European Investor Tour July 9-10, 2007 Safe-Harbor Statement

The forward-looking statements in this presentation are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described in Papa John’s Annual Report on form 10-K and Papa John’s Quarterly Reports on form 10-Q as filed with the Securities and Exchange Commission. Nigel Travis David Flanery Stuart Greener President and CEO Finance Director - PJUK Sr. VP and Chief Financial Officer

Papa John’s Representatives

586372 2,086 wned joint venture units Domestic Company-Owned (a) Domestic Franchised 8 Company-owned) Franchised; (364 International 50 states countries 26 international 3,044 restaurants (a) Includes majority-o Restaurant Count as of April 1, 2007 78% 75% Franchised 22% 25% Company-Owned Current Near-Term Target Shift in Mix will be driven by Strategic Acquisitions of Franchise units in Support Development

Domestic Restaurant Mix “Buy and Build” Development Model Leverage existing Corporate Operations Leverage existing Corporate Operations Significant long-term growth in this market Leverage existing operations, very profitable market – – – – – 43 units in Phoenix and Flagstaff, AZ 11 units in Raleigh, North Carolina 19 units in Philadelphia 4 transactions 6 Units in Austin 13 Units in Georgia (Macon and Atlanta) • • • • •

Recent Domestic Restaurant Acquisitions 8.2% 7.2% 11.0% stemwide y 5.9% S 4.8% 10.2% 8.4% 6.8% 13.0% Franchise 10.8% 10.3% 12.2% 8.0% 7.4% orate Q1 Q2 Q3 Q4 Full Year p 10.0% Cor

2005 - 2006 Two-year Domestic Comparable Sales 9.0% 6.0% 3.0% 0.0% 12.0% stemwide y S 8.2% 7.5% Q1 10.6% Three-Year 0.2% Franchise 0.1% Q1 0.6% One-Year orate p Cor 8.0% 6.0% 4.0% 2.0% 0.0% 10.0%

Q1-2007 and Q1 2007-2005 Three-year Domestic Comparable Sales 15.7% 11.7% EPS (millions) $1.21 $66.9 2005 Operating Income $1.40 $74.7 2006 2005 2006 operations. The 2006 results also $80.0 $70.0 $60.0 $50.0 $1.50 $1.00 $0.50 $0.00 nt of certain income tax issues. 12.0% 1.3% BP and Perfect Pizza discontinued $41.5 2005 Revenues Revenues (millions) (millions) Net Income $968.8 $46.4 week of operations and the settleme 2006 $981.6 2006 2005 rd $50.0 $45.0 $40.0 $35.0 $30.0 Financial Highlights (Full Year Recurring Operations) $950.0 $900.0 $1,050.0 $1,000.0 *Both periods presented exclude BI exclude the 53 22.2% 14.4% EPS $0.36 $19.5 Operating Income (millions) 2006 $0.44 $22.3 2007 2006 2007 $0.30 $0.00 $15.0 $10.0 $25.0 $20.0 7.6% 9.8% d Perfect Pizza discontinued operations. operations. discontinued Pizza d Perfect $12.2 2006 Revenues Revenues (millions) $242.3 Net Income (millions) $13.4 2007 $260.6 2007 2006 $15.0 $10.0 $20.0 $300.0 $250.0 $200.0

Financial Highlights (Q1-2007 Recurring Operations) *The periods presented exclude BIBP an Over $140 million in last two years combined; $20.3 million in Q1-07 – Strong Operating Cash Flow from Continuing Operations (excludes BIBP) Franchise System – Franchise Capital Fuels Growth Two Main Income Streams - and Royalty Commissary Excellent Corporate Store Unit Economics Domestically • • • • Focus on Cash Flow 19.6% 18.4% 16.1% 14.8% 14.4%

d June 11, 2007. The report featured Papa John’s YUM! Brands Ruth’s Chris Steak House Sonic Darden Restaurants Top 5 Performers in 2006:

Source: Bank of America Report date 23 restaurant companies. Papa John’s has Highest ROIC Performance EBITDA (excluding BIBP) of $100 million in 2006; $30.2 million in Q1-07 Debt of $96.5 million at end 2006 (0.9 x EBITDA); $99.5 million at end of Q1-07 Q1-07 cash flow included $22.0 million for share repurchases (net of option exercise proceeds and tax benefit)

Conservative Balance Sheet • • • Share repurchase authorization of $675 million through December 30, 2007 Repurchased $630 million of stock through May 2, 2007 Actual shares outstanding of 29.9 million as May 2, 2007 • • •

Share Repurchase Program - - 2005 $1.21 $1.34 +15.7% 2006 $1.92 $1.40 Week of Operations (0.07) rd EPS, as Reported Discontinued operationsConsolidation of BIBP (0.01)53 (0.36) (0.05) (0.08) Settlement of Tax Issues (0.08)

Comparative 2006 Earnings Earnings per share $1.52 to $1.58 Domestic system-wide comp sales ranging from 1.5% to 2.5% Worldwide net unit openings of 225 to 250 EPS growth rate of 13% over the 2006 baseline earnings at high end of range *As of May 8, 2007 • • • • 2007 Growth Plans and Earnings Guidance (excludes BIBP) * Cheese generally represents 35% to 40% of a restaurant’s food costs Reduces cheese price volatility for company-owned and franchised restaurants BIBP qualifies as a Variable Interest Entity (VIE) – FIN 46 Consolidation of operating results began Q1-04 • • • • BIBP – Franchise-Owned Cheese Purchasing Entity $3,318 $1,724 ($297) $7,786 $16,642 ($2,242) ($19,364) ($23,836) Cumulative Year $7,786 $4,472 $18,884 $21,088 ($2,021) ($10,028) ($13,324) ($27,154) 2001 2000 2002 2003 2004 2005 2006 Q1-2007

BIBP Pre-tax Income (Loss) (000’s)

Industry-leading comparable sales growth vs. national competitors in 2005 (5.1%) and 2006 (3.1%) Only national pizza chain to report positive comparable sales in Q1 2007 Domestic system-wide sales have exceeded QSR Pizza category in 33 of the last 52 weeks • • •

Papa John’s Sales Leadership Unit Level Execution – Quality Focus Improved Communication to Franchisees Continued Product Innovation Alternative Marketing Approaches Online Leadership Retail is Detail • • • • • •

Our Revenue Driving Approach 2007 American Customer Satisfaction Index

Company Score Papa John’s 77 Little Caesars 75 Domino’s 75 Pizza Hut 72 191 264 278 262 579 345 283 700 1,723 1,223 2,731 2,312 1,650 1,526 2,380 Results Quarter 2, 2007 6.91 7.14 7.12 7.15 6.81 6.66 6.72 6.94 6.54 6.92 7.29 6.87 6.58 7.44 7.63 Score Pizza Store Little Caesars Sbarro Chuck E. Cheese’s Donato’s Pizza Hut Fox’s Pizza Den Pizza Inn Hungry Havier Noble Roman’s Domino’s Cici’s Papa Murphy’s Papa John’s Pizza Factory East of Chicago Rate the overall Customer Servic e for following Pizza Stores Survey from Realpeopleratings.com Franchise Business Directors conduct annual business planning exercise with franchisees Record participation on monthly web casts 2007 OPCON attendance exceeded the then-record attendance in Fall 2006 Franchise Task force working with management on modifications to Franchise Agreement • • • •

Improved Franchise Engagement Sweetreats Meats on Pan Kong-sized Meats Pizza (DVD release tie-in) Sizzlin Steak and Chicken Fajita Pizza Sausage Sensation Superman Pan Pizza (DVD release tie-in) Garlic Parmesan Breadsticks Italian Meats Trio Smokehouse Bacon & Ham 2006/07 New Introductions Targeted 18 Month New Product Pipeline – – – – – – – – – • •

Continued Product Innovation Add Superman Pan Pizza SausageSausage SensationSensation

Add Sausage Sensation Creative

Emphasis on Coordinated PR Campaigns Online Registrations – Marketing Email Direct Mail / Data Base Marketing Non-traditional/LSM Coordination Increasing Papa Card usage Six Flags Sponsorship Agreement Live Nation Sponsorship and Marketing Agreement • • • • • • •

Alternative Marketing Online Ordering - Leadership

•Papa John’s is the only national pizza chain with online ordering available from all of our 2,600+ U.S. traditional restaurants, at www.papajohns.com •Since its launch in 2001, customers have placed more than 25 million online orders at papajohns.com •Online customers order more products, more often, with higher customer satisfaction ratings than customers who order through traditional channels •Recently surpassed $700 million in total online sales since inception of the online ordering system in 2001 Customers can see the entire menu and order at their own pace (never put on hold) Customers can order online 24 hours a day, 7 days week (even when their local Papa John’s is closed), and can plan ahead their order up to 21 days in advance Customers can store their credit card information to facilitate the ordering process In 2006, customers placed more than 600,000 plan ahead orders at papajohns.com last order”A “repeat allows customers to function enter their last order with only a few keystrokes

Online Ordering – Consumer Benefits • • • • • Consistent comparable sales growth Continue to improve unit economics Focus on increasing penetration and market awareness Utilization of buy & build strategy Drive non-traditional growth Address emerging market issues via unique models (e.g., Blockbuster store-in-store) Urban development – diversity focus • • • • • • •

Focus on Development

$198,000 $175,000 $865,000 Average Sales Operating Income Cash Flow Restaurant Operating Margin 20% Average InvestmentCash-on-Cash Return 266,000 74% • • • • • • Represents “in the box” results and excludes intercompany margin on food Unit Economics* Corporate Comp Base – 485 12 months ended December 2006 • purchases (i.e., external basis)

Virtually all countries are below critical mass Build presence in key markets (China, UK/Ireland, Korea, Mexico, Russia and India) and important regions (Latin/Central America, Middle East and Eastern Europe) 900 units under contractual commitment for development through January 2016 Consider direct investment/joint ventures to accelerate growth, such as Beijing opportunity • • • •

International Opportunities Ian Saunders – Director, Papa Managing John’s UK Peter McCue – VP, Human Senior Resources Alice LeBlanc – VP, Global Supply Chain Tim Scott – International Marketing VP, • • • •

Experienced Resource Additions Shenzhen, China Moscow, Russia Clear Strategy built on ‘Better Ingredients, Better Pizza’ 100 stores in the UK and Ireland 10% Comparable sales growth in 2006 and YTD 2007 5 growth for last Brand has outperformed QSR category quarters Industry leading on-line channel exceed 19% of total net sales improvement in Quality and Service Metrics have Significant strengthened ‘Better Ingredient, Better Pizza’ positioning Strong Plans are in place to exceed 200 units by 2011 Foundations in Place for UK and Foundations in Place for UK and Ireland Growth • • • • • • • Papa John’s ConsistentlyQuarterly same Outperformsstore Sales trends (% change versus same quarter year ago) the Category in UK

Papa John's Total minus Papa John's 12.2% 11.9%

10.1%

7.2%

5.1% 3.6% 3.1% 2.2% 2.2%

Q1 06 Q2 06 Q3 06 Q4 06 Q1 07

-3.2%

E.g. Tyne Tees, Manchester, Birmingham – PJ has significant growth opportunities in the UK Numerous territory opportunities are open to investors Discussions are being held with potential multi unit franchisees Strategic alliances are being developed with hospitality companies in alternate channels to grow market share and awareness

UK has Significant Territory Opportunities • • • • Investment Proposition

• Strong Experienced Management, including International Background • Brand Image/Product Quality • Leveragable Infrastructure and Systems • Firm Commitment to Renewed Unit Development • Extraordinary International Opportunities after Initial Investment • Strong Cash Flow/Underleveraged Balance Sheet Growth Components

• Domestic Unit Growth • Domestic Comparable Sales Growth • Commissary and Support Services Leverage Opportunities • International Development Pipeline • Free Cash Flow Utilization 10 – 12% Targeted annual shareholder returns