FDD Talk: Average Gross Sales of Free-Standing, In-Line, Convenience Store, and Food Court Popeyes Louisiana Kitchen Restaurants (2013 FDD)

Highlights of Popeyes Louisiana Kitchen’s Item 19 Financial Performance Representations (2013 FDD) – Part 1

• The following tables present information about the annual sales and certain operating expenses and profits of certain Popeyes Restaurants that were open throughout the company’s entire fiscal year ended December 30, 2012 and not closed at the end of the fiscal year.

Explanatory Notes for Table 1 – Free-Standing Restaurants

• Free-standing Popeyes Restaurants include any type of restaurant other than in-line restaurants, convenience store restaurants, mall restaurants, food court restaurants, and mobile kitchen restaurants.

• Thirty-six company-owned free-standing Popeyes Restaurants and 1,121 franchised free-standing Popeyes Restaurants were continuously operated during the period December 26, 2011 through December 30, 2012.

• As of December 30, 2012, there were 5 company-owned free-standing Popeyes Restaurants and 78 franchised free-standing Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period. Accordingly, the franchisor has not provided any information related to the performance of those free-standing Popeyes Restaurants.

• Sales were adjusted to reflect a 52-week year.

Explanatory Notes for Table 2 – In-Line Restaurants

• In-line Popeyes Restaurants are located in traditional “strip style” retail shopping centers.

• Three company-owned in-line Popeyes Restaurants and 229 franchised in-line Popeyes Restaurants were continuously operated during the period December 26, 2011 through December 30, 2012.

• As of December 30, 2012, there were no company-owned in-line Popeyes Restaurants and 16 franchised in-line Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period. Accordingly, the franchisor has not provided any information related to the performance of those in-line Popeyes Restaurants.

• Sales were adjusted to reflect a 52-week year.

Explanatory Notes for Table 3 – Convenience Store Restaurants

• Convenience store Popeyes Restaurants are located within or attached to convenience stores.

• One company-owned convenience store Popeyes Restaurant and 91 franchised convenience store Popeyes Restaurants were continuously operated during the period December 26, 2011 through December 30, 2012.

• As of December 30, 2012, there were no company-owned convenience store Popeyes Restaurants and 4 franchised convenience store Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period. Accordingly, the franchisor has not provided any information related to the performance of those convenience store Popeyes Restaurants.

• Sales were adjusted to reflect a 52-week year.

Explanatory Notes for Table 4 – Mall Food Court Restaurants

• Mall food court Popeyes Restaurants are located within the confines of shopping malls where common seating with other food concepts is generally used.

• No company-owned mall food court Popeyes Restaurants and 24 franchised mall food court Popeyes Restaurants were continuously operated during the period December 26, 2011 through December 30, 2012.

• As of December 30, 2012, there were 3 franchised mall food court Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period. Accordingly, the franchisor has not provided any information related to the performance of those mall food court Popeyes Restaurants.

• Sales were adjusted to reflect a 52-week year.

Explanatory Notes for Table 5 – Other Food Court Restaurants

• Other food court Popeyes Restaurants are located within the confines of food court locations, such as free-standing food court buildings, airports, travel plazas, amusement parks, military bases, and other retail areas where common seating with other food concepts is generally used.

• “Other food court” Popeyes Restaurants excludes the “mall food court” Restaurants described in Table 4.

• No company-owned other food court Popeyes Restaurants and 59 franchised other food court Popeyes Restaurants were continuously operated during the period December 26, 2011 through December 30, 2012.

• As of December 30, 2012, there were 8 franchised other food court Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period. Accordingly, the franchisor has not provided any information related to the performance of those food court Popeyes Restaurants.

• Sales were adjusted to reflect a 52-week year.

Table 1 – Free-Standing Restaurants

Consolidated Units