HEM TA^OFCONTENTS PAGE

1 THEE^NGH^ORANDANYPARENT^PREDEGE^ORSANDAEE^ATES 1
2 BUSINESS EXPERIENCE 12
3 EITIGATICN ^
4 BANKRUPTCY 27
5 INITIAEEEES 28
6 CTHEREEES ^
7 ESTIMATED INITIAL INVESTMENT 46
8 RESTRICTIONS C N SOURCES CEPRCDUCTS AND SERVICES B 52
9 PRANCHISEES 08EIOATIONS 58
10 EINANCINC 60
11 ERANCHISORSASSISTANCE,ADVERTISINC,COMPUTERSYSTEMS AND TRAINING 64
12 TERRITORY ^ 78
13 TRADEMARKS ^ ^1
14 PATENTS, COPYRIGHTS AND PROPRIETARYINEORMATION 83
15 OBEICATIONTOPARTICIPATEINT^ ^3
16 RESTRICTIONSONWHATTHE ERANCHISEE M A Y S E E E 85
17 RENEWAL, TERMINATION, TRANSEERAND DISPUTE RESOLUTION 86
18 PUBLICEICURES 94
19 EINANCIALPEREORMANCEREPRESENTATIONS 95
20 OUTLETS AND FRANCHISE INEORMATION 95
21 EINANCIALSTATEMENTS 107
22 CONTRACTS ^ 107
23 RECEIPTS 1^7
EXHIBITS
A Franchise Ag^ement
A I Franchise Disclosure Questionnaire
A-2 Satellite Rider
A-3 Non Traditional Eocation Entity Rider
A-4 Non Traditional Eocation Individual Rider
A-5 School Eunch Rider
A-6 Specific Eocation Rider
A-7 Co-Brand Eocation Rider
A-8 SuhShop/2000™ Software Eicense Agreement
A-8ISUBWAY®PGS End User EicenseAgreement
A-9 Rider tbr Entity Franchisee Operating Traditional Eocation
AIO School EunchAdFee Rider
A l l Planned Development Rider
A-I2 Direct Eease Rider
A-I3 VPS Software Participation Agreement
A-I4 AdvertisingFeeRiderlbrThemePar^Nationai Park, and AirportTerminai Locations
A I5 Food Service Provider Rider
A I6 Dual Eocation TestRider
A I7 Community Deveiopment Program Rider
A-I8 ShortTerm Satellite Rider
AI9 SUBWAYCAFE^ProgramRider
B EistofSUBWAY®FranchisesasofDecember34 20I2
B-I List ofSUBWAY^GutletswithMultipIeOwnershipChangesduringsameFiscaiYearforYears 2012, 2011^
B-2 EistofSUBWAY®FranchiseeswhoCeasedOperatingduringtheFiscalYearendedDecember3I,20I2,20II,and 2010
C Audited Financial Statements for the Fiscal Years Ended December 31, 2012, 20 i 1, and 2010
D Sublease
D-l Sublicense
E Intent to Sublease
E-1 Intent to Sublicense
F Pre-Authorized Bank Form
G Equipment Lease Agreement
H State Agencies
I Agents For Service of Process
J Confidentiality Agreement for Disclosure of Operations Manual
K DAI Note
L Litigation
M DAI and FWH Franchisee Privacy Policies
N Social Media Guidelines