$289

Business Description

To simplify the language in this disclosure document, “Supercuts” means Supercuts, Inc., the franchisor. “You” means the person or persons, individually and collectively, awarded a SUPERCUTS franchise, and “your Store” means the SUPERCUTS store that you will operate if you and Supercuts enter into a franchise agreement, as described in this disclosure document. Supercuts is a Delaware corporation established on July 9, 1987, and is a wholly-owned subsidiary of Regis Corporation, a Minnesota corporation (“Regis”). Regis, Supercuts's only parent company, is a publicly-held company on the New York Stock Exchange trading under the symbol “RGS.” Supercuts' and Regis’ principal business address is 7201 Metro Boulevard, Minneapolis, Minnesota 55439-2103. Supercuts licenses the operation of retail hair care establishments known as “SUPERCUTS” Stores. Supercuts also owns and operates numerous SUPERCUTS Stores. (See Item 20) These "company-owned" SUPERCUTS Stores are owned and operated by Supercuts Corporate Shops, Inc., a wholly-owned subsidiary of Supercuts with the same principal business address. Supercuts grants franchisees the limited right and license to operate a SUPERCUTS Store (the “Store”) offering the services and products Supercuts approves and using its formats, designs, methods, specifications, standards, operating procedures, and proprietary trademarks, service marks, and other commercial symbols, including “SUPERCUTS” (the “Marks”). Your use of the Marks is subject to certain restrictions and Supercuts pre-approval. (See Item 13) Unless you are signing a Franchise Agreement for a new SUPERCUTS Store to be developed under a previously-signed Development Agreement or as a result of your exercise of Expansion Policy rights (see Items 11 and 12), Supercuts' current practice is to sign a Development Agreement with all franchisees for each new franchise acquisition in a Designated Market Area ("DMA"), even if the franchisee expects to develop only one Store. Supercuts currently grants single-Store development rights (the "Single Store Program") and 2-Store, 3-Store, 4-Store, 5-Store, and 6-Store development rights (the "Fast Start Program"). If you acquire the right to develop just one SUPERCUTS Store, you will sign the Development Agreement and that Store's Franchise Agreement at the same time. If you acquire 2-Store, 3-Store, 4-Store, 5-Store, or 6-Store development rights under the Fast Start Program, you will concurrently sign the Development Agreement and the Franchise Agreement for the first Store to be developed. You sign Supercuts' then current standard Franchise Agreement for each subsequent SUPERCUTS Store you open according to the Development Agreement. You must open the agreed-upon number of SUPERCUTS Stores, whether just one or 2, 3, 4, 5, or 6 (“Minimum Development Quotas”), within specified development periods (“Development Periods”). If you fail to do so, your Development Agreement and Franchise Agreement will either automatically expire or be subject to termination by Supercuts (depending on your Store development commitment). (See Item 12)

Prior Experience

Supercuts has operated (directly or through its wholly-owned subsidiary, Supercuts Corporate Shops, Inc.) one or more SUPERCUTS Stores since September 1987 and began offering SUPERCUTS franchises in January 1988. Supercuts has not offered franchises in any other line of business. Supercuts Corporate Shops, Inc. has not offered franchises in any line of business. It has operated SUPERCUTS Stores since its formation in October 1996. Neither Supercuts nor Supercuts Corporate Shops, Inc. has other business activities.

Business Offered

Supercuts’ strategy is to provide consistent, convenient, high quality hair care services and products at low prices. While many other hair care stores offer chemical treatments such as perms, Supercuts' services are generally limited to haircuts, shampoos, blow-drys, and color services. SUPERCUTS Stores are conveniently located in strip shopping centers and designed to create an attractive and appealing atmosphere. The market is well-developed and competitive. The SUPERCUTS business is not seasonal.

Initial Fees

Development Fees and Franchise Fees The Development Fee and/or Franchise Fee that Supercuts charges you depends on whether you are a new or an existing franchisee and/or the date when you became a franchisee. Franchisees who became SUPERCUTS franchisees on or before September 29, 2011 pay lower initial fees for the additional franchises they acquire. Unless you are signing a Franchise Agreement for a new SUPERCUTS Store to be developed under a previously-signed Development Agreement (in which case that Development Agreement identifies what, if any, additional fees you must pay when you sign the Franchise Agreement) or as a result of your exercise of Expansion Policy rights (see Items 11 and 12), Supercuts' current practice is to sign a Development Agreement with all franchisees for each new franchise acquisition, even if the franchisee expects to develop only one Store. Supercuts currently grants single-Store development rights (the "Single Store Program") and 2-Store, 3-Store, 4-Store, 5-Store, and 6-Store development rights (the "Fast Start Program"). In each case, you must pay Supercuts a Development Fee when you sign the Development Agreement. Single Store Program If you acquire the right to develop just one SUPERCUTS Store, you will sign the Development Agreement and that Store's Franchise Agreement at the same time. If you are a "new" franchisee, in the sense that you became a SUPERCUTS franchisee for the first time on or after September 30, 2011 or now are becoming a franchisee for the first time, the Development Fee you must pay for one-Store development under the Single Store Program currently is $39,500. Fast Start Program If you acquire 2-Store, 3-Store, 4-Store, 5-Store, or 6-Store development rights under the Fast Start Program, you will concurrently sign the Development Agreement and the Franchise Agreement for the first Store to be developed. You sign Supercuts' then current standard Franchise Agreement for each subsequent SUPERCUTS Store you open according to the Development Agreement. The Development Fee you must pay for multi-store development under the Fast Start Program currently is: $59,500 for 2-Store development $69,500 for 3-Store development $79,500 for 4-Store development $89,500 for 5-Store development $99,500 for 6-Store development If you acquire development rights for more than 6 Stores, the Development Fee will be $10,000 for each additional Store (i.e. $109,500 for 7-Store development, $119,500 for 8-Store development, etc.) In multi-Store development, we allocate $39,500 to the first Store and the remaining Development Fees as follows. For 2-Store development, we allocate $20,000 to the second Store. For 3 or more Store development, we allocate $20,000 to the second Store and $10,000 to each additional Store. Development Fees are the only initial fees you must pay for the SUPERCUTS development/franchise rights. The Development Fee is full payment for your development/franchise rights, whether for one Store, 2 Stores, 3 Stores, 4 Stores, 5 Stores, or 6 Stores. If you are such a "new" franchisee, Supercuts does not charge you any initial franchise fees for Stores to be developed under the Development Agreement. The Development Fee you pay is not refundable under any circumstances. This means that if you decide not to move forward after signing Supercuts' Development Agreement (and the first Franchise Agreement for the first new Store to be developed), cannot find suitable sites for your Store(s), or otherwise fail to meet your Store opening requirements, in which case Supercuts terminates the applicable agreement(s), you do not receive back any of your Development Fee. Unlike the Development Fees described above for franchisees who joined the SUPERCUTS system on or after September 30, 2011 or now are becoming a franchisee for the first time (i.e., $39,500, $59,500, $69,500, $79,500, $89,500, or $99,500), franchisees who joined the SUPERCUTS system before September 30, 2011 pay a lower Development Fee per Store to be developed and also pay separate franchise fees (whether for Stores developed under a Development Agreement or Stores developed due to Expansion Policy rights). These “older” franchisees pay a $5,000 per-Store Development Fee when they sign the Development Agreement (for example, $15,000 for a 3-Store Development Agreement), with an additional per-Store Franchise Fee due when they sign the Franchise Agreement (if the Store location has been identified and secured) or Location Identification Amendment to Franchise Agreement (part of Exhibit B of this disclosure document) (if the Store location has not yet been identified and secured when the Franchise Agreement is signed). For franchisees who joined the system between July 1, 1999 and September 29, 2011, the total per-Store fee is $12,500; $5,000 is due when the Development Agreement is signed, and the remaining $7,500 is due when the Franchise Agreement or Location Identification Amendment is signed. For franchisees in the system prior to July 1, 1999, the total per-Store fee is $10,000; $5,000 is due when the Development Agreement is signed, and the remaining $5,000 is due when the Franchise Agreement or Location Identification Amendment is signed. These $12,500 and $10,000 per-Store fees, as applicable, also are due if the franchisee signs only a Franchise Agreement when it exercises its Expansion Policy rights. (No Development Agreement is signed in that situation.) These Development Fees and Franchise Fees are not refundable under any circumstances. VetFran Program Regis is a member of the International Franchise Association (“IFA”) and participates in IFA’s VetFran Program, which provides special financial incentives to qualified veterans. If you are a veteran of the United States armed forces, have been honorably discharged, otherwise meet the requirements of the IFA’s VetFran Program, and are acquiring your very first franchise of any Regis-owned brand, then you will receive a $2,500 rebate on your initial fee after you open your first Store. This rebate opportunity is not available per brand but only on your first Regis brand franchise overall. Grand Opening-Related Fees New franchisees opening their first SUPERCUTS Store must pay Supercuts a $2,500 Grand Opening Plan Assistance fee. This fee is a one-time investment to develop the Grand Opening Plan for your first SUPERCUTS Store. You will work with a dedicated Grand Opening Plan Director to customize the plan for your specific location and market. This fee is not collected on any subsequent SUPERCUTS stores you open. This payment is not refundable. Besides the Grand Opening Plan Assistance fee, if you are a new or existing franchisee opening the first store in a DMA, you must pay Supercuts a Grand Opening Advertising fee of $10,000 at least 90 days before you open your Store. Supercuts will hold this amount in a Grand Opening Advertising Account to pay for marketing your Store's Grand Opening and you must within ninety (90) days after your Store opens (or other timing approved by Supercuts) conduct the Grand Opening advertising and marketing according to the plan approved by Supercuts. Once the grand opening has occurred, you may submit up to $10,000 in marketing expenses for reimbursement by Supercuts. This payment is not refundable. While $10,000 is the minimum amount Supercuts requires you to spend on grand opening advertising, Supercuts actually recommends that you spend at least $12,000 to $15,000 on grand opening advertising. Referral Program If a franchisee refers a new, prospective franchisee to Regis and that prospect ultimately purchases a franchise from Regis or an affiliate in the following 12 months, the referring franchisee will receive a referral gift Supercuts determines with a value of up to $5,000 (which may include cash, a trip to the annual franchise convention, or some other award Supercuts determines). Supercuts may change the amount and type of award, end or change this practice, or impose rules or conditions at any time. Supercuts does not expect the referring franchisee to be involved in the sales process. Rather, the referring franchisee merely refers the name of an interested prospective franchisee to Supercuts. Hairstylists Academy All new SUPERCUTS stylists must attend a hairstylists academy training course/certification. The basic fee for each stylist is presently $240 for the 5-day course ($48 per stylist per day). The training fee will increase every 5 years from the base year of January 1, 2007 (i.e. 2007, 2012, 2017, 2022, etc.), by the Consumer Price Index (“CPI”) increase for such 5-year period plus one percent (1%). You must pay all related costs, including travel, lodging, meals, and wages associated with your and your employees’ attendance at the training course. Because you are expected to open each Store with 6 to 8 stylists, your total training fee will run from $1,440 to $1,920. This training fee is not refundable. Sublease You generally must sublease your Store's location from Supercuts. Monthly rent is estimated to range from $2,000 to $6,000 depending on premises size, condition, and location. You might be required to pay the first month’s rent when the Sublease is signed as “pre-paid rent” (as opposed to after the premises is delivered); a security deposit of approximately one month’s rent also might be required. Except for the security deposit, these payments are not refundable. Initial Inventory You must purchase an initial inventory of professional hair care products and gift cards for your SUPERCUTS Store. Except as provided below, you may purchase all or some of the hair care products from Regis, as described in more detail in Item 8. You must buy the gift cards from Regis. Initial inventory costs for these items range from $5,000 to $10,000; payment is due within 30 days after you receive the invoice. This payment is not refundable. However, if you choose to buy the assets of an existing SUPERCUTS Store from Supercuts' subsidiary or an existing affiliated branded salon for conversion to a SUPERCUTS Store as discussed in Item 1 above and in more detail in Item 8 below, a condition to your purchase of such Store and/or salon is that you must purchase exclusively from Regis and its affiliates all hair care products, merchandise, and supplies to be used or sold at (i) such Store, (ii) all New Stores that you must develop pursuant to your Development Agreement, (iii) any other existing stores franchised by Supercuts or its affiliates (under any brand), and (iv) any other SUPERCUTS Stores you may franchise in the future for the duration of your Franchise Agreements and existing and future franchise agreements. That includes all initial and ongoing inventory. The payments for those items are not refundable. Store FF&E Coordination Services and Construction Management Services Regis is an approved supplier of certain FF&E coordination services and Store construction management services relating to your Store's development and build-out, and is the designated and only supplier of such construction management services and FF&E coordination services if you purchase an affiliated branded salon for conversion to a SUPERCUTS Store. The FF&E coordination services involve Regis ordering on your behalf furniture, fixtures, and equipment for your Store and coordinating delivery, and consulting with you regarding the unloading, initial inspection, and acceptance, of all of the furniture, fixtures, and equipment on the Store's approved construction documents. These FF&E coordination services are intended to streamline that aspect of the Store development process. If you want to (or are required to) use Regis's FF&E coordination services, you must sign Regis's Construction Management Services Agreement (Exhibit M). Regis will order the FF&E required for your Store and coordinate the suppliers' invoices to you for this FF&E. You must pay Regis the amounts the suppliers charge for the FF&E, plus shipping and handling, and Regis will coordinate payment of the suppliers for that FF&E. The total cost of this FF&E is estimated to range from $25,000 to $40,000 depending on your Store's size. This payment is not refundable. The Store construction management services include the FF&E coordination services described above plus various consulting services regarding construction estimates; construction-related lease requirements; sign package requirements and the sign review/approval process; general contractor bidding and selection (you select the general contractor); obtaining building permits; site conditions and work progress; FF&E operation, maintenance, and trouble-shooting; producing a punch-list of open issues; construction warranty work; and obtaining occupancy approval. You must pay Regis $5,000 for the Store construction management services when you sign its Construction Management Services Agreement (Exhibit M). This $5,000 fee is in addition to the amounts described in the previous paragraph that you must pay for FF&E plus shipping and handling. These payments are not refundable. While Regis provides consulting services in these various areas if you sign its Construction Management Services Agreement, you alone are responsible for all fees, costs, and expenses associated with the Store's development and build-out, including plans and specifications, permits, licenses, construction and materials, FF&E, installation, and insurance. Purchase of Supercuts-Owned Store or Affiliated Branded Salon for Conversion If you choose to buy the assets of an existing SUPERCUTS Store from Supercuts' subsidiary or an existing affiliated branded salon for conversion to a SUPERCUTS Store (in each case to operate the Store as a SUPERCUTS franchise going-forward), you will sign the Asset Purchase Agreement with Supercuts' subsidiary or other affiliate, as applicable, when you sign the Franchise Agreement and Sublease with Supercuts. You will pay the subsidiary or other affiliate the applicable purchase price at the same time. Purchase prices for company-owned Stores (or, if applicable, affiliated branded salons) will depend on their age, location, condition, profitability, cash flow, strategic considerations, and other relevant market factors. If you are interested in purchasing a particular company-owned Store or affiliated branded salon, then Supercuts and its subsidiary (or the applicable affiliate) and you will negotiate the appropriate purchase price. The purchase price is not refundable once paid. The amounts that Supercuts' subsidiary received during the 2019 fiscal year (ended June 30, 2019) for selling company-owned SUPERCUTS Stores to franchisees ranged from $0 to $775,286 per store. The amounts that Supercuts' affiliates received during the 2019 fiscal year (ended June 30, 2019) for selling affiliated branded salons to Supercuts' franchisees for conversion to SUPERCUTS Stores ranged up to $215,257 per store. As a condition to your purchase of one or more existing company-owned SUPERCUTS Stores or one or more existing affiliated branded salons for conversion to a SUPERCUTS Store, you must agree to develop at least one brand new SUPERCUTS Store (each a “New Store”). Supercuts’ current practice is to require you to agree to develop at least one New Store if you acquire one, two, or three company-owned SUPERCUTS Stores and/or affiliated branded salons, plus at least one additional New Store for every three additional Stores and/or salons you acquire. For example, if you acquire five or fewer existing companyowned SUPERCUTS Stores and/or affiliated branded salons, we will require you to develop at least one New Store. However, if you acquire six to eight such Stores and/or salons, we will require you to develop at least two New Stores; nine to eleven Stores and/or salons requires at least three New Stores; and so on. You will pay the applicable Development Fees at the time you sign the Development Agreement and Franchise Agreement(s) for the Stores and/or salons you acquire and will develop. For example, if you purchase three existing company-owned SUPERCUTS Stores and/or affiliated branded salons and are required to develop one New Store, you will sign a four-store Development Agreement and three Franchise Agreements, one for each Store and/or salon you acquire, and have the obligation to develop one New Store under the Development Agreement. You also will pay a total of $79,500 in Development Fees. If you buy an existing company-owned SUPERCUTS Store or an existing affiliated branded salon for conversion to a SUPERCUTS Store, you will incur certain costs to upgrade or convert the location to Supercuts' then current standards (including the required construction management services and store FF&E coordination services fees and costs described above). You will have 90 days after closing to complete the conversion process. If the location does not meet Supercuts' then current standards, Regis or Supercuts may correct the deficiencies at your expense. In all cases when you buy the assets of an existing SUPERCUTS Store or an existing affiliated branded salon for conversion to a SUPERCUTS Store, that Store will count as one of the Stores to be developed under your Development Agreement.

Financing

Except as described below, Supercuts does not offer direct or indirect financing or guarantee your note, lease, or obligation. Sublease In virtually all cases, you must sublease your Store's premises directly from Supercuts, which will sign the "master lease" with the landlord. Supercuts' template Sublease appears in Exhibit C. The Sublease's term begins when the master lease begins and expires one minute before the master lease expires. (Sublease— Section 3) You must pay Supercuts, as rent and other tenant charges, the same rent and other charges that Supercuts must pay the landlord under the master lease. You must pay Supercuts those amounts at least 10 days before Supercuts must pay the landlord, although Supercuts may, instead, require you to pay these amounts directly to the landlord. (Sublease—Sections 4 and 12) Because the master lease's terms are fully incorporated into the Sublease, you must fully comply with all obligations of the "tenant" under the master lease as if you had signed it directly. (Sublease—Sections 5 and 6) You must indemnify Supercuts against any claims arising from your failure to do so. In addition, your failure allows Supercuts to perform the obligations for you, in which case you must reimburse Supercuts as appropriate, or to terminate the Sublease. (Sublease—Section 6) Supercuts does not assume the landlord's obligations under the master lease, meaning that you cannot hold Supercuts responsible for the landlord's non-performance. However, because of the Sublease with you, Supercuts may enforce the landlord's rights under the master lease. (Sublease—7) You may not assign the Sublease without Supercuts' prior consent. (Sublease—Section 9) Your breach of the Franchise Agreement is also considered a breach of the Sublease. Termination of the Franchise Agreement for any reason also terminates the Sublease (at Supercuts' election). The defaulting party is liable to the non-defaulting party for all of its damages due to the Sublease's termination. (Sublease—Section 11) Termination of the master lease also terminates the Sublease. (Sublease—Section 14) Your owners (if you are an entity) must guarantee your performance under the Sublease. Point of Sale System Rental Agreement Supercuts has a written arrangement with ProPoint Solutions, LLC ("ProPoint") by which ProPoint, an unaffiliated company, leases you the Store's point-of-sale system (hardware and software). You and ProPoint will sign a separate POS System Rental Agreement (the current version of which is Exhibit I) (the "Rental Agreement"), which runs for a five year period. (Section 2 of Rental Agreement) You pay ProPoint a monthly lease for the software and/or hardware by automatic debit or credit card charge. You also pay a monthly software maintenance fee. The total annual costs to rent the software for the currently-designated computerized point of sale system and franchise back-office software for the first year is approximately $1,680-$3,600 ($140-$300 per month). For each subsequent year, the monthly fee is similar, whether you purchase or lease the point of sale system. The total initial cost to purchase and install the hardware and for onsite training is $3,700-$5,000. The total cost for software, including software maintenance, hardware, installation, and training in the first year is $5,380-$8,600. These fees are subject to change. There are no discounts for advance payment, and you must pay a processing fee for late payments. (Section 3 of Rental Agreement) ProPoint retains ownership of the POS system during the lease term, and you must sign any financing-related documents for ProPoint to preserve its ownership rights. However, at the end of the Rental Agreement's term, you may purchase the hardware for a nominal amount if you made all required payments during the lease term. (Section 4 of Rental Agreement) You must keep the POS system in good working order at your own cost and are responsible for all loss and damage. (Section 12 of Rental Agreement) You may not move the system to a different location without ProPoint’s consent. (Section 9 of Rental Agreement) Except for the one-year hardware warranty, ProPoint disclaims all warranties. (Section 8 of Rental Agreement) It also disclaims responsibility for any indirect, special and/or consequential damages. (Section 11 of Rental Agreement) You must insure the hardware for at least its replacement value and must indemnify ProPoint for all liability arising from your use of the system (unless caused by ProPoint’s sole negligence or breach of warranty. (Section 10 of Rental Agreement) Rental Agreement defaults include failure to pay rent when due, or to comply with other contractual obligations, and to cure the default within 30 days, bankruptcy and other financial insolvency conditions, and unauthorized transfer or encumbrance of the system. (Section 6 of Rental Agreement) If you default, ProPoint may terminate the Rental Agreement, sue to require performance, enter your Store and repossess the system (and then sell it to recoup the amounts owed), and accelerate all amounts due under the Rental Agreement. You are responsible for all attorneys' fees and related enforcement costs and waive any setoff rights or counterclaims against ProPoint. (Section 10 of Rental Agreement) While a default under the Rental Agreement is not a formal default under the Franchise Agreement, you need the POS system to operate your Store properly; if you do not operate your Store in compliance with Supercuts' requirements, that would be a separate operational default under the Franchise Agreement for which Supercuts could take action. ProPoint may assign the Rental Agreement without restriction, in which case your continuing contractual obligations are not subject to any defense, setoff, or counterclaim against ProPoint. You may not assign the Rental Agreement or transfer the system without ProPoint’s prior written consent. (Section 14 of Rental Agreement) Supercuts does not sell, assign, or discount to a third party all or part of any financing arrangement. Neither Supercuts nor any of its affiliates receives any consideration from ProPoint due to the arrangement.

Franchisee Revenue and Profit

I. Average and Median Store Gross Sales Information The first portion of the following financial performance representation discloses historical average and median Store gross sales during the 12-month period ending June 30, 2019 for 1,636 franchised SUPERCUTS Stores operating throughout the United States. (Historical financial performance information for SUPERCUTS Stores owned and operated by Supercuts, the franchisor, follows afterward.) The Stores whose gross sales were included in order to calculate the average and median were open as of July 1, 2018, the beginning of the period for which the numbers were calculated (meaning that the Stores were open for at least 1 full year as of June 30, 2019, the end of the 12-month period for which the numbers were calculated). [As of June 30, 2019, there were an additional 686 franchised SUPERCUTS Stores operating throughout the United States. However, those Stores' gross sales are not included in the calculation with the other 1,636 franchised SUPERCUTS Stores because (1) as of July 1, 2018, 66 of those 686 Stores were not open at all (meaning they were not open for a full year as of June 30, 2019); and (ii) the remaining 620 Stores were Supercuts-owned Stores as of July 1, 2018 that were then sold to franchisees at some point after July 1, 2018 (referred to in this Item 19 as “Transferred Stores”) and therefore were not franchised SUPERCUTS Stores for the entire 12-month measurement period ending June 30, 2019. The average and median total gross sales during the 12-month period ending June 30, 2019 for these 620 Transferred Stores are presented below.] The following information has been compiled from the figures reported on sales and royalty statements submitted by the franchisees of the 1,636 franchised Stores described above. While Supercuts believes this information to be accurate and complete, it has not independently audited this information or otherwise verified its accuracy. The numbers reported for these franchised Stores do not include the operating results of any of the 355 SUPERCUTS Stores owned and operated by Supercuts, the franchisor, as of June 30, 2019. II. Average and Median Gross Sales (Revenue) and Expense Information for Supercuts-Owned Stores In addition to the historical gross sales information provided above in Section I, Supercuts provides prospective franchisees with the following historical information regarding the actual average and median gross sales (revenue) and expenses for the 12 months ended June 30, 2019 of the 355 Supercuts-owned Stores referenced in Section I above that had been open as of July 1, 2018 (meaning that the Stores were open for at least 1 full year as of June 30, 2019 and were Supercuts-owned during that entire period). (The franchised Stores and Transferred Stores are not included in this portion of the presentation.) The information is based on the Stores' actual performance. Supercuts has not audited this information. Some SUPERCUTS Stores have earned this amount. Your individual results may differ. There is no assurance that you will earn as much. Written substantiation of the information in this financial performance representation will be made available to you at Supercuts’ offices upon reasonable request. This financial performance representation was prepared without an audit. Prospective franchisees or sellers of franchises should be advised that no certified public accountant has audited these figures or expressed his/her opinion with regard to their contents or form. Other than the preceding financial performance representation, Supercuts does not make any financial performance representations. Supercuts also does not authorize its employees or representatives to make any such representations either orally or in writing. If you are purchasing an existing outlet, however, Supercuts may provide you with the actual records of that outlet. If you receive any other financial performance information or projections of your future income, you should report it to Supercuts' management by contacting Kurt Landwehr, Vice President, Franchise Development, 7201 Metro Boulevard, Minneapolis, MN 55439, (888) 888-7008, the Federal Trade Commission, and the appropriate state regulatory agencies.