The Restaurant Research Thermometer Taking the Temperature of the Restaurant Industry February 2014

Industry Dashboard 1 Apparently all that bad weather in February didn’t stop restaurant investors from noticing the improving macro industry fundamentals that include higher consumer confidence, lower gas prices, a better employment picture and generally tame commodity outlooks for 2014. Executive Summaries for Concept Benchmark Analyses (CBAs) 3 - 4  While Church's has plenty of pruning to do to its system, it is our opinion that the brand is poised to offer fruit once again to patient stake holders.  IHOP, the largest player in the family segment, has made its mark with a very strong breakfast heritage. We believe this chain is now stronger because of a host of sensible improvements.  We believe is poised to continue leveraging its relatively unique positioning which is magnified by its improving operational execution. Unit Level Multiples Continue to Power Forward 5 Fortunately, the private chain restaurant M&A market is off to a better start in 2014 than the public equity market which is just beginning to recover from January’s stumble. Strong Capital Access for Operators 6 2013 restaurant loan originations increased for the 2nd year in a row and reached its highest level since 2007. 2014 originations are expected to remain at comparable levels with 2013. How Important are Multi-Unit Operators? 7 Is a franchise system stronger with sophisticated multi-unit operators or with smaller, hands-on owner/operators? DelaGet’s Industry Traffic Barometer 8 Bad weather in Feb 2014 vs. the payroll tax increase and delay in tax refunds in Feb 2013… As evidenced by the positive QSR and negative sit-down y/y traffic change last month, weather was more impactful on the wealthier sit-down customers and taxes were harder on QSR diners. New Product News for $1B+ Chains 9 A rare intro of 10 new products from Firehouse and a plethora of new news from Sonic helped drive QSR activity 3x higher y/y. The rate of sit-down growth is slowing but still strong. Unit Development & Financing Activity 10 - 11 A rash of bankruptcies and closures announced in February hopefully gets all the bad news out. Marcus & Millichap’s Chain Restaurant Cap Rate Trends 12 Cap rates jumped in February to just over 7% (crossing this threshold for the second time in 8 months) but are expected to remain at relatively low levels for the near-term given strong demand for triple net leases, stable interest rates & economic concerns about opening new stores. Industry Data Reports (IDR) Announcement for February 13 RR just released its 2014 Franchise Finance and Valuations report, providing a bird’s eye view of lending activity in the chain restaurant space along with telling credit and valuation statistics.

RR Thermometer – February 2014 www.ChainRestaurantData.com

Industry Dashboard – February Overview Apparently all that bad weather in February didn’t stop restaurant investors from noticing the improving macro industry fundamentals that include higher consumer confidence, lower gas prices, a better employment picture and generally tame commodity outlooks for 2014.

Stock Performance Pizza Coffee Casual Fast Casual Family 10.3% 8.9% 4.7% 8.5% 3.4% 0.8%

Sales Discounting New Product Intros Y/Y

QSR Sit-Down QSR Sit-Down QSR Sit-Down 4.5% -4.4% 7.45% 7.15% 313% 25%

Macro Personal Income Confidence Unemployment Gas 0.3% 20.0% 6.6% -7.8%

Commodities Beef Chicken Cheese Vegetables 4.0% 0.7% 7.7% -18.2%

Real Estate Cap Rates Average Cap Rates Median Price per S.F. 7.07% $509

Stock Performance Stock Price Level Change During Specified Period 2013 YTD 2014 Feb 2013 YTD 2014 Feb Sandwich 50.0% 7.4% 10.3% Casual 47.5% -0.6% 8.5% 39.1% 16.3% 9.2% Bravo Brio 21.1% -4.8% 3.7% Carrols (BK) 10.5% 7.4% 16.6% Brinker 49.5% 18.7% 13.7% Jack in the Box 74.9% 14.9% 13.6% Buffalo Wild Wing 102.1% -1.5% 2.2% McDonald's 10.0% -1.9% 1.0% Cheesecake 47.6% -1.6% 6.7% Meritage (Wendy's) 74.5% 16.9% 22.4% Darden 20.6% -6.1% 3.3% 47.3% 4.1% -0.5% DineEquity 24.7% 0.2% 7.6% Sonic 93.9% 0.9% 14.6% 108.4% 6.0% 21.0% Wendy's 85.5% 9.9% 5.6% Ruby Tuesday -11.8% -11.5% 9.5% YUM 13.9% -2.0% 10.3% Texas Roadhouse 65.5% -4.9% 9.1% Pizza 62.6% 12.8% 8.9% Fast Casual 45.2% 1.9% 3.4% Domino's 59.9% 13.5% 12.0% Chipotle 79.1% 6.1% 2.4% Papa John's 65.3% 12.1% 5.8% Noodles 10.8% 9.5% Coffee 54.0% -0.2% 4.7% Panera 11.2% 2.6% 7.2% Dunkin' 45.3% 7.2% 11.0% Potbelly -11.8% -5.6% Einstein Noah 18.8% 2.9% -2.2% Family 48.2% -4.3% 0.8% 105.7% -1.4% 10.3% Bob Evans 25.8% 2.3% 3.0% 46.2% -9.5% -0.2% Cracker Barrel 71.3% -9.6% 0.4% Food (BLS data) 2013 YTD 2014 Jan Denny's 47.3% -5.4% -0.9% Beef -0.3% N/A 4.0% Stock Indexes 2013 YTD 2014 Feb Chicken 3.8% N/A 0.7% S&P 500 29.6% 0.6% 4.3% Cheese 3.2% N/A 7.7% Consumer Discret (XLY) 40.9% 0.0% 6.4% Vegetables -83.0% N/A -18.2% RR Overall Avg 51.2% 2.8% 6.1% Unemployment 7.4% N/A 6.6% Gas prices -2.9% -4.0% -7.8% Consumer Confidence 10.5% 28.8% 20.0% RR Thermometer – February 2014 www.ChainRestaurantData.com 1

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Executive Summaries for Concept Benchmark Analyses

Church’s 2013 US System Sales: $855MM 2013 Growth: -1.7% Church’s turnaround efforts continue to progress even as the brand layers in new senior managers to help accelerate forward momentum. The chain must find its way in a bone-in chicken segment that is challenged by a lower-income core customer base which has been hard hit by the long bout of economic weakness at a time when Popeyes has turned-up the competition. Also, the chain is challenged by its need for greater scale in order to attain more media efficiency and the system's facility base is outdated while below average unit level sales and profitability make it difficult to convince operators to invest in remodeling and development. Having said this, it is important to note that Church's enjoys a substantial cushion in the form of valuable brand equity built over 60 years by excelling at Southern fried chicken. Further, while some believe the overall trend towards healthy fare represents a secular head-wind against fried bone-in chicken, we would argue that there is always room for a tasty treat (like pizza, ice cream and lattes) if well executed - especially if Church's is able to offer enough menu alternatives to address the veto vote. Further, it is our opinion that the brand's turnaround efforts will benefit from simplicity in its menu, operations and marketing (fun, family value). Also, 2014 sales and traffic should benefit from plans to pass along lower chicken costs in the form of promotional discounting. In conclusion, while Church's has plenty of pruning to do to its system, it is our opinion that the brand is poised to offer fruit once again to patient stake holders.

IHOP 2013 US System Sales: $2.725B 2013 Growth: +4.0% IHOP, the largest player in the family segment, has made its mark with a very strong breakfast heritage. We believe this chain is now stronger because of sensible improvements that include: a return to its breakfast legacy after a brief hiatus; a better marketing strategy that provides greater coverage for the same cost with a higher allocation to national TV and cable; menu consolidation efforts that incorporate a better presentation while also simplifying operations; and superior operational execution. Internal customer satisfaction scores reveal forward traction as do the chain's sales which are now beginning to show signs of improvement after struggling since the recession because of a value proposition expressed not by lower prices and discounting, but by abundant value during a difficult economic time for its less affluent customer base. In any case, we note that IHOP continues to be challenged by heightened breakfast competition from a very broad list of industry players. Brand management's challenge is now to increase unit level capacity throughput with higher frequency and a broader daypart reach in order to drive more profits necessary to fund a pending remodel program and the possible increase of a relatively low marketing contribution requirement.

RR Thermometer – February 2014 www.ChainRestaurantData.com 3

Jack in the Box 2013 US System Sales: $3.1B 2013 Growth: +0.3% Jack in the Box's sales momentum over the last several years continues to benefit from: (1) quality improvements and ingredient upgrades; (2) operational fixes which are helping to improve relatively low service speeds - thus benefitting consumer rating scores; (3) effective product innovation; (4) growth in breakfast and late-night, and; (5) a completed remodel program. A focus on value bundling (as opposed to dollar menu discounting) helps margins and the chain's pre-occupancy unit level profitability exceeds the segment average (although this is somewhat offset by high West Coast occupancy costs). A better sale-to-investment ratio would help development - a necessary ingredient to the brand's pursuit of becoming a national player with increased scale more akin to its direct competitors. In conclusion, we believe the brand is poised to continue leveraging its relatively unique positioning which is magnified by its improving operational execution.

RR Thermometer – February 2014 www.ChainRestaurantData.com 4

Unit Level Multiples Continue to Power Higher

 Fortunately, the private chain restaurant M&A market is off to a better start in 2014 than the public equity market which is just beginning to recover from January’s stumble.  According to our just completed analysis, strong access to capital (especially for healthy deals with better positioned concepts) is fueling higher acquisition multiples.  Further, it seems that franchisee/private equity investors currently have increased interest in the casual, chicken and pizza segments as indicated by the bottom chart.  Higher multiples and a rotation of investment dollars into previously out-of-favor segments suggest that operators with their boots on the ground see good things ahead for the chain restaurant industry.

Source: RR’s Industry Data Report: 2014 Franchise Finance & Valuations

RR Thermometer – February 2014 www.ChainRestaurantData.com 5

Strong Capital Access for Operators

 RR’s Finance & Valuation IDR is based on survey responses (equally weighted) from 39 finance companies including traditional cash flow franchise lenders, sale leaseback companies, SBA lenders, equipment finance companies and financial consultants/advisors.  Clients use this data to assess the state of restaurant finance and typical lending terms as well as unit level valuation trends.

Report Highlights

 2013 restaurant loan originations increased for the 2nd year in a row and reached its highest level since 2007.  2014 originations are expected to remain at comparable levels with 2013.  Borrowing rates continue to decline and loan terms are approaching pre-recession levels.  EBITDA valuation multiples for large chains continue their modest, but steady improvement.

Source: RR’s Industry Data Report: 2014 Franchise Finance & Valuations

RR Thermometer – February 2014 www.ChainRestaurantData.com 6

How Important are Multi-Unit Operators?

 Is a franchise system stronger with sophisticated multi-unit operators or with smaller, hands-on owner/operators?  From a franchisor's perspective, it is a cost/benefit trade-off. On the positive side, a system with an abundance of larger, multi-unit operators allows franchisors to partially outsource brand management to generally insightful entrepreneurs. However, this benefit is a double- sided sword as brand decisions shared with powerful operator partners provide less control for the franchisor which has other stakeholders to deal with (i.e. stock holders, private equity owners, etc.).  All-the-same, reality dictates that the more complicated the brand's business model, and the higher the investment requirements, the more a system must rely on sophisticated franchisee/investors who will not be content with a small business. This point is clearly portrayed by the chart below which shows that the big box casual segment has the highest ratio of units operated per franchisee.  Our conclusion? Multi-unit operators are almost always beneficial to the health of a franchised system and the more, the merrier! There is more wisdom to steer a brand with a larger group of partners when everyone is focused on the long-term. We believe this strategy would work wonders for Darden's brands which would be better served partnering with long- term oriented operators as opposed to short-term investors…  There is certainly nothing wrong with single-unit operators - in reality, most people have to start at the bottom rung. However, we believe a system is best served by operators who are not content to stay at the bottom of the ladder for very long...

Source: RR’s Chain System Sales & Unit Count Analysis Report

RR Thermometer – February 2014 www.ChainRestaurantData.com 7

DelaGet’s Industry Traffic Barometer Bad weather in Feb 2014 vs. the payroll tax increase and delay in tax refunds in Feb 2013… As evidenced by the positive QSR and negative sit-down y/y traffic change last month, weather was more impactful on the wealthier sit-down customers and taxes were harder on QSR diners.

DelaGet transaction data for large brands is aggregated from 4,000+ QSR and 1,700+ sit-down locations

Note: In some cases, gross sales includes sales tax

Source: DelaGet DelaGet is a trusted partner of multi-unit restaurant operators around the world, servicing more than 10,000 restaurants and processing data associated with more than four billion order items annually. By centralizing and consolidating the data from numerous point-of-sale, back-of-house, banks, suppliers, drive-thru timers, etc., DelaGet leverages the data to increase operator efficiency and profitability through its above-store reporting; data integration; loss prevention; marketing measurement and planning; payroll processing; and general ledger accounting services. Learn more at www.DelaGet.com. RR Thermometer – February 2014 www.ChainRestaurantData.com 8

New Product News for $1B+ Chains A rare intro of 10 new products from Firehouse and a plethora of new news from Sonic helped drive QSR activity 3x higher y/y. The rate of sit-down growth is slowing but still strong.

New Product Promotions YOY Change in New Product Promotions 50 500%

40 400% 300% 30 200% 20 100% 10 0% 0 -100%

QSR Sit-Down QSR YOY % Change Sit-Down YOY % Change New Product Summary - February 2014 Carl's Jr. Charbroiled Atlantic Cod Fish Taco Red Velvet Cake Crispy Honey Mustard & Swiss Chicken Sandwich, Grilled Honey Mustard & Swiss Chicken Club Sandwich, Sonic Master Blasts (Cookie Sonic Drive-In Dough, Triple Chocolate, Turtle Pecan, Pineapple Upside Down, Banana Split or Caramel Brownie) XXL Steak Crispy Taco, National Breakfast Launch 3/27 Monterey Melt Hearty & Flavorful Under 500 Calories Subs (Turkey Cranberry, Hook & Ladder Light, Sriracha Beef, Turkey Salsa Verde, Momma's Homemade Chicken Salad, Capt. Sorensen's Datil Pepper Grilled Chicken) & Salads (Firehouse Salad, Italian w/Grilled Chicken, Hook & Ladder Salad, Mama's Homemade Chicken Salad) Toasty Pastas (Mac & Cheese w/Lobster & Seafood, Chicken Pesto, Quizno's Mac & Cheese w/Bacon, Mac & Cheese Meatball Marinara, Spicy Sausage Marinara) Flatizzas - 6" Flatbread Pizzas (Pepperoni, Cheese, Spicy Italian, Veggie) - 2 for $5 $5 Hot N Ready Lunch combo (4 slice Deep! Deep! Dish pepperoni pizza Little Caesar's & 20 oz. Pepsi) Papa John's Double Cheeseburger Pizza - $12 Dunkin Donuts Cookie Dough Donut Heart-Shaped Donuts Cinnamon Dulce Latte & Iced Mocha, Mocha Kreme Doughnut, Caramel Krispy Kreme Coffee Kreme Doughnut Tim Horton's Pretzel Bagel, Cinnamon Bun Latte & Iced Cappuccino Starbucks Gold Coast Blend Coffee 2 for $20 (with 1 appetizer & 2 entrees featuring Citrus Lime Sirloin, Applebee's Chicken & Shrimp Tequila Tango) Big Easy Bourbon Honey Mustard Wings, Appetizers (Pepperoni Buffalo Wild Pockets, Chicken Chipotle BLT, Prime Rib Potato Griller, Triple Threat Wings Nachos) Cucina Mia (Create Your Own Pasta featuring new sauces - Creamy Garlic Asiago, Primavera, Spicy Diavolo) - starting at $9.99, Pronto Olive Garden Lunch (featuring Tuscan Trios, Italian & Flatbreads) - Starting at $6.99 Steak & Lobster (Outback Special® Sirloin & OLD BAY Butter, Outback Outback Special® Lobster Oscar) - $14.99 Crispy Flatbreads (featuring California Chicken, Shrimp Po' Boy, 6- Ruby Tuesday Cheese & Tomato Sauce) Buttermilk Chicken Sliders, Southern Caesar Salad with Grilled Chicken, Cracker Barrel Citrus Spice Rubbed Chicken Breast, Loaded Hashbrown Casserole Breakfast, Apple 'n Cinnamon Oatmeal IHOP Sweet Cream Cheese Crepes (Peach, Raspberry & Blackberry) Chipotle Sofritas Queso Diablo Source: Restaurant Research Menu & Promotions Database

RR Thermometer – February 2014 www.ChainRestaurantData.com 9

Unit Development & Financing Activity during February 2014 A rash of bankruptcies and closures announced in February hopefully gets all the bad news out.

Action Concept Operator Markets Unit # Description Buffet Buffet Partners LP, parent to the Furr’s Fresh Buffet brand, Bankruptcy Partners Texas & Oklahoma 29 filed for Chapter 11. Company debts exceed $40MM. F&H Acquisition Corp. (which owns 50 Fox & Hound units, 35 F&H Champps, 16 Bailey’s & franchises 11 more Champps) is Bankruptcy Acquisition Cerberus Capital nearing a $120MM bankruptcy deal in a sale to Cerberus. Hot Dog on Declining mall foot trafic has had a negative impact on sales Bankruptcy a Stick HDOS Enterprises 93 leading to a Chapter 11 filing. HDOS is 100% employee owned. Press reports that Quizno's is preparing to file Chapter 11 in an effort to restructure $570MM in debt. Missed a loan payment at the end of 2013 & is currently negotiating with creditors Fortress Investment Group LLC, Oaktree Capital Management and Bankruptcy Quizno's Corporate Avenue Capital Group (also a majority owner). Plans to close 22 underperforming stores (primarily Outback) Closures Outback Corporate 22 that averaged about $2MM in sales. had 417 company-owned locations and 174 franchised Closures Sbarro Corporate 155 units in the US at year-end 2012 (before the closures). 7 new store contracts signed in January and now has 54 signed Development Barberitos 7 franchise locations and more than 15 commitments. Baskin- Development Robbins San Diego, CA Announced franchise opportunities in San Diego. BJ's Development Restaurants Corporate Gainesville, VA 1 Development Bruegger's Great Service Restaurants South Florida 5 New units will be opened as co-brands. This location is 1 of 4 units to be developed in Broward County over the next several years. Currently, Burger 21 has 12 Development Burger 21 Adam Booken Broward Cnty, FL 4 restaurants open and 20 franchised locations in development.

Cheesecake Development Factory Syracuse, NY 1 CUPS Adding to 18 East Coast locations, CUPS Frozen Yogurt signed Frozen 3 area development agreements representing 26 franchise units Development Yogurt California 26 in California. CUPS is owned & operated by The Briad Group. Dickey's The 375-unit chain has added 200+ stores in 2 years and Development BBQ Joe Nguyen Omaha, Nebraska 7 currently has 150+ stores in development. Company reported that it opend 50 domestic non-traditional Development Dunkin' locations during 2013, bringing the total to 600. 5 existing franchise groups will develop 22 new restaurants in Development Dunkin' 5 existing franchisee groups Baltimore/D.C. 22 Greater Baltimore/D.C. over the next several years. Development Dunkin' Dothan, Alabama Recruiting franchisees to add to 18 existing stores in Alabama. Firehouse Subs opened 155 new restaurants and added 111 new franchisees, ending 2013 with 722 restaurants. The company Firehouse opened restaurants in Maine, Idaho, Wisconsin, and Washington, Development Subs reaching a total of 38 states across the country. Garbanzo Mediterrane 4th company store to open in Maryland and the 28th location Development an Grill Annapolis, Maryland 1 nationwide. Development Hard Rock Corporate Anchorage, Alaska 1

RR Thermometer – February 2014 www.ChainRestaurantData.com 10

Unit Development & Financing Activity during February 2014

Action Concept Operator Markets Unit # Description Krispy Development Kreme North to Alaska LLC Anchorage, Alaska 4 Over next 3 years. McAlister's Development Deli The Saxton Group Irving, Texas 1 The Saxton Group is now largest McAlister's franchisee. Moe's Orlando International 4th Moe’s location in addition to Arundel Mills Mall, Jersey Development Southwest HMSHost Airport 1 Gardens Mall, and Memphis International Airport. Newk's Development Eatery MTN Hospitality Nashville, TN 6 Pancheros Fast-casual Mexican chain announced 8 new location openings Mexican in 2013 and plans to open 16 new locations in 2014 (starting with Development Grill CT & MI) - 70 new stores expected in the next 5 years. Development Red Robin Corporate Sanford, FL 1 Development Rev Burger Wendy & William Spatz Carol Stream, Illinois 1 Development Salsarita's Barton & Agha LLC North Texas 6 Plans to open 6 new units over the next 5 years. Snappy Development Salads Corporate Irving, Texas 1 Represents 7th location. SOLOS Development Pizza Café Twin Cities, Minnesota 1 Represents 4th location. New commitments are an expansion of an agreement reached in Development Sonic Fran DeSimone Upstate NY 6 2013 for five new drive-ins in the Rochester, N.Y. market. Texas Development Roadhouse Corporate Anchorage, Alaska 1 During 2013, signed 48 new agreements to develop in Colorado, Arizona, California, Oregon, and Utah. In February, announced Development Togo's Michael Green Riverbank, CA 1 a new location in Riverbank, CA. For 2014, (which opened its 600th store in 2013) will focus more on East Coast expansion, specifically D.C., Development Wingstop Maryland, and VA. Commitments for 500 new stores. Zoyo Neighborho Isaura Ramirez & Armando 10 existing locations in metro-Phoenix and a store in Indiana, Development od Yogurt Velasquez Suffolk, VA 1 with openings planned in Texas, Georgia, and Michigan in 2014. Expanding its new indoor-dining prototype into upstate NY. The prototype encloses a traditional unit’s covered patio area. Various styles of prototype used in 10 units over the past 18 months. Prototypes offers 40 inside seats - orders made at the Facilities Sonic counter are delivered to the tables by carhops. Completed an additional equity financing from 2 VC groups. The Financing CaliBurger first store will open in late 2014. 117 unit First Watch Restaurant chain acquired 20 unit Good M&A Good Egg First Watch Restaurants Arizona 20 Egg chain in order to expand in Arizona. Patina Patina operates 60 high-end and casual-dining restaurants. Restaurant Shidax Corp., one of Japan’s largest foodservice companies, will M&A Group Delaware North retain a minority share. Pizza Hut operator, Sky Ventures LLC (Lee & Jeff Engler), M&A Pizza Hut MUY Pizza Minnesota Minnesota 54 sold to MUY Pizza (Jim Bodenstedt). Meritage purchased 6 stores from North Florida Management M&A Wendy's Meritage Hospitality Florida 6 which continues to operate 7 Wendy's. Corporate has sold 314 stores and now expects to complete all sales by the end of 1Q14. With the purchase of 70 Dallas-Ft. Worth stores, MUY Partners (James Bodenstedt), will now operate a total of 87 Wendy's restaurants in Texas. MUY Hamburger Partners, The purchase agreement includes a commitment to reimage Refranchising Wendy's LLC Dallas-Ft. Worth, Texas 70 selected restaurants and development plans for additional stores.

RR Thermometer – February 2014 www.ChainRestaurantData.com 11

Marcus & Millichap’s Chain Restaurant Cap Rate Trends Cap rates jumped in February to just over 7% (crossing this threshold for the second time in 8 months) but are expected to remain at relatively low levels for the near-term given strong demand for triple net leases, stable interest rates & economic concerns about opening new stores.

Source: The Nisbet Group has been specializing in the disposition and acquisition of Net-Leased properties for the past 15 years under the expertise of Peter Nisbet, the managing partner. By focusing exclusively on the restaurant product type, The Nisbet Group has formed an unmatched understanding of the unique challenges that transpire during a transaction while creating solutions to overcome them. The team is recognized as a market leade r for their superior service and outstanding performance by routinely displaying their skills at analyzing market trends, evaluating properties and resolving issues across the transaction process. This dedicated group has closed escrow on over 300 properties; earning clients more than $500 million. The Nisbet Group’s success is made possible through the deployment of market segmentation, innovative approaches, detail orientation, and cultivated relationships. The group is able to deliver unmatched service to their clients year after year.

For more information please contact Hank Wolfer of The Nisbet Group at (206) 826-5730

RR Thermometer – February 2014 www.ChainRestaurantData.com 12

RR’s February Industry Data Reports (IDR) Announcement RR just released its 2014 Franchise Finance and Valuations report, providing a bird’s eye view of lending activity in the chain restaurant space along with telling credit and valuation statistics. Franchise Finance & Valuations Report

 National lender based survey identifies major financing sources, lending focus, projected and recent loan originations and contact info.

 Outlines underwriting parameters along with overview of interest rates, credit ratios and loan/amortization terms.

 Includes semi-annual EBITDA valuation multiple update for 37 chains.

 Clients use this report to assess trends, current condition and prospects in franchise finance.

For more information visit www.ChainRestaurantData.com or contact us at (203) 938-4703 or [email protected]

RR Thermometer – February 2014 www.ChainRestaurantData.com 13

Visit www.ChainRestaurantData.com or contact us at (203) 938-4703 or [email protected]

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Copyright: This Restaurant Research LLC document is copyrighted material. Copyright 2014 Restaurant Research® LLC. All rights reserved. Disclosure: Restaurant Research LLC often sells report subscriptions to concepts under our coverage. Disclaimer of Liability: Although the information in this report has been obtained from sources Restaurant Research® LLC believes to be reliable, RR does not guarantee its accuracy. The views expressed herein are subject to change without notice and in no case can be considered as an offer or solicitation with regard to the purchase or sales of any securities. Restaurant Research’s analyses and opinions are not a guarantee of the future performance of any company or individual franchisee. RR disclaims all liability for any misstatements or omissions that occur in the publication of this report. In making this report available, no client, advisory, fiduciary or professional relationship is implied or established. This report is intended to provide an overview of the restaurant industry, but cannot be used as a substitute for independent investigations and sound business judgment.

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