FDD Talk: Average Sales, Expenses, and Operating Profits of Popeyes Louisiana Kitchen’s Free-Standing Restaurants

Highlights of Popeyes Louisiana Kitchen’s Item 19 Financial Performance Representations (2011 FDD) – Part 1

• The following section sets forth the Food and Paper Costs, Labor Costs, and Restaurant Operating Profits at 637 franchised free-standing Popeyes Restaurants and 33 company-owned free-standing Popeyes restaurants that were continuously operated during the period from December 28, 2009 through December 26, 2010.

• Excluded from this discussion are the Food and Paper Costs, Labor Costs, and Restaurant Operating Profits related to the performance of 464 franchised free-standing Popeyes Restaurants that did not submit properly prepared income statements for the relevant period, and 25 free-standing Popeyes restaurants (24 franchised and 1 company-owned) that had not been in continuous operation during the trailing 12-month period.