Panera Bread To Provide Business Update At Analyst Day Meeting

(Friday, May 05, 2006) - Panera Bread (NASDAQ: PNRA) today will host an Analyst Day to provide a business update that will include a discussion of long-term revenue growth targets, a sampling of the company's first product offering intended specifically for the evening day part, as well as a chance to tour one of Panera's new Generation 2 bakery-cafes. Speaking at today's event will be several members of the company's leadership team, including Chairman and CEO Ron Shaich, President Neal Yanofsky, Executive Vice President John Maguire and newly appointed CFO, Jeff Kip. In addition, senior executives from Panera's various functions including development, operations, supply chain, concept and marketing will present and be available to answer questions. "We view this as an exciting opportunity for our analysts and investors to meet face to face with the team that has driven Panera's success over the past decade," said Chairman and CEO Ron Shaich. "We expect that those in attendance will find the day's activities and presentations to be highly informative and beneficial." As part of the Analyst Day, Panera will introduce attendees to the company's first product offering specifically for the evening day part. Crispani, a handcrafted artisan flatbread, is currently available in test markets and is expected to begin a national rollout in the fall. Panera will also announce its new long-term EPS growth rate target of 25%. Additionally, the company is expected to disclose plans for entry into the Canadian market, marking Panera's first international locations. The Panera Bread Analyst Day presentations will be webcast over the Internet at 11:30 am ET. To listen to the live presentations, please go to the Investor Relations section of Panera Bread's website (http://www.panerabread.com/investor/) for further information. Online replays will be available approximately two hours after the end of the call. About Panera Bread Panera Bread owns and franchises bakery-cafes under the Panera Bread and Saint Louis Bread Co. names. The company is the leader in the emerging specialty bread/cafe category due to its unique bread combined with a quick, casual dining experience. As released in the April 25, 2006 earnings statement, Panera Bread operates 897 bakery-cafes (319 company-owned and 578 franchised). Additional information is available on the company's website, www.panerabread.com. Matters discussed in this release relating to future events or our future performance, including any discussion or impact, express or implied, on the Company's anticipated growth, operating results, and future earnings per share, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are often identified by the words "believe", "positioned", "estimate", "project", "target", "continue", "intend", "expect", "future", "anticipates", and similar expressions. All forward-looking statements included in this release are made only as of the date of this release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that occur or which we hereafter become aware, after that date. Forward-looking information expresses management's present belief, expectations, or intentions regarding the Company's future performance. The Company's actual results could differ materially from those set forth in the forward-looking statements due to known and unknown risks and uncertainties and could be negatively impacted by a number of factors. These factors include but are not limited to the following: inability to execute our growth strategy, including variations in the number, timing, and successful nature of Company and franchise bakery-cafe openings and continued successful operation of bakery-cafes; failure to comply with government regulations; loss of a member of senior management; failure or inability to protect our brand, trademarks, or other proprietary rights; competition; rising insurance costs; disruption in our supply chain or increases in ingredient, product, or other supply costs; disruptions or supply issues in our fresh dough facilities; health concerns about the consumption of certain products; complaints and litigation; risks associated with the acquisition of franchise-operated bakery-cafes; other factors, some of which may be beyond our control, effecting our operating results; and other factors that may affect restaurant owners or retailers in general. These and other risks are discussed from time to time in the Company's SEC reports, including its Form 10-K for the year ended December 27, 2005 and its quarterly reports on Form 10-Q.

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