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DUNCAN HURST CAPITAL MANAGEMENT LP
> PNRA
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2008 | PANERA BREAD CO | PNRA | 12,244 | 12,244 | 623,219 | 623,219 | $50.90 |
| 08/13/2004 | PANERA BREAD CO | PNRA | 0 | -196,346 | 0 | -8,052,000 | |
| 12/31/2003 | PANERA BREAD CO | PNRA | 0 | -196,346 | 0 | -8,052,000 | |
| 09/30/2003 | PANERA BREAD CO | PNRA | 196,346 | 196,346 | 8,052,000 | 8,052,000 | $41.01 |
| 06/30/2003 | PANERA BREAD CO | PNRA | 0 | -281,186 | 0 | -8,573,000 | |
| 03/31/2003 | PANERA BREAD CO | PNRA | 281,186 | 281,186 | 8,573,000 | 8,573,000 | $30.49 |
| 12/31/2002 | PANERA BREAD CO | PNRA | 0 | -555,480 | 0 | -14,998,000 | |
| 09/30/2002 | PANERA BREAD CO | PNRA | 555,480 | 555,480 | 14,998,000 | 14,998,000 | $27.00 |
| 06/30/2002 | PANERA BREAD CO | PNRA | 0 | -271,830 | 0 | -17,318,000 | |
| 03/31/2002 | PANERA BREAD CO | PNRA | 271,830 | 271,830 | 17,318,000 | 17,318,000 | $63.71 |
| 12/31/2001 | PANERA BREAD CO | PNRA | 0 | -194,700 | 0 | -6,813,000 | |
| 09/30/2001 | PANERA BREAD CO | PNRA | 194,700 | 194,700 | 6,813,000 | 6,813,000 | $34.99 |
| 06/30/2001 | PANERA BREAD CO | PNRA | 0 | -78,000 | 0 | -2,087,000 | |
| 03/31/2001 | PANERA BREAD CO | PNRA | 78,000 | 78,000 | 2,087,000 | 2,087,000 | $26.76 |
| 12/31/2000 | PANERA BREAD CO | PNRA | 0 | -48,500 | 0 | -1,012,000 | |
| 09/30/2000 | PANERA BREAD CO | PNRA | 48,500 | 48,500 | 1,012,000 | 1,012,000 | $20.87 |
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