A master franchisee will open and operate, and have the option to license others to open and operate, Chatime food service establishments offering gourmet coffees and teas, coffee or tea-based beverages, bubble tea, compatible food products, coffee and tea makers and related supplies, accessories and gifts, known as a “restaurant,” an “outlet” or a “franchise,” within a designated territory. This franchise disclosure document covers the master franchise offering (the “Master Franchise Disclosure Document”).