PANERA BREAD CO

CUSIP: 69840W108 Class: CL A

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC's Holding History (CIK: 0001644956)

Note: Option positions (PUT/CALL) are excluded.

Q1 2017
Shares 243,470 Value ($000) $63,757 Avg Close — Range —
Q4 2016
Shares 222,920 Value ($000) $45,719 Avg Close — Range —