Quick! Who is Panera’s main competitor? How about you? *Estimated initial investment to open, excluding real estate and real estate improvements. Panera Bread estimate investment based upon and disclosed in Item 7 of 3/25/16 Panera Bread FDD. Great Harvest investment based upon average cost of 2 hubs & 3 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 franchise offering. Great Harvest Avg. Sales reflect the actual average annual gross sales for the year 2016 for 4 franchised hub bakery cafes and 5 franchised spoke cafes that opened on or before 6/26/2016. Of the 4 franchised hub bakery cafes 2 of the 4 exceeded the average sales volume of $896,326. Of the 5 franchised spoke cafes 2 or the 5 exceeded the average sales volume of$629,704. Great Harvest profits reflect average annual EBITDA for the year 2015 for 4 franchised hub bakery cafes. Of the 4 hub/spoke pairings in our system, 2 of 4 exceeded average EBITDA performance of $239,001. Great Harvest EBITDA based upon the sum of 2 hub and 3 spoke baker cafes. For me 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.