COMP ANY NOT E

J u l y 3 1 , 2 0 1 4
Einstein Noah Restaurant Group (BAGL) Neutral
Updating Estimates Following 2Q14 Results
PRICE: US$15.13
Note: Price as of the close July 31, 2014.
TARGET: US$16.00
~7x FY15E EV/EBITDA of $58.2m (net debt
$98m, s/o 18m)
Nicole Miller Regan
Sr Research Analyst, Piper Jaffray & Co.
612 303-6637, nmr@pjc.com
Joshua C. Long, CFA
Research Analyst, Piper Jaffray & Co.
612 303-6928, joshua.c.long@pjc.com
Changes Previous Current
Rating Neutral
Price Tgt US$16.00
FY14E Rev (mil) US$442.2 US$453.3
FY15E Rev (mil) US$460.6 US$474.8
FY14E EPS US$0.98 US$0.94
FY15E EPS US$1.10
52-Week High / Low US$18.30 / US$14.09
Shares Out (mil) 18.0
Market Cap. (mil) US$272.3
Avg Daily Vol (000) 76
Book Value/Share US$2.32
Net Cash Per Share NA
Debt to Total Capital 70%
Div (ann) 0.52
Yield 3.44%
Fiscal Year End Dec
Price Performance - 1 Year
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14
19
18
17
16
15
14
13
USD
Source: Bloomberg
CONCLUSI ON
For 2Q14, Einstein Noah reported operating EPS of $0.18 and system-wide same-store
sales of +1.6% vs. consensus expectations of $0.23 and +1.7%, respectively. Results
were also driven by company-owned comps of +0.9%. With new units opening up at
higher-than-previously-expected levels of late and when looking towards the work being
done around operations and improved brand imaging vis-a-vis remodels, we believe an
opportunity to drive more consistent cash flow and earnings exists. That said, we are
maintaining our Neutral rating and $16 price target as the company continues its search
for a permanent CEO, which we understand is progressing. Our $16 target is based on 7x
our FY15E EV/EBITDA (vs. 9x our FY14 EV/EBITDA prior). The now lower multiple
reflects a longer time horizon.

2Q14 EPS results a touch below consensus: 2Q14 earnings of $0.18 in 2Q14 compared
to consensus estimates of $0.23. Total revenues of $112.4M reflected a +1.6% system-
wide same-store sales result and approximately 4.7% price/mix and (3.8%) traffic.
The company also paid its regular quarterly dividend of $0.13.

Updating Model: We are largely maintaining our forward EPS estimates at $0.94 and
$1.10 (vs. $0.98 and $1.10 prior) for FY14 and FY15, respectively, driven in part by our
system-wide comp assumption +1.4% and +1.1% for FY14 & FY15, respectively (vs.
+1.2% and +1.1%, respectively prior). Our FY14 estimates are largely maintained
outside of 2Q14 results vs. our initial expectations. Based on the company's updated
guidance we estimate total revenues to increase 4.3% y/y to $453.3M for FY14. Our
FY15 EPS expectations of $1.10 are driven by revenue of $474.8M and are based on
system-wide comps of +1.1% and 75 new unit openings.
RI SKS TO ACHI EVEMENT OF PRI CE TARGET
Risks include balancing key initiatives, potential unforeseen delays in franchise/license
development and commodity volatility as well as the (now) hiring and integration of a
new CEO.
COMPANY DESCRI PTI ON
Einstein Noah Group, Inc. owns, operates and franchises/licenses a chain of specialty
bagel restaurants under the names Einstein, Noah's and Manhattan's.
YEAR
2013A
2014E
2015E
REVENUE (US$ m)
Mar Jun Sep Dec FY FY RM
106.1 107.8 106.4 114.2 434.5 0.6x
109.9A 112.4A 111.3 119.7 453.3 0.6x
114.4 117.5 117.1 125.9 474.8 0.6x
EARNINGS PER SHARE (US$)
Mar Jun Sep Dec FY FY P/E
0.14 0.19 0.22 0.27 0.82 18.5x
0.15A 0.18A 0.25 0.36 0.94 16.1x
0.21 0.25 0.28 0.37 1.10 13.8x
Page 1 of 5 Einstein Noah Restaurant Group, Inc.
Piper Jaffray does and seeks to do business with companies covered in its research reports. As a result, investors should be aware
that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as
only a single factor in making their investment decisions. This report should be read in conjunction with important disclosure
information, including an attestation under Regulation Analyst certification, found on pages 4 - 5 of this report or at the following
site: http://www.piperjaffray.com/researchdisclosures.
COMP ANY NOT E
J u l y 3 1 , 2 0 1 4
Actual vs. Estimated Variance: The following chart provides a breakdown of the company's quarterly results versus our
estimates and the company's prior year results.
Einstei n Noah Restaurant Group, Inc.
Quarter Comparison
Fiscal Year Ended December Actual vs. PJC EPS vs. Street Est. vs. Prior Yr.
Revi sed 07/31/14 2Q14 2Q14 Impact 2Q14 2Q13
SSS: Company-Owned +0.9% +1.0% (10) bps +1.7% +0.4% 50.0 bps
SSS: System-wide +1.6% +1.1% 49 bps +1.7% +0.7% 90.0 bps
INCOME STATEMENT
Company-Owned 100.2 $ 96.5 $ 3.7 0.113 - 97.1 $ 3.1
Manufacturing Revenues 9.2 8.8 0.4 0.013 - 8.0 1.2
Franchise/License Royalties/Fees 3.0 3.3 (0.3) (0.009) - 2.7 0.3
Total Revenues 112.4 108.6 3.8 0.117 112.2 107.8 4.7
Food, Beverage and Packaging 27.0 27.0 (0.0) (0.000) - 27.1 (0.1)
Labor 29.3 28.4 (0.9) (0.032) - 28.5 0.8
Rent and Related Expenses 11.6 10.1 (1.5) (0.050) 10.6
Other Operating Expenses 11.9 10.6 (1.3) (0.044) - 11.0 1.0
Marketing Expenses 3.0 2.8 (0.2) (0.006) - 2.8 0.1
Restaurant Profit Margin 17.4 17.6 (0.2) (0.007) - 17.1 0.3
Manufacturing Costs 7.3 6.7 (0.6) (0.019) - 5.6 1.7
Contribution Margin 22.2 22.9 (0.7) (0.022) - 22.1 0.2
General & Administrative 10.5 10.2 (0.3) (0.011) - 10.2 0.4
Depreciation & Amortization 4.6 4.7 0.1 0.003 - 4.6 (0.0)
Pre-Opening 0.2 0.3 0.1 0.004 0.3
Provision For Closing/Other - - - - - 0.1 (0.1)
Operating Income 6.9 7.7 (0.8) (0.025) - 6.8 0.1
Interest Expense/(Income) 1.1 1.2 0.1 0.004 - 1.7 (0.6)
Other Expense/(Income) - - - - - - -
Pre-Tax Income 5.9 6.5 (0.6) (0.021) - 5.2 0.7
Income Taxes 2.6 2.5 (0.1) (0.004) - 1.8 0.8
Net Income--Operating 3.3 4.0 (0.7) (0.039) - 3.3 (0.1)
Non-Operating Expenses/(Income) 0.7 - (0.7) (0.039) - - 0.7
Net Income--Reported 2.5 4.0 (1.4) (0.078) - 3.3 (0.8)
Pro Forma Expenses/(Income) - - - - - - -
Taxed Net Income--Pro Forma 2.5 4.0 (1.4) (0.078) - 3.3 (0.8)
Shares Outstanding--Diluted 18.2 18.1 0.2 0.002 - 17.9 0.3
EBITDA 11.5 12.4 (0.9) 11.4
*EPS--Operati ng 0.18 $ 0.22 $ (0.04) $ (0.02) $ 0.23 $ 0.19 $ (0.01) $
EPS--Extraordi nary 0.04 $ - $ - $ (0.04) $ - $ - $ - $
**EPS--Reported 0.14 $ 0.22 $ (0.08) $ (0.08) $ 0.23 $ 0.19 $ (0.05) $
MARGIN ANALYSIS
Company-Owned 89.1% 88.9% 27 bps - 90.1% (96) bps
Manufacturing Revenues 8.1% 8.1% 8 bps - 7.4% 75 bps
Franchise/License Royalties/Fees 2.7% 3.1% (35) bps - 2.5% 20 bps
Total Revenues 100.0% 100.0% - bps - 100.0%
Food, Beverage and Packaging 27.0% 28.0% (103) bps 27.4% 28.0% (99) bps
Labor 29.3% 29.4% (15) bps - 29.4% (13) bps
Rent and Related 11.6% 10.5% 109 bps - 10.9% 71 bps
Other Operating Expenses 11.9% 11.0% 91 bps - 11.3% 63 bps
Marketing Expenses 3.0% 2.9% 6 bps - 2.9% 3 bps
Restaurant Profit 17.3% 18.2% (88) bps 18.1% 17.6% (26) bps
Manufacturing Costs 80.0% 77.0% 298 bps - 70.8% 917 bps
Contribution Margin 19.8% 21.1% (131) bps - 20.5% (72) bps
General & Administrative 9.4% 9.4% (3) bps - 9.4% (8) bps
Depreciation & Amortization 4.1% 4.3% (24) bps - 4.3% (22) bps
Pre-Opening 0.2% 0.4% (14) bps - 0.3% (13) bps
Provision For Closing/Other 0.0% 0.0% - bps - 0.1% (13) bps
Operating Income 6.2% 7.1% (91) bps 7.0% 6.3% (17) bps
Interest Expense/(Income) 1.0% 1.1% (15) bps - 1.5% (57) bps
Other Expense/(Income) 0.0% 0.0% - bps - 0.0% - bps
Pre-Tax Income 5.2% 6.0% (76) bps - 4.8% 41 bps
Income Taxes (Tax Rate) 44.5% 39.0% 554 bps - 35.7% 889 bps
Net Income--Operating 2.9% 3.6% (75) bps - 3.1% (20) bps
UNITS
Company-Owned Restaurants 456 464 (8) - 453 3
Franchise Restaurants 130 133 (3) - 107 23
License Restaurants 319 319 - - 261 58
Total Restaurants 905 916 (11) - 821 84
Source: Company reports and Pi per Jaffray & Co. esti mates. Ni cole Mi ller Regan (612) 303-6637
Current discl osure information for this company is located at: http://www.piperjaffray.com/researchdisclosures
Page 2 of 5 Einstein Noah Restaurant Group, Inc.
Einstein Noah Restaurant Group, Inc.
Earnings Model 2013 Actual 2014 Estimate 2015 Estimate Fiscal Year Ended December
Fiscal Year Ended December 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14E 4Q14E 1Q15E 2Q15E 3Q15E 4Q15E 2012 2013 2014E 2015E
Revised 07/31/14 ($ millions) 04/20/13 07/13/13 10/01/13 12/29/13 04/20/14 07/13/14 09/29/14 12/29/14 04/20/15 07/13/15 09/29/15 12/29/15 52-wks 52-wks 52-wks 52-wks
SSS: Company-Owned (1.0%) +0.4% (1.8%) (0.5%) +1.7% +0.9% +1.0% +1.0% +1.0% +1.0% +1.0% +1.0% +0.9% (0.7%) +1.2% +1.0%
SSS: System-wide (0.6%) +0.7% (1.4%) +0.1% +1.6% +1.6% +1.1% +1.1% +1.1% +1.1% +1.1% +1.1% +1.0% (0.3%) +1.4% +1.1%
INCOME STATEMENT
Company-Owned 94.2 $ 97.1 $ 95.6 $ 101.4 $ 96.6 $ 100.2 $ 99.0 $ 105.2 $ 99.5 $ 103.9 $ 103.4 $ 109.7 $ 384.8 $ 388.4 $ 401.0 $ 416.5 $
Manufacturing Revenues 8.9 8.0 7.9 8.8 9.5 9.2 8.7 9.7 10.4 10.1 9.6 10.6 31.0 33.6 37.0 40.7
Franchise/License Royalties/Fees 3.0 2.7 2.9 4.0 3.8 3.0 3.6 4.8 4.4 3.5 4.1 5.5 11.2 12.5 15.2 17.6
Total Revenues 106.1 107.8 106.4 114.2 109.9 112.4 111.3 119.7 114.4 117.5 117.1 125.9 427.0 434.5 453.3 474.8
Food, Beverage and Packaging 26.6 27.1 26.7 28.7 26.6 27.0 27.1 28.4 27.4 28.6 28.3 30.0 106.9 109.1 109.1 114.2
Labor 28.7 28.5 27.7 28.9 28.9 29.3 28.7 30.7 29.8 30.4 30.0 32.4 111.8 113.8 117.6 122.6
Rent and Related Expenses 10.8 10.6 11.0 11.4 11.3 11.6 11.4 11.4 11.4 11.2 11.4 11.5 41.5 43.8 45.7 45.6
Other Operating Costs 10.1 11.0 11.2 11.1 11.3 11.9 10.9 11.6 11.4 11.4 11.4 12.1 40.8 43.4 45.7 46.3
Marketing Expenses 2.5 2.8 2.4 3.2 3.3 3.0 2.4 3.2 3.0 3.0 2.6 3.4 11.4 10.9 11.8 12.0
Restaurant Profit Margin 15.5 17.1 16.6 18.1 15.3 17.4 18.5 20.0 16.4 19.2 19.8 20.4 72.3 67.3 71.2 75.8
Manufacturing Costs 6.5 5.6 6.2 6.5 7.6 7.3 6.6 7.1 7.8 7.6 7.2 7.9 24.2 24.8 28.7 30.4
Contribution Margin 20.9 22.1 21.3 24.3 21.0 22.2 24.2 27.3 23.4 25.3 26.3 28.7 90.3 88.6 94.7 103.6
General & Administrative 10.2 10.2 9.8 10.2 10.8 10.5 10.5 10.4 10.6 10.9 11.0 11.3 39.6 40.4 42.1 43.8
Depreciation & Amortization 4.9 4.6 4.4 4.2 4.3 4.6 4.9 4.4 5.0 5.3 5.2 4.7 19.7 18.2 18.2 20.1
Pre-Opening Expenses 0.3 0.3 0.3 0.1 0.2 0.2 0.3 0.4 0.4 0.4 0.4 0.4 1.8 1.1 1.1 1.7
Provision For Closing/Other 0.1 0.1 0.2 0.6 0.2 - - - - - - - 1.2 1.1 0.2 -
Operating Income 5.4 6.8 6.5 9.2 5.6 6.9 8.5 12.1 7.4 8.6 9.7 12.3 28.1 27.9 33.1 38.0
Interest Expense/(Income) 1.7 1.7 1.4 1.2 1.1 1.1 1.1 1.3 1.2 1.2 1.2 1.2 3.4 6.0 4.6 4.8
Other Expense/(Income) - - - - - - - - - - - - - - - -
Pre-Tax Income 3.6 5.2 5.1 8.0 4.5 5.9 7.3 10.8 6.2 7.4 8.5 11.1 24.7 21.9 28.5 33.2
Income Taxes 1.3 1.8 1.1 3.1 1.8 2.6 2.9 4.2 2.4 2.9 3.3 4.3 8.6 7.3 11.5 13.0
Net Income--Operating 2.4 3.3 4.0 4.9 2.7 3.3 4.5 6.6 3.8 4.5 5.2 6.8 16.1 14.6 17.1 20.3
Non-Operating Expenses/(Income) - - - - 0.7 0.7 - - - - - - 3.4 - 1.4 -
Net Income--Reported 2.4 3.3 4.0 4.9 2.1 2.5 4.5 6.6 3.8 4.5 5.2 6.8 12.7 14.6 15.7 20.3
Shares Outstanding--Diluted 17.4 17.9 17.9 18.0 18.0 18.2 18.3 18.3 18.3 18.4 18.4 18.4 17.2 17.8 18.2 18.4
EBITDA 10.3 11.4 10.9 13.4 9.9 11.5 13.4 16.6 12.4 13.9 14.8 17.0 47.8 46.1 51.4 58.2
EPS--Operating 0.14 $ 0.19 $ 0.22 $ 0.27 $ 0.15 $ 0.18 $ 0.25 $ 0.36 $ 0.21 $ 0.25 $ 0.28 $ 0.37 $ 0.93 $ 0.82 $ 0.94 $ 1.10 $
EPS--Extraordinary - $ - $ - $ - $ 0.04 $ 0.04 $ - $ - $ - $ - $ - $ - $ 0.20 $ - $ 0.08 $ - $
EPS--Reported 0.14 $ 0.19 $ 0.22 $ 0.27 $ 0.11 $ 0.14 $ 0.25 $ 0.36 $ 0.21 $ 0.25 $ 0.28 $ 0.37 $ 0.74 $ 0.82 $ 0.86 $ 1.10 $
MARGIN ANALYSIS
Company-Owned 88.8% 90.1% 89.9% 88.8% 87.9% 89.1% 89.0% 87.9% 87.0% 88.4% 88.3% 87.2% 90.1% 89.4% 88.5% 87.7%
Manufacturing Revenues 8.4% 7.4% 7.4% 7.7% 8.6% 8.1% 7.8% 8.1% 9.1% 8.6% 8.2% 8.4% 7.3% 7.7% 8.2% 8.6%
Franchise/License Royalties/Fees 2.8% 2.5% 2.7% 3.5% 3.5% 2.7% 3.2% 4.0% 3.9% 3.0% 3.5% 4.4% 2.6% 2.9% 3.4% 3.7%
Total Revenues 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Food, Beverage and Packaging 28.2% 28.0% 27.9% 28.3% 27.5% 27.0% 27.4% 27.0% 27.5% 27.5% 27.4% 27.3% 27.8% 28.1% 27.2% 27.4%
Labor 30.4% 29.4% 29.0% 28.5% 29.9% 29.3% 29.0% 29.2% 30.0% 29.3% 29.0% 29.5% 29.1% 29.3% 29.3% 29.4%
Rent and Related Expenses 11.5% 10.9% 11.5% 11.3% 11.7% 11.6% 11.5% 10.8% 11.5% 10.8% 11.0% 10.5% 10.8% 11.3% 11.4% 10.9%
Other Operating Expenses 10.8% 11.3% 11.7% 10.9% 11.7% 11.9% 11.0% 11.0% 11.5% 11.0% 11.0% 11.0% 10.6% 11.2% 11.4% 11.1%
Marketing Expenses 2.6% 2.9% 2.5% 3.1% 3.4% 3.0% 2.4% 3.0% 3.0% 2.9% 2.5% 3.1% 3.0% 2.8% 2.9% 2.9%
Restaurant Profit 16.5% 17.6% 17.4% 17.8% 15.9% 17.3% 18.7% 19.0% 16.5% 18.5% 19.1% 18.6% 18.8% 17.3% 17.8% 18.2%
Manufacturing Costs (as % of Manf. Revs) 72.7% 70.8% 77.7% 74.0% 80.2% 80.0% 76.0% 74.0% 75.0% 75.0% 75.0% 74.0% 78.1% 73.8% 77.5% 74.7%
Contribution Margin 19.7% 20.5% 20.0% 21.3% 19.1% 19.8% 21.7% 22.8% 20.5% 21.5% 22.4% 22.8% 21.2% 20.4% 20.9% 21.8%
General & Administrative 9.6% 9.4% 9.2% 8.9% 9.8% 9.4% 9.4% 8.7% 9.3% 9.3% 9.4% 9.0% 9.3% 9.3% 9.3% 9.2%
Depreciation & Amortization 4.7% 4.3% 4.2% 3.7% 3.9% 4.1% 4.4% 3.7% 4.4% 4.5% 4.4% 3.7% 4.6% 4.2% 4.0% 4.2%
Pre-Opening Expenses 0.3% 0.3% 0.4% 0.1% 0.2% 0.2% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.3% 0.3% 0.4%
Provision For Closing/Other 0.1% 0.1% 0.2% 0.5% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% 0.3% 0.0% 0.0%
Operating Income 5.1% 6.3% 6.1% 8.0% 5.1% 6.2% 7.6% 10.2% 6.5% 7.4% 8.3% 9.8% 6.6% 6.4% 7.3% 8.0%
Interest Expense/(Income) 1.6% 1.5% 1.3% 1.1% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0% 1.0% 0.8% 1.4% 1.0% 1.0%
Other Expense/(Income) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pre-Tax Income 3.4% 4.8% 4.8% 7.0% 4.1% 5.2% 6.6% 9.1% 5.4% 6.3% 7.2% 8.8% 5.8% 5.0% 6.3% 7.0%
Income Taxes (Tax Rate) 34.8% 35.7% 21.9% 39.0% 39.2% 44.5% 39.0% 39.0% 39.0% 39.0% 39.0% 39.0% 34.8% 33.5% 40.2% 39.0%
Net Income--Operating 2.2% 3.1% 3.8% 4.2% 2.5% 2.9% 4.0% 5.5% 3.3% 3.9% 4.4% 5.4% 3.8% 3.4% 3.8% 4.3%
EBITDA 9.7% 10.6% 10.3% 11.7% 9.0% 10.2% 12.0% 13.9% 10.9% 11.9% 12.7% 13.5% 11.2% 10.6% 11.3% 12.2%
YEAR-OVER-YEAR % CHANGE
Company-Owned Restaurant Sales 0.8% 0.7% 0.2% 1.9% 2.5% 3.2% 3.5% 3.8% 3.0% 3.6% 4.5% 4.3% 1.6% 0.9% 3.3% 3.9%
Manufacturing Revenues 5.7% 10.0% 5.4% 12.0% 6.3% 15.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% -10.1% 8.2% 10.2% 10.0%
Franchise Royalties and Fees -0.2% 14.7% 11.7% 21.6% 28.8% 12.9% 23.8% 19.9% 15.5% 16.0% 15.6% 15.0% 8.3% 12.1% 21.4% 15.5%
Total Revenues 1.2% 1.7% 0.9% 3.2% 3.5% 4.4% 4.6% 4.8% 4.1% 4.5% 5.3% 5.2% 0.8% 1.8% 4.3% 4.7%
Net Income--Operating -33.5% 4.1% 17.8% -18.2% 15.3% -2.5% 11.4% 36.2% 38.4% 39.8% 15.6% 2.7% 15.6% -9.5% 17.1% 18.8%
Net Income--Pro Forma -25.6% 13.1% 17.8% 53.2% -12.8% -23.6% 11.4% 36.2% 83.1% 78.5% 15.6% 2.7% -4.2% 14.7% 7.7% 29.2%
EPS--Operating -34.5% 0.3% 13.5% -21.6% 11.3% -4.3% 9.4% 34.1% 36.0% 38.7% 14.6% 1.8% 14.1% -12.5% 14.6% 17.6%
EBITDA -9.0% 4.5% -3.7% -5.5% -3.7% 0.6% 22.1% 23.8% 25.1% 21.1% 11.1% 2.4% 6.5% -3.6% 11.5% 13.2%
Unit Growth: Company 3.1% 1.1% 2.0% -0.7% -0.4% 0.7% 0.2% 2.0% 2.2% 3.5% 3.2% 3.2% 4.8% -0.7% 2.0% 3.2%
Unit Growth: Franchise & License 9.4% 9.9% 8.4% 20.0% 20.5% 22.0% 20.2% 12.9% 14.0% 13.8% 13.1% 12.5% 6.6% 20.0% 12.9% 12.5%
Unit Growth: Total 5.8% 4.9% 4.8% 8.3% 8.8% 10.2% 9.3% 7.2% 7.9% 8.6% 8.2% 7.9% 5.6% 8.3% 7.2% 7.9%
UNIT DATA
Company-Owned Restaurants 461 453 461 458 459 456 462 467 469 472 477 482 461 458 467 482
Franchise Restaurants 99 107 109 126 127 130 136 142 147 152 157 162 97 126 142 162
License Restaurants 262 261 278 300 308 319 329 339 349 359 369 379 258 300 339 379
Total Restaurants 822 821 848 884 894 905 927 948 965 983 1,003 1,023 816 884 948 1,023
Source: Company reports and Piper J affray & Co. estimates.
Current disclosure information for this company is located at: http://www.piperjaffray.com/researchdisclosures Nicole Miller Regan (612) 303-6637
Page 3 of 5 Einstein Noah Restaurant Group, Inc.
COMP ANY NOT E
J u l y 3 1 , 2 0 1 4
IMPORTANT RESEARCH DISCLOSURES
Notes: The boxes on the Rating and Price Target History chart above indicate the date of the Research Note, the rating, and the price target. Each
box represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first Note
written during the past three years.
Legend:
I: Initiating Coverage
R: Resuming Coverage
T: Transferring Coverage
D: Discontinuing Coverage
S: Suspending Coverage
OW: Overweight
N: Neutral
UW: Underweight
NA: Not Available
UR: Under Review
Distribution of Ratings/IB Services
Piper Jaffray
IB Serv./Past 12 Mos.
Rating Count Percent Count Percent
BUY [OW]
361 62.35 94 26.04
HOLD [N]
206 35.58 21 10.19
SELL [UW]
12 2.07 0 0.00

Note: Distribution of Ratings/IB Services shows the number of companies currently in each rating category from which Piper Jaffray and its affiliates
received compensation for investment banking services within the past 12 months. FINRA rules require disclosure of which ratings most closely
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Analyst Certification Nicole Miller Regan, Sr Research Analyst
Analyst Certification Joshua C. Long, CFA, Research Analyst
The views expressed in this report accurately reflect my personal views about the subject company and the subject security. In addition, no part of
my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report.
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COMP ANY NOT E
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Research Disclosures
Piper Jaffray was making a market in the securities of Einstein Noah Restaurant Group, Inc. at the time this research report was published. Piper
Jaffray will buy and sell Einstein Noah Restaurant Group, Inc. securities on a principal basis.
Piper Jaffray research analysts receive compensation that is based, in part, on overall firm revenues, which include investment banking revenues.
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in fundamental research reports.

Overweight (OW): Anticipated to outperform relative to the median of the group of stocks covered by the analyst.

Neutral (N): Anticipated to perform in line relative to the median of the group of stocks covered by the analyst.

Underweight (UW): Anticipated to underperform relative to the median of the group of stocks covered by the analyst.
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