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For the fiscal year ended (1) (in thousands, except per share and percentage information) December 30, December 31, December 25, December 27, December 28, 2014

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For the fiscal year ended (1) (in thousands, except per share and percentage information) December 30, December 31, December 25, December 27, December 28, 2014 2013 2012 2011 2010 $ 2,230,370 123,686 $ 2,108,908 112,641 $ 1,879,280 102,076 $ 1,592,951 92,793 $ 1,321,162 86,195 175,139 2,529,195 163,453 2,385,002 148,701 2,130,057 136,288 1,822,032 135,132 1,542,489 $ $ $ $ $ 669,860 685,576 159,794 314,879 1,830,109 625,622 625,457 148,816 295,539 1,695,434 552,580 559,446 130,793 256,029 1,498,848 470,398 484,014 115,290 216,237 1,285,939 374,816 419,140 100,970 177,059 1,071,985 Revenues: Bakery-cafe sales, net Franchise royalties and fees Fresh dough and other product sales to franchisees Total revenues Costs and expenses: Bakery-cafe expenses: Cost of food and paper products Labor Occupancy Other operating expenses Total bakery-cafe expenses Fresh dough and other product cost of sales to franchisees Depreciation and amortization General and administrative expenses Pre-opening expenses Total costs and expenses Operating profit Interest expense Other (income) expense, net Income before income taxes Income taxes Net income Less: net loss attributable to noncontrolling interest Net income attributable to Panera Bread Company Earnings per common share attributable to Panera Bread Company: Basic Diluted Weighted average con common equivalent shares outstanding: Basic Diluted 152,267 124,109 138,060 8,707 2,253,252 275,943 1,824 (3,175) 277,294 98,001 179,293 142,160 106,523 123,335 7,794 2,075,246 309,756 1,053 (4,017) 312,720 116,551 196,169 131,006 90,939 117,932 8,462 1,847,187 282,870 1,082 (1,208) 282,996 109,548 173,448 116,267 79,899 113,083 6,585 1,601,773 220,259 822 (466) 219,903 83,951 135,952 110,986 68,673 101,494 4,282 1,357,420 185,069 675 4,232 180,162 68,563 111,599 (267) $ 179,293 $ 196,169 $ 173,448 $ 135,952 $ 111,866 $ $ $ $ $ 6.67 6.64 6.85 6.81 5.94 5.89 4.59 4.55 $ $ 3.65 3.62 $ $ $ 26,881 26,999 28,629 28,794 29,217 29,455 29,601 29,903 30,614 30,922 Refer to Panera Bread's balance sheet to answer the following questions. Required: dropdown 1. Which is the largest of Panera Bread's current assets on December 30, 2014? What percentage of total current assets does it represent? Round your answer to one decimal place. % 2. Which is the smallest of Panera Bread's current assets on December 30, 2014? What percentage of total current assets does it represent? Round your answer to one decimal place. % For the fiscal year ended (1) (in thousands, except per share and percentage information) December 30, December 31, December 25, December 27, December 28, 2014 2013 2012 2011 2010 $ 2,230,370 123,686 $ 2,108,908 112,641 $ 1,879,280 102,076 $ 1,592,951 92,793 $ 1,321,162 86,195 175,139 2,529,195 163,453 2,385,002 148,701 2,130,057 136,288 1,822,032 135,132 1,542,489 $ $ $ $ $ 669,860 685,576 159,794 314,879 1,830,109 625,622 625,457 148,816 295,539 1,695,434 552,580 559,446 130,793 256,029 1,498,848 470,398 484,014 115,290 216,237 1,285,939 374,816 419,140 100,970 177,059 1,071,985 Revenues: Bakery-cafe sales, net Franchise royalties and fees Fresh dough and other product sales to franchisees Total revenues Costs and expenses: Bakery-cafe expenses: Cost of food and paper products Labor Occupancy Other operating expenses Total bakery-cafe expenses Fresh dough and other product cost of sales to franchisees Depreciation and amortization General and administrative expenses Pre-opening expenses Total costs and expenses Operating profit Interest expense Other (income) expense, net Income before income taxes Income taxes Net income Less: net loss attributable to noncontrolling interest Net income attributable to Panera Bread Company Earnings per common share attributable to Panera Bread Company: Basic Diluted Weighted average con common equivalent shares outstanding: Basic Diluted 152,267 124,109 138,060 8,707 2,253,252 275,943 1,824 (3,175) 277,294 98,001 179,293 142,160 106,523 123,335 7,794 2,075,246 309,756 1,053 (4,017) 312,720 116,551 196,169 131,006 90,939 117,932 8,462 1,847,187 282,870 1,082 (1,208) 282,996 109,548 173,448 116,267 79,899 113,083 6,585 1,601,773 220,259 822 (466) 219,903 83,951 135,952 110,986 68,673 101,494 4,282 1,357,420 185,069 675 4,232 180,162 68,563 111,599 (267) $ 179,293 $ 196,169 $ 173,448 $ 135,952 $ 111,866 $ $ $ $ $ 6.67 6.64 6.85 6.81 5.94 5.89 4.59 4.55 $ $ 3.65 3.62 $ $ $ 26,881 26,999 28,629 28,794 29,217 29,455 29,601 29,903 30,614 30,922 Refer to Panera Bread's balance sheet to answer the following questions. Required: dropdown 1. Which is the largest of Panera Bread's current assets on December 30, 2014? What percentage of total current assets does it represent? Round your answer to one decimal place. % 2. Which is the smallest of Panera Bread's current assets on December 30, 2014? What percentage of total current assets does it represent? Round your answer to one decimal place. %

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