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.

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