KKD of Maryland, LLC
October 2000
Baltimore, Maryland

Bengur Bryan completed a valuation for the fair market value of KKD of Maryland for corporate planning purposes. KKD of Maryland is the area developer for Krispy Kreme Doughnuts, Inc., for certain markets in the state of Maryland.

Krispy Kreme Doughnuts, Inc. is a leading branded specialty retailer of premium quality doughnuts, including its signature Hot Original Glazed doughnut, as well as beverages and other selected menu items. As of July 30, 2000, Krispy Kreme had 154 store locations, of which 57 were company-owned and 97 were franchised. Krispy Kreme is publicly traded (NASDAQ: KREM) and had a market value of $1.07 billion at the time of this transaction.