Turnover Long-Term Debt Ratio Debt Ratio Times Interest Earned Profit Margin (ROS) Return on Assets Return on Equity Breakeven ($ Sales) $867,683 $748,708 $704,065 Breakeven (% of Year-End Sales) 47.62% 48.54% 52.02% Breakeven (# of Months) Breakeven (Fiscal Calendar Week) 3rd week Jun 4th week Jun 2nd week Jul

ABB Ltd Interim Consolidated Income Statements (unaudited) Six months ended

ABB Ltd Interim Consolidated Income Statements (unaudited) ($ in millions, except per share data in $) Jun. 30, 2012 Jun. 30, 2011 Jun. 30, 2012 Jun. 30, 2011 Sales of products 15'501 15'207 8'078 8'154