Analysts are predicting that Krispy Kreme will be able to perform highly effectively and continue to grow rapidly in the coming two years Do you agree with their analysis If so, why If not, why not Exhibit 5 (continued) Table G Krispy Kreme Income Statement (FY01 FY04E) Fiscal Year Ends January FY 2001A FY 2002A FY 2003E FY 2004E Company Stores 213,677 266,209 303,206 334,624 Franchised Stores 234,452 355,456 533,968 779,888 Systemwide Sales $448,129 $621,655 $837,174 $1,114,512 Company Stores 213,677 266,209 303,206 334,624 Franchise Operations 9,445 14,963 22,615 32,128 Support Sales 77,516 114,137 169,507 239,445 Net Sales $300,638 $394,354 $494,818 $606,197 Company Store Expenses 181,469 217,418 245,065 270,026 Franchise Expenses 3,643 4,896 6,771 9,780 Support Operations Expenses 65,512 94,631 138,413 194,058 Operating Expenses 250,624 316,946 390,249 473,864 D A 6,458 7,959 10,121 12,081 General Admin Expense 20,061 27,562 33,959 40,918 Operating Profit 29,953 41,887 60,489 79,334 Interest Other Expense (Income) (1,593) (2,408) (1,395) (1,400) Joint Venture Income (Loss) (600) (602) (198) 450 Minority Interest (717) (1,147) (1,183) (850) Earnings Before Taxes 23,771 42,546 60,503 80,334 Income Taxes 9,058 16,168 22,991 30,527 Net Income 14,713 26,378 37,512 49,807 EPS $0 27 $0 45 $0 63 $0 84 Avg Shs Outs (FD) 53,656 58,434 59,174 59,574 Sales Ratios Operating Expenses 83 36 80 37 78 87 78 17 Contribution Profit (Bef G A) 16 64 19 63 21 13 21 83 D A 2 15 2 02 2 05 1 99 General Administrative Exp 6 67 6 99 6 86 6 75 Operating Income 9 96 10 62 12 22 13 09 Tax Rate 38 10 38 00 38 00 38 00 Net Income 4 89 6 69 7 58 8 22 Year Over Year Change Systemwide Sales 40 6 38 7 34 7 33 1 Company Sales 36 5 31 2 25 5 22 5 Operating Expenses 29 6 26 5 23 1 21 4 Selling General Admin 27 5 37 4 23 2 20 5 Expense Operating Profit 167 5 39 8 44 4 31 2 Net Income 147 0 79 3 42 2 32 8 EPS 81 1 64 6 40 4 31 9 Source CIBC World Markets and company information

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Analysts are predicting that Krispy Kreme will be able to perform highly effectively and continue to grow rapidly in the coming two years. Do you

Analysts are predicting that Krispy Kreme will be able to perform highly effectively and continue to grow rapidly in the coming two years. Do you agree with their analysis? If so, why? If not, why not?

Exhibit 5 (continued)

Table G Krispy Kreme Income Statement (FY01-FY04E)

Fiscal Year Ends: January	FY 2001A	FY 2002A	FY 2003E	FY 2004E
Company Stores	213,677	266,209	303,206	334,624
Franchised Stores	234,452	355,456	533,968	779,888
Systemwide Sales	$448,129	$621,655	$837,174	$1,114,512
Company Stores	213,677	266,209	303,206	334,624
Franchise Operations	9,445	14,963	22,615	32,128
Support Sales	77,516	114,137	169,507	239,445
Net Sales	$300,638	$394,354	$494,818	$606,197
Company Store Expenses	181,469	217,418	245,065	270,026
Franchise Expenses	3,643	4,896	6,771	9,780
Support Operations Expenses	65,512	94,631	138,413	194,058
Operating Expenses	250,624	316,946	390,249	473,864
D & A	6,458	7,959	10,121	12,081
General & Admin. Expense	20,061	27,562	33,959	40,918
Operating Profit	29,953	41,887	60,489	79,334
Interest/Other Expense (Income)	(1,593)	(2,408)	(1,395)	(1,400)
Joint Venture Income (Loss)	(600)	(602)	(198)	450
Minority Interest	(717)	(1,147)	(1,183)	(850)
Earnings Before Taxes	23,771	42,546	60,503	80,334
Income Taxes	9,058	16,168	22,991	30,527
Net Income	14,713	26,378	37,512	49,807
EPS	$0.27	$0.45	$0.63	$0.84
Avg. Shs. Outs. (FD)	53,656	58,434	59,174	59,574
Sales Ratios
Operating Expenses	83.36%	80.37%	78.87%	78.17%
Contribution Profit (Bef. G & A)	16.64%	19.63%	21.13%	21.83%
D & A	2.15%	2.02%	2.05%	1.99%
General Administrative Exp.	6.67%	6.99%	6.86%	6.75%
Operating Income	9.96%	10.62%	12.22%	13.09%
Tax Rate	38.10%	38.00%	38.00%	38.00%
Net Income	4.89%	6.69%	7.58%	8.22%
Year-Over-Year % Change:
Systemwide Sales	40.6%	38.7%	34.7%	33.1%
Company Sales	36.5%	31.2%	25.5%	22.5%
Operating Expenses	29.6%	26.5%	23.1%	21.4%
Selling General & Admin.	27.5%	37.4%	23.2%	20.5%
Expense
Operating Profit	167.5%	39.8%	44.4%	31.2%
Net Income	147.0%	79.3%	42.2%	32.8%
EPS	81.1%	64.6%	40.4%	31.9%

Source: CIBC World Markets and company information.