In an effort to clarify a report that came out yesterday in the Washington Service which indicated that Panera Bread Company Chairman and Chief Executive Officer, Ron Shaich owned just 2,141 shares of common stock, Panera Bread Company (Nasdaq: PNRA) announced that its Chairman and Chief Executive Officer, Ronald M. Shaich, currently owns 2,141 shares of Class A shares, 1,262,647 shares of Class B shares (1,162,647 directly and 100,000 beneficially through a trust), and 677,330 vested options in Class A shares.

Ron Shaich, Panera Bread chairman and chief executive officer, said, ``As previously reported, I sold 100,000 shares of Class A Shares from November 28 to November 29, 2000 at prices ranging from $21.00 to $22.00 per share. This represented less than 5% of my economic interest in Panera Bread. I remain absolutely confident in Panera Bread's ability to continue its rapid growth in sales and profits.''

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 previously reported, as of Oct. 31, 2000 Panera Bread operated 241 bakery-cafes (90 company-owned and 151 franchised bakery-cafes) in 27 states. Additional information is available on the company's website, www.panerabread.com .