LEND LEASE

Potential Client Investigation

Preliminary Research

Planning & Zoning, Multi-Site Group 4/1/2013

This is a compilation of preliminary research done on a number of prospective clients. The list was based on companies we believed to have a development model that is similar to the type of services provided by the Multi-Site Group at Lend Lease. This list is a live document and clients and information may be added to and/or removed from this list at any time.

MAP

I QUICK SERVE (57) TRADITIONAL RESTAURANTS (12) Applebee’s Big Salad, The Buffalo Wild Wings Cheesecake Factory, The Bruegger’s Bagels Cracker Barrel Captain D’s Denny’s Gold Star Chili Chick-fil-A Golden Corral Hu Hot Mongolian Grill IHOP Corner Bakery Café Olive Garden, The Cosi Daphne’s Greek Ted’s Montana Grill Domino’s Waffle House Donato’s Dunkin’ Brands GROUPS (4) Einstein Bagels Darden Restaurants FOCUS Brands, Inc. Fazoli’s Raving Brands Burgers and Fries FOCUS Brands, Inc. COMMERCIAL RETAIL (9) Freebirds World Burrito CVS Freshii Dick’s Genghis Grill: Mongolian Stir Fry Family Dollar Go Roma Fresh and Easy Habit Burger Grill, The JC Penny’s Hot Head Burritos Rite Aid Huddle House Sports Authority Hungry Howie’s Pizza & Subs Urban Outfitter Jason’s Deli Walgreens Jersey Mike’s Jimmy John’s GAS STATION/ CONVENIENCE STORES (7) Mama Fu’s Asian House BP Burgers, Fries & Shakes Marathon/ Speedway Noodles & Company Meineke Orange Leaf Frozen Yogurt Midas Sheetz Valero Potbelly Works Wawa Q’doba BANKING (3) Rubio’s Fresh Mexican Grill Huntington Bank Schlotzsky’s JP Morgan Chase PNC Bank Sonic Drive-In Restaurants Steak and Shake HOTELS (2) Extended Stay Marriot Taco John’s Tim Horton’s EDUCATION (3) Uncle Maddio’s Pizza Joint Knowledge Universe/KinderCare Wendy’s Opportunities for Learning Which Wich Superior Primrose Schools Z Pizza MISCELLANEOUS (1) Zoes Kitchen Snap Fitness Zoup! **Currently 98 total

II “A-List” Potential Clients (Expanding / Building Opportunities)

Expansion Goals in Expansion Goals Client Headquarters MSG Liaison 2013/14 in 2015 1 Chase (Existing Client) New York, NY Collective Effort from Multi-Site Group 2 Tim Horton’s Dublin, OH Collective Effort from 400 Remodels in Canada. 10,000 in the future. Multi-Site Group 3 Wendy’s Dublin, OH Collective Effort from 100 rebuilt corp. stores. Remodel 20% of the locations Multi-Site Group 100 rebuilt franchises. by the end of 2015. 4 Opportunities for Learn- Pasadena, CA David Sabin ing 5 Dunkin’ Brands Canton, MA Frank Barco 330 – 630 stores. Moving into California by 2015. 6 Smashburger Denver, CO Greg Meeter 30% unit growth. 70 units in 2012. 7 Panda Express Rosemead, CA David Sabin Aggressively expanding. 8 Domino’s (Existing Cli- Ann Arbor, MI Roy Blessing/ Gregg By 2014 all stores remod- ent) Rosen eled. 9 CVS Woonsocket, RI Dave MacDonald (via 19 Medicine Chest pur- Carpet Co.)/ Gregg chased in TX Rosen 10 Red Robin/ Burger Greenwood Vil- Greg Meeter 20 new stores, 21 re- 15-20 stores annually. Works lage, CO imaging. 11 Knowledge Universe/ Portland, OR Roy Blessing/ David KinderCare Sabin 12 Wingstop Garland, TX Greg Meeter 191 new locations over the next few years. 13 Rite Aid Camp Hill, PA Roy Blessing 500 wellness remodels. 80% growth. 14 Hu Hot Mongolian Grill Missoula, MT Andrew B./ Steve B./ Greg Meeter 15 Genghis Grill Dallas, TX Greg Meeter 30 in 2012 30 possible.

16 Hot Head Burrito Kettering, OH Andrew Barnett 50 in 2012 7 in 2013 17 Mama Fu’s Asian Austin, TX Greg Meeter 29 new stores in 2013 House 18 MOOYAH Burgers, Frisco, CA David Sabin 450 stores in 10 years. Fries & Shakes 19 Orange Leaf Frozen Oklahoma City, Andrew, B./ Steve B./ Yogurt OK Greg Meeter 20 Zoes Kitchen Birmingham, AL Frank Barco 25 new restaurants by end of year. 21 Corner Bakery Café Dallas, TX Greg Meeter Groups concept growth rate doubled in 2011. 22 Huntington Bank Columbus, OH Andrew Barnett 23 Jimmy John’s Champaign, IL Andrew Barnett 24 Jersey Mike’s Manasquan, NJ Rob Blake 25 Primrose Schools Acworth, GA Greg Meeter/ Frank Barco 26 Au Bon Pain Boston, MA Rob Blake 27 Rubio’s Fresh Mexican Denver, CO Greg Meeter Grill 28 Schlotzsky’s Austin, TX Greg Meeter

Last Updated 3/20/13

III “B-List” Potential Clients (Normal Development)

Client

Applebee’s Buffalo Wild Wings Bojangles Captain D’s Caribou Coffee Chick-fil-A Chipotle Mexican Grill Cosi Cracker Barrel Denny’s Donato’s Einstein Bagels Extended Stay (existing client) Fatburger Fresh and Easy Firehouse Subs FOCUS Brands, Inc. Golden Corral Huddle House Hungry Howie’s Pizza & Subs JC Penny’s Marathon/ Speedway Noodles & Company Olive Garden Q’doba Quiznos (Existing Client Sheetz Snap Fitness Sonic Drive-In Restaurants Subway The Big Salad Uncle Maddio’s Pizza Joint Valero Walgreens Wawa Which Wich Superior Sandwiches Z Pizza

IV “C-List” Potential Clients (Future Opportunities)

Client

BP Bruegger’s Bagels Cold Stone Creamery Daphne’s California Greek Dick’s Fazoli’s Freebirds World Burrito Freshii Go Roma Gold Star Chili Habit Burger Grill IHOP Jason’s Deli Marriot Meineke Midas Pei Wei Asian Diner Taco Bell Taco John’s Ted’s Montana Grill Urban Outfitter Waffle House

V

QUICK SERVE RESTAURANTS

1 Au Bon Pain Company Summary: At Au Bon Pain, we take our service — and menu — beyond the expected. From our authentic artisan breads and scrump- tious pastries to inspired menus filled with savory sandwiches, soups, salads and entrees, no recipe is less than perfect, no request beyond our reach. Our lively, bustling marketplaces allow our guests to personally select fresh menu choices from individual stations. Number of Current Stores (Corporate and Franchise)  321

Expansion/ Growth Trends

Growth Plans Au Bon Pain’s future is bright! Our plan is to take advantage of an exploding market segment and accelerate our franchise development in both domestic and international territories. In order to do this, we’re looking for qualified and enthusiastic fran- chise partners with experience and expertise to help us grow the brand within our five (5) preferred trade channels.

The breadth and flexibility of our five select trade channels gives our brand a powerful competitive advantage in the bakery café segment of our industry.

Preferred trade channels include:  City-center office buildings  Transportation centers (airports, train stations, etc)  Hospitals  Universities  Malls

Company Headquarters Address: Website: Financials 19 Fid Kennedy Avenue http://www.aubonpain.com/ Unknown at this time Boston, MA 02210 617-423-2100

News: June 8, 2011 Au Bon Pain Launches Cafe Remodel Program Real Estate Information:

Domestic Currently, we are focusing our domestic franchise program in the eastern, southeastern and Midwestern . These territories fit into our present distribution system and compliment our current company presence and planned expansion.

Specific franchise target markets in the USA include:  Bangor (ME)  Burlington/Plattsburgh (VT/NY)  Syracuse (NY) Rochester (NY)  Buffalo (NY)  Erie (NY)  Utica (NY)  Albany/Schenectady/Troy (NY)

2  Harrisburg/Lancaster/Lebanon/York (PA)  (along with company units) (PA)  Baltimore (MD)  Toledo (OH)  Milwaukee (WI)  Grand Rapids (MI)  St. Louis (MO)  Knoxville (TN)  Nashville (TN)  Memphis TN)  West Palm/Ft. Pierce (FL)  Louisville (KY)  Cedar Rapids (IA) Northwest Indiana Please note: We are approximately 5-7 years away from entering markets west of the Rockies.

Real-Estate Location is integral to the success of a cafe. As an independent business entity the franchisee is responsible for creating a de- velopment plan, selecting all café locations within an Area Development Agreement (ADA) and negotiating all lease terms.

Au Bon Pain will provide assistance in creating a plan that incorporates all of our preferred trade channels, but generally speak- ing the real estate plan is the responsibility of the franchisee.

Real Estate Process & Trade Channels When a potential café location is being considered a Site Information Package is submitted to the ABP real estate committee. All franchise real estate locations are reviewed by the same real estate committee that reviews corporate locations.

Au Bon Pain’s real estate model is to open cafes in locations that have a significant captured customer population that come to the area based on large sales generators. Each Au Bon Pain trade channel presents unique real estate opportunities and chal- lenges, but in general, we seek a ten (10) year lease with several option periods of five (5) years each. Some additional factors are presented below: Business and Industry (B&I) locations are cafes operating in large office buildings in central business districts. Cafes are gener- ally 2,500 to 3,500 square feet and they offer access to a primary street and a building lobby. The trade area for a B&I café is about two to three city blocks. The target customers in this type of location are mainly office workers. Peak serving times are breakfast and lunch and morning/afternoon snack periods.

Hospital cafes are located in the main lobby of large hospitals. Cafes are generally 2,500 to 3,500 square feet and may be open 24 hours, 7 days per week depending on the size and feeding needs of the hospital. Target customers are hospital employees and patient visitors. We generally seek hospitals with at least 3,500 full time equivalent employees. The hospital trade channel offers an opportunity to operate many satellite cafes from a master café.

Transportation Center cafes are located in airports and train stations. Cafes are generally 1,700 to 3,000 square feet. Customers are travelers and employees who seek quick grab-and-go meal solutions. Often these cafes will have limited seating and offer the opportunity to operate many satellite cafes from a master café.

University cafes operate usually on college and university grounds and sometimes within a short walk of dorms and central stu- dent shopping areas. Cafes are generally 2,500 to 3,500 square feet. Customers are the students, faculty and staff of the univer- sity. We generally seek to open cafes on universities with at least 10,000 full time undergraduate students.

Mall cafes are located in large, fashion anchored closed and open air retail centers. Cafes are generally 3,000 to 3,500 square feet. We seek higher end fashion centers of at least 1,000,000 square feet for enclosed malls and 400,000 square feet for so called “life style centers” anchored by large department stores such as Nordstrom, Macy’s or Crate and Barrel.

3

Real Estate Development Team:

If you have a site in an urban office center, hospital, university, airport, train station, the suburbs or fashion malls, please contact us: Corey Andrews Vice President ABP Corporation d/b/a Au Bon Pain One Au Bon Pain Way Boston, MA 02210 617-423-2100, ext. 1877 617-423-7879, fax [email protected]

John Billingsley Executive Vice President/Chief Services Officer Specializing in Healthcare and Higher Education ABP Corporation d/b/a Au Bon Pain One Au Bon Pain Way Boston, MA 02210 617-423-2100 x5228 617-423-7879, fax [email protected]

*Per LinkedIn, Au Bon Pain hires their own Construction Managers

4 The Big Salad Company Summary: The Big Salad offers eleven signature entree salads that are all made to order. For those customers wishing to ‘build their own’ salad, The Big Salad offers over 28 vegetable topping choices, over 30 dressings, over eight meat and seafood topping choices and over eight dry topping choices. In addition, The Big Salad offers over 16 varieties of delicious soups and five healthy and unique sandwiches.

Number of Current Stores (Corporate and Franchise) Unknown at this time

Company Headquarters Address: Website: Financials Grosse Pointe Woods, Michigan http://www.thebigsalad.net Unknown at this time

Expansion/ Growth Trends Having proved the concept with the original Grosse Pointe restaurant, Bornoty opened a second company-owned restaurant in Troy, Michigan in 2010 and its first franchise in Royal Oak, MI in 2011. Bornoty plans to open 5 locations in 2012, with plans to have 200 locations within the next 10 years.

News: The Big Salad, a Grosse Pointe Farms, Michigan, chain, plans to open 200 mostly franchised stores in the next 10 years. The company today has four stores: two franchised and two company owned. CEO John Bornoty credits the big expansion plans to the brand’s simplicity. “Most franchises focus on sales before they expand, but I focus on operations,” Bornoty says. “You have to have good procedures and processes. It’s cookie cutter and you don’t deviate.

“We’re not trying to do something new with each store,” he adds. “We keep it simple.“ (http://www.qsrmagazine.com/reports/breaking-7-unwritten-rules)

“As we deploy WhenToManage at the start of the new year, I anticipate having more time to spend in the front of the store be- cause I’ll require less time in the back office,” Bornoty says. “I’m also excited about the opportunity to view operational data from all of our locations on one dashboard, enabling our team to identify and collaborate on issues and successes. This is vital as we prepare for national expansion.” (http://www.qsrmagazine.com/news/big-salad-turns-inventory-management-solution)

Real Estate Information: The Big Salad® is registered to sell franchises in the following states: Alabama, Alaska, Arizona, Arkansas, Colorado, Delaware, Idaho, Kansas, Louisiana, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nevada, New Jersey, New Mexico, Ohio, , Tennessee, Vermont, West Virginia, Wyoming and the District of Columbia. If your state is not listed, please con- tinue to fill out an application and we will make every effort to register in your requested state.

Real Estate Development Team: Unknown at this time (it is likely there isn’t one)

5 Bojangles' Restaurants, Inc. Company Summary: Bojangles' Restaurants serve only the highest quality and most flavorful food to its loyal customers, with much of its proprietary menu items made from scratch. A special blend of seasonings gives the food its unique flavor, including core menu selections of fresh, never-frozen chicken marinated in Bojangles’ seasonings, the original made-from-scratch buttermilk biscuits that provide dozens of possible breakfast combinations (served all day), Legendary Iced Tea™ steeped the old-fashioned way. Also known for our unique fixin’s like Dirty Rice®, Cajun Pintos® & Seasoned Fries.

Number of Current Stores (Corporate and Franchise)  320 U.S. franchise owned stores. 203 company owned stores.

Expansion/ Growth Trends  Franchisor is seeking new franchise units in the following states: Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South, South Carolina, Southeast, Tennessee, Virginia, West Virginia.

Franchise Ranking History Franchise 500®: #86 (2013), #88 (2012), #207 (2011), #124 (2010), #158 (2009), Fastest-Growing: #101 (2012), #79 (2010), America's Top Global: #75 (2012), #164 (2011), #98 (2010), #123 (2009),

Company Headquarters Address: Website: Financials 9432 Southern Pines Blvd. Charlotte, NC 28273 http://www.bojangles.com/ Unknown at this time 704-527-2675

News: Bojangles’, a Charlotte, North Carolina–based chicken and biscuits chain, is opening a new restaurant every 10 days. The company’s 37 years of history have allowed it to learn from its mistakes, says president Eric Newman, especially since the early years, when it only grew modestly. It has also taken advantage of the greater availability of real estate and lower building costs during the recession, he says. But limiting Bojangles’ growth to specific markets has also been key for the brand’s expansion. This helps with brand equity, Newman says. (http://www.qsrmagazine.com/reports/breaking-7-unwritten-rules)

Bojangles’ Restaurants announced a refinancing of its $200 million senior debt facility, significantly lowering its borrowing costs. Bank of America Merrill Lynch served as lead arranger with Wells Fargo, Fifth Third Bank, and Re- gions Bank as joint lead arrangers. KeyBank, Cadence Bank, and Royal Bank of Canada also participated in the facili- ty. “This is a big step forward for Bojangles’ and provides a new platform, which will strengthen our overall finan- cial performance and accelerate new growth plans,” says John Jordan, chief financial officer for Bojangles’ Restau- rants. With more than 530 restaurants in 10 states and Washington, D.C., Bojangles’ is one of the fastest- growing restaurant chains in the country. (http://www.qsrmagazine.com/news/bojangles-locks-down-200m-refinancing)

For more than a decade, Rigsby has grown BOJ of WNC LLC into one of Bojangles’ largest franchise operators in the system. This opening marks the 25th restaurant under the BOJ of WNC LLC ownership group. The company has opened three Bojangles’ restaurants this year and has plans to open two more within the next two weeks. (http://www.qsrmagazine.com/news/bojangles-sets-shop-arden-north-carolina)

Real Estate Information: Unkown at this time

Real Estate Development Team: Franchise Development Department 1-704-527-2675 (Direct) [email protected]

6 Bruegger’s Bagels Company Summary: When Nord Brue and Mike Dressell started Bruegger's in 1983, they were the first to bring New York-style bagels to neighbor- hoods across America. They worked with a professional bagel baker from New York City for 2½ years to perfect their recipe and baking process. Up until that point, bagels were considered mostly an ethnic food and were not known much outside of New York. At that time, less than one-third of Americans had ever tasted a bagel! From their home base in Burlington, Vermont, Nord and Mike developed Bruegger’s into a fast casual bagel bakery, a comforta- ble place to enjoy breakfast, lunch or a mid-day coffee break. Known for genuine New York-style bagels baked fresh throughout the day, Bruegger's also offers its guests a variety of menu items that includes fresh-baked breads, proprietary Vermont cream cheese varieties, custom-roasted coffee, breakfast sandwiches, garden-fresh salads, hearty soups, lunch sandwiches, panini and desserts, with a frequently changing menu reflecting seasonal and geographical specialties. Today, almost 30 years after the first Bruegger's opened, there are over 300 Bruegger's bakeries in 26 states, the District of Columbia and Canada. Number of Current Stores (Corporate and Franchise)  300+

Expansion/ Growth Trends  Unknown at this time

Company Headquarters Address: Website: Financials Burlington, VT http://www.brueggers.com/ $255 Million in Revenue in 2010

News: August 7, 2012 Bruegger's Bagels Named QSR Top 10 Franchise Deals Real Estate Information: Unknown at this time

Real Estate Development Team: John C. Wadhams, Vice President of Real Estate Kelly Tope, Director of Franchise Development

7 Captain D’s (Captain D's, LLC) Company Summary: Captain D's operates Captain D's Seafood Kitchen, a leading quick-service seafood chain with more than 525 company-owned and franchised locations in about 25 states. The eateries feature a menu of fried and broiled fish, shrimp, and chicken, as well as , hush puppies, and corn on the cob. Captain D's also serves fish and chicken sandwiches, salads, and menu items for kids. Most of the restaurants are located in such southern states as Georgia, Tennessee, and Alabama. Ray Danner started the business as Mr. D's in 1969. Private equity firm Sun Capital Partners acquired the chain in 2010.

Number of Current Stores (Corporate and Franchise)  527 Locations. 250 are franchise locations. 277 are corporate locations.  Captain D’s offers prototype plans for traditional, end-caps, and other non-traditional sites—we can adapt our restaurant concept to a variety of different locations. The full size 95-seat plan covers 3,022 square feet and requires 32,000 square feet and 30 to 35 parking spaces.  Franchise Fee: $25,000  Average Start-Up Expenses: Excluding real estate costs, our 95-seat model runs between $700,000 to $900,000. Our non- traditional models range from $206,000 to $688,000. The actual figure will vary depending on regional differences.

Expansion/ Growth Trends  None identified at this time.

Company Headquarters Address: Website: Financials 1717 Elm Hill Pike, Ste. A-1 http://www.captainds.com/ None identified at this time. Nashville, TN 37210 USA +1-615-391-5461 (Phone) 615-231-2309 (Fax)

News “Just as we take pride in keeping our seafood offerings innovative and new, we work hard to keep our restaurants fresh and invit- ing for guests. As part of a significant brand revitalization, we have recently rolled out a new updated restaurant image designed to enhance the Captain D’s experience for our guests. This isn’t your standard fish restaurant—our new look focuses on creating a vibrant coastal experience and welcoming atmosphere. When you step inside Captain D’s, our goal is to transport you to your favorite beachside destination. You’ll also find new seating options for groups of six or more—perfect for that big family dinner, team celebration, or just a relaxing gathering with friends.”

“Headquartered in Nashville, Tennessee, Captain D's owns, operates and franchises 527 restaurants in 25 states, plus military bases around the world. Captain D's offers its customers great seafood at reasonable prices in a warm and inviting atmosphere. Captain D's restaurants serve a wide variety of fish and seafood, including freshly prepared entrees, and the company's signa- ture hand-battered fish fillets, which are prepared to order. The restaurants also offer premium-quality grilled fish, as well as shrimp, chicken, an expanded selection of home-style side dishes, hush puppies, desserts, and freshly brewed, Southern-style sweet tea—a Captain D's favorite.”

Market Watch Feb 5 2013: http://www.marketwatch.com/story/captain-ds-celebrates-historic-year-same-store-sales-growth-hits- 16-consecutive-months-2013-02-05 The 520-unit brand produced a record year, with a 9.2 percent same-store sales growth in company restaurants as well as a 7.5 percent increase in franchised restaurants - positioning the brand to end its fiscal year in 2012 with an all-time record for same- store sales increases. Investing in D's facilities is also paying off for the brand. "Our Beach Design remodel showcases a fresh, contemporary look and is driving double-digit sales growth," Mr. Greifeld said. "We will continue to implement this profitable pro- gram into other key markets." Greifeld said he is confident that, between the new image and the new grilled seafood options offered on the menu, Captain D's will systematically capture new guests while increasing visit frequency. By January 2014, all restaurants will be equipped with the D's broiler.

Seafood Source.com Third consecutive sales increase for Captain D ’s http://www.seafoodsource.com/newsarticledetail.aspx? id=17929 “We also have a vast amount of new seafood introductions planned for 2013,” Greifeld said. Captain D’s new television ads “cut through the cluttered messages of other restaurant brands while effectively positioning D’s as the affordable seafood chain of choice,” said Greifeld. The commercials are humorous, while focusing on the chain’s core offerings, such as Butterfly Shrimp and

8 Lobster Bites. The commercials also stress Captain D’s value proposition, noting that meals start at USD 4.99 each. Captain D’s has been testing its store re-design program in select markets, and an official renovation program will be rolled out later this year. “We are now expanding the test to an entire DMA [Designated Marketing Area] and will be unveiling our new de- signs at our 2012 Convention during November,” Greifeld said. Captain D’s growth is also apparent in its franchising efforts. “Given that we are performing well on both the top and bottom line, we will be looking to re-launch our franchising…throughout the entire Midwest and Southeast and select international opportunities,” said Greifeld. Three new franchised stores are set to be developed in Mississippi and Alabama in late 2012 or early 2013.

QSR Magazine’s Article on the Captain D’s Turnaround http://www.qsrmagazine.com/news/captain-ds-turns-its-ship-around “We tested that [design] in various markets and we achieved a very strong double-digit sales life, and now we’re rolling it out to different parts of the country,” Greifeld says, noting that the Beach Design model will make an appearance system wide in 2013 and beyond.”

Nashville Business Journal April 6, 2012 Captain D’s Eyes New Restaurants http://www.bizjournals.com/nashville/print-edition/2012/04/06/captain-ds-eyes-new- restaurants.html?page=all With a new leadership team focused on customer service and a revamped menu (including a new-and-improved fish filet), the restaurant company saw same-store sales grow in 2011 for the first time in eight years. The momentum continued in the first quarter of 2012 as store sales grew by an average of 8.1 percent. When Phil Greifeld took the helm at Captain D’s in September 2010, his goal was to increase the chain’s average store sales by 40 percent over the next five years.

Captain D’s is now ready to expand. Later this year the 527-unit chain will relaunch its franchising efforts — something it hasn’t done for about six years, Greifeld said. Currently, 275 of its restaurants are company-owned. The company expects to expand in the Southeast, though it doesn’t yet have a target number of stores per year, Greifeld said.

Real Estate Information Franchise Information http://www.captainds.com/franchise/

Real Estate Development Team None identified at this time.

9 Caribou Coffee Company Summary: Founded in 1992, Caribou Coffee Company is one of the leading branded coffee companies in the United States, with a compel- ling multi-channel approach to their customers. Based on the number of coffeehouses, Caribou Coffee is the second largest company-operated premium coffeehouse operator in the United States. As of September 30, 2012, the Company had 610 cof- feehouses, including 202 franchised locations, in 22 states, the District of Columbia and ten international markets. The Compa- ny’s coffeehouses aspire to be the community place loved by guests who are provided an extraordinary experience that makes their day better. Caribou Coffee provides the highest quality handcrafted beverages, foods and coffee lifestyle items with a unique blend of expertise, fun and authentic human connection in a comfortable and welcoming coffeehouse environment. In addition, Caribou Coffee’s unique coffees are available within grocery stores, mass merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues and e-commerce channels. Caribou Coffee is a proud recipient of the Rain- forest Alliance Corporate Green Globe Award and is committed to operating practices that promote sustainability and environ- mental protection.

Number of Current Stores (Corporate and Franchise)  411 Company-owned  174 Franchise (94/174 being international)

Expansion/ Growth Trends  8 new stores in 2011, 20 new stores in 2012

Company Headquarters Address: Website: Financials 3900 Lakebreeze Avenue North www.cariboucoffee.com $77.24 M in Revenue for Q4 2012 Minneapolis, MN 55429 $40.03 M Gross Profit for Q4 2012 (723) 592-2200 http://phx.corporate-ir.net/ phoenix.zhtml?c=192910&p=irol-irhome

News: December 17, 2012 Caribou Enters into Merger Agreement to be Acquired by John. A. Benckiser for $16.00 Per Share in Cash

May 30, 2012 Caribou Coffee Announces Important Milestone in Global Expansion Strategy

Real Estate Information:  Real Estate Strategy  Measured expansion in targeted core markets within our existing footprint  Favorable demographics  Drive-thru and neighborhood locations  Increasing Franchising presence  Targeted Economics  8 New Coffeehouses in 2011, approximately 20 in 2012, ramping up to 8% to 10% growth annually over time

Real Estate Development Team Not known at this time

10 Chick-Fil-A Company Summary: Chick-fil-A is an American chain headquartered in the Atlanta suburb of College Park, Georgia, specializing in chicken sandwiches. Founded in 1946, it has been associated with the Southern United States, where it has become a cultural icon. As of November 2012, Chick-fil-A has 1,679 restaurants in 38 U.S. states and the District of Columbia, and is focusing fu- ture growth in the American Midwest and Southern California. The corporate culture is heavily influenced by its founder's Chris- tian beliefs, including opposition to same-sex marriage, conservative political activism, and unlike the vast majority of fast food franchises, being closed for business on Sunday. Number of Current Stores (Corporate and Franchise)  1700+

Expansion/ Growth Trends  Up to 10 stores per month in 2012

Company Headquarters Address: Website: Financials 5200 Buffington Road http://www.chick-fil-a.com/ $4.6 Billion in Revenue in 2012 Atlanta, GA 30349-2998 45 consecutive years sales growth (404) 765-8038

News: February 7, 2012 Chick-Fil-A adds four more LEED restaurants

Real Estate Information: Past and Future Store Openings

Real Estate Development Team: Unknown at this time

11 Chipotle Mexican Grill (NYSE:CMG) Company Summary: Chipotle Mexican Grill, Inc. and its subsidiaries (Chipotle) operate restaurants throughout the United States, as well as two res- taurants in Toronto, Canada and two in London, England. As of December 31, 2011, Chipotle operated 1,230 restaurants, which includes one ShopHouse Southeast Asian Kitchen. The Company’s restaurants serve a menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads. The Company manages its operations and restaurants based on six regions that all report into a single segment. As of December 31, 2011, the Company delivered ingredients and other supplies to its restaurants from 22 independently owned and operated regional distribution centers.

Chipotle categorizes its restaurants as either end-caps (at the end of a line of retail outlets), in-lines (in a line of retail outlets), free-standing or other. As of December 31, 2011, of its restaurants in operation, the Company had 232 free-standing units, 758 end-cap locations, 200 in-line locations and 40 other. The average restaurant size is about 2,565 square feet and seats about 57 people. Most of its restaurants also feature outdoor patio space. Chipotle owns 16 properties and operates restaurants on all of them. Its restaurants accept orders over the Internet, by fax, online or through an iPhone ordering application.

The Company’s customers can choose from four different meats, two types of beans, and a variety of extras, such as salsas, guacamole, cheese and lettuce. Ingredients used by the Company include chicken and steak that is marinated and grilled in its restaurants, carnitas (seasoned and braised pork), barbacoa (spicy shredded beef), and pinto and vegetarian black beans. Chipotle adds its rice, which is tossed with lime juice and cilantro, as well as cheese, sour cream, lettuce, peppers and onions, depending on each customer’s request. The Company uses various herbs, spices and seasonings to prepare its meats and veg- etables. It also provides a variety of extras, such as tortilla chips seasoned with lime and kosher salt. In addition to sodas and fruit drinks, and organic milk most of its restaurants also offer a selection of beer and margaritas.

Number of Current Stores (Corporate and Franchise)  Total international restaurant count is 1,316  2013 management expects 165-180 new restaurant openings.

Expansion/ Growth Trends  None identified at this time.

Company Headquarters Address: Website: Financials Suite 500, 1401 Wynkoop Street http://chipotle.com/ 9.68 Billion DENVER, CO 80202 Operating Profit 14.49 United States Working Capital 11.57 +1-303-5954000 (Phone) Sales 86.67 +1-302-6745266 (Fax)

News: http://ir.chipotle.com/phoenix.zhtml?c=194775&p=irol-irhome

Market Daily News: http://marketdailynews.com/2013/02/28/chipotle-mexican-grill-inc-cmg-buy-sell-or-hold-the-hot-growth-stock/ Chipotle’s store growth has been approximately 13% annually over the past three years. In the company’s recently released 4th quarter 2012 report, Chipotle opened 60 new restaurants, bringing its total count to 1,410 restaurants. And for 2013 manage- ment expects to see 165 to 180 new restaurant openings.

Insider Monkey and The Motley Fool. Cha-Ching! Restaurants Cash in on the Calorie Conscious: Chipotle Mexican Grill, Inc. http://www.insidermonkey.com/blog/cha-ching-restaurants-cash-in-on-the-calorie-conscious-chipotle-mexican-grill-inc-cmg- 62223/

Real Estate Information: Chipotle Development http://www.chipotle.com/en-us/talk_to_us/development/development.aspx

Real Estate Development Team None identified at this time.

12 Cold Stone (Cold Stone Creamery, Inc.) Company Summary: This chain of ice cream shops is known for using mineral assets. Cold Stone Creamery is a leading franchisor of premium ice cream parlors with a chain of more than 1,500 locations in about 15 countries. The parlors offer a menu of premium ice cream treats, but patrons can create their own flavors by choosing from a variety of other ingredients, including candy, fruit, and cookie dough. And true to the chain's name, the ice cream is blended with those ingredients on a cold stone slab. The shops also offer yogurt, sorbet, and other frozen treats. A small number of locations are operated by the company. The Cold Stone chain was in 1988 and is owned by multi-concept franchisor Kahala Corp

Number of Current Stores (Corporate and Franchise)  1,460 locations.1, 049 U.S. franchise locations, 37 company owned.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #53 (2013), #50 (2012), #54 (2011), #35 (2010), #46 (2009), America's Top Global: #46 (2012), #47 (2011), #29 (2010), #40 (2009),

Company Headquarters Address: Website: Financials 9311 E. Via de Ventura http://www.coldstonecreamery.com/ None identified at this time. Scottsdale, AZ 85258 USA +1-480-362-4800 (Phone) 480-362-4812 (Fax)

News: QSR Magazine January 30, 2013 Cold Stone Creamery Launches New Catering Program.

Real Estate Information: Area developers of Cold Stone by state. https://www.coldstonecreamery.com/franchises/areadeveloper.asp

Real Estate Development Team Cold Stone Creamery Area Developers Page: https://www.coldstonecreamery.com/franchises/areadeveloper.asp

13 Corner Bakery Café Company Summary: is a fast-casual restaurant serving made-to-order breakfast, lunch and dinner to guests in Arizona, Califor- nia, Colorado, Florida, Georgia, Illinois, Maryland, Mississippi, New Jersey, New York, Pennsylvania, Texas, Utah, Virginia, and Washington, D.C. Established in 1991, Corner Bakery Cafe restaurants are owned and operated by CBC Restaurant Corp. with more than 140 company-owned and franchised locations around the country.

Founded on a philosophy of creating a place for people to relax and gather with family and friends, Corner Bakery Cafe features innovative, seasonal menu options while delivering a premier bakery cafe experience in the heart of neighborhoods everywhere. Corner Bakery Cafe also provides a robust, best-in-class catering platform, presenting fresh food perfectly packaged for delivery or pick-up.

With plans to more than double its size over the next three years, Corner Bakery Cafe is aggressively expanding throughout the U.S. with the development of both new franchise and company-owned locations.

Number of Current Stores (Corporate and Franchise)  ~130

Expansion/ Growth Trends Corner Bakery has ramped up growth, expanding its LBJ Expressway headquarters, announcing plans to grow in Minneapolis and , and hiring support staff. Hislop plans to double the size of the company in the next three to five years by grow- ing the franchise base, which today consists of 40 stores.

Company Headquarters Address: Website: Financials 12700 Park Central Drive, Suite 1300 http://www.cornerbakerycafe.com/ Unknown at this time Dallas, TX 75251 home.aspx

News: January 22, 2013 After Record-Breaking Year, Corner Bakery Looks Ahead to Even Greater Growth in 2013 http://www.cornerbakerycafe.com/Press.aspx

Real Estate Information: Building the Brand In 2004, we conducted in-depth research to gain a deeper understanding of who we are to our guests and why they use us. We wanted to ensure that we are always keeping our guests’ needs and desires at the front of all our business decisions. This re- search helped us develop our neighborhood focus, a new logo (but without letting go of our loveable and recognizable Baker Boy) and a new look and feel to our cafes. In September of 2005, our newest prototype opened in Laguna Niguel, California. The opening was a tremendous success with record sales, increased guest satisfaction and guest counts, and unsurpassed quality. We began aggressively franchising in 2006 and have continued to grow and evolve the brand through strong franchise relation- ships. We believe Corner Bakery Cafe's success is driven by our commitment to partnering with respected leaders in the restau- rant industry who bring value and insights to the brand.

Real Estate Development Team: Not identified at this time.

14 Così (NASDAQ:COSI) Company Summary: Così, Inc., incorporated on May 15, 1998, owns, operates and franchises restaurants, which sells hot and cold sandwiches, freshly-tossed salads, breakfast wraps, Così Squagels, hot melts, flatbread pizzas, S'mores and other desserts, and a range of coffees and specialty coffees along with other soft drink beverages, bottled beverages, including premium still and sparkling water, teas and beer and wine in some locations. The Company's restaurants are located in a range of markets and trade are- as, including business districts and residential communities in both urban and suburban locations. As of January 2, 2012, the Company operated 136 Così owned and franchised restaurants operating in 17 states, the District of Columbia, and the (UAE).

The Company offers food and beverage products for four day parts: breakfast, lunches, snacking and dinner. The Company's food menu includes Così Squagels, sandwiches, salads, soups, appetizers, melts, flatbread pizzas, breakfast wraps, S'mores and other desserts. The Company features its Così bread in two varieties, its original Rustica and its Etruscan Whole Grain. The Company's beverage menu features a range of house coffees and other espresso-based beverages, seasonal fruit smoothies and specialty drinks, soft drinks, flavored teas and bottled beverages, which include premium still and sparkling wa- ters. The catering offerings include breakfast baskets, lunch buffets, dessert platters, parfait bars, hot soups and steel-cut oat- meal. The Company periodically introduces new menu platforms and products in order to keep its product offerings relevant to consumers in each day part.

Number of Current Stores (Corporate and Franchise)  More than 136 stores in 16 states including restaurants (company-owned and franchise) located in seventeen states, in- cluding California, Connecticut, Delaware, Illinois, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas, Virginia, Wisconsin, and the District of Columbia.  As of March 8, 2012 there were 56 company owned stores and 80 franchised stores.

Expansion/ Growth Trends  Così is, “currently looking for franchise partners to help us build on the success we have experienced with both company- owned and franchise restaurants. Così is working closely with experienced multi-unit restaurant concept operators to open more restaurants and expand our presence into a national restaurant company.”  The Così franchising opportunity is well positioned against consumer trends in the rapidly growing premium convenience restaurant sector. We hold a premium position in the high-growth sandwich/salad sub-sector, which represents 60% of the market.  The target customer represents a large, attractive demographic representing 85% of the category’s buying pow- er, with expectations that are addressed by premium convenience restaurants like Così. Our consumer is willing to pay more for quality, taste and setting.  Così serves the guest seamlessly in a sophisticated environment by providing a high quality product, service and experience. Our new restaurant design combines an efficient counter service format with relaxing contemporary environment and delivers economic benefits to our operators.  Our guests continue to embrace the Così Brand – evidenced by high guest satisfaction scores, strong consistent sales and loyal visits.  We are passionate about food and are committed to building a brand that delivers the premium restaurant expe- rience. We invite all qualified and experienced franchisees to review our franchise requirements and complete the qualification form. Thank you for your interest in a Così franchise. Multi-Unit Franchisee Qualifications  $900,000 net worth and $450,000 in liquid assets  5-7 years restaurant experience in a successful restaurant leadership role  Infrastructure and resources to complete our development timeline  Passionate commitment to the principles and development of the Così system  Minimum of $400,000 net worth for each restaurant assigned under a development agreement  Note: We do not offer Single-Unit Franchises. Così is currently seeking highly qualified individuals to be a part of our newly launched franchise program. If you are interested in becoming a Così franchisee, please complete our qualifi- cation form. If you qualify you will be contacted by a member of our franchise team.

15 Company Headquarters Address: Website: Financials 1751 Lake Cook Road http://www.getcosi.com/ 65.07 Million DEERFIELD, IL 60015 1.99 Sales United States (0.12) Operating Profit +1-847-5978800 (Phone)

News: http://phx.corporate-ir.net/phoenix.zhtml?c=131610&p=irol-IRHome

Così, 2012 Third Quarter results. Così's total revenues for the 2012 third quarter were $24,359,000 compared to $25,336,000 in the 2011 third quarter. Of that total, Company-owned net restaurant sales contributed $23,620,000 compared to $24,468,000 for the 2011 third quarter. The $848,000 decline in Company-owned restaurant sales was due primarily to a 2.5% decrease in comparable restaurant sales as well as to locations closed during and subsequent to the 2011 third quarter. Franchise fees and royalty revenues for the quarter contributed $739,000 compared to $868,000 in the 2011 third quarter. The decrease when compared to last year's third quarter was due primarily to a franchise fee recorded last year resulting from the termination of an area development agreement.

System-wide comparable restaurant sales for the 2012 third quarter as measured for restaurants in operation for more than 15 months decreased 0.7% as compared to the third quarter of 2011. The breakdown in comparable sales between Company- owned and franchise-operated restaurants are as follows:

For the 13 weeks ended October 1, 2012 Company-owned (2.5%) Franchise-operated 2.3% Total System (0.7%)

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

16 Daphne’s California Greek Company Summary: At Daphne’s, we offer fresh, high-quality and healthful food without compromising great taste. We’ve added a dozen menu items that build on a “California-fresh” ideal with savory, rich and robust Mediterranean undertones. Enjoy a full menu of specialty salads, flatbread pizzas, pita sandwiches and grilled meats and seafood complemented by flavorful sides such as a spicy Fire Feta® dip, roasted veggies, and tabouli. We’ve even crafted an original recipe for our new multigrain pita bread containing seven whole grains. And indulge in the freshness of Daphne’s with salads prepared to order, kabobs hand-made daily, lean meats and seafood grilled to order, and gyro meat that is slow-roasted on our rotisserie. Best yet, many of our menu items fall under 700 calories and can be customized to accommodate low-fat, low-carb, high protein diets as well as vegetarian, vegan and gluten- free diets. Through in-store signage and easy-to-read nutritional guides at every register, we’ve made it easy for you to make health-conscious choices at all of our restaurants. Number of Current Stores (Corporate and Franchise) 56

Expansion/ Growth Trends Recently opened up for franchising

Company Headquarters Address: Website: Financials 5780 Fleet Street, Suite 100 http:///daphnes.biz Unknown at this time Carlsbad, CA 92008

News: http://daphnesgreekcafe.com/presscenter.html March 21, 2012 Daphne's California Greek launches national franchise plan Daphne’s eyes national growth following revamp

Real Estate Information: Unknown at this time

Real Estate Development Team: Carrie Gladden, Real Estate/ Leasing Consultant/ Development Consultant

17 Domino’s (NYSE:DPZ) Company Summary: Domino’s Pizza, Inc. (Domino’s) is a pizza delivery company in the United States. As of January 1, 2012, it operated through a network of 9,742 Company-owned and franchise stores, located in all 50 states and in more than 70 international markets. In addition, it operates 16 regional dough manufacturing and supply chain centers, one equipment and supply facility, one thin crust manufacturing center and one vegetable processing center in the contiguous United States, and six dough manufacturing and supply chain centers outside the contiguous United States. The Company operates its business in three segments: domestic stores, domestic supply chain and international. As of January 1, 2012, its international segment was consisted of 4,835 fran- chise stores outside the contiguous United States. It also manufactures dough and distributes food and supplies in a limited number of these markets.

A Domino’s store can be opened for as low as $115,000 to a high of $440,000, depending on whether you lease or build, use new or used equipment, occupy a smaller or larger footprint, etc.

Number of Current Stores (Corporate and Franchise)  Domino’s had 4,907 domestic stores.

Expansion/ Growth Trends  None identified at this time.

Company Headquarter Address: Website: Financials Headquarters: http://www.dominos.com/ $2.75 Billion Market Cap 30 Frank Lloyd Wright Drive 28.45 Sales Ann Arbor, Michigan 48106 4.79 Operating Profit. 734-930-3030

Internal News Presentation on Recent Domino’s Performance http://media.corporate-ir.net/media_files/IROL/13/135383/Domino's%20Pizza% 20Investor%20Day%20Presentation%20for%20Thomson.pdf

Domino’s Profit Rises, Boosted by New Pan Pizzas: http://www.reuters.com/article/2013/02/28/us-dominos-results- idUSBRE91R0YS20130228 (Reuters) - Domino's Pizza Inc. (DPZ.N), the second-largest U.S. pizza chain, on Thursday reported quarterly profit above Wall Street's view as U.S. restaurant sales beat expectations with help from its new pan pizzas. The results from Domino's landed at a time when a bevy of U.S. operators, including Worldwide Inc. (BKW.N) and Olive Garden parent Darden Restaurants Inc. (DRI.N), have warned that the U.S. payroll tax increase, higher gas prices and delayed federal tax returns are taking a bite out of spending on meals away from home.

Domino’s Pizza to Increase National Ad Spending: http://nrn.com/latest-headlines/dominos-pizza-increase-national-ad-spending Domino’s Pizza Inc. officials said on Thursday that domestic operators would further shift their marketing spending in 2013 to national programs, building on sales momentum from its advertising programs and product introductions of 2012.

Chief executive Patrick Doyle stressed to investors during the company’s fourth-quarter earnings call that the move was not an incremental increase in franchisees’ contributions to Domino’s marketing funds, but a reallocation from local couponing to mass media and digital.

Brand Eating August 14, 2012 News Store Designs: http://www.brandeating.com/2012/08/news-dominos-unveils-new-logo-and-store.html The new store design brings more visibility to the pizza making process and comes with such available features (depending on square footage) as an expanded customer area (i.e. seating), grab-and-go items, and the option of ordering by kiosk.

All new stores in the U.S. will feature the new logo and key components of the new store design. Also, only current stores that have undergo major updates and remodeling will be allowed to use the new logo signage (sounds like a press for franchisees to update their restaurants).

18 You can expect to see the new Domino's logo on ads and other marketing material starting in October.

PR Newswire August 14, 2012: http://www.prnewswire.com/news-releases/dominos-pizza-unveils-new-logo-store-of-the-future- 166149136.html After years of development and concept testing, the Domino's Pizza store of the future will have its pizza-making artists on dis- play as they hand-toss (emphasis on the "toss"!) fresh dough and custom-make customers' orders. Depending on square footage availability, the new store design allows flexibility for a number of features otherwise unheard of when it comes to the "traditional" Domino's Pizza store. Some features include a comfortable lobby, open-area viewing of the food preparation process, including a step platform for children to see the action, and the ability to order from a kiosk and track carryout orders electronically. The stores will also feature chalk boards to allow customers to express their creativity or to leave feedback for the store team members.

Real Estate Information: Franchise Information http://www.dominosbiz.com/Biz-Public-EN/Site+Content/Secondary/Franchise/

Real Estate Development Team None identified at this time.

19 Donato’s Company Summary: You might say this company knows how to toss around some dough. Donato’s Pizzeria operates and franchises more than 175 Donato’s Pizza restaurants in about half a dozen states, primarily in Ohio and surrounding areas. The chain serves several varie- ties of specialty pizza, along with sub sandwiches, salads, and desserts. Most Donato’s locations offer dine-in seating, as well as carry-out, delivery, and take-and-bake pizzas; some eateries also offer catering services for group events. About two-thirds of the pizza joints are company-owned. CEO Jim Grote and his family own the business that he founded in 1963.

Number of Current Stores (Corporate and Franchise)  200 restaurants in six states.

Company Headquarters Address: Website: Financials 935 Taylor Station Rd. https://www.donatos.com None identified at this time. Columbus, OH 43230 USA +1-614-416-7700 (Phone) 614-416-7701 (Fax)

Expansion/ Growth Trends  None identified at this time.

News: None identified at this time.

Real Estate Information None identified at this time.

Real Estate Development Team None identified at this time.

20 Dunkin’ Brands, Inc. (NASDAQ: DNKN) Company Summary: Parent company of Dunkin’ Donuts and Baskin-Robbins Built on more than 50 years of innovation and fun, Dunkin’ Brands, Inc. leads and builds great brands at the forefront of the Quick Quality segment of the food and beverage industry. Familiar, yet fresh, like a good cup of coffee, Dunkin’ Brands goes beyond fast food to deliver value, experience, and hospitality. And it does it by developing best-in-class menu items to eat and drink, and by thinking about opportunities just a little bit differently than the other guys.

Dunkin' Donuts is the world's leading baked goods and coffee chain, selling more than 1 billion cups of coffee per year! Founded in 1950 in Quincy, Massachusetts, by William Rosenberg, Dunkin' Donuts became famous for our many varieties of donuts and our wide range of bakery products - muffins, bagels and MUNCHKINS® donut hole treats. Dunkin' Donuts is also the place for beverages - from freshly brewed hot coffee in up to nine flavors, to refreshing Iced Coffee and COOLATTA® beverages. We have approximately 10,000 distribution points in 32 countries, roughly 7,000 of which are in North America. The rest are in key international markets including Asia-Pacific and Latin America.

Baskin-Robbins is the world’s largest chain of ice cream specialty shops serving premium ice cream, specialty frozen desserts and beverages to more than 300 million customers each year. Founded in 1946 in Glendale, California, the chain now has more than 6,000 outlets in 49 countries, with roughly 2,400 outlets in the U.S. Baskin-Robbins is famous for our innovative flavors, popular "Flavor of the Month" program and flavor library with more than 1,000 different offerings. Baskin-Robbins develops and retails a full range of frozen ice cream treats such as ice cream cones, cakes, sundaes, shakes, and Blasts.

Number of Current Stores (Corporate and Franchise)  Nearly 100% franchised business  9,760 Dunkin’ Donuts / 6,433 Baskin-Robbins

Expansion/ Growth Trends  Currently scheming how to “unlock tremendous westward expansion opportunities”  1,700+ Remodels in the past three years  70% of restaurants currently in newest image  Looking to heavily expand presence in the eastern half of the US  Currently scheming how to “unlock tremendous westward expansion opportunities”  Selling in-fill and SDAs to new and existing franchisees

Franchise Ranking History Franchise 500®: #13 (2013), #10 (2012), #15 (2011), #7 (2010), #36 (2009), Fastest-Growing: #9 (2013), #6 (2012), #29 (2011), #4 (2010), #6 (2009), America's Top Global: #9 (2012), #13 (2011), #6 (2010), #31 (2009),

Company Headquarters Address: Website: Financials 130 Royall Street http://www.dunkinbrands.com/ $658,181 Revenue in 2012 Canton, MA 02021 $307,157 Gross Profit in 2012 (781) 737-3000 News: March 4, 2013 Dunkin' Doughnuts Eyes Growth West of Mississippi

February 21, 2013 Dunkin' Brands Appoints New Vice President of Development

January 13, 2013 Dunkin' Donuts Plans to Enter Southern California

Real Estate Information: http://dunkinbrands.com/franchise/

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Real Estate Development Team: Not known at this time

22 Einstein Bagels (NASDAQ:BAGL) Company Summary: Einstein Noah Restaurant Group, Inc. (ENRGI) is an owner/operator, franchisor and licensor of bagel specialty restaurants in the United States. ENRGI operates under the Einstein Bros. Bagels (Einstein Bros.), Noah’s New York Bagels (Noah’s) and Manhat- tan Bagel Company (Manhattan Bagel) brands. ENRGI operates in three business segments: the Company-owned restaurants segment, the manufacturing and commissary segment, and the franchise and license segment. The Company-owned restau- rants segment includes the restaurants that it owns. The manufacturing and commissary segment produces and distributes bagel dough and other products to its Company-owned restaurants, licensees and franchisees and other third parties. The franchise and license segment earns royalties and other fees from the use of trademarks and operating systems developed for the Einstein Bros., Noah’s and Manhattan Bagel brands. On November 29, 2011, the Company acquired the assets of Kettleman Bagel Com- pany (Kettleman Bagel) a five-store bagel chain in Portland, Oregon.

During the fiscal year ended January 3, 2012 (fiscal 2011), ENRGI acquired nine restaurants and opened an additional four Company-owned restaurants. It closed one Company-owned restaurant during fiscal 2011. On January 31, 2012, the Company sold a Company-owned restaurant. On February 20, 2012, the Company acquired six restaurants in Buffalo, New York. As of January 3, 2012, it had 773 restaurants in 39 states and in the District of Columbia. Its product offerings include fresh-baked bagels and other bakery items baked onsite, made-to-order breakfast and lunch sandwiches on a range of bagels, breads or wraps, gourmet soups and salads, assorted pastries, premium coffees and an assortment of snacks. Its manufacturing and com- missary operations prepare and assemble consistent, ingredients that are delivered fresh to its restaurants, through its network of independent distributors. Company-owned restaurants

Einstein Bros. offers a menu that provides food for breakfast and lunch, including fresh-baked bagels and hot breakfast sand- wiches, freshly prepared lunch sandwiches, cream cheese and other spreads, specialty coffees and teas, soups, salads and other menu offerings. Noah’s is a neighborhood-based bakery/deli restaurant that serves fresh-baked bagels, hot breakfast sandwiches, made-to-order deli-style sandwiches, cream cheese and other spreads, specialty coffees and teas, soups, salads and other menu offerings. Manhattan Bagel provides a traditional New York style boil and baked bagel. Manhattan Bagel also serves a range of grilled sandwiches, freshly made deli sandwiches, freshly prepared breakfast sandwiches, soups, and a range of other fresh-baked sweets. Similar to Einstein Bros. and Noah’s, Manhattan Bagel also features a line of fresh brewed coffees and specialty coffee/espresso beverages. During fiscal 2011, ENRGI generated approximately 90% of its total revenue from restaurant sales at its Company-owned restaurants.

Manufacturing and Commissaries ENRGI operates a bagel dough manufacturing facility in Whittier, California and has contracts with two suppliers to produce ba- gel dough and sweets to the specifications. These facilities provide frozen dough, partially-baked frozen bagels and fully baked sweets for its Company-owned restaurants, franchisees and licensees. During fiscal 2011, the Company operated five commis- saries geographically located to serve the existing Company-owned, franchised and licensed restaurants. These operations pro- vide the restaurants with food products, such as sliced meats, cheeses, and/or certain salad ingredients. It has recipes and pro- duction processes for the bagel dough, cream cheese and coffee. Frozen, or partially baked and frozen, bagel dough is shipped to all of its Company-owned, franchised and licensed restaurants where the dough is then baked onsite. Its purchases other ingredients used in the restaurants, such as meat, lettuce, tomatoes and condiments, from a select group of third party suppliers. During fiscal 2011, it generated approximately 8% of its total revenue from its manufacturing and commissary operations.

Franchise and Licensing ENRGI offers Einstein Bros. franchises to qualified area developers. As of January 3, 2012, the Company was registered to offer Einstein Bros. franchises in 49 states and the District of Columbia. It also has a franchise base in the Manhattan Bagel brand. It has license relationships, which include Aramark, Sodexo, AAFES, HMS Host and Compass. Its licensees are located primarily in colleges and universities, hospitals, airports and military bases. As of January 3, 2012, it had 22 development agreements in place for 114 total restaurants, 23 of which have already opened. During fiscal 2011, it opened six franchised locations and 40 licensed locations. During fiscal 2011, approximately 2% of its total revenue was generated by the Company’s franchise and license operations.

Number of Current Stores (Corporate and Franchise)  ENRGI is the largest operator of bagel bakeries in the U.S. Our award-winning brand stores include over 795 company owned, licensed and franchised locations in 39 states and the District of Columbia. ENRGI also owns one dough production facility.

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Expansion/ Growth Trends  Einstein Bagel’s is available to franchise in 49 states and the District of Columbia, initially they will be targeting specific re- gions.

Company Headquarters Address: Website: Financials Suite 300, 555 Zang Street http://www.einsteinnoah.com/ $247.79 Million LAKEWOOD, CO 80228 25.21 Sales United States - Map 1.65 Operating Profit +1-303-5688000 (Phone) +1-302-6365454 (Fax)

News: None identified at this time.

Nation’s Restaurant News: http://nrn.com/latest-headlines/einstein-noah-focus-lunch-catering?page=2 “In 2013, Einstein Noah expects to add 60 to 80 units, including 15 to 20 company-owned restaurants, 15 to 20 fran- chised, and 30 to 40 licensed units.”

Real Estate Information:  The average size of an Einstein Bagel’s is 2,300 to 2,700 square feet.

Real Estate Development Team None identified at this time.

24 Fatburger Corporation Company Summary: Over the last 60 years Fatburger has built its reputation as America’s best gourmet restaurant. Since the Fatburger brand began in 1952 in Los Angeles, Fatburger has grown from being the favorite restaurant for Los Angelenos and celebrities to eat their “Fatburger” hamburger into a Hollywood icon of its own. Fatburger is focused on an ever improving customer experi- ence while constantly delivering big, juicy, tasty, fresh, made-to-order Fatburger to its loyal fans and customers all over the world. Catering to the stars and its loyal fan base of Fatburger fanatics, today there are 150 Fatburger restaurants oper- ating in over 20 countries worldwide with major growth territories still available for franchise development. The Fatburger menu is designed to give customers what they want. The Fatburger menu features the famous Fatburger ham- burger, delicious Fatburger turkeyburgers, Fatburger veggieburgers and Fatburger chicken sandwiches. The Fatburger menu offers customers the ability to customize their burgers to their taste, giving them the choice of multiple add-ons and sauces to add to the famous Fatburger. The Fatburger menu also includes hand scooped 100% real ice cream milk shakes, ice cream sandwiches and root beer floats. Fatburger restaurants serve “Fat fries” (steak fries), “Skinny fries” (traditional French fries), and homemade, hand battered onion rings that are prepared fresh daily.

Number of Current Stores (Corporate and Franchise)  90 U.S. stores in 2011. 3 company owned stores.

Expansion/ Growth Trends  The chain’s unit count increased by 55 percent in 2012 over 2011, and the company will expand by hundreds of stores over the next few years, both within the U.S. and abroad. This year, it plans to open 50–60 new restaurants.

Company Headquarters Address: Website: Financials 301 Arizona Ave., Ste. 200 Santa Monica, CA 90401-1364 http://www.fatburger.com USA +1-310-319-1850 (Phone) 310-319-1863 (Fax)

News: Los Angeles–based Fatburger is using a similar tactic. The chain’s unit count increased by 55 percent in 2012 over 2011, and the company will expand by hundreds of stores over the next few years, both within the U.S. and abroad. This year, it plans to open 50–60 new restaurants. This kind of growth is essential to gain brand momentum, says CEO Andrew Wiederhorn. “Otherwise, you don’t build your brand awareness or your brand equity in a marketplace for consumers to realize you’re present or convenient,” he says. “You advertise that the brand is coming to the city and the visibility of those units while they’re under development, and the buzz of the openings works together.” (http://www.qsrmagazine.com/reports/breaking-7-unwritten-rules) Fatburger, an all-American restaurant known for serving big and juicy burgers, announced the opening of Canada's 30th and 31st locations in Camrose and Edmonton, Alberta. Operating in 27 countries across the globe, the iconic, better-burger chain is committed to further extending its international portfolio throughout Canada and overseas in the Middle East, Asia, and North Africa. “Having over 30 locations throughout Canada is quite an accomplishment, and we hope to continue to diversify and ex- pand our footprint throughout the country for years to come." (http://www.qsrmagazine.com/news/fatburger-opens-stores-no-30-and-31-canada)

Real Estate Information:

Real Estate Development Team:

25 Fazoli’s Company Summary: The taste of Italy can be as close as your local shopping mall thanks to this company. Fazoli's Restaurants operates a leading quick-service Italian food chain with more than 220 locations in about 25 states. The eateries serve pasta, pizzas (whole pies and by the slice), and panini sandwiches, as well as soups, salads, and dessert items. Many Fazoli's locations can be found in shopping centers, highway service areas, and other high-traffic locations. Most of the chain's locations are operated by fran- chisees. Fazoli's was launched in 1988 by restaurant operator Jerrico, which also started the Long John Silver's chain. The company is owned by private equity firm Sun Capital Partners.

Number of Current Stores (Corporate and Franchise) 220+ (Majority Franchise)

Expansion/ Growth Trends Eight new restaurants and many remodels in 2012

Company Headquarters Address: Website: Financials 2470 Palumbo Dr http://fazolis.com/ Unknown at this time Lexington, Kentucky 40509 (859) 268-1668 News: March 9, 2013 Fazoli's Extends Franchise Sales Incentive Program

Real Estate Information: Unknown at this time

Real Estate Development Team: Unknown at this time

26 Firehouse Subs Company Summary: Four alarm hunger might drive some sandwich lovers to these restaurants. Firehouse Restaurant Group operates and franchises more than 500 Firehouse Subs sandwich shops in Florida and about 20 other mostly Southern states. The chain offers a variety of hot and cold sub-style sandwiches with names such as the Hook & Ladder and the Engine Company Sub. The menu also features soups, salads, and sides. About 30 of the eateries are company-owned, while the rest are franchised. Brothers and fire fighters Robin and Chris Sorensen started Firehouse Subs in 1994 after gaining popularity as firehouse cooks.

Number of Current Stores (Corporate and Franchise)  520 locations. 491 U.S. franchise units and 29 company owned.  “Our plans show Firehouse Subs reaching 2,000 locations by 2020.”

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #69 (2013), #96 (2012), #113 (2011), #113 (2010), #90 (2009), Fastest-Growing: #21 (2013), #74 (2012), #97 (2011), #74 (2010), #54 (2009),

Company Headquarters Address: Website: Financials 3400-8 Kori Rd. http://www.firehousesubs.com/ None identified at this time. Jacksonville, FL 32257 USA +1-904-886-8300 (Phone) 904-886-2111 (Fax)

News: 2012 Press Release. Nationwide restaurant chain, Firehouse Subs, plans to open 75 restaurants in Northern California, targeting the San Francisco Bay, East Bay, Sacramento and the Greater Valley areas. Renowned for hearty, oversized portions and piping hot subs, Fire- house Subs® is a 535-unit chain and was founded in Jacksonville, Fla., by former firefighting brothers Chris Sorensen and Robin Sorensen. The region’s first Firehouse Subs restaurant will open in Fremont early next year, and plans for a ten-year total market build-out are currently underway.

Real Estate Information:  Must have 20,000 minimum population in a three-mile radius.  $35,000 median household income.  Well-defined commercial area.  Strong employment base.  1,600 – 2,000 square foot site.  Minimum 20 foot frontage, 24 foot preferred.  High exposure and end caps are preferred.  35 dedicated parking spaces  400 amp three phrase power  1 ton HVAC per 150 square ft.

Real Estate Development Team None identified at this time.

27 Freebirds World Burrito Company Summary: Freebirds World Burrito, Freebirds for short, is a regional chain of fast casual burrito restaurants. Founded in 1987 in Isla Vista, California by Mark Orfalea and Pierre Dube, the restaurant chain expanded into Texas in 1990. After Dube took over the Texas location in 1994, he expanded the chain to span 19 restaurants in Texas, while Orfalea retained ownership of the original Califor- nia location and a license to continue using the name. The Texas Freebirds World Burrito chain, which was headquartered in College Station, was purchased by private-equity Tavistock Group in 2007. The chain, headquartered in the Tavistock Restau- rants offices in Emeryville, California, has grown to over 30 locations in Texas and a single location in Oklahoma and Kansas, with some Freebirds set to open outside the state in 2011.

Number of Current Stores (Corporate and Franchise)  ~70

Expansion/ Growth Trends  Unknown at this time

Company Headquarters Address: Website: Financials 6475 Christie Avenue http://www.freebirds.com Unknown at this time Emeryville, CA 94608 (510) 594-4292 News: http://freebirds.com/media-center/

Real Estate Information: After 25 years, we’re taking our first steps towards franchising Freebirds World Burrito. To ensure that we keep the Freebirds guest experience rockin’ at the highest levels, our approach to franchising will be very selective. At this time we’re envisioning no more than a couple dozen restaurant operators across the country who will have exclusive geographic territories to develop. These territories will be large enough to sufficiently support a minimum of 15 Freebirds restaurants and will average closer to 40. We’re not looking for a lot of franchisees, we just want great ones who can help grow our brand.

Real Estate Locations  2,400-2,800 square feet; 30’ – 35’ minimum frontage  40+ Parking Spaces near store front  High visibility end-caps, outparcel, or freestanding buildings with outdoor seating option. Unique buildings a plus.  Zoning to allow beer and wine sales

Real Estate Development Team: Unknown at this time

28 Freshii Company Summary: Freshii was founded by Matthew Corrin in Toronto, in 2005. Originally called "Lettuce Eatery", the store opened to large queues and ran out of food on the first day before the end of lunch. Corrin's vision of fast, fresh food, custom-built, inspired Freshii's rep- utation for healthy, environmentally sustainable meals and snacks served quickly in a cool, clean setting for breakfast, lunch, dinner and snacks. Number of Current Stores (Corporate and Franchise)  60+

Expansion/ Growth Trends  Beginning franchising operations

Company Headquarters Address: Website: Financials Toronto, Ontario, Canada http://www.freshii.com Unknown at this time

News: https://www.freshii.com/press

Real Estate Information: Unknown at this time

Real Estate Development Team: Unknown at this time

29 Genghis Grill: The Mongolian Stir Fry Company Summary: Genghis Grill-The Mongolian Stir Fry is a build your own bowl, fast casual, Asian stir-fry concept. The atmosphere is colorful, lively ,and a lot of fun! It's actually not a cuisine, but an INTERACTIVE style of exhibition cooking modeled after a centuries-old legend. According to this legend, 12th century Mongol warriors, led by the mighty warrior, GENGHIS KHAN heated their shields over open fires to grill food in the fields of battle!

Number of Current Stores (Corporate and Franchise)  80+

Expansion/ Growth Trends  27 new stores in 2011, 30 more in 2012

Company Headquarters Address: Website: Financials 18900 Dallas Pkwy, Suite 125 http://www.genghisgrill.com/ Unknown at this time Dallas, TX 75287-6922

News: http://www.genghisgrill.com/press.php

Real Estate Information: Real Estate Requirements  Demographic  Daytime Population: 35,000 within 3 miles  Avg. Household Income: $65,000 within 3 miles  Residential Population: 75,000 within 3 miles  Building  Size: 3,200 – 4,500 square feet  Lifestyle centers, near malls or movie theaters, highly visible storefronts, on highways  Type: End-caps or shared pad buildings  Lease: 10 year leases with options  Purchase: Pad sites/buildings

Real Estate Development Team: Unknown at this time

30 Go Roma Company Summary: Go Roma was built upon a sincere passion for Italian food and culture. Brought to life in 2004 with a humble menu of iconic Ital- ian dishes scratch-made with simple ingredients, it’s no surprise that it continues to thrive in a city full of authentic Italian food options. Today, Go Roma has six bustling locations across the Chicago-land area and will begin expanding across the nation in 2012.

Number of Current Stores (Corporate and Franchise)  <10

Expansion/ Growth Trends Currently only in Chicago area, but planning to “expand across the nation”

Company Headquarters Address: Website: Financials 848 N. State Street http://www.goroma.net/ Unknown at this time Chicago, IL 60610

News: http://www.goroma.net/content/newsandreviews.html

Real Estate Information: Unknown at this time

Real Estate Development Team: Unknown at this time

31 Company Summary: At The Habit, our dedication to delivering quality food made to order has been a tradition for over 30 years. When we started out, we made a simple commitment to sell the best burgers in Santa Barbara.

While our menu and business have grown, we still operate under that same commitment and our motto remains the same:

"There's No Substitute for Quality!" Specialties: Charburgers, sandwiches, salads and shakes

Number of Current Stores (Corporate and Franchise)  ~50

Expansion/ Growth Trends  Unknown at this time

Company Headquarters Address: Website: Financials 17320 Red Hill Avenue, Suite 140 http://www.habitburger.com/ Unknown at this time Irvine, CA 92614

News: http://www.habitburger.com/news/

Real Estate Information: Unknown at this time

Real Estate Development Team: Christopher W., Director of Development

32 Gold Star Chili (Gold Star Chili, Inc.) Company Summary: It's pretty easy to guess what the specialty of the house is at these restaurants. Gold Star Chili operates and franchises about 100 quick-service style eateries in Ohio, Indiana, and Kentucky that specialize in chili. Customers can have chili over fries, hot dogs, chips, or with garlic bread. The signature "3 Way" includes chili over spaghetti with grated cheese; more toppings can be added to make a four- or five-way. Gold Star, the official chili of the Cincinnati Bengals football team, also sells products through retail grocers and online. The Daoud family founded the company in 1965.

Number of Current Stores (Corporate and Franchise)  87 current locations.

Expansion/ Growth Trends  None identified at this time.

Company Headquarters Address: Website: Financials 650 Lunken Park Dr. http://www.goldstarchili.com/ None identified at this time. Cincinnati, OH 45226 513-231-4541

News: None identified at this time.

Real Estate Information: Site Criteria:  1900 – 2500 Square Feet  Minimum of 25’ frontage  Free-standing or End-Cap site with Drive-thru  Ease of ingress and egress with traffic signal access preferred  High exposure sites preferred with maximum allowed signage including building and monument/pylon signage  Ample dedicated parking spaces Lease Terms:  5 year base term with three 5 year base options  No percentage rent or radius restrictions Minimum Conditions and Tenant Improvements  400 amp, three-phase power  1 ton per 200 square feet of HVAC  1-2/4” water line rated at a minimum of 45 psi and 4” sewer line stubbed to rear of the premises  Gas service, if available  2 ADA restrooms per Gold Star Chili’s approved blue prints  Minimum 10’ ceiling height with 13’ preferred. Drywall finish to the roof deck, taped, sanded and ready to paint.  All service tap fees, impact fees, meter fees, and development fees paid by landlord.

Real Estate Development Team None identified at this time.

33 Hot Heads Burritos Company Summary: Hot Head Burritos is a restaurant chain based in Dayton, Ohio. The restaurant specializes in Mexican-style burritos and other Mexican-style foods. Hot Head Burritos was ranked by AOL.com in 2009 as one of America’s next big chains. IN 2011 Hot Head Burritos was named 41st on FastCasual’s list of 2011’s Top 100 Movers and Shakers.

Number of Current Stores (Corporate and Franchise) 50 Stores.

 Alabama  Idaho  Missouri  Pennsylvania

 Alaska  Indiana  Montana  South Carolina  Arizona  Iowa  Nevada  Tennessee  Arkansas  Kansas  New Hampshire  Texas  Colorado  Kentucky  New Jersey  Vermont  Connecticut  Louisiana  New Mexico  Virginia  DC  Maine  North Carolina  West Virginia  Delaware  Massachusetts  Ohio  Wyoming  Florida  Michigan  Oklahoma  Georgia  Mississippi  Oregon

Expansion/ Growth Trends Hot Head Franchising is now offering Area Developer and Restaurant franchises in most states. An Area Developer is a unique opportunity for experienced multi-unit restaurant operators to manage development of Hot Head Burritos® franchisees in a given area and receive up to 40% of the royalties generated in that given area. AD's must own and operate a minimum of one store in their area. They will be responsible for overseeing franchise operations, developing new fran- chisees, providing training for new stores and inspecting existing stores in their area.

Company Headquarters Address: Website: Financials Corporate Offices http://hotheadburritos.com/ Hot Head Burritos 2795 Culver Ave Kettering, OH 4542 (937)-395-3613

News: More Hot Head Burritos on the way: February 18, 2013 http://hotheadburritos.com/Special_Blog?cmd=post&id=15 Twenty one new locations in 2012

Real Estate Information: None identified at this time.

Real Estate Development Team: None identified at this time.

34 Hungry Howie’s (Hungry Howie's Pizza & Subs, Inc.) Company Summary: Hungry Howie's Pizza & Subs operates a chain of more than 570 franchised pizza parlors in more than 20 states. The pizzerias offer several varieties of pie available with a selection of toppings and flavored crusts. The chain's menu also offers hot sub sandwiches, salads, and chicken wings. With most of its outlets offering carry out and delivery services, Hungry Howie's eateries are found primarily in strip malls and other suburban retail areas. James Hearn opened the first Hungry Howie's in 1973; compa- ny president Steve Jackson got his start at the company delivering pizzas.

Number of Current Stores (Corporate and Franchise)  547 locations, all franchises.  Hungry Howie’s is able to expand into every market except Michigan and Florida.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #110 (2013), #82 (2012), #133 (2011), #94 (2010), #125 (2009),

Company Headquarters Address: Website: Financials 30300 Stephenson Hwy. http://www.hungryhowies.com/ None identified at this time. Madison Heights, MI 48071 USA +1-248-414-3300 (Phone) 248-414-3301 (Fax) News: None identified at this time.

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

35 Jason’s Deli Company Summary: Jason's Deli is a fast casual deli restaurant chain headquartered in Beaumont, Texas, United States. The company currently has approximately 225 U.S. locations in 28 states. As of August 2008, Jason's Deli ranked #1 in annual sales in QSR Magazine’s Top Ten list of restaurant groups with under 300 locations. The parent company, Deli Management, Inc., owns the majority of the deli restaurants.

Number of Current Stores (Corporate and Franchise)  230+

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials 2400 Broadway http://www.jasonsdeli.com Unknown at this time Beaumont, TX News: http://www.jasonsdeli.com/blog/

Real Estate Information: Jason's deli has been franchising its brand proudly for more than 20 years. The brand currently has 21 different franchise part- ners and is quite focused on growing with those partners. With that said, we are always willing to hear from experienced restau- rateurs who are looking for opportunities. If you are interested in learning more, please fill out our franchise contact form, located here.

Real Estate Development Team: Unknown at this time

36 Jersey Mike’s Franchise Systems; Inc. Company Summary: Jersey Mike's Subs is a submarine sandwich, or "sub", chain headquartered in Manasquan, New Jersey. The Jersey Mike's franchise has more than 600 stores across the United States.

Number of Current Stores (Corporate and Franchise)  550 locations. 526 franchised U.S. locations, 24 company owned.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #68 (2013), #81 (2012), #147 (2010), #168 (2009), Fastest-Growing: #33 (2013), #48 (2012), #57 (2010), Jersey Mike’s continued its steady growth in 2012 opening 92 new restaurants throughout the country, a 33 percent increase in new store growth over 2011.

Company Headquarters Address: Website: Financials 2251 Landmark Place http://www.jerseymikes.com/ None identified at this time. Manasquan, NJ 08736 USA +1-732-223-4044 (Phone) 732-223-0777 (Fax)

News: Jersey Mike’s Flies High with First-Ever Airport Units. http://www.qsrmagazine.com/news/jersey-mikes-flies-high-first-ever-airport-units Jersey Mike’s Subs, known for its fresh sliced and fresh grilled East Coast style subs, has kicked off the New Year with the opening of its first-ever airport locations. The restaurant opened at McCarran International Airport (LAS) in Las Vegas on January 7, with the second following the next week on January 17 at Newark Liberty International Airport (EWR).

Jersey Mike’s Breaks Ground in Nebraska 12/13/12 http://www.qsrmagazine.com/news/jersey-mikes-breaks-ground-nebraska Jersey Mike’s Subs, known for its fresh sliced, fresh grilled East Coast style subs, opened its first restaurant in the state of Ne- braska-its 32nd market-in Lincoln. This is the first of 13 Jersey Mike’s locations the team will open in the next five years in the state. Jersey Mike’s is doing it right, growing in a measured way with the right partners.

Jersey Mike’s Opens 33rd Market in Oregon 2/6/13 http://www.qsrmagazine.com/news/jersey-mikes-opens-33rd-market-oregon Jersey Mike’s will open its first restaurant in the state of Oregon -- its 33rd market -- in Portland. Franchise owner, Ramund Baluyut, will hold a grand opening and free sub fundraiser from Wednesday, Feb 6, to Sunday, Feb 10, to support Randall Chil- dren’s Hospital. This is the first of five restaurants that Baluyut will open in Portland. I am thrilled to bring the Jersey Mike’s brand to Portland says Baluyut, a restaurant industry veteran who owned 43 restaurants in Oregon and Washing- ton. Jersey Mike’s continued its steady growth in 2012 opening 92 new restaurants throughout the country, a 33 percent increase in new store growth over 2011. Jersey Mike’s enters the Station in Philly 11/29/12 http://www.qsrmagazine.com/news/jersey-mikes-enters-station-philly In time for the year’s busiest travel season, Jersey Mike’s Subs, known for its fresh-sliced, fresh-grilled East Coast–style subs, has opened in downtown Philadelphia in historic Amtrak’s 30th Street Station. Officially opened on Tuesday, November 19, the new fast-casual sub shop is operated by The Grove Inc. and located in the Main Hall. In the next several months, The Grove plans to open two other Jersey Mike’s locations at Newark International Airport (Terminal A) and McCarran International Airport in Las Vegas (Concourse C). "This was a fantastic opening and we look forward to a long-lasting relationship with Jersey Mike's," says Michelle Dukler, presi- dent and CEO, The Grove Inc. "We will have our first three locations open in the next 60 days, and then we hope to work on our next three.”

Real Estate Information:

Real Estate Development Team Franchise Contact info: Brian Sommers 732-292-8272

37 Jimmy John’s Gourmet Sandwich Shops Company Summary: Jimmy John's Franchise operates and franchises more than 1, 000 quick-service Jimmy John's Gourmet Sandwich Shops in more than 35 mostly Midwestern states. The chain's menu features submarine-style sandwiches made with a variety of toppings and carrying such names as Big John, J.J. Gargantuan, and Vito. Jimmy John's also serves club sandwiches made with whole wheat or French bread. The company's restaurants typically offer carryout and delivery services along with some limited seating. Chairman "Jimmy" John Liautaud started the Jimmy John's chain in 1983.

Number of Current Stores (Corporate and Franchise)  1,425 U.S. franchise owned stores. 26 company owned stores.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #12 (2013), #22 (2012), #38 (2011), #61 (2010), #53 (2009), Fastest-Growing: #8 (2013), #11 (2012), #15 (2011), #21 (2010), #23 (2009),

Company Headquarters Address: Website: Financials 2212 Fox Dr. http://www.jimmyjohns.com/ Champaign, IL 61820 USA +1-217-356-9900 (Phone) 217-359-2956 (Fax)

News: Franchisor is seeking new franchise units in the following states: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, Midwest, Nebraska, North Carolina, North Dakota, Northeast, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South, South Carolina, South Dakota, Southeast, Southwest, Tennes- see, Texas, Utah, Virginia, Vermont, West, Washington, Wisconsin, West Virginia, Wyoming.

Real Estate Information: REAL ESTATE Trade Area Criteria  Daytime employee population greater than 8,000 within a 3 minute drive time and greater than 20,000 within a 5 minute drive time  Residential population greater than 25,000 within the defined trade area  Median income greater than $40,000  Traffic count in front of the location greater than 25,000 vehicles per day

Where We Build 'Em!  City & urban settings  We love retail areas  Colleges & hospitals love Jimmy John’s

Site Criteria  Pads or out-parcels  Freestanding or end caps with drive-thru  Easy access for both ingress and egress with signalized access preferred  Ample parking  600-1,800 square feet with a minimum of 20’ of frontage  Maximum signage per local codes, including building and monument/pylon signage  Outdoor seating strongly preferred

38 Lease Terms  5 year base term with three 5 year options  No percentage rent or radius restrictions

Shell Condition and Tenant Improvements  400 amp, 120/208 or 120/240 volt, 3-phase, 4 wire electrical service stubbed to a main distribution panel in the premises and furnished with meter, circuit breakers, and disconnect as required by code  1 ton per 200 square feet of HVAC  1 ¼” water line rated at a minimum of 45 psi and 4” sewer line stubbed to the rear of the premises  Gas service, if available  2 ADA restrooms per Jimmy John’s approved blueprints or $15,000 credit  Minimum 10’ ceiling with 13’ + preferred. Drywall finished to the roof deck, taped, sanded, and ready for paint.  All service tap fees, impact fees, meter fees, and development fee paid by the landlord

Include the information below when submitting a site for consideration.  your name  phone  email  address or intersection of the site  brief description of the site

Real Estate Development Team: [email protected] Contact Franchise Info at 1.800.546.6904 [email protected] Jimmy John's Sandwiches Company Headquarters 2212 Fox Drive Champaign, IL 61820

39 Mama Fu’s Asian House Company Summary: Mama Fu's Franchise Group, LLC owns and operates restaurants. It offers lettuce wraps and fresh basil spring rolls, entrée sal- ads, ginger sesame with chicken and Thai shrimp salads, noodle dishes, calamari, pot stickers, basil spring rolls, beef curry rolls, pork and vegetable rolls, and crab rangoons, as well as crispy and steamed dumplings filled with pork, green cabbage, scallions, and ginger. The company also provides takeout and delivery for business meetings and events; and franchise opportunities. It sells its food products online. The company was founded in 2003 and is based in Austin, Texas with locations in Arkansas, Flori- da, North Carolina, and Texas. As of March 11, 2008, Mama Fu's Franchise Group, LLC operates as a subsidiary of Murphy Adams Restaurant Group, LP.

Number of Current Stores (Corporate and Franchise)  ~15

Expansion/ Growth Trends  Store image recently remodeled; holding steady at 13 stores, but plans for 29 new units

Company Headquarters Address: Website: Financials 512 East Riverside Drive, Suite 250 http://www.mamafus.com/ Unknown at this time Austin, TX 78704

News: http://www.mamafus.com/inthenews

Real Estate Information: Site Guidelines for Mama Fu's  2,500 to 3,000 square feet rentable space, plus outdoor seating area  End cap or in-line unit within a strip center  Excellent visibility and access  Adequate parking for restaurant use and take-out  Zoning to accommodate restaurant use and allow for license to serve beer and wine  Strong residential and daytime/employee population If you are a real estate developer, broker, or owner and have available property for consideration, please Click here.

Real Estate Development Team: Unknown at this time

40 MOOYAH Burgers, Fries & Shakes Company Summary: MOOYAH Burgers, Fries, & Shakes is an emerging leader of the “better-burger” fast casual segment. The family friendly menu features made-to-order hamburgers using 100-percent fresh American beef; freshly baked buns, hand- cut French fries made from high quality Idaho potatoes, and handcrafted 100-percent ice cream shakes.

Ranked #1 in Fast Casual’s “2009 Top 100 Movers and Shakers,” MOOYAH, the popular Frisco, Texas based company, offers online and text message ordering, and a cookout trailer for corporate, social and fundraising events. Number of Current Stores (Corporate and Franchise)  ~30

Expansion/ Growth Trends Expanded from 18 to 27 locations in 2011. Aiming for 450 new locations within the next 10 years.

Company Headquarters Address: Website: Financials 5500 Preston Rd http://www.MOOYAH.com Unknown at this time Frisco, CA 75034

News: http://www.mooyah.com/moonews/ October 22, 2012 Mooyah Looking for Franchisee to Expand Brand into Colorado Springs

Real Estate Information: Unknown at this time

Real Estate Development Team: Unknown at this time

41 Noodles & Company Company Summary: Noodles & Company operates and franchises approximately 300 quick-casual restaurants in more than 20 states that specialize in noodle entrees. Its menu items range in style from American to Asian to Mediterranean, and include noodle and vegetable bowls, soups, and green salads with pasta. Most of the eateries are company-owned. Founder Aaron Kennedy, a former brand manager at PepsiCo who opened the first Noodles & Company location in Denver in 1995, owns the company with a group of private investors.

Number of Current Stores (Corporate and Franchise)  257 locations. 43 franchise locations in the U.S. and 214 company owned.

Expansion/ Growth Trends Currently looking for sites in the following markets.

 California  Nebraska  Colorado  North Carolina  D.C. Metro  Ohio  Illinois  Oregon  Indiana  Tennessee  Iowa  Texas  Kansa/ Missouri (Kansas City)  Utah  Michigan  Virginia  Minnesota  Wisconsin  Missouri (St. Louis/ Columbia)

Company Headquarters Address: Website: Financials 520 Zang St., Ste. D http://www.noodles.com/ None identified at this time. Broomfield, CO 80021 USA +1-720-214-1900 (Phone) 720-214-1934 (Fax)

News: None identified at this time.

Real Estate Information: Site Guidelines:  2,500-3,000 square feet with patio availability.  End cap or freestanding.  Strong daytime population.  Median household income $50,000  Power centers, lifestyle centers, neighborhood grocery centers, urban and suburban settings.

42 (San Diego County) (Sacramento ) Brian Hollenback Jeff Drew Jason Gallelli Legend Retail Group Retail Insite - A ChainLinks Company Gallelli Team Real Estate Specialists 5150 E. Yale Circle, Suite 400 12526 High Bluff Drive, Suite 210 1400 Rocky Ridge Drive Denver, CO 80222 San Diego, CA 92130 Suite 150 Phone: (720) 529-2987 Phone: (858) 523-2091 Roseville, CA 95661 Fax: (720) 529-2882 Fax: (858) 523-2095 Phone: (916) 772-1700 Email: [email protected] Email: [email protected] Matt Skalet (Orlando) (Tampa/St Petersburg/Lakeland) KLNB Retail Jason Kaiser JR Dupell 5225 Wisconsin Ave NW, Suite 404 SRS REAL ESTATE PARTNERS 200 THE SHOPPING CENTER GROUP Washington , DC 20015 South Orange Ave., Suite 1300 14502 N. Dale Mabry Highway, Suite 301 Phone: (202) 420-7775 Orlando, FL 32801 Tampa, FL 33618 Fax: (202) 0237-9850 Email: [email protected] Email: [email protected] Email: [email protected] Mobile: (407) 310-3001 Work: (813) 961-1812

(Chicago) (Indianapolis, Bloomington, West Lafa- Dustin Whitehead Marc Rubin, Principal yette, Kokomo) Lockard Companies Cabanban Rubin & Mayberry Commer- Mike Lamb 4501 Prairie Parkway cial Realty 5400 Laurel Springs Parkway Cedar Falls, IA 50613 900 N Franklin, Suite 500 Suite 303-E Phone: (319) 277-8000 Chicago, IL 60610 Suwanee, GA 30024 Email: [email protected] Email: [email protected] Phone: (678) 341-1358 Visit: http://www.crmcr.com Office: (312) 477-0343 Cell: (312) 446-6947 (Kansas City) Andrew Feldman/Ryan Wilner Jeff Pauly Steve Gasperi KLNB Retail PO Box 120187 Block & Company, Inc., Realtors 100 West Road, Suite 505 Grand Rapids, MI 49528 605 W. 47th Street Baltimore, MD 21204 Phone: (608) 516-4165 Suite 200 Phone: (443) 632-2058 Email: [email protected] Kansas City, MO 64112 Fax: (410) 337-4967 Phone: (816) 412-7365 Email: [email protected] Fax: (816) 412-7301 Email: [email protected] (Minneapolis) Tim Bloom/Josh Bloom Patrick Listermann Chris Simmons, Sr. Vice President Bloom Commercial Real Estate North American Dining WELSH COMPANIES, LLC 790 South Cleveland Avenue 1720 South Bellaire St., Ste.1209 900 Second Ave South, Ste 550 Suite 206 Denver, CO 80222 Minneapolis, MN 55402 St. Paul, MN 55116 Phone: (303) 725-9201 Email: [email protected] Phone: (651) 319-5011 Email: [email protected] Visit: http://www.welshco.com Cell: (612) 701-5151 Direct 952-897-7760 Fax: (651) 528-6723 Fax 952-842-7760 Email: [email protected]

43 Patrick Listermann Lance L. Lancaster (Columbus/Cincinnati/Dayton) North American Dining Core Properties Inc. Eric Abroms 1720 South Bellaire St., Ste.1209 831 E Morehead St. Brandt Retail Group Denver, CO 80222 Ste. 445 8044 Montgomery Road, Suite 242 Phone: (303) 725-9201 Charlotte, NC 28202-5109 Cincinnati, OH 45236 Email: [email protected] Phone: (704) 342-0410 Phone: (513) 984-0800 x16 Fax: (704) 342-0704 Email: [email protected] Email: [email protected]

George Macoubray, Broker Charles Warner (Austin) Commercial Realty Advisors NW Baker Storey McDonald Properties Jeff Townsend 733 S.W. 2nd Ave, Suite 200 3001 Armory Drive EDGE REALTY PARTNERS Portland, OR 97204 Suite 250 515 Congress Ave., Suite 2325 Phone: (503) 595-7573 Nashville, TN 37204 Austin, TX 78701 Phone: (615) 620-0535 Email: [email protected] Cell: (615) 339-3595 Work: (512) 660-5050 Email: [email protected] (Houston) Zach Beaudry (Northern Virginia) Jason Baker Coldwell Banker Commercial Andrew Feldman/Ryan Wilner BAKER KATZ 6550 South Millrock Drive, Suite 200 KLNB Retail 3700 Buffalo Speedway, Suite 1020 Salt Lake City, UT 84121 100 West Road, Suite 505 Houston, TX 77098 Phone: (801) 947-8730 Baltimore, MD 21204 Email: [email protected] Fax: (801) 947-8301 Phone: (443) 632-2058 Work: (713) 621-2900 Ext #104 Email: [email protected] Fax: (410) 337-4967 Email: [email protected]

(Richmond) Sandy Golden Connie Jordan Nielson CB Richard Ellis Cushman & Wakefield | Thalhimer 777 E. Wisconsin Avenue 11100 West Broad Street Milwaukee, WI 53202 Glen Allen, VA 23060 Phone: (414) 274-1639 Phone: (804) 697-3569 Fax: (414) 273-4362 Cell: (804) 363-6000 Email: [email protected] Email: [email protected]

44 Orange Leaf Frozen Yogurt Company Summary: Based in Oklahoma City, Orange Leaf Frozen Yogurt was founded in 2008 and began franchising a year later. Each Orange Leaf location offers self-serve frozen yogurt with a rotating selection of flavors and a toppings bar.

Number of Current Stores (Corporate and Franchise)  227 locations. 210 U.S. franchise locations and 15 company owned.  126 stores coming soon, per companies website.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #156 (2013), #359 (2012), Fastest-Growing: #20 (2013), #71 (2012), Top New: #3 (2013), #34 (2012),

Company Headquarters Address: Website: Financials Orange Leaf Corporate Offices http://orangeleafyogurt.com/contact None identified at this time. 14201 Caliber Dr, Suite 200 Oklahoma City, Oklahoma 73134

News: None identified at this time.

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

45 Panda Restaurant Group (Parent Company of Panda Express, Panda Inn, Hibachi-San) Company Summary: This Panda certainly has food on its mind. Panda Restaurant Group is a leading quick-service restaurant operator with more than 1,500 Panda Express locations in more than 40 states, Puerto Rico, and Mexico. The chain offers Asian-themed food primarily in high-traffic locations, including malls, airports, and sporting arenas. The company also runs almost 30 mall-based Hibachi-San outlets that offer a quick-service Japanese grill menu. For patrons looking for full-service dining, Panda Restaurants has a hand- ful of Panda Inn branded units in California. The company is owned by the family of co-chairman Andrew Cherng, who opened the first Panda Inn location in 1973.

Number of Current Stores (Corporate and Franchise) 1,500+ (No franchising available)

Expansion/ Growth Trends Growing Fast: Panda is aggressively seeking new locations.

Company Headquarters Address: Website: Financials 1683 Walnut Grove Avenue http://www.pandarg.com/ Annual revenues exceeding $1.5 Billion Rosemead, CA 91770-3711

News: http://www.pandarg.com/News/ http://www.pandaexpress.com/company/#press September 10, 2012 1500th Panda Express Marks Entry in Memphis

Real Estate Information: Click here for our site criteria. If you are a developer, real estate broker or landlord and would like to submit a site for considera- tion, please email [email protected]

Real Estate Development Team: Dave Rittenberry, Executive Director of Real Estate (Roy Blessing a contact of LinkedIn)

46 Pei Wei Asian Diner (Subsidiary of P.F. Chang’s Bistro) Company Summary: Pei Wei Asian Diner, Inc. operates a chain of restaurants in the United States. Its menu includes soups, salads, noodles, spring rolls, and rice in Vietnamese, Korean, Thai, Japanese, and Chinese flavors. The company was incorporated in 1999 and is based in Scottsdale, Arizona with a location in Indianapolis, Indiana. Pei Wei Asian Diner, Inc. operates as a subsidiary of P.F. Chang's China Bistro, Inc.

Number of Current Stores (Corporate and Franchise)  170+ in 20 states (no franchising available within the US)

Expansion/ Growth Trends  Slow, steady growth

Company Headquarters Address: Website: Financials 7676 E. Pinnacle Peak Rd. http://www.peiwei.com Pei Wei: $1.8 Mil in Revenue in 2011 Scottsdale, AZ 85255 P.F. Changs: $1.24 Bil Revenue in 2011

News: http://www.pfcb.com/InvestorNewsReleases.html

Real Estate Information: Trade Area: Active trade sites must be conveniently located in neighborhoods or lifestyle centers that accommodate everyday activities. The- se may include high-volume or upscale grocery stores, specialty and convenient retail, and similar National quick-casual restau- rants.

Pei Wei is searching for development opportunities in the following areas:  Active trade area (3-mile radius) with above average daytime and residential density  Above average median income relative to the Metropolitan Statistical Area  Able to support $10.00 ppa  Ideal traffic counts are 30 – 50K CPD  Easy ingress/egress, near traffic lights, left turn-in, left turn-out preferred; convenient and ample parking adjacent to restau- rant (at least 50-60 spaces in the immediate area)

Site Criteria: The interior atmosphere instantly conveys quality and comfort. Ingredients sizzle and exotic aromas stream from the exhibition kitchen, while vibrant red floors, suspended wood beams and custom millwork combine to promise an experience consistent with the quality of the food  Site requirements include, but are not limited to:  End-cap, free standing, or multi-tenant out parcel building only  Excellent visibility to main roads  Easy access at peak hours from thoroughfare  Convenient and available parking for 70 seats and 18 employees (50-60 spaces). Four to six spaces designated 'short term' for Take Away Guests.  Minimum space dimensions – at least 40 feet wide  Minimum height – 14 feet (floor to full clearance at ceiling)

Real Estate Development Team: Per “Career Search” on P.F. Chang’s website, they offer positions for professionals in “Construction,” “Architectural Services,” and “Real Estate.” Currently hiring a “Vice President of Real Estate” responsible for managing a team of Real Estate Directors. Job description below:

You will analyze and execute site selection plans, as well as manage broker relationships to deliver the quantity and quality of sites to meet our growth plans. You will ideally be experienced in strategic market development and willing to travel up to 75% of the time.

47 Potbelly Sandwich Works LLC Company Summary: Potbelly is the neighborhood sandwich shop that is defined by its combination of toasty warm sandwiches, hand-dipped shakes, to order salads, live local music, as well as friendly and lively people. Potbelly has built a passionate, loyal following of fans who spread the word about the fun, energetic atmosphere and great food. We offer a unique franchise opportunity with over 30 years of experience building a strong brand while creating a balance between work and family life.

Number of Current Stores (Corporate and Franchise)  270 company owned units.  5 franchise owned units.

Expansion/ Growth Trends

Company Headquarters Address: Website: Financials 222 Merchandise Mart Plaza, 23rd Floor http://www.potbelly.com/ Chicago, Il 60654

News: Potbelly sandwich hires banks for 2013 IPO: http://www.reuters.com/article/2012/11/02/us-potbellys-ipo- idUSBRE8A116P20121102 , a restaurant chain that sells submarine sandwiches and shakes, has hired bankers for a potential initial public offering next year, according to people familiar with the matter.

Real Estate Information:

Real Estate Development Team: Mike Walters: Franchise Zone Manager 222 Merchandise Mart Plaza, 23rd Floor Chicago, Il 60654 312-951-0600 312-276-4438

Jan Fiola Zone Real Estate Manager at Potbelly Sandwich Works  Roy Bessing, Dave Macdonald, Andrew Barnett, Kurt Lorenz, David DeBlasio are all Linked In connections.

Charles Tanner Director of Construction at Potbelly Sandwich Works  Kurt Lorenz is a Linked In connection.

48 (Qdoba Restaurant Corporation) Company Summary: Fresh, made-to-order Mexican food is on the menu at Qdoba Restaurants. The company operates Qdoba Mexican Grill, the #2 quick-casual Mexican chain behind market leader Chipotle Mexican Grill, with about 500 locations in 40 states. The eateries offer a selection of signature burritos, along with tacos, salads, nachos, and breakfast items. Patrons can also choose from nearly a dozen fresh salsas and sauces to complement their entrees. More than 150 of the restaurants are company-owned, while the rest are franchised. Qdoba is owned by hamburger chain operator Jack in the Box.

Number of Current Stores (Corporate and Franchise)  609 locations. 303 U.S. franchise locations and 306 company owned.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #105 (2013), #90 (2012), #95 (2011), #102 (2010), #94 (2009), Fastest-Growing: #76 (2009), America's Top Global: #77 (2012), #80 (2011), #84 (2010),

Company Headquarters Address: Website: Financials 4865 Ward Rd., Ste. 500 http://www.qdoba.com/ None identified at this time. Wheat Ridge, CO 80033-1902 USA +1-720-898-2300 (Phone)

News: None identified at this time.

Real Estate Information: Qdoba Real Estate Information http://www.qdoba.com/realestate Site Requirements:  High visibility end-cap and freestanding locations between 2200 and 2400 square feet. Smaller spaces can be considered on an exception basis and will be evaluated based on business day part analysis and ability to augment interior seating with patio or food court style seating.  In-line locations only considered with distinguishing architectural features, exceptionally strong co-tenancy or urban, high density demographics.  Maximum of 100 feet from main traffic road or primary entrance into the shopping center.  Minimum frontage of 30 feet at a maximum depth of 80 feet.  High concentration of daytime population with a target of 10,000 or greater within a one mile radius.  Residential population target of 15,000 or greater within a one mile radius.  Median household income in the top 30% for the MSA  Per capita income 20% greater than MSA average.  Prefer power retail generators as co-tenants including large or high end grocery and general merchandise, multi-plex movie theaters, “Lifestyle” centers and select Malls.  Minimum 30,000 daily vehicle counts on primary traffic leg.  Maximum signage and trade dress as allowed by local code with ability to secure tenant panel on common pylon/monument sign.  Must have exclusivity in the Mexican, fast casual category, for the shopping center or mall  Must have the ability to obtain beer and wine license within the development.

Qdoba Real Estate Development Contact List http://www.qdoba.com/downloads/Qdoba-Real-Estate-Contacts-Corporate- Markets.pdf

Qdoba Real Estate Guidelines http://www.qdoba.com/downloads/Qdoba-Real-Estate-Brochure.pdf

Real Estate Development Team None identified at this time.

49 Quiznos (The Quiznos Master LLC) Company Summary: Quiznos wants to be the toast of the sandwich world. The Quiznos Master operates the #2 sub sandwich chain (behind Subway). Quiznos quick-service restaurants are popular for their made-to-order, oven-toasted sandwiches. Patrons can choose from a variety of signature or custom-made subs, wraps, salads, sub sliders, and flatbreads. The company has locations in all 50 states and more than 25 countries. Quiznos started getting toasty in 1981 as a single Denver area restaurant. Avenue Capital Group became majority owners in early 2012 after a debt-for-equity deal.

Number of Current Stores (Corporate and Franchise)  2,795 locations. 2,137 U.S. franchise locations, 5 company owned locations.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #50 (2009), Low-Cost: #13 (2009), America's Top Global: #44 (2009),

Company Headquarters Address: Website: Financials 1001 17th St., Ste. 200 http://www.quiznos.com None identified at this time. Denver, CO 80202 USA +1-720-359-3300 (Phone) 720-359-3399 (Fax)

News: Quiznos overhauls brand, menu: https://ownaquiznos.com/index.php?action=view&id=54&itemid=19 Quiznos has launched a new branding campaign, called "QRAVE Quiznos," in addition to menu enhancements, franchisee re- sources and more.

These strategies are part of Quiznos' larger, long-term strategy to elevate the profile of the brand globally and drive additional restaurant traffic for its franchise owners.

QRAVE Quiznos is already being rolled out through a combination of national and local television, print and digital advertise- ments, as well as an aggressive direct marketing, public relations and social media engagement program. Specifically, the cam- paign spotlights new Quiznos menu items and was designed to raise awareness and drive traffic into restaurants. Quiznos also introduced new resources for franchise owners, including in-person and online continuing education programs and comprehensive guides for the implementation of the many BTE product and customer experience enhancements.

Real Estate Information: The Ideal Quiznos Sub Location Has:  Great Visibility  Strong mix of population density and traffic  Daytime population  Residential population  Pedestrian traffic  Auto traffic  Great access and ample parking The Ideal Quiznos Sub Space Has:  1,000 to 1,600 square feet  Ideal frontage of 20 to 25 feet The Ideal Quiznos Sub is Located Near or In:  High identity storefronts in areas of heavy traffic  Central Business Districts  Regional Malls

50  Airports  Free standing or shared pad buildings  Strip centers  Strong communities or neighborhoods  Stadiums  Hospitals The Ideal Quiznos Sub Lease Has:  5 or 10 year primary lease term with one or two 5-year options  Minimum of 15 years total term Quiznos Sub Standard Vanilla Shell delivery or equivalent in tenant improvement allowance

Real Estate Development Team None identified at this time.

51 Rubio’s Fresh Mexican Grill Company Summary: After first tasting a fish taco in San Felipe, Mexico, Ralph Rubio returned to San Diego to hand-craft his own recipe and intro- duced America to the fish taco. Since 1983, Rubio's has served delicious fish tacos and fresh Mexican food for customers.

Number of Current Stores (Corporate and Franchise) 200+ (Franchising not available)

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials 1515 Arapahoe St. Tower 1, 10th Floor http://www.rubios.com Unknown at this time Denver, CO 80202

News: http://www.rubios.com/company/pressreleases

Real Estate Information: Unknown at this time

Real Estate Development Team: Unknown at this time

52 Schlotzky’s (Subsidiary of FOCUS Brands, Inc) Company Summary: Since 1971, Schlotzsky’s has been the home of The Original® toasted sandwich. The menu has evolved with customers’ tastes to include the highest quality sandwiches, pizzas, salads, and soups available today. With more than 350 locations worldwide, Schlotzsky’s is the fast-casual choice for a quick, healthful, and fresh dining experience. Schlotzsky’s is enjoyed around the world, with restaurants in Turkey, Azerbaijan, China, South Africa, Costa Rica and Kuwait. Schlotzsky’s is owned by FOCUS Brands Inc.®, the franchisor and operator of more than 3,300 ®, ®, Schlotzsky’s®, Moe’s Southwest Grill® and Auntie Anne’s® locations and Seattle’s Best Coffee® on certain military bases and in international markets.

Number of Current Stores (Corporate and Franchise)  300+

Expansion/ Growth Trends  Growth primarily through franchising

Company Headquarters Address: Website: Financials 301 Congress Ave http://www.schlotzskys.com/ Unknown at this time Austin, TX 78701 http://focusbrands.com/ Filed for bankruptcy in 2004

News: http://schlotzskys.wordpress.com/

Restaurant Chain Coming: Schlotzsky’s likes taste of SoCal. Schlotzksy’s, a fast casual operator, plans to open about 200 restaurants across the region, creating more than 7,000 jobs. And the company is quickly moving forward with its expansion plan. It struck a deal with franchisee for 170 stores two weeks ago and had previously signed one for 25.

“that is moving very quickly. We’ve had a team there for two weeks identifying sites and negotiating leases. At this point it’s all about finding real estate,” company CEO Killy Roddy said of the newest deal with franchisee Moe Vazin.

Schlotzsky’s currently has six stores in Southern California but hopes to opoen its first under the expansion by July, and it may take up to 10 years for the full build-out, Roddy said.

The company started as a single store in Austin and today there are about 350 worldwide with most of the U.S. stores in the Southeast and Midwest. The company serves a variety of sandwiches, salads and pizza and is noted for its freshly baked buns that are toasted.

The Southern California restaurants will be scattered throughout Los Angeles, Orange and Ventura counties and the Inland Em- pire. Each will feature a new, contemporary design and an upgraded service model that has workers delivering food to tables. The restaurants will be co-branded with Cinnabon and Carvel, offering treats from the dessert brands.

Robert Kleinhenz, chief economist at the Kyser Center for Economic Research in Los Angeles, said this is a good time for a move into the Southern California market. Retail vacancy rates at the end of the fourth quarter ranged from 10.2 percent in the Inland Empire to 6 percent in Los Angeles county. The retail sector is improving, too. Last month the sector added 323,000 jobs over the past 12 month and that trend holds for the state and region, he said.

Real Estate Information: Sharing real estate with Carvel, Cinnabon, Moe’s Southwest Grill, Auntie Anne’s, and Seattle’s Best Coffee in many locations.

Real Estate Development Team: Unknown at this time

53 Sheetz, Inc. Company Summary: Sheetz operates more than 430 convenience stores throughout six states: Pennsylvania, Maryland, Ohio, Virginia, West Virginia and North Carolina. In its stores, Sheetz sells everything from made-to-order salads to freshly baked goods to discount ciga- rettes. Founded by Bob Sheetz in 1953, the company remains family owned and operated.

Number of Current Stores (Corporate and Franchise)  437 Total

Expansion/ Growth Trends  Expanding rapidly in Eastern U.S.

Company Headquarters Address: Website: Financials 5700 6th Ave http://www.sheetz.com/ $5.75 Billion in Revenue in 2012 Altoona, PA 16602

News: October 31 2012. Sheetz Opens Its First Dual-Lane Drive Thru: http://www.cspnet.com/news/general-merchandise/articles/ sheetz-opens-its-first-dual-lane-drive-thru “Sheetz Inc. opened its 430th store/convenience restaurant in Blairsville, Pa., on October 25. The new store will feature the com- pany's first dual-lane drive-thru.“ February 27, 2013 Sheetz Proves That Liquor Privatization Can Work in Pennsylvania February 14, 2013 Sheetz Hits Milestone of 50 Stores in North Carolina Expansion Plan as New Store Opens Today in Wake Forest December 06, 2012 Sheetz to Open 42nd West Virginia Store in Clarksburg November 13, 2012 Sheetz to Open 225th Pennsylvania Store in Sewickley October 25, 2012 Sheetz Opens New Location in Blairsville, PA; First Ever Duel-Lane Drive-Thru

Real Estate Information: Real Estate Phone: (814) 941-5106

Real Estate Development Team: Not known at this time

54 Smashburger Company Summary: Smashburger thinks its burgers are a smash, but that's not where it gets its name. A franchisor of the Smashburger quick-casual restaurant chain, the company boasts more than 50 restaurants in the western and central US. Its restaurants serve standard hamburger and fries fare, as well as hot dogs, salads, chili, veggie sides, and, in some markets, beer and wine. While it features fast-food-like walk-up counters, the chain offers fresh burgers cooked to order using a technique that involves "smashing" balls of hamburger meat onto a griddle to sear the meat. Smashburger was founded in 2007 by CEO David Prokupek and Tom Ryan, who are affiliates of Consumer Capital Partners, the company's largest shareholder. Forbes recently listed Smasburger “America’s Most Promising Company”

Number of Current Stores (Corporate and Franchise)  ~150

Expansion/ Growth Trends  Expanding into many urban areas

Company Headquarters Address: Website: Financials 1515 Arapahoe St Tower 1, 10th Floor http://www.smashburger.com Unknown at this time Denver, CO 80202

News: http://smashburger.com/category/press-releases/ http://smashburger.com/category/better-burger-buzz/ February 19, 2013 SMASHBURGER WRAPS UP RECORD YEAR WITH 36% NEW UNIT GROWTH, FIRST INTERNATIONAL LOCATIONS IN 2012 January 30, 2013 Smashburger Introduces New Restaurant Design

Real Estate Information: Markets Available for Development  Arkansas: Little Rock  California: Los Angeles — San Francisco/San Jose/Oakland — Sacramento — Fresno  Canada: Toronto, Quebec, Montreal, Alberta, Ontario, Vancouver, Ottawa, Winnipeg  Colorado: Mountain Regions  Delaware  Florida: Tampa/St. Petersburg — Miami/Ft. Lauderdale — Orlando/Daytona Beach — Palm Beach  Illinois: Chicago  Indiana: Indianapolis  Maryland: Baltimore  Massachusetts: Boston  Minnesota: Minneapolis/St.Paul  Missouri: Kansas City — St. Louis  Nebraska: Omaha  New Mexico: Albuquerque/Santa Fe  New York: Upstate  North Carolina: Raleigh / Durham — Greensboro/Salem  Ohio: Cleveland — Columbus  Oregon: Portland  Pennsylvania: Pittsburgh — Lancaster/Harrisburg

55  Rhode Island: Providence  South Carolina: Greenville/Spartanburg  Tennessee: Memphis  Texas: San Antonio  Utah: Salt Lake City  Virginia: Norfolk/Virginia Beach/Newport News — Richmond  Washington: Seattle/Tacoma  Wisconsin: Milwaukee

Trade Area Characteristics Major Metropolitan Market Preferences  Traffic Count: > 50,000 Cars Daily  Employees (3 Mile Radius): > 75,000  Population (3 Mile Radius): > 75,000

Secondary Market Preferences  Traffic Count: > 30,000 Cars Daily  Employees (3 Mile Radius): > 40,000  Population (3 Mile Radius): > 50,000  Average Household Income (3 Mile Radius): $60,000  Proximity to QSR Burger, Adult Casual Burger, & Fast Casual Competitors

Site Characteristics  Size: Typically 1,600 – 2,200 Square Feet  Building Type: End Cap / In-Line Location  Parking: Minimum 16 Spaces, Preferred 20-25  Seating: 40-70 Interior with Exclusive Patio as Available  Full Dress Trade Package and Signage

Construction Minimums  Electrical: 400 AMPS (120/208 V)  Gas: 2.5″ Gas Line, Minimum 2 Million BTU  Water: Per Code, 1.5″ Service Minimum  Grease Trap: Per Code, Installed  HVAC: 1 Ton per 150 SF, Approximately 10-12 Tons

Real Estate Development Team: Smashburger currently has a team of “Construction Project Associates” who report to the VP of Construction. Job description includes all planning, zoning, and permitting pre-construction work.

56 Sonic Drive In Restaurants (NASDAQ:SONC) Company Summary: Sonic Corp. (Sonic) operates and franchises chain of drive-in restaurants (Sonic Drive-Ins) in the United States. The Company operates in two segments: Company Drive-Ins and Franchise Operations. Sonic Drive-Ins feature Sonic signature items, such as specialty drinks, including cherry limeades and slushes, ice cream desserts, made-to-order sandwiches and hamburgers, six- inch premium beef hot dogs, foot-long quarter pound chili cheese coneys, hand-battered onion rings and tater tots. Sonic Drive- Ins also offer breakfast items that include sausage or bacon with egg and cheese Breakfast Toasters and a variety of breakfast burritos. Sonic Drive-Ins serve the full menu all day. As of August 31, 2011, the Sonic system was consisted of 3,561 drive-ins, of which 13% were Company Drive-Ins and 87% were Franchise Drive-Ins. During the fiscal year ended August 31, 2011 (fiscal 2011), it opened 43 Sonic Drive-Ins, which consisted of three Company Drive-Ins and 40 Franchise Drive-Ins.

Number of Current Stores (Corporate and Franchise)  3,442 locations. 3,005 U.S. franchise locations, 438 company owned.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #52 (2013), #80 (2012), #22 (2010), #4 (2009), Fastest-Growing: #13 (2010), #29 (2009), America's Top Global: #4 (2009),

Available Markets  California - Fresno DMA, Palm Springs area, and Ventura  Missouri - St. Louis county  Nevada - Reno  Colorado  New York - New York City DMA  Connecticut  North Carolina - Durham, Greensboro, Raleigh/Durham  Florida - except for Miami/Broward  Ohio  Georgia - Atlanta  South Carolina - Charleston, Greenville, Spartanburg  Idaho  Texas - Laredo  Illinois  Washington  Iowa  Washington, DC and surrounding counties  Kentucky - Louisville, and Eastern Kentucky  West Virginia  Louisiana - New Orleans  Wisconsin  Massachusetts  Wyoming  Michigan  Minnesota

Company Headquarters Address: Website: Financials 300 Johnny Bench Drive http://www.sonicdrivein.com/ $626.39 Million OKLAHOMA CITY, OK 73104 9.05 Sales United States - Map 1.48 Operating Profit. +1-405-2255000 (Phone)

News: None identified at this time.

Real Estate Information: Minimum Requirements to own a Sonic:  The term of a SONIC franchise is 20 years, plus a 10-year renewal.  The franchise fee is $45,000, with a total initial investment ranging from $710,000 to $3 million.  You must have prior or current successful restaurant experience and/or strong entrepreneurial skills.  Royalty fees are 4 to 5 percent; advertising fees are 5.9 percent.  A standard layout with 16 to 22 stalls requires approximately two-thirds of an acre.  We are only accepting franchisees who are financially and operationally qualified to open 2 or more drive-ins.

57

Financial Requirements Are:

Liquidity Net Worth

2 Stores $1,000,000 $1,000,000

3 Stores $1,500,000 $1,500,000

5+ Stores $2,000,000 $2,000,000

Real Estate Development Team None identified at this time.

58 Steak ’n Shake Company Summary: Gus Belt opened the first Steak n Shake in 1934 in the town of Normal, Illinois. Franchising began in 1945. The menu consists of the company's signature steakburgers (which Belt used to grind from round, sirloin and T-bone steaks right in front of his custom- ers) and hand-dipped milk shakes, along with sandwiches, hot dogs, salads and sides.

Number of Current Stores (Corporate and Franchise)  83 franchised units and 414 company owned stores.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #150 (2013),

Company Headquarters Address: Website: Financials 36 S. Pennsylvania Street, Suite 500 http://www.steaknshake.com/ Bilgari Holdings Indianapolis, IN 46204

News: Steak ‘n shake hopeful Signature will drive franchise growth. http://nrn.com/archive/steak-n-shake-hopeful-signature-will-drive-franchise-growth “The Indianapolis-based chain debuted the inaugural Steak ’n Shake Signature location in New York on Jan. 12, adjacent to the Ed Sullivan Theater, home to “The Late Show with David Letterman.” The brand’s new quick-service concept differs from “classic” Steak ’n Shake locations chiefly in its counter-service-only format and limited menu of the chain’s staples, like steakburgers, fries and milk shakes. The New York Signature operation also serves beer and wine.”

Biglari Holdings: Steak ‘n Shake franchise expenses lower 3Q profit. http://nrn.com/latest-headlines/biglari-holdings-steak-n-shake-franchise-expenses-lower-3q-profit “Expenses were higher for several reasons, one of the most significant arising from our efforts to franchise the Steak ‘n Shake concept,” the company said in a statement. “Steak ‘n Shake's revenue from franchise fees was up 20 percent in the third quarter in part because we devoted resources to the franchising business.”

Real Estate Information: Franchise Sales [email protected]

Real Estate Development Team: Not identified at this time.

59 Subway (Doctor's Associates Inc.) Subway is an American restaurant franchise that primarily sells submarine sandwiches (subs) and salads. It is owned and oper- ated by Doctor's Associates, Inc. (DAI). Subway is one of the fastest growing franchises in the world with 37,881 restaurants in 98 countries and territories as of November 7, 2012.[1] It is the largest single-brand restaurant chain globally and is the second largest restaurant operator globally after Yum! Brands(over 37,000 locations).

Subway's main operations office is in Milford, Connecticut; five regional centers support Subway's growing international opera- tions. The regional offices for European franchises are located in Amsterdam, Netherlands; the Australia and New Zea- land locations are supported from Brisbane, Australia; the Asian locations are supported from offices located in Beirut, Lebanon, Malaysia, Singapore and India and the Latin America support center is in Miami, Florida.

Number of Current Stores (Corporate and Franchise)  37,199 locations. 25,370 U.S. locations, 0 company owned.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #2 (2013), #2 (2012), #9 (2011), #1 (2010), #1 (2009), Fastest-Growing: #1 (2013), #2 (2012), #3 (2011), #2 (2010), #2 (2009), America's Top Global: #2 (2012), #7 (2011), #1 (2010), #1 (2009),

Company Headquarters Address: Website: Financials: 325 Bic Dr. http://subway.com/ $626.39 Million Market Cap Milford, CT 06461-3059 9.05 Sales USA 1.48 Operating Profit +1-203-877-4281 (Phone)

News: Forbes the top 10 Fast Growing Franchise Chains that Powered Through the Recession: http://www.forbes.com/sites/ caroltice/2012/05/09/the-top-10-fast-growing-franchise-chains-that-powered-through-the-recession/ For popular concepts with access to capital for expansion, a recession can be a bonanza. Prime real-estate locations come back on the market, and tenant-hungry landlords are willing to pay more for tenant improvements and cut lower-cost lease deals. Subway spokesman Les Winograd says the sandwich chain’s positioning as a healthier fast-food alternative helped it advance during the down years. What drove the growth — was it the cheaper real estate, more available prime locations, more agreeable landlords? “Yes, yes, and yes,” Winograd replied.

Another factor in Subway’s favor is its relatively low startup cost for new franchisees, due in part to the fact that the concept re- quires no chefs, stoves or fryers. The franchise fee is just $15,000 and a traditional restaurant can be opened for around $250,000, where many fast-food chains require upwards of $750,000 or more.

When you’re already ubiquitous, where do you add more restaurants? A spreadsheet provided by the company shows growth was almost evenly split between domestic and overseas initiatives. The company is now in 100 countries, and top recession-era growth markets abroad were Brazil (more than 400 new stores), Germany, Australia, Mexico, France, China, Russia, and India, in that order.

The chain also looked for “white space” on the map — points lacking a big green-and-yellow Subway sign, that is — in markets where it’s already a major presence, says Winograd. People will only drive so far for a sub sandwich, so in-filling existing markets was big, too.

California may have been one of the hardest-hit states in the depression, but it was Subway’s top expansion market in 2008- 2010 with 459 new stores, followed by Texas and New York. Hard times also mean people looking for more affordable dining options, a shift where Subway is well-placed to benefit. Another edge Subway had in the tough times is a focus on “nontraditional” locations, many of which don’t take up much space. These alternative locales are now 20 percent of Subways new openings. There are Subways now on college campuses, inside a church, at car dealerships, and in several bowling alleys, Winograd notes.

60 Food Service News 2/27/13 http://foodservice.csnews.com/top-story-sandwich_chains_find_c_stores_seasoned_for_expansion- 1426.html But increasingly, customers enter the store and make a beeline for the sandwich chain franchise located inside. Well-known brands such as , Subway and Quiznos are all targeting the convenience channel for expansion. More than one-third of Blimpie’s submarine sandwich shops currently operate out of a c-store, and that percentage is only likely to grow as more than half of all Blimpie franchises sold since 2011 have also been c-store locations, according to the company. Meanwhile, Subway, which topped the Franchise Direct Top 100 Global Franchises Rankings for 2012, has focused heavily on c -store expansion in recent years, and Quiznos' goal for last year was to add 80 locations or more inside convenience stores and other non-traditional venues.

Subway franchises have also succeeded inside c-stores in more rural areas that might not be able to support a freestanding restaurant, Morrow added, noting that this has allowed the sandwich chain to expand in areas it couldn’t go otherwise. One thing retailers don't need to worry about is whether they're located in a geographic area where the sandwich chains are looking to expand in. All of the company representatives agreed that they're ready to open wherever there's a market, throughout the United States and even beyond its borders.

Real Estate Information: Franchise Information http://www.subway.com/subwayroot/Own_a_Franchise/default.aspx Subway corporate will provide detailed blueprints from their Store Design team as well as recommended contractors that other owners in each area have used. The franchisee is responsible for hiring a contractor to build in their location.

Real Estate Development Team None identified at this time.

61 Taco Bell (Taco Bell Corp.) and Yum! Brands (NYSE:YUM) Company Summary: As of December 31, 2011, Taco Bell operated in 27 countries and territories throughout the world. As of December 31, 2011, there were 5,670 Taco Bell units in the United States, and 275 units in YRI. Approximately 21% of the United States units and 1% of the YRI units are concept-owned. Taco Bell specializes in Mexican-style food products, including various types of tacos, burritos, gorditas, quesadillas, salads, nachos and other related items. Taco Bell units feature a bell logo on their signage.

Yum! Brands, Inc. (YUM), incorporated in 1997, is a quick service restaurant (QSR) company based on number of system units, with approximately 37,000 units in more than 120 countries and territories. The Company through its three concepts of KFC, and Taco Bell (the Concepts), develops, operates, franchises and licenses a worldwide system of restaurants, which prepare, package and sell a menu of priced food items. Units are operated by a Concept or by independent franchisees or licen- sees under the terms of franchise or license agreements. In addition, YUM owns non-controlling interests in Chinese entities who operate in a manner similar to KFC franchisees, as well as a non-controlling interest in Limited (Little Sheep), a casual dining concept in Inner Mongolia, China. The Company operates in five segments: YUM Restaurants China (China or China Division), YUM Restaurants International (YRI or International Division), Taco Bell U.S., KFC U.S. and Pizza Hut U.S. In December 2011, the Company sold the Long John Silver's (LJS) and A&W All-American Food Restaurants (A&W) brands. On February 1, 2012, it acquired Little Sheep.

As of December 31, 2011, the International Division, based in Dallas, Texas, consisted of approximately 14,500 system restau- rants, primarily franchised and Pizza Huts, operating in over 120 countries outside the United States. The Company has approximately 1,500 suppliers.

Number of Current Stores (Corporate and Franchise)  5,896 locations. 4,389 U.S. franchise locations, 1,247 company owned.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #20 (2012), #45 (2010), #20 (2009), Fastest-Growing: #20 (2012), America's Top Global: #18 (2012), #39 (2010), #19 (2009),

Company Headquarters Address: Website: Financials 1441 Gardiner Lane http://www.tacobell.com/ Yum! Brands Market Cap on 2/26/13: LOUISVILLE, KY 40213 29.19B United States +1-502-8748300 (Phone) +1-502-4542410 (Fax)

News: Yum Brands Message for Investors “Results for 2011 reaffirmed our consistent record of success with 14 percent Earnings Per Share (EPS) growth, which marks the tenth straight year we delivered at least 13% growth and exceeded our 10% EPS growth target. For the full year 2011, we opened a record 1,561 new restaurants outside the U.S. and grew worldwide system sales by 7% prior to foreign currency trans- lation. Importantly, we expanded our Return on Investment Capital (ROIC) to over 22% and continued to be an industry leader.”

“U.S. Division same-store sales increased 5% for the year, including growth of 8% at Taco Bell, 3% at Pizza Hut and 3% at KFC. In the fourth quarter, same-store sales increased 3%, driven by growth of 5% at Taco Bell, 4% at KFC and offset by a decline of 1% at Pizza Hut.”

“We're a company committed to consistent growth, and a key component of our growth strategy is restaurant development. Be- tween company and franchise operations, we expect to add over 350 ground up projects to our U.S. system annually. De- velopment teams within each Brand are responsible for their own U.S. real estate and construction activities. It's the mission of these teams to provide our customers with the most convenient, desirable and accessible restaurant locations across the coun- try.”

62 Real Estate Information: Yum Brands Optimal Site Criteria http://www.yum.com/company/realestate/criteria.asp Yum Real Estate http://www.yum.com/company/realestate/contacts.asp

Real Estate Development Team Brian Cahoe Merri Mlincek Brian Riggs Sr. Director, Development Director, Franchise Development Nat’l Director, Construction & Facilities 502/874-2226 502/874-6449 502/874-8596 [email protected] [email protected] [email protected]

Heather Johnson Sue Harrod Susan Burton Franchise Development Leader Lease, Portfolio & Excess Property Real Estate / Franchise Recruiting 502/874-8626 502/874-8584 502/874-8201 [email protected] [email protected] [email protected]

63 Taco John’s (Taco John's International, Inc.) Company Summary: Taco John's International operates and franchises more than 420 Mexican fast-food restaurants in about 25 states. The eateries feature burritos and tacos, along with quesadillas, nachos, and a selection of breakfast items. Found mostly in smaller markets of the Midwest and West, more than 97% of the locations are run by franchisees. John Turner started the business when he opened his Taco House in Cheyenne, Wyoming; partners James Woodson and Harold Holmes later purchased the franchise rights and changed the name to Taco John's.

Number of Current Stores (Corporate and Franchise)  416 locations. 407 U.S. franchise locations, 9 company owned locations.

Growth Opportunities

 Colorado  Kentucky  North Dakota  Idaho  Minnesota  South Dakota  Illinois  Missouri  Tennessee  Indiana  Montana  Washington  Iowa  Nebraska  Wisconsin  Kansas  Nevada  Wyoming

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #162 (2012), #152 (2009),

Company Headquarters Address: Website: Financials 808 W. 20th St. http://www.tacojohns.com/ None identified at this time. Cheyenne, WY 82001 USA +1-307-635-0101 (Phone) 307-638-0603 (Fax)

News: Taco John’s Named in QSR’s 50 Contenders: http://www.tacojohns.com/aboutus/news/NewsDetail85.cfm?Id=30 “Want to know which 15 brands are knocking on the QSR 50's door? Some are old favorites, others are new to the list, but they're all trying their hardest to climb their way into the Top 50 ranks… Taco John’s winged it last fall, to extremely positive results. The West-Mex chain enjoyed a $15 million boost in sales over 2010, thanks primarily to three varieties of wings that joined the menu in late October. Though originally intended to be a limited-time offer, wings increased sales so significantly, they may earn a permanent spot in the chain’s starting line-up.” Read more about quick-service and fast-casual restaurants that made the contenders list.

Real Estate Information: http://www.tacojohns.com/aboutus/factsheet/

Real Estate Development Team None identified at this time.

64 Tim Horton’s (NASDAQ: THI) Company Summary: Tim Horton’s Inc. is a quick service restaurant chain in North America. The Company's offerings includes premium coffee, fla- vored cappuccinos, specialty teas, home-style soups, fresh sandwiches, wraps, hot breakfast sandwiches and fresh baked goods, including its trademark donuts. The Company's primary business model is to identify and franchise restaurant locations. As of January 2, 2011, 99.5% of its systemwide restaurants were franchised or run by independent operators. The Company also directly owns and operates a small number of corporate-run locations. The Company's business model also includes verti- cally integrated businesses, including warehouse and distribution operations that supply goods to its Canadian restaurants. The Company has two segments: Canada and the United States. On October 29, 2010, the Company sold its 50% joint venture inter- est in Maidstone Bakeries, which provide certain bread, pastries, donuts and Timbits to its system restaurants.

Number of Current Stores (Corporate and Franchise)  4,000+

Expansion/ Growth Trends  98 new US restaurants in 2012 (54 in Q4); 159 new Canadian restaurants in 2012 (74 in Q4)

Company Headquarters Address: Website: Financials 4150 Tuller Road, Suite 236 http://www.timhortons.com/us/en/ $2.8 Billion in Revenue in 2012 Dublin, OH 43017 index.html (614) 791 - 4200

News: Converting to digital menu boards Drive-thru enhancements (side by side lanes) Develop restaurant penetration in Canadian growth markets. Development focus is primarily in Quebec, Western Canada, Ontar- io and major urban markets Target smaller communities as part of our broader development strategy, primarily through standard restaurants, but will also test a new, flexible restaurant design

Real Estate Information: N/A

Real Estate Development Team: Not known at this time

65 Client Tidbit Information:  How many states are you in? 13 States (Indiana only has 1 location though). More like 12 states.  Who currently does your Construction Management? In-House  Who does you’re A/E work / design: 2 architects – WD Partners (Dublin OH) & Schram Shrock Architects (Westerville OH)  Who currently does your Planning & Zoning Entitlements/ Permitting? 5 In-House Planners -- (2 in NY; 2 in MI; 1 in OH). In NYC, the owners take care of the permitting themselves.  99.7% of Tim Horton’s locations are franchised. How many total franchise owners are there and do you own corporate loca- tions? They do control land and open stores corporately, then move to franchise but there has been push lately for landowner and franchisee to combine ownership. See below for a few examples of larger franchisees in their cur- rent development areas.  The CEO wants 10,000 stores but not sure by when. Currently have around 3000+ in Canada and around 800 in the U.S and a few over in the Untied Emirates.  They opened 98 in 2012 (54 in Q4) with a few of those being self-serve locations (more like 85 in 2012).

Contacts:  Ed Williams (formerly worked for Damon’s and ) // Director of US Construction/ Engineering at Tim Horton’s Café and Bake Shop and also currently runs the new build stand-alone development programs.  Sean Essinger: Runs the Non-Traditional Program (Non-Stand Alones & TI’s) -- Senior Construction Manager  Reports to Ed Williams  Paul Chapman: Runs the Renovations Program – Senior Construction Manager  Reports to Ed Williams

General Information There are 3,000+ Tim Horton’s in Canada with very strong brand loyalty among their customers. In the United States there are 800 stores in 13 states, 97% of which are franchised. Tim Horton’s is additionally located in 120 TOPS grocery stores in upstate NY. 70% of Tim Horton’s business occurs in the morning and 75% of all their business goes through the drive thru. Tim Horton’s will target smaller communities as part of a larger development strategy. Additionally, they plan in-filling existing areas with no new growth areas identified at this time (new regime). The CEO wants 10,000 stores at some point in the future, although the time frame is not yet known or Sean wasn’t aware of by when.

Planning and Construction Program Tim Horton’s uses in-house planners to complete the entitlements / permitting work needed for P&Z. 2 planners are located in Brighton, MI; 2 planners are located in Rochester, NY; and 1 planner is located in Dublin, OH. The planners in Rochester some- times help with permitting in NYC, but the store owners there are responsible for their own permitting. Sean Essinger is in charge of non-traditional stores (non-stand alone stores). Paul Chapman is in charge of renovations, which typically occur every 10 years based on franchisee and lease agreements.

The same construction team whom works on the new builds ALSO works on the renovations for Tim Horton’s. The Tim Horton’s team is most likely maxed out internally (especially with the bi re-org that occurred last year) and if the company plans on ex- panding (or expanding &renovating at the same time), they will need to hire additional in house personnel or outsource work.

The Canada market currently needs 400 stores renovated and WD Partners was just chosen (open an office in Canada) to man- age and run the renovation program (P&Z and A/E drawings). I asked about who was doing the CM and construction for this program but Sean didn’t know whom held that portion of the work and also said to talk to Paul Chapman (who used to work at lend lease also with Sean).

Larger Franchisees  15-20 locations in Buffalo Region for 2 Franchisees (Tim Horton’s has about 250 stores are in the Buffalo area).  10-12 locations in Columbus for 2 Franchisees  6-10 locations in Michigan for 3 Franchisees

Next Steps: Dave Mac and Gregg Rosen to continue their discussions with Ed Williams and possibly meet with Paul Chapman.

66 Uncle Maddio’s Pizza Joint Company Summary: Uncle Maddio’s Pizza Joint, takes "fast casual" to the next level. We are creating a new market for fast casual, authentic home- made pizza, gourmet salads and toasted subs - blazing the trail in fast casual. Uncle Maddio’s Pizza Joint aspires to be the premiere fast casual restaurant - for fresh, made to order gourmet pizza, healthy salads and distinctive toasted subs. Uncle Mad- dio’s Pizza Joint is modeled on what Chipotle and Moe’s did with burritos, Five Guys with hamburgers and with coffee - offering the customer a better tasting, fresher, healthier, made-to-order product, served fast and affordable.

We’re returning to the origins of pizza, hand tossed pies with real ingredients, signature sauces and fresh, quality toppings. The consumer decides how innovative his or her pizza will be. Hormone-free chicken, blue cheese crumbles, artichoke heart. It’s all part of an individual’s custom creation. Uncle Maddio’s taste is a result of utilizing only the highest quality ingredients made fresh daily, including dough and sauces made in-house, free-range and hormone-free chicken, fresh local vegetables and options for those with food sensitivities that include gluten-free crusts and Daiya vegan cheese. We serve food with integrity that tastes phe- nomenal. We cross generations, providing something for families with young children, college students, the young and the young at heart.

Number of Current Stores (Corporate and Franchise)  10 Stores existing.

Expansion/ Growth Trends  Over 100 stores in development. In 2013 Uncle Maddio’s will average 2 new locations per month. At the last three grand openings, customers were lined up for hours before the store opened.  By the spring of 2013 there will be 20 restaurant franchises open and 125 more in development throughout the Southeast.

Company Headquarters Address: Website: Financials 3027 North Druid Hills http://unclemaddios.com/ Rd Atlanta,GA 30329 United States

News: Uncle Maddio’s Expands into Dallas: http://www.qsrmagazine.com/news/uncle-maddios-expands-dallas “With sold-out markets in Atlanta; Louisville, Kentucky; Savannah, Georgia; Jacksonville, Florida; and Tallahassee, Tennessee, Uncle Maddio’s is the fastest-growing fast-casual pizza franchise. To kick off its growth into the Dallas market, franchisee representatives met with 75 local area entrepreneurs earlier this month. As the culture of eating out changes, the restaurant industry is driven to meet customers’ evolving demands. Lately, there has been a shift in how and what people want to eat, with an emphasis on fresh, organic ingredients, as well as options to suit a large and growing population with gluten intolerance and food allergies.”

Real Estate Information:  Alabama Franchise: Birmingham, Montgomery, Auburn/Opelika, Tuscaloosa, Mobile, Huntsville  Arkansas Franchise: Fayetteville, Little Rock Florida Franchise Opportunity: Miami, West Palm Beach, Jacksonville, Orlando, Tampa/St Petersburg, Sarasota, Naples, Daytona, Tallahassee, Gainesville, Destin/Panama City, Ft Lauderdale  Georgia Franchise: Atlanta, Athens, Columbus, Macon, Valdosta, Augusta  Kentucky Franchise: Lexington, Louisville, Bowling Green  Louisiana Franchise: New Orleans, Baton Rouge, Shreveport, Lafayette, Alexandria, Monroe  Mississippi Franchise: Jackson, Flowood, Jackson, Tupelo, Oxford, Hattiesburg, Gulfport, Starkville, D’Iberville North Carolina Franchise: Charlotte, Raleigh-Durham, Fayetteville, Greensboro, Asheville, Winston-Salem

67  South Carolina Franchise: Columbia, Charleston, Spartanburg, Greenville, Myrtle Beach, Anderson/Clemson  Tennessee Franchise: Nashville, Memphis, Knoxville, Chattanooga Texas Franchise Opportunity: Dallas/Fort Worth, San Antonio, Austin, Houston, Corpus Christi, Tyler, Lubbock, Amarillo, Wa- co

 Virginia: Richmond, Charlottesville, Fredericksburg, Lynchburg, Hampton/Newport News, Norfolk/Virginia Beach, Harrison- burg, Winchester, Leesburg Washington DC Suburbs: Fairfax, Arlington, Manassas, Reston, Tyson Corners, Alexandria

Site Requirements To determine if your location will provide you with the best franchise opportunity, read through the criteria below:  Locations with strong co-tenancy, lifestyle centers  2,200-2,600 SF end-cap and free standing locations, or highly visible inline locations  Ten year primary term leases with two (2) five-year options  Co-Tenancy with fast casual restaurants brands that may include- Starbucks, , Chipotle, Moe’s SW Grill, Ja- son’s Deli, Five Guys Burgers & Fries  Population: 50,000 within 3 mile radius  Daytime Population: 30,000 within 3 mile radius  Average HH Income: $50,000 within 3 mile radius  Proximity to Schools, Universities, Hospitals, Major Businesses preferred  Traffic Counts in excess of 30,000 cars per day preferred

Real Estate Development Team: Franchising Opportunities Roger Wagerman: 404-929-6654 franchising@unclemaddio’s.com

68 Wendy’s (NASDAQ:WEN) Company Summary: The Wendy’s Company, incorporated in 1929, is a quick-service hamburger company. The Wendy’s system includes more than 6,500 franchise and Company restaurants in the United States and 27 other countries and the United States territories world- wide. As of January 1, 2012, the Wendy’s restaurant system consisted of 6,594 restaurants, of which 1,417 were owned and operated by the Company. During the fiscal year ended January 1, 2012 (fiscal 2011), Wendy’s opened 20 company-owned restaurants and closed 15 underperforming company-owned restaurants. In addition, Wendy’s purchased 18 restaurants from its franchisees. During fiscal 2011, Wendy’s franchisees opened 69 restaurants and closed 56 underperforming restaurants. On July 4, 2011, The Wendy’s Company completed the sale of Arby’s Restaurant Group, Inc. (Arby’s), its wholly owned subsidiary, to ARG IH Corporation, a wholly owned subsidiary of ARG Holding Corporation. During fiscal 2011, the Company sold five com- pany-owned Wendy’s restaurants to franchisees.

The Company owns 100% interest in Wendy’s Restaurants, LLC (Wendy’s Restaurants). Wendy’s Restaurants is the parent company of Wendy’s International, Inc. (Wendy’s), which is the owner and franchisor of the Wendy’s restaurant system in the United States. Wendy’s is primarily engaged in the business of operating, developing and franchising a system of quick-service restaurants. At January 1, 2012, there were 6,244 Wendy’s restaurants in operation in North America. Of these restaurants, 1,417 were operated by Wendy’s and 4,827 by a total of 454 franchisees. In addition, at January 1, 2012, there were 350 fran- chised Wendy’s restaurants in operation in 26 countries and territories other than North America.

As of January 1, 2012, Wendy’s was also a 50% partner in a Canadian restaurant real estate joint venture with Tim Horton’s Inc., a quick-service restaurant chain specializing in coffee, baked goods and home-style lunches. The joint venture owns Wendy’s/ Tim Horton’s combo units in Canada. As of January 2, 2011, there were 105 Wendy’s restaurants in operation that were owned by the joint venture. During fiscal 2011, Wendy’s became a 49% partner in a joint venture for the operation of Wendy’s restau- rants in Japan. This joint venture opened its restaurant in December 2011. Each Wendy’s restaurant offers a menu, which in- cludes hamburgers and chicken breast sandwiches. Wendy’s menu also includes chicken nuggets, chili, baked and French fried potatoes, salads, soft drinks, milk, coffee, Frosty desserts and kids’ meals.

Free-standing Wendy’s restaurants generally include a pick-up window in addition to a dining room. The percentage of sales at company-owned Wendy’s restaurants through the pick-up window was 65.1% during fiscal 2011. The New Bakery Co. of Ohio, Inc. (the Bakery), a 100%-owned subsidiary of Wendy’s, is a producer of buns for some Wendy’s restaurants, and to a lesser extent for other outside parties. At January 1, 2012, the Bakery supplied 803 restaurants operated by Wendy’s and 2,603 restau- rants operated by franchisees. The Bakery also produces and sells some products to customers in the grocery and other food service businesses.

Number of Current Stores (Corporate and Franchise)  6,500 Wendy’s restaurants currently in operation in the U.S. and 26 countries worldwide.

Expansion/ Growth Trends  None identified at this time.

Company Headquarters Address: Website: Financials One Dave Thomas Blvd http://www.aboutwendys.com 2.15 Billion Market Cap DUBLIN, OH 43017 2.51 Billion in Sales United States +1-614-7643100 (Phone) +1-302-6365454 (Fax)

News: 10tv March 4, 2013: http://www.10tv.com/content/stories/2013/03/04/dublin-wendys-stores-future.html Hundreds of Wendy’s Locations May Close, Others to Remodel, Up to 130 U.S. Wendy’s restaurants could close in the coming year. The company said they are not making enough money to warrant being renovated, reported the Columbus Dispatch. The Dublin-based chain is planning to rebuild or remodel nearly half its 600 company-owned stores by the end of 2015 as part of an effort to modernize its restaurants. The company has rebuilt 58 of the stores it owns so far, and plans to rebuild or remodel an additional 100 this year and another 100 franchised stores. Wendy's CEO said the rebuilt stores reported average sales increases of 25 percent.

69

Dispatch http://www.dispatch.com/content/stories/business/2013/03/01/wendys-might-close-up-to-130-restaurants.html Boston.com http://www.boston.com/business/news/2013/02/28/wendy-stands-outlook-amid-transformation-push/ yIoMVUcQVsRSyOY3tOZPZL/story.html

3/4/12 Morgan Stanley Rates The Wendy’s Company Down: http://thepointdaily.com/morgan-stanley-nysems-rates-the-wendys- company-nasdaqwen-down/127628/ The competition in the market of food making is growing substantially; due to this reason underperforming companies are facing tough times. But, Wendy’s management is not willing to accept the recent rating provided by MS. Wendy’s has lately revealed its plans to remodel its operations in about 20 percent of its U.S. locations by the end of 2015, while the company is currently operating in 6,500 locations, specifically in North America.

3/1/13 Wendy’s Brand Transformation Boosts Earnings, Confidence: http://www.foodbusinessnews.net/articles/news_home/ Business_News/2013/03/Wendys_brand_transformation_bo.aspx?ID=%7B0A5BFAEF-93FD-4108-8E81-66884B1FFDD3% 7D&cck=1 DUBLIN, OHIO — With a new logo unveiled this week and restaurant revamps under way, the Wendy’s Co. predicts positive momentum from its brand transformation efforts during the coming year. Bolstered by the January launch of the chain’s “Right price, right size” value menu, the company said Feb. 28 it is “pleased with what we are seeing in our first-quarter performance,” in spite of continued economic challenges for consumers. “As we step back and look at the big picture, consumers are no doubt feeling the effect of higher gasoline prices, the 2% payroll tax increase and delayed tax refund checks,” said Emil Brolick, presi- dent and chief executive officer, in a Feb. 28 call with financial analysts to discuss fourth-quarter earnings.

February 22, 2013 Benzinga.com article: http://www.benzinga.com/analyst-ratings/analyst-color/13/02/3357900/update-credit- suisse-downgrades-the-wendys-company-to-un# Credit Suisse downgraded The Wendy's Company (NASDAQ: WEN [FREE Stock Trend Analysis]) from Neutral to Underperform with a $5.00 price target. Credit Suisse commented, "We believe MCD is set to reaccelerate share gains in 2013, which only compounds risks related to the macro environment. Although JACK/WMT commentary has some investors thinking the worst is behind us, we remain cautious. As a result, we have tweaked our 2013 comp sets lower and are now slightly below the Street at 2.0% for both 1Q and 2013." Read more: http://www.benzinga.com/analyst-ratings/analyst-color/13/02/3357900/update-credit-suisse-downgrades-the-wendys -company-to-un##ixzz2M169tDE4

Restaurant News November 8, 2012 http://nrn.com/news/wendys-aims-accelerate-remodels-after-3q-sales-lift “The Wendy’s Co. reported a large net loss in the third quarter as it paid down debt, but investments in its “Image Activation” remodeling program have the brand confident it will achieve its growth targets for 2012 and accelerate those plans next year. For the Sept. 30-ended quarter, the Dublin, Ohio-based company's net loss widened considerably to $26.2 million, or negative 7 cents per share, compared with a net loss of $4 million, or negative 1 cent per share, a year earlier.” “Next year (2013), Wendy’s aims to reimage 100 and build 25 company-operated restaurants with the Image Activation design, while franchisees are expected to remodel 100 of their locations and build 40 new-look units.” The 10 prototype locations opened in 2011 have sustained an average annualized sales gain of more than 25 percent, he added. ““For the 2012 Image Activation restaurants that are open this year, we’ve seen that on average, the dining room sales are up close to 110 percent, carryout sales up in area of 55 percent and pickup window up 15 percent,” Brolick said. “When the pickup window, which is 65 percent of our sales, goes up 15 percent, that’s a heck of a jump too.”” “Overwhelmingly, the franchise system recognizes our need to update restaurants, and there’s not a lot of debate out that,” he said. “The question is just the cost. As we started out with a Tier I restaurant that is $750,000, we recognize that’s a significant investment. In a system like ours with higher-volume restaurants and lower-volume ones, or ones that are owned or leased, a tiered-investment system is very important.” Depending on the needs of their real estate sites and buildings, or the demographics of their trade areas, franchisees could un- dertake one of three remodeling packages for different expected development costs. An all-in Tier I remodel could cost as much as $750,000, but those restaurants are showing a sales lift of more than 25 percent above pre-reimage levels, Brolick said. Tier II and Tier III remodels take advantage of fewer design elements, but involve smaller investments of about $500,000 and $375,000, respectively. No such remodels have taken place yet, but Wendy’s expects a Tier II reimage to produce a sales lift around 20 percent and a Tier III version to produce about a 7.5-percent lift. More than 50 of the remodels planned for 2013 would be Tier II and Tier III designs, Brolick said, and that shift is expected to speed up systemwide adoption of the remodel program.

70 Restaurant Finance Monitor October 11, 2012 http://www.restfinance.com/content/story.php?article=00955 The world's third-largest QSR burger chain is instituting a costly remodel program—its top option has a price tag as much as $700,000, which is high for a chain that has average sales of about $1.4 million. That cost appears to be scaring off at least some operators. Brokers have told us that some Wendy's franchisees have been putting their stores on the market to avoid that remodel. Still, the remodels could well be worth the price. According to Wendy's, the $700,000 remodel option produces a sales lift of at least 25 percent, considerably higher than the 15 percent sales lift Burger King's remodeled units get, though at a much higher cost. Still, for the typical Wendy's, that equates into $350,000 in additional revenue every year, which makes for a relatively quick return on investment for restaurants that remodel their stores. It also could provide a significant boost for Wendy's overall, particularly if the company is able to meet its remodel timeline. The company plans to have 75 company-owned units remodeled by the end of the year. And it wants half of its corporate restau- rant stock remodeled by 2015.

Forbes August 16, 2012 http://www.forbes.com/sites/caroltice/2012/08/16/would-you-spend-700000-to-grow-your-restaurant-sales-25/ The company has been looking for a way to grow sales for years — a typical Wendy’s restaurant does roughly $1 million a year less in sales than a unit at top-performing McDonald’s. The company has made some progress — it passed Burger King to take the number-two slot earlier this year — but needs to do more to help its franchise owners be more profitable. To do the math here, a 25 percent bump in sales for a restaurant currently doing the chain’s average of $1,456,000 in sales means $364,000 in additional revenue. So assuming the remodel works as well for franchise owners as it does at the corporate level, you’re talking two years to breakeven on the investment, with profit coming in year three. That’s not a terribly onerous timeline, but it can seem like an eon to franchisees who may be barely turning a profit. The risk of incurring that much new debt for a restaurant in this highly competitive sector may be too daunting. So far, the company reports a big one franchise unit has been remodeled to the new look. Headquarters: Dublin, Ohio Number of Restaurants: 6,560 (as of December 30, 2012) 1,427 company-owned (1,289 U.S. and 138 Canada) 5,133 Franchised (4,528 U.S. and 231 Canada, 374 International) 2012 Revenue $2.5 billion. 2012 Average annual sales per domestic restaurant $1.48 million. 2012 Restaurant margin: 14%

Real Estate Information: WENDY'S NON-TRADITIONAL DEVELOPMENT One component of Wendy’s overall growth strategy is non-traditional development. Qualified franchisees can develop restau- rants in special venues such as airports, college and university campuses, highway travel plazas, hospitals, military bases, office buildings and entertainment venues. These high-visibility, high-traffic locations offer convenient access to our customers and may be an attractive investment opportunity for franchisees.

U.S. Franchising http://www.aboutwendys.com/Our-Company/Franchising/US/

Developers of the various venues understand that adding Wendy’s to their location provides a diverse menu with a variety of fresh, great-tasting food. Wendy’s non-traditional development team provides support and experience to franchisees pursuing non-traditional opportuni- ties, including prototype restaurant elevations and layouts, kitchen equipment designs, and assistance with project proposals. For more information contact:

71 Cassandra Bozeman The Wendy's Company Director, Non-traditional Development ATTN: Franchise Development Department The Wendy’s Company One Dave Thomas Boulevard One Dave Thomas Blvd. Dublin, OH 43017 Dublin, OH 43017 [email protected] Office: 614-764-3422 Email: [email protected]

Real Estate Development Team None identified at this time.

72 Which Wich Sandwiches Company Summary: The quick-service sandwich restaurant chain uses a unique ordering system that has customers writing their own orders on brown paper bags. There are more than 80 franchised locations in about 15 states. Most locations offer at least 50 different toasted sandwiches, including specialty items such as the five-meat Wicked, the Triple Cheese Please, and the Elvis Wich (peanut butter, honey, and banana). Other menu items include a variety of drinks, chips, cookies, and shakes. Company presi- dent Jeff Sinelli opened the first location in downtown Dallas in 2004.

Number of Current Stores (Corporate and Franchise)  136 U.S. franchise stores. 1 company owned store. Located in 20 states.  100% of all franchisees own more than one unit. Number of employees needed to run franchised unit: 10 - 10. Absen- tee ownership of franchise is NOT allowed. (100% of current franchisees are owner/operators).

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #76 (2013), #92 (2012), #71 (2011), #104 (2010), #97 (2009), Fastest-Growing: #32 (2013), #72 (2011), #41 (2010), #73 (2009), America's Top Global: #78 (2012), #61 (2011), #85 (2010),

Company Headquarters Address: Website: Financials 1310 Elm St., Ste. 180 http://www.whichwich.com/ Dallas, TX 75202 USA +1-214-747-9424 (Phone) 214-242-4329 (Fax)

News: None identified.

Real Estate Development Team: Lisa Walker Director of Real Estate 214-747-9424 x 40 [email protected] .

73 Wingstop Company Summary: Wingstop Restaurants operates and franchises more than 470 quick-service eateries that specialize in Buffalo-style chicken wings available in a variety of flavors including Atomic, Cajun, Teriyaki, Hawaiian, Garlic Parmesan, and Hickory Smoked BBQ. Found mostly in Texas and more than 30 other states, the aviation-themed restaurants also serve boneless, breaded chicken and a selection of side dishes. Wingstop locations typically offer dine-in seating as well as take-out service. Started by Antonio Swad (who also founded Pizza Patrón) in 1994, Wingstop Restaurants is owned by investment firm Roark Capital Group. Number of Current Stores (Corporate and Franchise)  516 locations. 480 U.S. franchise owned locations. 24 company owned.  Number of employees needed to run franchised unit: 8 - 10. Absentee ownership of franchise is allowed. (95% of current franchisees are owner/operators).

Expansion/ Growth Trends  75-80% of the business is carry-out.

Franchise Ranking History Franchise 500®: #76 (2013), #92 (2012), #71 (2011), #104 (2010), #97 (2009),

Company Headquarters Address: Website: Financials 1101 E. Arapaho Rd., Ste. 150 http://www.wingstop.com/ Richardson, TX 75081-2329 USA +1-972-686-6500 (Phone) 972-686-6502 (Fax)

Fastest-Growing: #32 (2013), #72 (2011), #41 (2010), #73 (2009), America's Top Global: #78 (2012), #61 (2011), #85 (2010), News: Wingstop Soars to New Heights with 9th Year of Increases: January 16, 2013 http://www.qsrmagazine.com/news/wingstop-soars-new-heights-9th-year-increases “Wingstop soared to new heights in 2012 – opening 57 new restaurants and achieving a record nine consecutive years of same store sales increases. The 550-unit concept’s same store sales for the fourth quarter increased 15.8 percent over the same quar- ter last year, and 13.7 percent for fiscal year 2012. “A lot of concepts reach 500 stores and lose steam, but Wingstop is just getting started,” says Charlie Morrison, who was ap- pointed Wingstop president and CEO in June. “Thanks to our great operators, a talented development team, a craveable product, and a dedicated corporate staff for delivering our 2012 accomplishments!”

Wingstop Lands in Columbus, Ohio: February 25, 2013 http://www.qsrmagazine.com/news/wingstop-lands-columbus-ohio Wingstop’s Third Quarter Sales Up 16 Percent: October 10, 2012 http://www.qsrmagazine.com/news/wingstops-third-quarter-sales-16-percent Wingstop announces that same store sales for the third quarter are up 16 percent over the same quarter last year and 13 percent for the year to date. In addition to strong sales, the rapidly expanding concept opened nine new restaurants last quarter, bringing its total to 30 new locations this year, with 25 to 30 more stores expected to open in the fourth quarter.

74

The rapidly expanding chain also signed development agreements in the third quarter representing 35 new locations and for the year to date has signed agreements to open 134 new restaurants. Other milestones in the third quarter include:  Increased online and phone app orders, with third quarter online sales up 70 percent over the same quarter last year.  Opening new restaurants in Tempe, Arizona; Sacramento Valley, California; Charleston, South Carolina; Chicago; and San Francisco.  Achieving status as the #1 Facebook Growth Brand on the Restaurant Social Media Index.  Launching the brand’s first Pinterest and Video contests.

Wingstop Lands New Chief Development Officer: November 17, 2012 http://www.qsrmagazine.com/news/wingstop-lands-new-chief-development-officer Wingstop announces Dave Vernon has been promoted to chief development officer where he will be responsible for the overall growth of the franchise network, including domestic, international, and non-traditional expansion. Vernon joined Wingstop in October 2010 as vice president of franchise sales and was promoted to vice president of development last year.

Under his leadership, Wingstop has signed franchise agreements to result in 288 new restaurant openings in the U.S. and 120 new openings in Mexico . Earlier this year, it was announced Wingstop would open its first airport location at D-FW International Airport ’s Terminal B.

Wingstop Lands New Chief Development Officer: November 17, 2012 http://www.qsrmagazine.com/news/wingstop-lands-new-chief-development-officer Partnering with college athletics programs and sports teams not only gives brands access to a large number of potential custom- ers, but it also gives them the opportunity to truly home in on the local community. Nathan Cage is a Lubbock, Texas–based Wingstop franchisee whose three locations in West Texas partner with nearby Texas Tech University. Through this partnership, which began four years ago, Cage sponsors events for the basketball, football, and baseball teams.

Real Estate Development Team: Not identified at this time.

75 Z Pizza (Z Pizza Limited Partnership) Company Summary: Z Pizza operates and franchises a chain of more than 70 zpizza gourmet pizza parlors in California and about a dozen other states. The company serves brick oven pizzas made with such gourmet toppings as pili pili, Shitake mushrooms, truffle oil; natu- ral ingredients include additive-free meats and organic tomato sauce. zpizza also offers sandwiches, calzones, salads, and des- serts. Catering to a younger, urban market, the restaurants feature sofas, overstuffed lounge chairs, and ottomans for dine-in service; most locations also offer take-out and delivery, as well as catering services. Chairman Sid Fanarof founded the chain in 1986.

Number of Current Stores (Corporate and Franchise)  100 locations. 81 U.S. franchise locations and 11 company owned.

Expansion/ Growth Trends Although many markets are sold out for zpizza, there are still prime territories available across the United States. Please contact us for availability. Zpizza is also expanding in select international markets with qualified master franchisees. Franchise Ranking History Franchise 500®: #486 (2013), #302 (2010), #317 (2009),

Company Headquarters Address: Website: Financials 450 Newport Center Dr., Ste. 630 http://www.zpizza.com/ None identified at this time. Newport Beach, CA 92660 USA +1-949-719-3800 (Phone) 949-721-4053 (Fax)

News:  None identified at this time.

Real Estate Information: Site Requirements  zpizza operates in a small, efficient footprint of 1,100 – 1,500 sq. ft.

Real Estate Development Team None identified at this time.

76 Zoës Kitchen Company Summary: Zoës Kitchen is a fast casual restaurant chain headquartered in Birmingham, Alabama, United States. Serving a menu of variety of chicken salad, pasta salad, pitas and grilled chicken sandwiches, the chain has grown to include 71 locations across 12 states with plans to expand further. Zoës’ menu features Mediterranean-inspired comfort food with made-from-scratch recipes using fresh ingredients. Kevin Miles, who joined Zoës in 2009, succeeded Greg Dollarhyde as president in March 2011. Number of Current Stores (Corporate and Franchise) 70+ (No franchising at this time)

Expansion/ Growth Trends Company grew at a rate of 40% in 2011.

Company Headquarters Address: Website: Financials 2931 2nd Avenue South http://www.zoeskitchen.com Unknown at this time Birmingham, AL 35233

News: http://zoeskitchen.com/About-Zoes/News.aspx January 17, 2012 Zoës Kitchen names three new VPs The fast-casual chain appointed new VPs of development and marketing, as well as a new VP of design and construction

Real Estate Information: At Zoës Kitchen, we understand the critical role real estate developers play as visionaries: having the foresight to determine what tomorrow's businesses and consumers will need for a thriving community. Site criteria are as follows:  2,500 - 2,800 square feet (2,800 preferred)  End-cap with patio  7 day per week trade areas  20,000 minimum traffic count on street in front of store, non intersection, both ways 30,000 to 35,000 minimum traffic count at a corner

We are not currently franchising the Zoës concept but do expect to take that step in the future.

Real Estate Development Team: Ann Marie Taylor, Director of Real Estate – Previously worked in Real Estate for Panera Bread and P.F. Chang’s China Bistro Archie Andrews, VP of Design & Construction

77 78 TRADITIONAL RESTAURANTS

79 Applebee’s Company Summary: Applebee's International, Inc. develops, franchises, and operates casual dining restaurants in the United States and international- ly. It offers beverages, sweet desserts, burgers and sandwiches, seafood, chicken and pork items, beef, appetizers, and salads. Applebee's International, Inc. was formerly known as T.J. Applebee’s Rx. The company was founded in 1976 and is headquar- tered in Lenexa, Kansas. It has locations in the United States. As of November 29, 2007, Applebee's International, Inc. operates as a subsidiary of DineEquity, Inc.

Number of Current Stores (Corporate and Franchise)  1,990 Applebee’s restaurants operating system-wide in 49 states, 15 international countries and one U.S. territory.

Expansion/ Growth Trends “Applebee’s continues to grow and prosper, and further differentiates itself with innovative attractions, like the popular Carside to Go service available at many of its restaurants, and its successful Weight Watchers agreement, enabling it to cater to those pre- ferring less-caloric alternatives. And the company continually works to add greater value and broaden its appeal, as evidenced by the "It's a Whole New Neighborhood" campaign, which launched in the spring of 2008, indicative of a fresh, re-energized ap- proach and the promise of new, enticing menu items.” http://applebees.com/about-us/at-a-glance

“The company’s goal is to complete the revitalization of all company-owned and franchise restaurants by 2014.” http:// www.applebees.com/about-us/our-history

Company Headquarters Address: Website: Financials Applebee's Services, Inc. http://applebees.com/ 3rd Quarter 2012 Net Income: $58.7 8140 Ward Parkway million. Kansas City, MO 64114 888-59APPLE 888-592-7753

News: Bradenton Herald: March 4, 2013 Diners snub old-school chains in favor of faster fare. Midpriced, sit-down restaurants -- known as casual dining in the industry -- have seen on average about 2 percent fewer custom- er visits each year since 2008. That translates into a total drop of almost 600 million annual visits, to 6.4 billion in 2012.

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

80 Buffalo Wild Wings (NASDAQ:BWLD) Company Summary: Buffalo Wild Wings, Inc. is an owner, operator and franchisor of restaurants featuring a variety of menu items, including its Buffa- lo, New York-style chicken wings spun in any of its 14 signature sauces or four signature seasonings. Its restaurants create an atmosphere that includes a multi-media system, a full bar and an open layout, which appeals to sports fans and families alike. Its guests have the option of watching sporting events or other programs on its projection screens and approximately 50 additional televisions, competing in Buzztime Trivia, or playing video games. The open layout of its restaurants offers dining and bar areas that provide seating choices for sports fans and families. Its menu features traditional chicken wings, boneless wings, and other items, including chicken tenders, Wild Flatbreads, popcorn shrimp, specialty hamburgers and sandwiches, wraps, Buffalito soft tacos, appetizers and salads.

The Company’s made-to-order menu items include 14 signature sauces and 4 signature seasonings, ranging from Sweet BBQ to Blazin. Its restaurants offer approximately 20 domestic and imported beers on tap, including several local or regional micro- brews and a selection of bottled beers, wines, and liquor. The Company’s restaurants feature a variety of menu items, including its Buffalo, New York-style chicken wings spun in one of its signature sauces from sweet to screamin’ hot: Sweet BBQ, Teriyaki, Mild, Parmesan Garlic, Medium, Honey BBQ, Spicy Garlic, Asian Zing, Caribbean Jerk, Hot BBQ, Hot, Mango Habanero, Wild and Blazin, or signature seasonings: Buffalo, Desert Heat, Chipotle BBQ, and Salt and Vinegar. Its chicken wings can be ordered in numbers ranging from six to 100 wings, with orders available for parties. In addition to traditional and boneless chicken wings, its menu features a variety of food items, including chicken tenders, Wild Flatbreads, popcorn shrimp, specialty hamburgers and sandwiches, wraps, Buffalito soft tacos, finger foods and salads. It also provides a 12 & Under Menu option for kids. Its restau- rants feature a bar, which offers a selection of approximately 20 domestic, imported, and craft beers on tap, as well as bottled beers, wine and liquor.

As of December 26, 2010, the Company owned or franchised 732 Buffalo Wild Wings restaurants in 44 states, of which 259 were company owned and 473 were franchised. All of its menu items are made-to-order and are available for take-out, which approxi- mated 14% of restaurant sales for company owned restaurants during the year ended December 26, 2010.

Number of Current Stores (Corporate and Franchise)  900 restaurants in 49 states & Canada. 514 franchised, 386 company owned.

Franchise Requirements  Required liquid assets: Minimum of $750,000 per restaurant. Required net worth per restaurant of $1.5 million.  The minimum Area Development requirement for new franchisee is two restaurants.  Therefore the minimum unencumbered liquid assets required are $1,500,000 and net worth of $3,000,000.  The Operator is an equity partner of at least 5%.  No more than 80% of the start-up costs be leveraged; 20% of any single store's start-up costs must be in liquid assets.

Expansion/ Growth Trends Franchise Ranking History: Franchise 500®: #64 (2013), #62 (2012), #63 (2011), #86 (2010), #87 (2009), Fastest-Growing: #44 (2012), #37 (2011), #64 (2010), #62 (2009),

Current Growth Strategy:  Continuing development to 1,700 locations in the U.S. and Canada.  International growth through franchising.  Driving sales through innovation and branding.  Sustaining net earnings growth by strong restaurant performance and infrastructure leveraging. Future Growth Strategy:  Increase Average Unit Volumes  International expansion across the globe  Adapting current footprint for non-traditional locations.  Expansion with an emerging brand.

81 Company Headquarters Address: Website: Financials: Suite 1600, 5500 Wayzata Boulevard http://www.buffalowildwings.com/ 1.41 Billion Market Cap MINNEAPOLIS, MN 55416 57 Million in Net Earnings United States 4.59 in Operating Profit +1-952-5939943 (Phone) +1-952-5939787 (Fax)

News: http://ir.buffalowildwings.com/ Fox Business Insider February 22, 2013 Buffalo Wild Wings Tests New Bar Design to Boost Sales http://www.foxbusiness.com/news/2013/02/22/buffalo-wild-wings-tests- new-bar-design-to-boost-sales/ Buffalo Wild Wings Inc. (BWLD) is upgrading its restaurant design at a time when most chains are looking for ways to cut back on expenses.

The sports bar and grill says its new model, though slightly larger and initially more expensive to build, keeps it feeling trendy--an important factor amid tougher competition from Applebee's and Chili's Grill & Bar. "Casual dining chains are starting to stay open later, with more drinks and appetizers and late-night menu options," said Buffalo Wild Wings Chief Executive Sally Smith said in an interview. "So, we had to get more aggressive on our remodels."

She said the design for both new and remodeled locations has more high-top tables for mingling, nicer seats, and a big bar in the center with a large-screen television to give it a "stadium feel" and provide a better view of the games from any spot.

Real Estate Information: Franchise Information http://franchiseinfo.buffalowildwings.com/www/index.php Available Markets https://maine2.franconnect.net/buffalowildwings/availableMarket.jsp

Real Estate Development Team http://franchiseinfo.buffalowildwings.com/www/index.php?page=requirements

82 The Cheesecake Factory (NASDAQ:CAKE) Company Summary: The Cheesecake Factory Incorporated, incorporated in February 1992, is engaged in the restaurant and bakery businesses. As of February 23, 2012, The Company operated 170 dining restaurants, in which 156 under The Cheesecake Factory mark, 13 under the Grand Lux Cafe mark and one under the RockSugar Pan Asian Kitchen mark. The Company also operated two bakery production facilities. The Company’s restaurants range in size from 7,000 to 15,000 interior square feet, which provides liquor service and are generally open seven days a week for lunch and dinner, as well as Sunday brunch. Its bakery operations create and market bakery products under The Cheesecake Factory, The Cheesecake Factory Bakery and The Dream Factory marks as well as private-label bakery products to other foodservice operators, retailers and distributors (bakery sales). Its bakery’s pro- vides cheesecakes and other baked goods to its restaurants. On December 5, 2011, the Company announced the opening of its Cheesecake Factory restaurant at The Shops at La Cantera Mall in San Antonio, Texas. The restaurant sales represented 96% of its revenues in fiscal 2011. Bakery sales represented approximately 4% of its revenues for fiscal 2011. The Company opened seven new restaurants during the fiscal year ended January 3, 2012. On June 20, 2012, the Company opened a Cheesecake Factory restaurant at the Arundel Mills Mall in Hanover, Maryland. On July 11, 2012, the Company opened Grand Lux Cafe res- taurant at the Cherry Hill Mall in Cherry Hill, New Jersey. On September 19, 2012, it opened a new Cheesecake Factory restau- rant at the Quaker Bridge Mall in Lawrenceville, New Jersey. In December 2012, the Company opened two newest restaurants in Miami, FL and Orland Park, IL.

Grand Lux Cafe Restaurant Concept Grand Lux Cafe is a dining concept that offers American and international menu items. The menu at Grand Lux Cafe offers ap- proximately 200 items, including appetizers, pasta, seafood, steaks, chicken, burgers, salads, specialty items and desserts. Ex- amples of menu offerings include its Crispy Caramel Chicken, Buffalo Chicken Rolls, Cedar Planked BBQ Salmon and Shrimp Scampi. Full-service bars, as well as an onsite bakery, which produces made-to-order desserts, are also elements of this con- cept. Its location in the Venetian Resort-Hotel-Casino in Las Vegas, Nevada is open 24 hours a day and its sister location in the Palazzo Resort-Hotel-Casino is open up to 21 hours a day. Both locations also offer a breakfast menu. All Grand Lux Cafe loca- tions offer a weekend brunch. RockSugar Pan Asian Kitchen Concept

RockSugar Pan Asian Kitchen is a concept featuring a Southeast Asian menu in a dining setting. RockSugar Pan Asian Kitchen showcases the cuisines of Thailand, Vietnam, Malaysia, Singapore, Indonesia and India with approximately 80 dishes served Asian family-style. Examples of menu offerings include Shaking Beef, Thai Basil Cashew Chicken, Roasted Thai Chilean Sea Bass and Crispy Samosas. RockSugar Pan Asian Kitchen also features a full-service bar with a wine list and exotic cocktails, as well as an onsite bakery where it create desserts that infuse traditional French flair into nearly a dozen Asian-influenced items. As of January 3, 2012, the Company operated one RockSugar Pan Asian Kitchen restaurant in Los Angeles, California.

The Company owns and operates two bakery production facilities in Calabasas Hills, California and in Rocky Mount, North Caro- lina. The Company’s facility in Calabasas Hills contains approximately 60,000 square feet, of which approximately 40,000 square feet is devoted to production operations and the remainder is utilized for corporate support purposes. Its facility in Rocky Mount contains approximately 100,000 square feet, of which approximately 70% is devoted to production operations and 20% is being used as a distribution center for our restaurants and customers located in the eastern United States.

The Company produces approximately 70 varieties of cheesecake in its two production facilities based on recipes. Some of its cheesecakes include the Original Cheesecake, Ultimate Red Velvet Cake Cheesecake, Reese’s Peanut Butter Cup Chocolate Cake Cheesecake, Godiva, Chocolate, Fresh Banana Cream and Fresh Strawberry. Other baked desserts include Chocolate Tower Truffle Cake, Carrot Cake, Black-Out Cake and Lemoncello Cream Torte. In the aggregate, its bakery production facilities produce approximately 300 product stock keeping units. The Company’s bakery sells its baked goods internationally.

Number of Current Stores (Corporate and Franchise)  162 restaurants. Their full service restaurants in the U.S. are company owned and operated. They currently do not fran- chise or joint venture domestically and have no plans to do so in the future.

Expansion/ Growth Trends None identified at this time.

83 Company Headquarters Address: Website: Financials 26901 Malibu Hills Rd. http://www.thecheesecakefactory.com/ 1.84 Billion CALABASAS HILLS, CA 91301 2.68 Operating Profit United States - Map 34.01 Sales +1-818-8713000 (Phone)

News: 2/18/13 Annual Report http://investors.thecheesecakefactory.com/phoenix.zhtml?c=109258&p=irol-sec “As of February 28, 2013, we operated 177 company-owned upscale, casual dining, full-service restaurants: 162 under The Cheesecake Factory® mark, 14 under the Grand Lux Cafe® mark and one under the RockSugar Pan Asian Kitchen® mark. In fiscal 2011, we announced our initial expansion plans outside of the United States, entering into an exclusive licensing agree- ment to build and operate The Cheesecake Factory restaurants in the Middle East. Our licensee opened its first three locations during fiscal 2012. In February 2013, we entered into an exclusive licensing agreement to build and operate The Cheesecake Factory restaurants in Latin America.

In fiscal 2012, we opened a newly designed Grand Lux Cafe in Cherry Hill, New Jersey and are currently in discussions with landlords for potential sites. Based on these discussions, we would expect at least one new Grand Lux Cafe to open in fiscal 2014. Also in fiscal 2012, we made the business decision to discontinue operations in three of our Grand Lux Cafe restau- rants, each of which was previously fully impaired, because they were not delivering the necessary sales volumes to drive our required returns. (See Item 1A — Risk Factors — “If we are unable to successfully expand and operate our Grand Lux Cafe and RockSugar Pan Asian Kitchen brands in accordance with our strategic plan, our long-term revenue and earnings per share tar- gets may be negatively impacted.”)

We believe the viability of The Cheesecake Factory concept has been successfully demonstrated in a variety of layouts (single or multi-level, from 7,000 to 17,000 interior square feet), site locations (i.e., urban or suburban shopping malls, lifestyle centers, retail strip centers, office complexes and entertainment centers — either freestanding or in-line) and trade areas across the United States. Accordingly, we intend to continue developing The Cheesecake Factory restaurants in high quality, high pro- file locations that meet our rigorous site standards. We currently expect that we could grow the concept to 300 restaurants over time. We have the flexibility in our restaurant designs to penetrate a wide variety of markets across varying population densities in both existing and new markets. (See “New Restaurant Site Selection and Development” below.)

In addition to expanding The Cheesecake Factory concept, we plan to selectively pursue other opportunities to leverage the competitive strengths of our restaurant operations, including the expansion of the Grand Lux Cafe concept based on the newly designed format discussed in the “Grand Lux Cafe Concept” section above, as well as the potential to expand RockSugar Pan Asian Kitchen and develop or acquire new restaurant concepts.

We opened eight, seven and three new restaurants in fiscal 2012, 2011 and 2010, respectively, including one Grand Lux Cafe in 2012. The average interior square footage for these restaurants was 9,000, 8,400 and 9,300, respectively. During fiscal 2012, we discontinued operations upon lease expiration in one The Cheesecake Factory restaurant. As some of our earli- er leases begin to expire, we may use that as an opportunity to improve the unit economics of our restaurants in certain trade areas. (See Item 1A — Risk Factors — “If we are unable to renew our restaurant leases on similar terms and conditions, or at all, or to optimize the locations of our restaurants in certain trade areas, our business and financial performance could be harmed.”) In addition, in fiscal 2012, we made the business decision to discontinue operations in three of our Grand Lux Cafe restaurants as of the end of March 2013 because they were not delivering the necessary sales volumes to drive our required returns.

From the beginning of the recession in 2008 through 2012, the number of sites we would consider appropriate for our restaurants was below historical levels due to a variety of factors, principally the lack of new development by landlords. We are now seeing a greater number of potential sites that meet our criteria, primarily in existing mall renovations or expansions. We expect to open as many as eight to ten The Cheesecake Factory restaurants in fiscal 2013. This includes the relocation of two or three existing restaurants, as we take the opportunity to optimize where our restaurants are located in certain trade areas. It is difficult for us to precisely predict the timing of our new restaurant openings due to many factors that are outside of our control (see “New Restaurant Site Selection and Development” below). We continually look for additional sites that meet our standards and are negotiating leases for potential future locations. (See Item 1A — Risk Factors — “Our ability to secure an adequate number of high quality sites for new restaurants openings in the future could affect our ability to achieve our revenue and

84 earnings per share growth targets which could negatively affect our stock price.”)”

Nation’s Restaurant News: Feb 19th, 2013 http://nrn.com/latest-headlines/cheesecake-factory-names-david-m-gordon-president New President for the Cheesecake Factory

Business Insider: Feb 27, 2013 Cheesecake Factory is Getting Really Serious About Freshness “The Cheesecake Factory is rolling out a new computer system to make sure its customers are happier with its famed desserts. The global cheesecake company is pairing up with IBM Big Data analytics to better track information on the quality of its 200-plus ingredients from the time they are shipped to their arrival on store shelves.”

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

85 Cracker Barrel (NASDAQ:CBRL) Company Summary: Cracker Barrel Old Country Store, Inc. is principally engaged in the operation and development of the Cracker Barrel Old Coun- try Store concept (Cracker Barrel). As of September 18, 2012, the Company operated 620 stores in 42 states. None of its stores is franchised. The Company’s restaurants, which generated approximately 80% of its total revenue during the fiscal year ended August 31, 2011 (fiscal 2012) offers home-style country cooking featuring many of its own recipes. The Company’s restaurants do not serve alcoholic beverages. Breakfast items can be ordered at any time throughout the day and include juices, eggs, pan- cakes, bacon, country ham, sausage, grits, and a variety of biscuit specialties, such as gravy and biscuits and country ham and biscuits. Lunch and dinner items include country ham, chicken and dumplings, chicken fried chicken, meatloaf, country fried steak, pork chops, fish, steak, roast beef, vegetable plates, salads, sandwiches, soups and specialty items, such as pinto beans and turnip greens. On December 31, 2011, Cracker Barrel Old Country Store, Inc., merged with CBOCS, Inc.

The Company, from time to time feature items as off-menu specials or in test menus at certain locations. The Company offers weekday lunch specials, which include some of its favorite entrees in lunch-sized portions. The Company’s menu also has daily dinner features that showcase a dinner entree for each day of the week. There is some variation in menu pricing and content in different regions of the country for both breakfast and lunch/dinner. The Company also offers items for sale in its gift shops that are featured on, or related to, the restaurant menu, such as pies, cornbread mix, coffee, syrups and pancake mixes. Its gift shops offers a variety of decorative and functional items, such as rocking chairs, seasonal gifts, apparel, toys, music compact discs (CD’s), cookware, old-fashioned-looking ceramics, figurines, a book-on-audio sale-and-exchange program and various other gift items, as well as various candies, preserves and other food items.

The Company’s gift shop features approximately 3,600 stock keeping units. Many of the food items are sold under the Cracker Barrel Old Country Store brand name. The Company served an average of approximately 6,700 restaurant guests per week in a typical store during fiscal 2012. The Company’s stores are located primarily along interstate highways; however, as of Septem- ber 18, 2012, 99 (or approximately 16%) of its stores are located near tourist destinations or are considered off-interstate stores. Of the 620 stores open as of September 18, 2012, it owned the land and buildings for 409, while the other 211 properties are either ground leases or ground and building leases. The Company’s store prototype is approximately 8,900 square feet, includ- ing approximately 2,100 square feet of retail selling space and has dining room seating for 177 guests. Its capital investment in new stores may differ in the future due to building design specifications, site location and site characteristics.

Number of Current Stores (Corporate and Franchise)  As of September 19, 2012, there were 620 Cracker Barrel Old country Store locations in 42 states. A typical locations serves on average 6,700 guest per week.  All stores are company owned and operated. No stores are franchised.

Expansion/ Growth Trends  In fiscal year 2012 the average Cracker Barrel Old country store generated over $3.3 million in restaurant sales and over $0.8 million in retail sales.

Company Headquarters Address Website: Financials 305 Hartmann Drive, P.O. Box 787 http://www.crackerbarrel.com/ 1.83 Billion LEBANON, TN 37088-0787 111.85 Sales United States 8.23 Operating Profit +1-615-4445533 (Phone) +1-615-4439818 (Fax)

News: http://investor.crackerbarrel.com/

Real Estate Information: http://files.shareholder.com/downloads/CBRL/2341980378x0x437383/face0511-1168-4491-a225-3c6abc3e8046/ CBRL_FactBook.pdf  9 to 11 new store opening in FY 2013.  Total store size: 8,900 to 10,000 square feet on approximately 2.5 acres of land.  85% of stores are located on interstate highways.

86  66% of stores are owned, the rest are leased.

Real Estate Development Team None identified at this time.

87 Denny’s (NASDAQ:DENN) Company Summary: Denny’s Corporation (Denny’s) operates a family-style restaurant chains in the United States. Denny’s, through its wholly owned subsidiary, Denny’s, Inc., owns and operates the Denny’s restaurant brand. The Company offers a variety of items for breakfast, lunch, and dinner, in addition to appetizers, desserts and beverages. At December 28, 2011, the Denny’s brand consisted of 1,685 restaurants, 1,479 (88%) of which were franchised/licensed restaurants and 206 (12%) of which were Company-owned and operated. During the fiscal year ended December 28, 2011 (fiscal 2011), it opened five licensed locations on university cam- puses, which operate under either the Denny’s Fresh Express or Denny’s AllNighter names.

During 2011, the Company opened five international franchised locations in Honduras, Costa Rica, New Zealand and Canada, some of which were under development agreements. The Company began converting Pilot Flying J. to Denny’s in July 2010 and, as of December 28, 2011, had converted 123 sites, 23 of which operate as company restaurants, and 100 of which operate as franchise restaurants, thus completing the Flying J conversions. In addition to the development agreements signed for domes- tic restaurants, it has signed development agreements for 39 international restaurants, 10 of which have opened.

Number of Current Stores (Corporate and Franchise)  1,688 locations. 1,426 U.S. franchise locations. 164 company owned locations.

Expansion/ Growth Trends  System-wide same-store sales grew 1.3%, comprised of a 1.5% increase at franchised restaurants and a 0.2% increase at company restaurants.  Opened 40 new system-wide restaurants, including six international locations.  Refranchised 36 company restaurants completing the Franchise Growth Initiative started in 2007, achieving our target of operating approximately 10% of the Denny's system as company restaurants.  Adjusted EBITDA* margin, as a percentage of total operating revenue, increased 0.8 percentage points to 16.0% compared with the prior year.  Net income of $22.3 million, or $0.23 per diluted share, was impacted by a $7.9 million charge to other nonoperating ex- pense as a result of refinancing our credit facility, $3.7 million of impairment expense, and $7.1 million in gains on the sale of assets.  Adjusted Income Before Taxes* grew 26.2% to $47.0 million compared with the prior year.  Generated $48.8 million of Free Cash Flow* used to reduce outstanding term loan debt by $28.0 million and repurchase 4.8 million shares for $22.2 million.

Company Headquarters Address: Website: Financials 203 East Main Street http://www.dennys.com/ 534.34 Million Market Cap SPARTANBURG, SC 29319-9966 5.14 Sales United States - Map 0.63 Operating Profit +1-864-5978000 (Phone)

News: None identified at this time.

Real Estate Information: Franchise Ranking History Franchise 500®: #8 (2013), #7 (2012), #10 (2011), #17 (2010), #25 (2009), Fastest-Growing: #37 (2013), #27 (2012), #28 (2011), #28 (2010), #24 (2009), America's Top Global: #6 (2012), #8 (2011), #13 (2010), #24 (2009),

88 Available Markets  Alabama  Nebraska  Arkansas  New Hampshire  Colorado  New Jersey  Connecticut  New York  Delaware  North Carolina  Georgia  Ohio Oklahoma  Illinois  Oregon  Indiana  Pennsylvania  Iowa  Rhode Island  Kansas  South Carolina  Kentucky  South Dakota  Louisiana  Tennessee  Maine  Vermont  Maryland  Virginia Washington D.C.  Massachusetts  West Virginia  Michigan  Wisconsin  Mississippi  Wyoming  Missouri  Montana

Site Guidelines POPULATION SALES GENERATORS Minimum 40,000 in permanent population within Regional shopping centers, hotels/motels, tourist trade area attractions, office parks, street traffic, hospitals, col- INCOME leges/universities, commercial parks $32,000 - $50,000 median household income within LOCATIONS trade area Corners or contiguous to corner, highways, major TRAFFIC arterials with at least two lanes of traffic in either Minimum of 30,000 average daily traffic on primary direction artery SIGNS BUILDING SIZE Availability of sign permits for free-standing and Approximately 4,200 sq. ft. with 150 seats building signs easily seen from all directions SITE DIMENSIONS ACCESS Approximately 35,000 sq. ft. and up Double ingress and egress and no "dead end" park- DEAL TYPE ing Ground lease, purchase, build to suit PARKING SITES 75 preferred Freestanding, inline, end cap, travel centers, hotels UTILITIES ZONING CONSIDERATIONS Should be at property line and available for restau- Ability to operate 24 hrs. rant's hook-up

Real Estate Development Team None identified at this time.

89 Golden Corral (Golden Corral Corporation) Company Summary The company operates and franchises more than 480 steak buffet restaurants in 40 states, primarily in the Southeast. The family dining locations serve a variety of steak, chicken, and pork entrees along with an expansive buffet offering both hot and cold food items. Golden Corral units also feature a Brass Bell Bakery serving freshly baked breads, rolls, cookies, and brownies, as well as a Dessert Café. Most of the steak buffet eateries are operated by franchisees. Chairman James Maynard, who controls Golden Corral through his holding company, Investors Management Corp., founded the chain with partner Bill Carl in 1973.

Number of Current Stores (Corporate and Franchise)  482 locations. 358 U.S. franchise locations and 124 company owned locations.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #110 (2013), #82 (2012), #133 (2011), #94 (2010), #125 (2009),

Company Headquarters Address: Website: Financials 5151 Glenwood Ave., Ste. 300 http://goldencorral.com/ None identified at this time. Raleigh, NC 27612 USA +1-919-781-9310 (Phone) 919-881-4686 (Fax)

News: http://www.goldencorral.com/franchise/

Real Estate Information: Building Designs There are three Golden Corral building designs to match the building size and land needed to the market potential. The smallest is the GC-11S design with 248-300 seats; the GC-11M seats 360-400; and the largest GC-10 design seats 420-460.

Annual Sales In 2011, franchised GC-10 restaurants in the top one-third had an annual sales High-Low range of $7,634,129 to $4,780,464. The 33 restaurants in the top one-third of franchised GC-10 units had average annual sales of $5,639,129, with 13 of the 33 restaurants above average and 20 below.

Site Selection Assistance  Yes. Full-time franchise real estate directors.  Average daily traffic counts of at least 20,000  population density of 30,000 in a 5-mile radius  Annual market-wide eating and drinking sales of $50 million ($60 million for sites with a direct competitor)  1.5 acres  Highly visible with pylon sign identity  Easy access with traffic control  High traffic intersections  Freestanding building sites adjacent to Big Box Retailers  Parking for 155+ cars

90 Independent "Smaller" Multiple Size Multiple Site Mar- Criteria Cities /Towns Markets kets

Total Square Footage 7,829 11,088 11,661

Total Seating Counts 276 440 464

Total Number of Employees 80-120 130-150 150-180 Minimum Number of Parking 115 170 180 Spaces

Minimum Area of Lot 60-70,000 Sq. Ft. 78-105,000 Sq. 90-110,000 Sq. Ft.

Ft.

Retail Within Immediate Area >300,000 Sq. Ft. >500,000 Sq. Ft. >500,000Sq. Ft.

Population Requirements-1 --- 15k --- mile

Population Requirements-3 25k 40k-70k --- miles Population Requirements-5 25k-50k 70k 90K+ miles

Traffic Counts >25k >30k >30k

Real Estate Development Team

For Company Real Estate, Contact: For Franchise Real Estate, Contact: Glen Kinkade Bob Berkheimer Company Operations Real Estate Director (Nationwide) Franchise Operations Real Estate Director 972-424-6150 (office) / 919-624-4120 (cell) For all franchise locations east of the Mississippi [email protected] 410-256-3787 (office) [email protected]

Franchise Info [email protected] Larry Weiland Franchise Operations Real Estate Director Golden Corral Franchising Systems, Inc. For all franchise locations west of the Mississippi P.O. Box 29502 317-407-0992 (cell) Raleigh, NC 27626 [email protected]

91 Hu Hot Mongolian Grill (Hu Hot Mongolian Grills, LLC) Company Summary: Hu Hot Mongolian Grill operates and franchises about 30 Mongolian-style barbeque restaurants in more than a dozen mostly Midwestern states. The quick-casual eateries feature a variety of meats and vegetables, which customers select to be grilled in sauces with such names as Feed The Hordes Hoisin and Yellow Belly Curry. Hu Hot also serves appetizers and "The Final Pil- lage," its selection of desserts. CEO Andy Vap and his family opened the first Hu Hot Mongolian Grill in Missoula, Montana in 1999.

Number of Current Stores (Corporate and Franchise)  44 current locations. 38 U.S. locations with 6 company owned stores.

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #110 (2013), #82 (2012), #133 (2011), #94 (2010), #125 (2009),

Company Headquarters Address: Website: Financials 223 E. Main St. www.huhot.com None identified at this time. Missoula, MT 59802 USA +1-406-251-4303 (Phone) 406-327-1232 (Fax)

News: None identified at this time.

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

92 Huddle House Company Summary: Huddle House is a chain of 24-hour diner-style restaurants with over 430 locations in over 21 states, primarily found in Southern United States. The chain was started in 1964 in Decatur, Georgia by John Sparks, with the goal of providing a 24-hour eatery. It is named after the act of huddling in football. The original Huddle House in Decatur was established to give fans a place to eat after "the big game" on Friday nights. Its competitors include Waffle House, IHOP, Cracker Barrel, Denny's, and Bob Evans.

Number of Current Stores (Corporate and Franchise) ~400

Expansion/ Growth Trends Looking into large-scale remodeling operations

Company Headquarters Address: Website: Financials 5901 Peachtree-Dunwoody http://www.huddlehouse.com/ Unknown at this time Suite B450 Atlanta, GA 30328 Phone: 770.325.1300

News: http://www.huddlehouse.com/news.aspx

Huddle House Puts on Fresh Face, Readies for Growth "We have almost 400 restaurants right now; five of those restaurants are our current Evo design," he says. "And between builing new restaurants and remodeling restaurants, … we see 90 percent of our restaurants being rather young within four years.”

Wednesday March 13, 2013 (ATLANTA, GA) - Huddle House Redesign Spurs Growth Refreshed restaurants have seen sales increase upwards of 30 percent, CEO Michael Abt says

Real Estate Information: Unknown at this time

Real Estate Development Team:

Brian Kendrick, Director of Development Roy Blessing and David MacDonald 2nd Degree connections on LinkedIn Previously employed with FOCUS Brands and Darden Restaurants

Jeff L. Cook, Manager of Development Ryan Lawlor and Roy Blessing 2nd Degree connections on LinkedIn

93 IHOP (NYSE:DIN) Company Summary: DineEquity, Inc. owns, operates and franchises two restaurant concepts in the casual dining and family dining categories of the restaurant industry: Applebee's Neighborhood Grill and Bar and International House of Pancakes (IHOP). The Company oper- ates in four segments: franchise operations, company restaurant operations, rental operations and financing operations. As of December 31, 2011, its restaurant operations segment consisted of 177 Company-operated Applebee's restaurants, 10 Compa- ny-operated IHOP restaurants and five IHOP restaurants. Rental operations revenue includes revenue from operating leases and interest income from direct financing leases. Financing operations revenue consists of interest income from the financing of franchise fees and equipment leases, as well as sales of equipment associated with refranchised IHOP restaurants. In October 2012, it completed the refranchising program and completed the transitioning to a 99% franchised restaurant system.

The Company develops, franchises and operates restaurants in the family dining category of the restaurant industry under the names IHOP and International House of Pancakes. As of December 31, 2011, there were a total of 1,550 IHOP restaurants of which 1,369 were subject to franchise agreements, 166 were subject to area license agreements and 15 were Company- operated restaurants. It owns and operates 10 IHOP restaurants in the Cincinnati market area primarily for testing remodel de- signs, menu items and equipment, operational procedures systems and marketing, brand and design elements. IHOP restau- rants are located in all 50 states of the United States, the District of Columbia, Puerto Rico and the United States Virgin Islands and internationally in Canada, Mexico and Guatemala. As of December 31, 2011, the area licensees for the state of Florida and certain counties in Georgia operated or sub-franchised a total of 153 IHOP restaurants, and the area licensees for the province of British Columbia, Canada operated or sub-franchised a total of 13 IHOP restaurants. During 2011, IHOP entered into 13 new franchise development agreements for the development of 60 IHOP restaurants. As of December 31, 2011, it had signed com- mitments and options from franchisees to build 292 IHOP restaurants over the next 18 years, comprised of 7 restaurants under single-store or non-traditional development agreements, 137 restaurants under multi-store development agreements and 64 restaurants under international development agreements. As of December 31, 2011, there were 1,499 domestic IHOP franchise and area license restaurants. During 2011, its franchisees opened 45 domestic franchise restaurants and eight domestic fran- chise restaurants were closed. As of December 31, 2011, there were 36 international IHOP franchise and area license restau- rants. During 2011, its franchisees opened seven international franchise restaurants and none were closed.

Number of Current Stores (Corporate and Franchise)  As of December 31, 2011 there were 1,550 IHOP restaurants worldwide. 99 percent of IHOP locations are owned by inde- pendent franchisees.

Expansion/ Growth Trends None identified at this time.

Company Headquarters Address: Company Website: Financials 450 North Brand Boulevard http://www.ihop.com/ $1.36 Billion Market Cap GLENDALE, CA 91203-2306 United States +1-818-2406055 (Phone) +1-302-6365454 (Fax)

News: Investor Site: http://investors.dineequity.com/phoenix.zhtml?c=104384&p=irol-irhome

94

Real Estate Information: IHOP http://www.ihop.com/about-ihop/franchise-opportunities/usa#05 Current Growth Markets per IHOP Website

 Birmingham, Alabama  Chicago, Illinois (existing restau-  Syracuse, New York  Huntsville, Alabama rants for sale)  Dayton, Ohio  Denver, Colorado  Lincoln, Nebraska  Medford, Oregon  Kansas City, Missouri  Buffalo, New York  Green Bay, Wisconsin  Springfield, Missouri  Rochester, New York  St. Louis, Missouri  Wichita, Kansas  Albany, Georgia  Columbus, Mississippi  Savannah, Georgia  Meridian, Mississippi

95 Olive Garden Company Summary: Olive Garden is an American casual dining restaurant chain specializing in Italian-American cuisine. It is a subsidiary of Darden Restaurants, Inc., which is headquartered in unincorporated area in Orange County, Florida, near Orlando. As of 2012, Olive Garden restaurants account for 45% of the sales generated by Darden. Olive Garden operates more than 800 locations globally.

Number of Current Stores (Corporate and Franchise) 750+

Expansion/ Growth Trends Wants to cut growth in half (from 36 to 15 new stores per year) in order to ramp up remodeling operations on existing stores. Looking to reimage (modernize) current locations.

Company Headquarters Address: Website: Financials 1000 Darden Center Drive http://www.olivegarden.com/ ~45% of all Darden Revenue Orlando, FL 32837 ($3.55 Billion in 2012)

News: http://www.olivegarden.com/About-Us/News-and-Media/

Real Estate Information: Unknown at this time (likely through Darden)

Real Estate Development Team: Unknown at this time (likely through Darden)

96 Red Robin (NASDAQ:RRGB) Company Summary: Red Robin Gourmet Burgers, Inc. (Red Robin), together with its subsidiaries, is a casual dining restaurant chain focused on serv- ing gourmet burgers. The Company develops and operates casual-dining restaurants. As of December 25, 2011, the Red Robin system included 464 restaurants, of which 327 were Company-owned, and 137 were operated under franchise agreements with 21 franchisees. As of December 25, 2011, there were Red Robin restaurants in 43 states and two Canadian provinces. Its two franchisees are Ansara Restaurant Group, Inc. with 21 restaurants located in Michigan and Ohio, and Red Robin Restaurants of Canada, Ltd. with 19 restaurants located in Alberta and British Columbia, Canada. An affiliate of Mach Robin, LLC, a Red Robin franchisee, owns Red Robin Restaurants of Canada, Ltd. In June 2012, the Company’s wholly owned subsidiary, Red Robin International, Inc., acquired a Red Robin franchised restaurant in Clifton, N.J., from Parsippany, N.J.-based UBA Enterprises.

The Company’s menu features its signature product, the gourmet burger, which it makes from ground beef, and other sandwich- es made from chicken breasts, fish filets, turkey patties, as well as vegetarian and vegan burger sandwich options. It offers a selection of bun, including ciabatta, gluten free, sesame, onion, and whole grain buns, jalapeno roll and marbled rye with a varie- ty of toppings, including fresh guacamole, barbeque sauce, grilled pineapple, crispy onion straws, sautéed mushrooms, fried jalapenos, bruschetta salsa, coleslaw and dill pickle slices, eight different cheeses and a fried egg. In addition to gourmet burgers and chicken sandwiches, Red Robin serves a range of other items, such as appetizers, salads, soups, pastas, seafood, other entrees, desserts, and the Company's signature Mad Mixology alcohol and non-alcohol specialty beverages. All of its gourmet burgers and sandwiches are served with its all-you-can-eat Bottomless Steak Fries. In addition, the Company specialize in hav- ing items its guests can order to meet their dietary needs and preferences.

Number of Current Stores (Corporate and Franchise)  471 Total (333 company-owned, 133 franchised, 5 “Burger Works”)

Expansion/ Growth Trends  20 new restaurants planned for 2013 including mid-size prototypes and 5 “Burger Works.” Potential for mid-size and full- size prototype of 15 to 20 annually. Currently testing 21 stores in the “re-image program.”

Company Headquarters Address: Website: Financials Suite 200N 6312 S. Fiddler's Green http://www.redrobin.com/ $240.7 M in Revenue in Q4 2012 Circle GREENWOOD VILLAGE, CO 80111 United States - Map +1-303-8466000 (Phone)

+1-302-6365454 (Fax)

News: March 4, 2013 Forbes: Red Robin Gourmet Burgers Still Sizzlin' Real Estate Information: “Underserved markets”: Florida, New York, New Jersey, Chicago, New Jersey [sic], Chicago [sic], Texas Expand presence of Burger Works to meet needs of non-traditional locations and smaller markets Criteria for growth –Located in or near high-traffic malls & regional shopping centers –Average trade area population of 72,000 RR’s Burger Works: prototype for urban, in-fill locations

Real Estate Development Team: Not known at this time

97 Ted’s Montana Grill (Ted's Montana Grill, Inc.) Company Summary: Ted's Montana Grill is a chain restaurant operator that combines elements of themed-dining with an ecological ethos. Inspired by saloons of the American West, the restaurants specialize in burgers and other homey dishes made from fresh ground bison meat, as well as traditional American fare such as beef, chicken, and seafood items. The chain is also committed to the princi- ples of environmentalism and nature conservation. Ted's Montana Grill has about 45 restaurants in 20 states, mostly in the Southeast and in Colorado. Bison rancher and former media mogul Ted Turner started the business with CEO George McKer- row Jr. in 2002 All bison served is National Bison Association-certified; the menu [3] includes several other kinds of meats and vegetables. As part of the restaurant's unusual but aggressive approach to environmentalism, it "re-introduced the paper straw" (not produced in the United States since 1970) [4] to avoid using plastic. They have also eco-friendly bathrooms. The store uses dual flush toilets, and eco-friendly soap.

Number of Current Stores (Corporate and Franchise)  45 locations.

Expansion/ Growth Trends  None identified at this time.

Company Headquarters Address: Website: Financials 133 Luckie St. http://www.tedsmontanagrill.com/ None identified at this time. Atlanta, GA 30303 USA +1-404-266-1344 (Phone) 404-233-6717 (Fax)

News: http://tedsmontanagrill.com/about_news.html

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

98 Waffle House (Waffle House, Inc.) Company Summary Waffle House is the #2 family-style restaurant chain (behind Denny's) with more than 1,500 diners in about two dozen states, mostly in the South. The eateries are popular for eggs, grits, and waffles, as well as their famous "scattered, smothered, and covered" hash browns. In addition to day starters, the menu features T-bone steaks, cheeseburgers, and sandwiches for lunch and dinner. Invoking the 1950s-style diner, Waffle House units are typically free-standing and open 24 hours a day. About half the locations are franchised. Joe Rogers Sr., father of CEO Joe Rogers Jr., started the family-owned business with partner Tom Forkner in 1955.

Number of Current Stores (Corporate and Franchise)  Over 1,700 locations in 25 states.

Expansion/ Growth Trends None identified at this time.

Company Headquarters Website: Financials 986 Financial Dr. http://wafflehouse.com/ None identified at this time. Norcross, GA 30071 USA +1-770-729-5700 (Phone) 770-729-5999 (Fax)

News: None identified at this time.

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

99 100 RESTAURANT GROUPS

101 Darden Restaurants (NYSE: DRI) Company Summary: Darden Restaurants, Inc. (NYSE: DRI) is a multi-brand restaurant operator headquartered in an unincorporated area in Orange County, Florida, near Orlando. The firm owns several casual dining restaurant chains, most notably Olive Garden, LongHorn Steakhouse, and . Darden owns and operates 1,936 restaurant locations throughout North America and has more than 180,000 employees, making it the largest full-service restaurant company in the world after Skylark, a full-service restaurant company with 3,680 restaurants based in Tokyo, Japan. Darden does not franchise its restaurants in the United States, but many of its international locations are not under corporate control. As of 2012, Darden is the only Fortune 500 company with its corpo- rate headquarters in Greater Orlando.

Number of Current Stores (Corporate and Franchise)  2,000+

Expansion/ Growth Trends  Unknown at this time

Company Headquarters Address: Website: Financials 1000 Darden Center Dr. http://www.darden.com/ $7.9 Billion in Revenue in 2012 Orlando FL 32837 $7.4 Million in Profit in 2012 P: (407) 245-4000

News: http://investor.darden.com/investors/news-releases/default.aspx

Real Estate Information: Unknown at this time

Real Estate Development Team: Brett Mashchak Site Development Manager Andrew Barnett a 1st degree connection on LinkedIn

102 FOCUS Brands, Inc. Company Summary: FOCUS Brands, Inc. is the company behind Auntie Anne’s Pretzels, Carvel, Cinnabon, Moe’s Southwest Grill, and Schlotzsky’s restaurants. FOCUS Brands Inc. operates and franchises ice cream stores, bakeries, restaurants, and cafes in the United States, the District of Columbia, Puerto Rico, and internationally. The company produces and sells ice cream cakes, and soft serve and hand-dipped ice cream products cups, including cones, sundaes, and shakes. It also sells its ice cream cakes through supermarket outlets. The company was formerly known as Carvel Holding Corporation and changed its name to FOCUS Brands Inc. in 2004. FOCUS Brands Inc. was founded in 1934 and is based in Atlanta, Georgia.

Number of Current Stores (Corporate and Franchise) 3,300+

Expansion/ Growth Trends Subsidiary-dependent, Normal growth overall.

Company Headquarters Address: Website: Financials 200 Glenridge Point Parkway http://focusbrands.com/default.aspx Unknown at this time Suite #200 Atlanta, GA 30342 P: 404-255-3250

News: http://focusbrands.com/news.aspx Real Estate Information: http://focusbrands.com/real_estate.aspx

Basic Site Criteria Auntie Anne’s Pretzels Auntie Anne’s offers store options that are flexible to a variety of venue types. That’s why you’ll find us in malls, non-traditional shopping centers, colleges, and transportation and entertainment centers. High visibility areas with consistent pedestrian traffic work the best for the Auntie Anne’s business model. For mall units, locations on the most active level, away from the food court are preferred. If you have a location in mind, contact us to discuss the potential opportunity.

Carvel Sites in high visibility convenience centers, anchored neighborhood centers or streetscape locations are ideal for Carvel. The concept requires roughly 1,000 square feet, end-caps are preferred with a minimum of 20 feet of frontage. Adjacencies such as schools, parks and hospitals are preferred.

Cinnabon With only 750 square feet and a minimum of 18 feet in front required, Cinnabon locations are ideal in large regional malls with four or more major anchors. Center court and mouth of food court locations are ideal.

Moe’s Southwest Grill We look for sites in anchored neighborhood centers and in high visibility convenience centers. A typical Moe’s location is 2,000 to 2,800 square feet and a minimum of 30 parking spaces must be available. We also look for strong adjacencies such as schools, parks and hospitals.

Schlotzsky’s The Schlotzsky’s concept works nicely in anchored neighborhood centers and high visibility convenience centers near schools, parks or hospitals. The restaurant size ranges from 2,400 to 3,200 square feet with outdoor patio seating available in appropriate markets. Schlotzsky’s locations require a minimum of 20 parking spaces and visible outdoor signage.

Real Estate Development Team: Unknown at this time

103 Raving Brands Company Summary: Raving Brands, Inc., is an Atlanta-based private company with a portfolio of five fun and irreverent franchise restaurant concepts in the fast-casual category. , with 136 franchises, is the third largest fresh fruit smoothie company in the United States. The chain offers four categories of smoothies: Booster, Fat Burner, Wellness, and Workout. Vitamin and other supple- ments, called Blasts, are also available to customize the drinks. In addition, Planet Smoothie offers a range of sandwiches, wraps, paninis, and salads. Raving Brands' fast-growing Moe's Southwest Grill takes a fresh and healthy approach to southwest cuisine while adopting a lighthearted attitude. Menu items include Joey Bag of Donuts, Homewrecker, The Ugly Naked Guy, I Said Posse, Puff the Magic Dragon, and Moo Moo Mr. Cow. Another Raving Brands concept is Mama Fu's Noodle House, which offers healthy wok-cooked Korean, Thai, Vietnamese, Chinese, and Japanese food. As with other Raving Brands restaurants, Mama Fu attempts to create a high energy and fun atmosphere. Doc Green's Gourmet Salads, Raving Brands' latest concept, specializes in healthy and fresh made-to-order salads, casseroles, and sandwiches. PJ's Coffee is Raving Brands' only acquired concept. In addition to franchising Starbucks-like PJ's Coffee outlets, Raving Brands has launched PJ's Coffee and Wine Bars to create a hybrid category to set the franchise apart from Starbucks and other coffee house chains.

Principal Subsidiaries: Moe's Southwestern Grill, LLC; Mama Fu's Noodle House, Inc.; Planet Smoothie Franchises LLC; PJ's USA, Inc.; Doc Green's Gourmet Salads Inc. Principal Competitors: Company; Franchises, Inc.; Chipotle Mexican Grill, Inc.; Fresh Enterprises, Inc.; Santa Barbara Restaurant Group.

Expansion/ Growth Trends

Company Headquarters Address: Website: Financials 1801 Peachtree Rd http://www.ravingbrands.com/ Unknown at this time Suite 160 Atlanta, GA 30309 Telephone: (404) 355-5400

News: Second filing against Raving Brands 8/27/12 http://www.bizjournals.com/atlanta/news/2012/08/27/second-filing-against-raving-brands.html A trustee of Atlanta restaurant chain company Raving Brands Inc. has filed another adversary proceeding. Last week, Chapter 7 trustee Paul H. Anderson Jr. of Raving Brands filed an adversary proceeding against several of the compa- ny’s former and current leaders and affiliates alleging they developed a complex “corporate web” to “deceive the public, fran- chisees, courts, the press, and creditors.” Now, Anderson has filed against H. Martin Sprock III, Daryl Dollinger, MIBI Investment LLC,Robert Brand, J. Rutherford Seydel II, J. Randall Hollingsworth, Davis, Pickren, Seydel & Sneed, SP Investments LLC, MSWG LLC (formerly Moe’s Southwest Grll LLC), P.J.’s Coffee & Tea Inc., Planet Smoothie Franchises LLC, Raving Brands Holdings Inc., Raving Brands International LLC, RB Investments LLC and Shane’s 41 LLC. Anderson wants to recover alleged fraudulent transfers of property and payments worth $4.7 million that followed the sale of Shane's Rib Shack.

Trustee claims deceptive practices at Raving Brands 8/21/12/ http://www.bizjournals.com/atlanta/news/2012/08/21/trustee-claims-deceptive-practices-at.html A Chapter 7 trustee of Atlanta restaurant chain company Raving Brands Inc. filed an adversary proceeding against several of the company’s former and current leaders and affiliates alleging they developed a complex “corporate web” to “deceive the public, franchisees, courts, the press, and creditors.” The case alleges Raving Brands “repeatedly indicated to the public, to franchisees, to the press, to the courts, and to its creditors that it was a viable business enterprise, as either a supporting enterprise to the Raving Brands Inc. Affiliates or as the overall parent company to the Raving Brands, Inc. Affiliates. “This was never true. Despite the numerous statements of Raving Brands, Inc. and of the Raving Brands, Inc. Affiliates to the public, to the franchisees, to the press, to the courts, and to its creditors that Raving Brands, Inc. was a viable enterprise, it was not.”

104 The filing’s claims include allegations the defendants submitted false disclosures to regulators and abused the corporate form for years by using two entities named “Raving Brands Inc. Among other things, trustee Paul Anderson wants the court to make the defendants personally liable for all the company’s debts and rule them in breach of their fiduciary duties.

Raving Brands Continues Fight To Vindicate Company with Lawsuit Wins http://www.prnewswire.com/news-releases/raving-brands-continues-fight-to-vindicate-company-with-lawsuit-wins- 159033035.html On April 17, 2012, Richard W. Story , federal judge on the United States District Court for the Northern District ofGeorgia, en- tered judgment against a group of plaintiffs in their case alleging fraud and racketeering against Raving Brands, Moe's South- western Grill and its founderMartin Sprock , for failure to assert these and other related claims in a timely manner. The Court found a lack of diligence by the group, comprised of 10 Moe's Southwest Grill franchisees, in raising the fraud and related claims stated against former franchisor Raving Brands. "Since the sale of Moe's Southwest Grill to Focus Brands in 2007, this group of franchisees has attempted to discredit and un- dermine the brand with little or no regard for the brand's employees who have worked diligently on behalf of the brand and their success as franchisees," explains Daryl Dollinger , president of Raving Brands. "According to the Court, we provided a fully func- tional operating system to these Moe's Southwest Grill franchisees, as well as services that supported their success when Moe's Southwest Grill was part of the Raving Brands portfolio. We are now focused on the success of Raving Brands' current portfolio including Monkey Joe's Parties and Play, Cowlicks Yogurt and Floats and The Flying Biscuit Cafe."

Real Estate Information:

Real Estate Development Team: [email protected]

105 106 COMMERCIAL RETAIL

107 CVS (NYSE:CVS) Company Summary: CVS Caremark Corporation (CVS Caremark), together with its subsidiaries, is a pharmacy health care provider in the United States. CVS Caremark provides pharmacy services through its pharmacy benefit management (PBM), mail order and specialty pharmacy division, CVS Caremark Pharmacy Services; approximately 7,300 CVS/pharmacy retail stores; retail-based health clinic subsidiary, MinuteClinic, and its online retail pharmacy, CVS.com. The Company operates in three business segments: Pharmacy Services, Retail Pharmacy and Corporate. Its corporate segment provides management and administrative services to support the overall operations of the Company. The Corporate segment consists of certain aspects of its executive management, corporate relations, legal, compliance, human resources, corporate information technology and finance departments. On April 29, 2011, the Company acquired the Medicare prescription drug business of Universal American Corp. (the UAM Medicare Part D Business). In April 2012, Health Net, Inc.’s subsidiary, Health Net Life Insurance Company, sold its Medicare stand-alone Pre- scription Drug Plan (Medicare PDP) business to a subsidiary of CVS Caremark. In February 2013, it bought Drogaria Onofre.

As of December 31, 2011, the Retail Pharmacy segment included 7,327 retail drugstores, of which 7,271 operated a pharmacy, its online retail pharmacy Website, CVS.com, 30 onsite pharmacy stores and its retail health care clinics. The retail drugstores are located in 41 states, Puerto Rico and the District of Columbia operating primarily under the CVS/pharmacy name. As of De- cember 31, 2011, CVS Caremark operated in 92 United States drugstore markets. CVS/pharmacy stores sell prescription drugs and a range of general merchandise, front store products. Existing retail stores range in size from approximately 5,000 to 25,000 square feet, although most new stores range in size from approximately 8,000 to 13,000 square feet and include a drive-thru pharmacy. During 2011, it filled approximately 658 million retail prescriptions, or approximately 20% of the United States retail pharmacy market. As of December 31, 2011, the Company operated 657 retail health care clinics in 25 states and the District of Columbia under the MinuteClinic name, of which 648 were located within CVS/pharmacy stores. Its products and services in- clude pharmacy, front store, minuteclinic and onsite pharmacies.

Front store categories include over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, season- al merchandise, greeting cards and convenience foods. A key component of the Company’s front store is its ExtraCare card program. The Company carried over 4,400 CVS/pharmacy and brand products, which accounted for approximately 18% of its front store revenues during 2011. As of December 31, 2011, it operated 657 MinuteClinic locations in 25 states and the District of Columbia; of which 648 were located in CVS/pharmacy stores. It also operates a limited number of small pharmacies located at client sites under the CarePlus CVS/pharmacy, CarePlus or CVS/pharmacy name, which provide certain health plan members and customers with a convenient alternative for filling their prescriptions. During 2011, it opened 161 new retail pharmacy stores, relocated 86 stores and closed 16 stores. The Company competes with Express Scripts, Inc., Medco Health Solutions, Inc., United Healthcare and CIGNA.

Number of Current Stores (Corporate and Franchise)  More than 7,000 CVS/ pharmacy and specialty pharmacy locations in 43 states, Puerto Rico and the District of Columbia.  500 CVS/pharmacy stores in 25 states feature the MinuteClinic.

Expansion/ Growth Trends CVS Reveals 2013 Expansion Plans, Acquires 19 Medicine Chest Locations: http://risnews.edgl.com/retail-best-practices/CVS- Reveals-2013-Expansion-Plans,-Acquires-19-Medicine-Chest-Locations83776 CVS Caremark outlined its strategic growth framework during its Analyst Day call on December 13, 2012. The new integrated model enables the retailer to drive pharmacy innovation and understand the health care landscape as well as where it's heading. As part of its plans for expansion, the retailer is also shifting its customer engagement model and has acquired 19 Med- icine Chest Pharmacy locations in Texas.

The model for engaging with customers and delivering health care services is changing due to advances in technology. Multi- channel touch points, including mobile, social media and online platforms create an opportunity to reshape how the retailer en- gages with customers, influences behavior and improves outcomes. The transition to digital will accelerate with tech-driven meth- ods, reshaping behavior and health care delivery.

During the last weekend of December, CVS/Pharmacy will acquire 19 Medicine Chest drug stores in Texas, operating nine of those and relocating 10 into nearby existing CVS locations, "CVS/Pharmacy is committed to helping people on their path to bet- ter health in our more than 550 Texas locations," said Laura Underwood, area vice president for CVS/Pharmacy. "By expanding our presence in the state through the acquisition of Medicine Chest's high quality pharmacies, we will offer our customers greater convenience and access to our services."

108

Company Headquarters Address: Website: Financials One CVS Drive http://info.cvscaremark.com/ 62.34 Billion WOONSOCKET RI 02895 P: +1401.7651500 F: +1401.7622137

News: http://phx.corporate-ir.net/phoenix.zhtml?c=99533&p=irol-irhome

Real Estate Information: http://www.cvscaremarkrealty.com/real-estate-contacts

Real Estate Development Team http://www.cvscaremarkrealty.com/real-estate-contacts http://www.cvscaremarkrealty.com/construction-contacts

Danni Gallagher, Director of Construc- Ed Cook, Director of Construction Bob Gunter, Director of Construction tion CVS Caremark CVS Caremark CVS Caremark Ph. (714) 681-5560 Ph. (817) 605-8901 Ph. (727) 394-6865 Location: IL, IN, LA, MI, MO: St. Louis Location: AZ, CA, HI, IA, KS, MO: ex- Location: AL, FL, GA, KY, NC, SC, TN, only, MS, OK, TX, WI and Puerto Rico cept St. Louis, MT, ND, NE, NM, NV,

Al DeSalvo, Director of Construction CVS Caremark Ph. (703) 645-9167 Location: CT, MA, MD, ME, MN, NH, NJ, NY, OH, PA, RI, VA, VT, WV, Wash- ington, DC

109 Dick’s (NYSE:DKS) Company Summary: Dick's Sporting Goods, Inc. (Dick's), incorporated in 1948, is a sporting goods retailer offering an assortment of brand name sporting goods equipment, apparel and footwear. The Company offers a range of sporting goods and active apparel at each price point in order to appeal to the beginner, intermediate and enthusiast sports consumer. The Company also owns and oper- ates Golf Galaxy, LLC, a golf specialty retailer (Golf Galaxy), and maintains e-commerce operations for both Dick's and Golf Galaxy. At its Dick's and Golf Galaxy stores, it offers a range of golf services, including custom club fitting, club repair, and grip and shaft installation for drivers, irons and putters. As of January 28, 2012, the Company operated 480 Dick's Sporting Goods stores in 43 states and 81 Golf Galaxy stores in 30 states. During the fiscal year ended January 28, 2012 (fiscal 2011), it opened 36 Dick's stores and relocated one Golf Galaxy store.

The Company’s Dick's stores contain five specialty departments. Its primary prototype store is a single-level store of approxi- mately 50,000 square feet. Signs and banners are located throughout the store allowing customers to quickly locate the various departments. Video monitors throughout the store provide a sense of entertainment with videos of championship games, instruc- tional sessions or live sports events. The Company also has a prototype two-level store of approximately 75,000 square feet. Its Golf Galaxy store model is based on a prototype store that generally ranges from 13,000 to 18,000 square feet.

The Company offers private lessons with its Professional Golfers' Association of America (PGA) and Ladies Professional Golf Association (LPGA) professionals in its Golf Galaxy Stores. Its prototype Dick's stores feature bicycle maintenance and repair stations on the sales floor, allowing its bicycle mechanics to service bicycles in addition to assisting customers. At its Dick's stores, it also strings tennis racquets and lacrosse sticks, sharpen ice skates, provide home delivery and assembly of fitness equipment, provide scope mounting and bore sighting services, cut arrows, sell hunting and fishing licenses and fill carbon diox- ide (CO2) tanks for paintball. Its Dick's Sporting Goods ScoreCard Rewards program and its Golf Galaxy Advantage Club pro- gram are customer loyalty programs. The Company operates three regional distribution centers: a 725,000 square foot distribu- tion center in Plainfield, Indiana, a 657,000 square foot distribution center near Atlanta, Georgia, and a 601,000 square foot dis- tribution center in Smithton, Pennsylvania. Additionally, the Company is constructing a 624,000 square foot distribution center in Goodyear, Arizona.

Number of Current Stores (Corporate and Franchise)  34 states. 480 Dick’s Sporting Goods Stores as of 2011. 81 Golf Galaxy Stores.

Expansion/ Growth Trends  “In 2011, we opened 36 new Dick’s Sporting Goods stores, reflecting an 8.1 percent growth rate, and in 2012, we expect to expand at a slightly accelerated pace. In line with our commitment to quality growth, we continue to focus on careful site selection, productivity and profitability, as reflected in our fourth quarter 2011 new store productivity metric of 94 percent.”

Company Headquarters Address: Website: Financials 345 Court Street http://www.dickssportinggoods.com/ 6.02 Billion CORAOPOLIS, PA 15108 United States +1-724-2733400 (Phone) +1-302-6365454 (Fax)

News: http://m.dickssportinggoods.com/corp/index.jsp?page=pressRoom

Investor Relations http://phx.corporate-ir.net/phoenix.zhtml?c=132215&p=irol-irhome

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

110 Family Dollar Company Summary: Family Dollar Stores, Inc., incorporated in November 24, 1969, operates a chain of more than 7,400 general merchandise retail discount stores in 45 states, providing consumers with a selection of merchandise in neighborhood stores. The Company's mer- chandise assortment includes Consumables, Home Products, Apparel and Accessories, and Seasonal and Electronics. Its Fami- ly Dollar store is between 7,500 and 9,500 square feet, with an average of approximately 7,150 square feet of selling space. During the fiscal year ended August 25, 2012, the Company operated 7,442 stores. The Company offers a focused assortment of merchandise in a number of core categories, such as health and beauty aids, packaged food and refrigerated products, home cleaning supplies, house wares, stationery, seasonal goods, apparel, and home fashions. The Company's typical store generally carries approximately 6500 - 7000 basic stock keeping units (SKUs).

During fiscal 2012, the Company opened 475 stores, closed 56 stores, and renovated, relocated or expanded 854 stores. From August 25, 2012, through September 29, 2012, it opened 34 new stores, closed one store, and renovated, relocated or expanded 52 stores. As of September 29, 2012, the Company owned 367 of the total 7,475 stores it operate. All of the Company’s opera- tions are located in the United States with the exception of certain sourcing entities located in Asia. The Company offers range of general merchandise.

The Consumables category includes household chemicals, paper products, food, health and beauty aids, hardware and automo- tive supplies, pet food and supplies, and tobacco. The Home Products category includes domestics, such as blankets, sheets and towels, as well as house wares, giftware and home decor. The Apparel and Accessories category includes men’s clothing, women’s clothing, boys’ and girls’ clothing, infants’ clothing, shoes and fashion accessories. The Seasonal and Electronics cate- gory includes toys, stationery and school supplies, seasonal goods, and personal electronics, including pre-paid cellular phones and services. During fiscal 2012, approximately 24% of its purchased merchandise was manufactured overseas. As of Septem- ber 29, 2012, the Company had, in the aggregate, approximately 64.1 million square feet of total store space (including receiving rooms and other non-selling areas) and approximately 53.4 million square feet of selling space.

Number of Current Stores (Corporate and Franchise)  7,400 general merchandise retail discount stores in 45 states.

Expansion/ Growth Trends

Company Headquarters Address: Website: Financials 10401 Monroe Road http://www.familydollar.com MATTHEWS NC 28105 P: +1704.8476961 F: +1302.6555049 News: Analyst: Dollar Stores Grocery Gains Showing 1/8/13 http://news.yahoo.com/analyst-dollar-stores-grocery-gains-203210818.html Stores like Family Dollar and Dollar General have added more grocery and household items over the past two years in an effort to steal business away from supermarkets and big-box stores like Target Corp. and Wal-Mart Stores Inc. There's still potentially more growth, however, since dollar stores only have about 4 percent of total market share for groceries and household goods, Rubinson said He cut his price target on Family Dollar Stores Inc. to $63 from $70. Shares rose 12 cents to $57.33. Shares have ranged from a 52-week high of $74.73 reached in June to a low of $53.03 last January.

Family Dollar Cuts 2013 Earnings Forecast 1/3/13 http://www.bloomberg.com/news/2013-01-03/family-dollar-falls-most-since-2000-after-forecast-cut.html Family Dollar Stores Inc. (FDO), the second-largest U.S. dollar store chain, tumbled the most in more than 12 years after cutting its fiscal 2013 earnings forecast, saying consumers are reluctant to spend on more-profitable discretionary items. Family Dollar sank 13 percent to $55.63 at 9:57 a.m. in New York, after falling 14 percent for the biggest intraday drop since December 2000. The Matthews, North Carolina-based company’s shares had advanced for five straight years, including a gain of 10 percent in 2012.

Dollar Goodies: Products Might Cost Less, but Are They Worth It? 6/9/12

111 http://www.theledger.com/article/20120609/NEWS/120609309/1001/news36?p=all&tc=pgall The retail environment in this economy has been grueling on big retailers, but for stores with the word "dollar" in their name, it's brought a lot of good. Dollar stores across the nation have been thriving and have seemingly become a go-to place for newly frugal consumers. Stores such as Family Dollar, Dollar General and Dollar Tree offer basic consumer goods at discounted prices and have added familiar brand names to their shelves. The stigma once attached to shopping at dollar stores, she said, is vanishing as the stores now cater to larger demographics, and more people from different economic levels shop there. Josh Braverman, communication director for the Matthews, N.C.-based Family Dollar, said his company has seen an increase in customers with annual incomes of $40,000 to $80,000 a year, compared to an earlier time when most customers were of lower incomes. Last month, Fortune magazine ranked Dollar Tree No. 18 of the fastest-growing companies, with Family Dollar Stores coming in at No. 47 on the same list. And Dollar General recently opened its 10,000th store. In total they operate at least 48 dollar stores in Polk County.

Dollar Stores Now Outnumber National Drug Store Chains: 12/5/11 http://www.prnewswire.com/news-releases/dollar-stores-now-outnumber-national-drug-store-chains-135018038.html The four national chains – Dollar General, Dollar Tree, Family Dollar, and 99 Cents Only stores – now operate approximately 21,500 locations in the United States—more than the combined stores of the three biggest drugstore chains. Typical dollar stores occupy an average footprint of 7,000 to 10,000 square feet, although some newer prototypes exceed 20,000 square feet More aggressive real estate programs = Accelerated absorption: Grocer and supercenters frequently restrict landlords from leas- ing space to dollar stores within a center they anchor. This trend is pushing dollar stores to locate into larger projects, lease in better-quality real estate areas, or to build new ground-up locations. Natunewicz sees the potential for even more expansion. "The convenience they provide—bringing better products at lower prices closer to the consumer—helps dollar stores to better serve existing customers and attract new ones. Retail is habit-forming; the longer shoppers patronize a particular store or category, the more likely it is to become a permanent shopping destination."

Family Dollar Reports Record Sales and Earnings Results http://phx.corporate-ir.net/phoenix.zhtml?c=93888&p=irol-newsArticle&ID=1610715&highlight= Family Dollar Stores, Inc. (NYSE: FDO) today reported record sales and earnings results for the fourth quarter and year ended August 27, 2011. Net sales for the fourth quarter of fiscal 2011 increased 9.1% to $2.134 billion, compared to $1.957 billion in the fourth quarter of fiscal 2010. Net income per diluted share in the fourth quarter of fiscal 2011 increased 17.9% to $0.66 compared with $0.56 per diluted share in the fourth quarter of fiscal 2010. Net sales for fiscal 2011 increased 8.7% to $8.548 billion com- pared to $7.867 billion in fiscal 2010. Net income per diluted share in fiscal 2011 increased 19.1% to $3.12 compared with $2.62 in fiscal 2010. "A year ago we launched an ambitious, multi-year plan to accelerate revenue growth, expand operating margins and optimize our capital structure, and I am pleased to announce that we have executed well against our plans in a very difficult operating environment," said Howard Levine, Chairman and CEO. "In fiscal 2011 our team:

 drove a 5.5% increase in comparable store sales;  opened 300 new stores compared with 200 new store openings in fiscal 2010;  renovated 972 stores, exceeding our initial target of 600-800 renovations;  significantly expanded our consumables assortment;  delivered four additional quarters of consecutive double-digit earnings per diluted share growth;  completed an initial public debt offering of $300 million in 10-year notes; and  repurchased 13.9 million shares at a total cost of approximately $670 million and increased the annual dividend by 15.8%.

Real Estate Development Team: Bob Jensen Director of Construction at Family Dollar Stores Dan Bond is a Linked In Connection

112 Fresh and Easy Company Summary: Fresh & Easy Neighborhood Market Inc. owns and operates grocery stores. The company offers organic and gluten-free prod- ucts, meat, chicken, pork, fish, fruits and vegetables, milk and butter, eggs, bakery products, breads and desserts, wines, ready- to-cook meals, and baby products. The company also provides vitamins and supplements focusing on bones, urinary tract, pros- tate, heart, immune system, joints, prenatal diseases, digestive system, eyes, and general health. Fresh & Easy Neighborhood Market Inc. was founded in 2006 and is based in El Segundo, California. The company has stores in Arizona, California, and Nevada. Fresh & Easy Neighborhood Market Inc. operates as a subsidiary of Tesco PLC.

Number of Current Stores (Corporate and Franchise)  200+ in Arizona, California, and Nevada

Expansion/ Growth Trends  Over 200 stores in the last 5 years, however, extremely limited in geographic area

Company Headquarters Address: Website: Financials 2120 Park Place, Suite 200 http://www.freshandeasy.com/ Unknown at this time El Segundo, California 90245

News: http://www.freshandeasy.com/news/press-room/ http://www.retailleader.net/top-story-industry_news-what_went_wrong_at_fresh___easy-1581.html “Despite the deep pockets of U.K.-based Tesco, the retailer is poised to pull the plug on its money-losing U.S. banner, Fresh & Easy, saying essentially time is up.” “experts speculated Walmart, Aldi or a dollar store chain could purchase the chain's 200 small-format locations.” “Some of Fresh & Easy’s newer locations in the San Francisco Bay Area have been meeting or exceeding expectations, Brown said. “I can’t help thinking it’s a pennywise, pound-foolish decision” to exit the U.S., he said. Tesco executives apparently said, “We’re hemorrhaging money right now. Let’s do whatever we can to staunch the bleeding. Let’s end the experiment,” Brown said.” “Brown predicts Tesco will sell to several players. “Their best return probably would be to chop it up," he said. "I don't know many players who are looking to bite off this big a chain all at once."”

Real Estate Information: Unknown at this time

Real Estate Development Team: Deborah Morrow Adams Director of Property Development Los Angeles, CA (Matt Sliwinski a connection on LinkedIn)

113 JC Penny’s (NYSE:JCP) Company Summary: J. C. Penney Company, Inc. (jcpenney), incorporated in 2002, is a holding company. The Company is a retailer, operating 1,102 department stores in 49 states and Puerto Rico as of January 28, 2012. Its business consists of selling merchandise and ser- vices to consumers through its department stores and through its Internet Website at jcp.com. The Company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside jcpenney and home furnishings. In addition, its department stores provide its customers with services, such as styling salon, optical, portrait photography and cus- tom decorating. The Company’s principal operating subsidiary is J. C. Penney Corporation, Inc. (JCP). In November 2011, it completed its acquisition of the worldwide rights for the Liz Claiborne family of trademarks and related intellectual property, as well as the United States and Puerto Rico rights for the Monet trademarks and related intellectual property.

The Company opened 77 Sephora inside jcpenney beauty boutiques to bring its total to 308 locations, 423 MNG by Mango shops to bring its total to 500 locations and 502 Call it Spring shops to bring its total to 505 locations. The Company’s brands include the jcpenney, Fair and Square, Liz Claiborne, Okie Dokie, Worthington, east5th, a.n.a, St. John’s Bay, The Original Ari- zona Jean Company, Ambrielle, Decree, Linden Street, Article 365, Uproar, Stafford, J. Ferrar, jcpenney Home Collection and Studio by jcpenney Home Collection. As of January 28, 2012, it operated department stores throughout the continental United States, Alaska and Puerto Rico, of which 426 were owned, including 121 stores located on ground leases. As of January 28, 2012, its supply chain network operated 27 facilities at 18 locations, of which nine were owned, with multiple types of distribution activities housed in certain owned locations. Its network includes 13 store merchandise distribution centers, five regional ware- houses, four jcp.com fulfillment centers and five furniture distribution centers.

Number of Current Stores (Corporate and Franchise)  1,100 stores.

Expansion/ Growth Trends JCPenny 4th Quarter Full Year Results: Spring 2013 Shops Outlook: For the year, jcpenney reported a net loss of $985 million or $4.49 per share. During spring 2013, the Company anticipates opening close to 20 shops designated for home products in 505 stores with brand partners such as Michael Graves, Jonathan Adler and Sir Terence Conran, among others. In addition to transforming the home area, the Company will open nearly 700 Joe FreshTM apparel shops on March 15, 2013 as it transforms nearly 11 million square feet of retail space in the spring. During the year, the Company anticipates opening 60 Sephora inside jcpenney stores, bringing the total to 446.

Company Headquarters Address: Website: Financials 6501 LEGACY DRIVE http://www.jcpenney.com/ 4.61 Billion PLANO, TX 75024-3698 United States +1-972-4311000 (Phone)

News: http://ir.jcpenney.com/phoenix.zhtml?c=70528&p=irol-irHome

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

114 Rite Aid (NYSE:RAD) Company Summary: Rite Aid Corporation, incorporated in 1968, is a retail drugstore chain in the United States. As of March 3, 2012, the Company operated drugstores in 31 states across the country and in the District of Columbia. As of March 3, 2012, it operated 4,667 stores. In the Company’s stores, it sells prescription drugs and a range of other merchandise, which it calls front end products. During the fiscal year ended March 3, 2012 (fiscal 2012), prescription drug sales accounted for 68.1% of its total sales. The Company carries a range of front end products, which accounted for 31.9% of its total sales in fiscal 2012. Front end products include over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, beverages, convenience foods, greeting cards, seasonal merchandise and other everyday and convenience products, as well as photo pro- cessing. It offers a variety of products under its private brands, which contributed approximately 17% of its front end sales in the categories where private brand products were offered in fiscal 2012. As of March 3, 2012, the Company had opened over 2,100 GNC stores-within-Rite Aid-stores. During fiscal 2012, the Company sold two owned operating stores to independent third par- ties.

During fiscal 2012, its stores filled approximately 295 million prescriptions and served an average of 2.1 million customers per day. The overall average size of each store in its chain is approximately 12,600 square feet. As of March 3, 2012, 60% of its stores were freestanding; 51% of its stores included a drive-thru pharmacy; 24% included one-hour photo shops, and 46% in- cluded a GNC store-within-Rite Aid-store. The Company’s customers may also order prescription refills over the Internet through www.riteaid.com, or over the phone through its telephonic automated refill systems for pick up at a Rite Aid store. It has a strate- gic alliance with GNC, a retailer of vitamin and mineral supplements.

Number of Current Stores (Corporate and Franchise)  4,614 Rite Aid Stores.

Expansion/ Growth Trends  We continue to convert high-performing stores to our new Wellness format, which could be found at 280 Rite Aid locations by the end of the fiscal year.  While it is still early on in the process, we are starting to see a positive impact on front-end sales. We will continue rolling out this ground breaking new format to additional stores, with plans to complete 500 Wellness store remodels in fiscal 2013. Our goal is to have 80 percent of our stores either new or remodeled within the next five years.

Company Headquarters Address: Website: Financials 30 Hunter Lane http://www.riteaid.com/ 1.45 Billion CAMP HILL PA 17011 P: +1717.7612633 F: +1302.655504

News: http://www.riteaid.com/company/investors/ http://www.riteaid.com/company/surplus_stores/

Real Estate Information: [email protected]

Real Estate Development Team

115 The Sports Authority Inc. Company Summary: The Sports Authority, Inc. ("Sports Authority") is headquartered in Englewood, Colorado. It operates over 450 stores in 45 U.S. states under The Sports Authority. The Company's website, located at sportsauthority.com is operated by GSI Commerce, Inc. Sports Authority has a rich history, dating back almost a century, of being an industry leader in providing a wide assortment of quality, brand-name sporting goods. Number of Current Stores (Corporate and Franchise)

Expansion/ Growth Trends  Currently operating 450 stores in 45 states.

Company Headquarters Address: Website: Financials 1050 W. Hampden Ave. http://www.sportsauthority.com Privately Held Englewood, CO 80110 USA 1-303-200-5050 (Phone)

News:

Real Estate Information:

Real Estate Development Team:

Clyde Dean Construction Manager at Sports Authority  Nick Peters is a Linked In connection.

116 Urban Outfitter (NASDAQ:URBN) Company Summary: Urban Outfitters, Inc. is a publicly traded American company that owns and operates over 4000 retail locations across five retail brands: Urban Outfitters, Anthropologie, Free People, and Terrain.

Urban Outfitters, Inc. (Urban Outfitters), incorporated in 1976, is a lifestyle specialty retail company, which operates under the Urban Outfitters, Anthropologie, Free People, Terrain and BHLDN brands. The Company also operates a wholesale segment under the Free People brand. In addition to its retail stores, it offers its products and markets its brands directly to the consumer through its e-commerce Websites, www.urbanoutfitters.com, www.anthropologie.com,www.freepeople.com, www.urbanoutfitters.co.uk,www.urbanoutfitters.de, www.urbanoutfitters.fr, www.anthropologie.eu, www.shopterrain.com and www.bhldn.com and also through its Urban Outfitters, Anthropologie and Free People catalogs. Its Urban Outfitters stores, Web- sites and catalogs offer a range of eclectic merchandise, including women’s and men’s fashion apparel, footwear and accesso- ries and an eclectic mix of apartment wares and gifts. Product offerings in its Anthropologie stores, Websites and catalogs in- clude women’s casual apparel and accessories, shoes, as well as home furnishings and an eclectic range of gifts and decorative accessories for the home, garden, bed and bath. Its Free People retail stores, Website and catalog offer a showcase for casual women’s apparel, intimates, shoes, accessories and gifts, developed and designed by its Free People wholesale division. Its Terrain garden center and Website offers lifestyle home and garden products combined with antiques, live plants, flowers, well- ness products and accessories. Its BHLDN retail store and Website offers a curated collection of heirloom quality wedding gowns, bridesmaid frocks, party dresses, assorted jewelry, headpieces, footwear, lingerie and decorations.

Retail Stores The Company’s product offering includes women’s and men’s fashion apparel, footwear and accessories, as well as an eclectic mix of apartment wares and gifts. Apartment wares range from rugs, pillows and shower curtains to books, candles and novel- ties. Stores average approximately 9,000 square feet of selling space, and carry an estimated 55,000 to 60,000 stock keeping units (SKUs). Its stores are located in metropolitan areas, select university communities, specialty centers and enclosed malls. As of January 31, 2012, it operated 197 Urban Outfitters stores in North America and Europe, as well as four Websites and the Urban Outfitters catalog.

Number of Current Stores (Corporate and Franchise)  163 stores.

Expansion/ Growth Trends None identified at this time.

Company Headquarters Address: Website: Financials 5000 South Broad St http://www.urbanoutfitters.com/ 5.77 Billion PHILADELPHIA, PA 19112-1495 United States +1-215-4545500 (Phone) +1-215-5681549 (Fax)

News: http://investor.urbn.com/phoenix.zhtml?c=115825&p=irol-irhome

Real Estate Information: None identified at this time.

Real Estate Development Team None identified at this time.

117 Walgreens (NYSE:WAG) Company Summary: Walgreen Co. (Walgreen) together with its subsidiaries, operates a drugstore chain in the United States. The Company provides its customers with multichannel access to consumer goods and services, and pharmacy, health and wellness services in commu- nities across America. Walgreen offers its products and services through drugstores, as well as through mail, by telephone, and via the Internet. It sells prescription and non-prescription drugs, as well as general merchandise, including household products, convenience foods, personal care, beauty care, candy, photofinishing and seasonal items. Its pharmacy services includes retail, specialty, infusion, medical facility, long- term care and mail service, along with pharmacy benefit solutions and respiratory ser- vices. In January 2010, the Company announced that it has completed the acquisition of the assets of 12 Eaton Apothecary pharmacies in the Boston area from D.A.W., Inc., a subsidiary of Nyer Medical Group, Inc.

Number of Current Stores (Corporate and Franchise)  8,300+ stores spread throughout all 50 states

Expansion/ Growth Trends Growing into markets with:  Aging Population  Growth in Healthcare Spending  Greater Demand for Health & Wellbeing Products  Emerging Markets

Company Headquarters Address: Website: Financials 200 Wilmot Road http://www.walgreens.com/ $71.6 Million in Revenue in 2012 Deerfield, IL 60015 $20.3 Million in Gross Profit in 2012

News: http://news.walgreens.com/ March 7, 2013 Walgreens Sets Goal to Build Nation's First Net Zero Energy Retail Store

Real Estate Information: Unknown at this time

Real Estate Development Team: C.E. Gleeson Construction, Inc. currently building sites in volume for Walgreens in Michigan, North Carolina, and Texas

118 GAS STATION/ CONVENIENCE STORES

119 BP Company Summary: BP p.l.c. (BP) is an international oil and gas company. BP operates its products in more than 80 countries, providing its custom- ers with fuel for transportation, energy for heat and light, retail services and petrochemicals products. The Company operates two segments: Exploration and Production and Refining and Marketing. Exploration and Production's activities include oil and natural gas exploration, field development and production; midstream transportation, storage and processing; and the marketing and trading of natural gas, including liquefied natural gas, together with power and natural gas liquids. Refining and Marketing's activi- ties include the supply and trading, refining, manufacturing, marketing and transportation of crude oil, petroleum and petrochemi- cals products and related services. In April 2011, BP acquired 83% of Companhia Nacional de Acucar e Alcool. During the year ended December 31, 2010, BP acquired Verenium's lignocellulosic biofuels business.

Number of Current Stores (Corporate and Franchise) 20,700 retail locations in 28 countries

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials 501 Westlake Park Blvd http://www.bp.com/ $375 Million in Revenue in 2012 Houston, TX 77079 (281)366-2000

News: BP Internal News

Real Estate Information: Unknown at this time

Real Estate Development Team: Unknown at this time

120 Marathon (MPC) and Speedway (Speedway LLC) Company Summary: The Company sells transportation fuels and convenience products in the retail market in the Midwest, primarily through Speed- way convenience stores. The Speedway segment sells gasoline and merchandise through convenience stores that the Company owns and operates, primarily under the Speedway brand. Speedway-branded convenience stores offer a range of merchandise, such as prepared foods, beverages and non-food items, including a number of private-label items. As of December 31, 2011, Speedway had 1,371 convenience stores in seven states.

Marathon Petroleum Corporation (MPC), incorporated on November 9, 2009, is a petroleum product refiners, transporters and marketers in the United States. The Company operates in three segments: Refining & Marketing, Speedway and Pipeline Trans- portation. Marathon Petroleum’s refining, marketing and transportation operations are concentrated in the Midwest, Gulf Coast and Southeast regions of the United States. MPC has two retail brands: Speedway and Marathon. Effective as of June 30, 2011, MPC was separated from Marathon Oil Corporation (Marathon Oil) and became an independent company in a spin-off transac- tion.

Number of Current Stores (Corporate and Franchise)  Marathon: ~5,000 branded locations in 17 states  Speedway: ~1,460 stores in 7 states

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials 539 South Main Street https://www.speedway.com $16.22 Billion in Revenue in 2012 FINDLAY, OH 45840 United States +1-419-4222121 (Phone) +1-302-6555049 (Fax)

News: http://ir.marathonoil.com/

Real Estate Information: Unknown at this time

Real Estate Development Team Unknown at this time

121 Meineke (Meineke Car Care Centers, Inc.) Company Summary: Through 900-plus franchised stores in the US, Canada, Mexico, Saudi Arabia, South Korea, and China, Meineke repairs brakes, aligns wheels, installs tires, and provides factory-scheduled maintenance, among other services. From the company website, customers can learn about vehicle maintenance and safety, print coupons, and apply for the Meineke credit card. Sam Meineke founded the company in Houston in 1972. Today it is owned by Driven Brands, which also franchises the Maaco and Econo Lube 'N Tune brands, among others.

Number of Current Stores (Corporate and Franchise)  Approximately 900 Meineke franchises throughout the United States, Canada, Mexico, Brazil, China, Saudi Arabia and the Caribbean

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials 128 S. Tryon St., Ste. 900 http://www.meineke.com/ $183 Million in Revenue in 2012 Charlotte, NC 28202 $65.8 Million in Gross Profit in 2012 +1-704-377-8855

News: None identified at this time.

Real Estate Information: Meineke believes that there is an opportunity to double the size of its footprint due to the amount of automobiles in the country today

Real Estate Development Team: Unknown at this time.

122 Midas (NYSE:MDS) Company Summary: Midas, Inc. (MDS) is engaged in the business of selling automotive repair franchises. The Midas network of franchised and com- pany operated shops is a provider of automotive repair and maintenance services in North America with 1,538 shops located in all 50 states of United States and nine Canadian provinces as of January 2, 2011. The SpeeDee network of franchised and com- pany operated shops consists of 106 shops in the United States, located in 10 states. In addition, both Midas and SpeeDee li- cense their brands outside of North America. There are 781 Midas shops licensed in 13 other countries and 65 licensed SpeeDee shops in Mexico. On a worldwide basis, there were 2,490 Midas and SpeeDee shops as of January 2, 2011.

Number of Current Stores (Corporate and Franchise)  1,400 U.S. and international locations

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials 1300 Arlington Heights Road http://www.midas.com/ $183 Million in Revenue in 2012 United States $65.8 Million in Gross Profit in 2012 +1-630-4383000

News: http://www.midasinc.com/phoenix.zhtml?c=111698&p=irol-home

Real Estate Information: http://midas.com/AboutMidas/FranchiseOpportunities/tabid/164/Default.aspx

Real Estate Development Team: Unknown at this time

123 Valero (NYSE:VLO) Company Summary: Valero’s retail segment includes company-operated convenience stores, Canadian dealers/jobbers, truckstop facilities, cardlock facilities, and home heating oil operations. The retail segment is segregated into two geographic regions. The Company’s retail operations in the United States are referred to as Retail-U.S. The Company’s retail operations in Canada are referred to as Re- tail-Canada. Its retail segment operations include sales of transportation fuels at retail stores and unattended self-service card- locks; sales of convenience store merchandise and services in retail stores, and sales of home heating oil to residential custom- ers.

Sales in Retail-U.S. represent sales of transportation fuels and convenience store merchandise and services through its compa- ny-operated retail sites. During 2011, total sales of transportation fuels through Retail-U.S.’s sites averaged 119,780 barrels per day. In addition to transportation fuels, its company-operated stores sell convenience-type items, such as tobacco products, beer, snacks and beverages, and fast foods. Its stores also offers services, such as automated teller machine (ATM) access, money orders, lottery tickets, car wash facilities, air and water, and video rentals. On December 31, 2011, it had 998 company- operated sites in Retail-U.S. (of which 80% were owned and 20% were leased). The Company's company-operated stores are operated primarily under the Corner Store brand name. Transportation fuels sold in its Retail-U.S. stores are sold primarily under the Valero brand. Sales in Retail-Canada include sales of transportation fuels and convenience store merchandise through its company-operated retail sites and cardlocks; sales of transportation fuels through sites owned by independent dealers and job- bers, and sales of home heating oil to residential customers.

Number of Current Stores (Corporate and Franchise)  ~6,800 throughout U.S. and Canada

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials One Valero Way http://www.valero.com $139 Billion in Revenue in 2012 SAN ANTONIO, TX 78249 +1-210-3452000

News: Valero Financial News

Real Estate Information: New-To-Industry (NTI) retail site program

Real Estate Development Team Unknown at this time

124 Wawa (Wawa, Inc.) Company Summary: Wawa owns and runs some 600 Wawa Food Markets in Delaware, Maryland, New Jersey, Pennsylvania, Virginia, and now Flori- da. Wawa stores are noted for their coffee and their salad and deli offerings, including hoagie sandwiches; about 200 stores sell gas. Unlike many convenience store chains, Wawa has its own dairy, supplying Wawa stores and about 1,000 hospitals, schools, and other institutions. The company opened its first store in 1964, but its roots go back to an iron foundry begun in 1803 by the Wood family; food operations began in 1902 when George Wood started a dairy in Wawa, Pennsylvania.

Number of Current Stores (Corporate and Franchise) Unknown at this time.

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials Red Roof, Baltimore Pike http://www.wawa.com $8.46 Billion in Sales through 2012 Wawa, Pennsylvania 19063 (610) 358-8000

News: http://www.wawa.com/WAWAWEB/PublicRelations.aspx http://www.wawa.com/WawaWeb/PressReleases.aspx

Real Estate Information: The Additions and Improvement team is responsible for enhancing, enlarging and rebuilding current operating Wawa stores. The improvement process may involve purchasing adjacent properties to expand parking lots and buildings. The team is responsible for negotiating contracts to purchase additional properties and lease additional space. They also manage the project's design and engineering, zoning and building permit processes, and follow the project through the construction phase.

The Engineering and Construction Department is responsible for the design, engineering and construction of all new stores, re- models and parking lot additions. The engineering staff determines the best layout for each site, supervises the preparation of engineered site plans and teams with the Real Estate Managers to obtain land development approvals and building permits. Architectural designers manage the design of building prototypes, supervise the preparation of building plans, and assist with construction issues. The Construction Project Managers assist in the bid process, award contracts, provide job site management, oversee the installation of all equipment, and turn the completed project over to store operations. The Wawa New Site Acquisition team is responsible for creating and executing the company's Real Estate site selection strate- gies, real property acquisition program, site engineering efforts, and new store development plans. The Site Acquisition team is also active in the company's Real Estate efforts with governmental relations, lobbying, political processes and public relations. They have a beginning to end mission and will remain involved with all aspects of new store development, starting with the identi- fication of a market, continuing to contract negotiation, the design and engineering of the stores, the zoning and building permit processes and throughout the construction phase of new stores.

Real Estate Development Team Kathy Curry Engineering & Construction Coordinator [email protected] Telephone: 610-358-6857 Fax: 610-358-6865

125

126 BANKING

127 JPMorgan Chase Bank (NYSE: JPM) Company Summary: JPMorgan Chase Bank, doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Bank of the Man- hattan Company in 1955. The bank is headquartered in Chicago, since its merger with Bank One Corporation in 2004. In 2008 the bank acquired the deposits and most assets of Washington Mutual.

Number of Current Stores (Corporate and Franchise) Chase offers more than 5,100 branches and 16,100 ATMs nationwide. JP Morgan Chase has more than 240,000 employees and operates in more than 60 countries.

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials 270 Park Avenue https://www.chase.com $99.9 Bil in Revenue in 2012 New York, NY 10017-2014 $21.3 Bil Net Income in 2012

News: http://investor.shareholder.com/jpmorganchase/releases.cfm

In January 2-13, Chase opened its 1,000th branch in California at 2436 Almaden Rd., San Jose.

Real Estate Information: Unknown at this time

Real Estate Development Team: Lend Lease Multi-Site Group currently working on construction operations with Chase

128 Huntington National Bank (NASDAQ: HBAN) Company Summary: Huntington Bancshares Incorporated operates as the holding company for The Huntington National Bank that provides commer- cial, small business, and consumer banking services. The company’s Retail and Business Banking segment offers various finan- cial products and services, including checking, savings, and money market accounts; certificates of deposit, consumer loans, and small business loans and leases; and investments, insurance, interest rate risk protection, foreign exchange hedging, and treas- ury management services to consumer and small business customers. Its Regional and Commercial Banking segment provides commercial lending; depository and liquidity management products; treasury management solutions; equipment and technology leasing; international services; and capital markets services, such as interest rate risk protection, foreign exchange hedging and sales, trading of securities, mezzanine investment capabilities, and employee benefit programs to not-for-profit, health-care, and publicly traded entities. The company’s Automobile Finance and Commercial Real Estate segment offers financing for the pur- chase of automobiles, and new and used vehicle inventory by automotive dealerships; and land, buildings, and other commercial real estate owned or constructed by real estate developers, automobile dealerships, or other customers. Its Wealth Advisors, Government Finance, and Home Lending segment provides investment management and servicing; custody, and corporate trust and retirement plan services; and administrative and operational support to fund to high net worth customers. The company also offers online, mobile, and telephone banking; and brokerage and wealth management services. As of February 20, 2013, it had approximately 700 branches and 1,300 automated teller machines located in Ohio, Michigan, Pennsylvania, Indiana, West Virgin- ia, and Kentucky. Huntington Bancshares Incorporated was founded in 1866 and is headquartered in Columbus, OH.

Number of Current Stores (Corporate and Franchise) ~700 Retail locations in the United States

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials Huntington Center https://www.huntington.com/ $3.02 Billion in Revenue in 2012 41 South High Street HC0632 Columbus, OH 43287 Phone: 614-480-8300

News: http://www.investquest.com/iq/h/hban/ne/news/

Real Estate Information: Unknown at this time

Real Estate Development Team: Chris Schneider Vice President/Regional Construction Manager Andrew Barnett, Roy Blessing, and David McDonald are 2nd degree connections on LinkedIn

129 PNC (NYSE:PNC) Company Summary: The PNC Financial Services Group, Inc. (PNC), incorporated in 1983, is a financial service company. The Company has busi- nesses engaged in retail banking, corporate and institutional banking, asset management, and residential mortgage banking, providing its products and services nationally and others in its markets located in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, Kentucky, Florida, Washington, D.C., Delaware, Virginia, Missouri, Wisconsin and Georgia. It also provides products and services internationally. As of December 31, 2011, its corporate legal structure consisted of one domestic subsidiary bank, including its subsidiaries, and approximately 122 active non-bank subsidiaries. Its bank subsidiary is PNC Bank, National Association (PNC Bank, N.A.). Effective December 9, 2011, PNC acquired 27 branches in the northern metropolitan Atlanta, Georgia area from Flagstar Bank, FSB, a subsidiary of Flagstar Bancorp, Inc. Effective June 6, 2011, PNC acquired 19 branches in the greater Tampa, Florida area from BankAtlantic, a subsidiary of BankAtlantic Bancorp, Inc.

Retail Banking Retail Banking provides deposit, lending, brokerage, investment management, and cash management services to consumer and small business customers within its markets. Its customers are serviced through its branch network, call centers and online bank- ing channels. The branch network is located in its geographical markets.

Corporate & Institutional Banking Corporate & Institutional Banking provides lending, treasury management, and capital markets-related products and services to corporations, government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. Treasury management services include cash and investment management, receivables management, dis- bursement services, funds transfer services, information reporting, and global trade services. Capital markets-related products and services include foreign exchange, derivatives, loan syndications, mergers and acquisitions advisory and related services to middle-market companies, its multi-seller conduit, securities underwriting, and securities sales and trading. Corporate & Institu- tional Banking also provides commercial loan servicing, and real estate advisory and technology solutions for the commercial real estate finance industry. Corporate & Institutional Banking provides products and services within its geographic markets, with certain products and services offered nationally and internationally.

Asset Management Group Asset Management Group includes personal wealth management for high net worth and ultra high net worth clients and institu- tional asset management. Wealth management products and services include financial and retirement planning, customized investment management, private banking, tailored credit solutions and trust management and administration for individuals and their families. Institutional asset management provides investment management, custody, and retirement planning services. The institutional clients include corporations, unions, municipalities, non-profits, foundations and endowments located in its geograph- ic footprint.

Number of Current Stores (Corporate and Franchise)

Expansion/ Growth Trends

Company Headquarters Address: Website: Financials One PNC Plaza 249 Fifth Avenue, Alle- https://www.pnc.com 32.57 Billion gheny PITTSBURGH, PA 15222-2707 United States +1-412-7622000 (Phone)

News: http://phx.corporate-ir.net/phoenix.zhtml?c=107246&p=irol-irhome Milwaukee Wisconsin Journal Sentinal Oct 20, 2012 PNC Bank continues to branch out in Milwaukee area http://www.jsonline.com/business/pnc-bank-continues-to-branch-out-in- milwaukee-area-0079dik-175076261.html By next spring, PNC will have opened 15 branches in Milwaukee and its suburbs over the past two years. The last three branch- es will be in Brookfield, Mequon and on Milwaukee's south side. It's all part of a $70 million plan by PNC to boost its visibility and market share in Wisconsin's biggest metro area before looking

130 for growth in other parts of the state. "It isn't about buy-and-hold or try to maintain market share," Goller said. "This is a growth proposition, which is what really makes it a lot of fun." While PNC is large - seventh-biggest in the nation - it's not a complicated megabank involved in the kinds of things that got some other institutions in trouble during the financial crisis, said Goller, a lifelong Milwaukee-area resident who came to PNC from U.S. Bank in March.

Builder of a PNC Branch in Cincinnati http://www.vectorconstruction.com/pnc_project.html

Atlanta Business Chronicle July 20, 2012 http://www.bizjournals.com/atlanta/print-edition/2012/07/20/meyers-calling-the-play-for-pncs.html?page=all PNC has 2,900 branches nationwide, with 73 in Georgia, and plans to expand further here. It reported earnings on July 18 that showed second-quarter profit fell 41 percent to $526 million, down from $888 million a year earlier. The bank blamed the drop on residential mortgage repurchases. It doesn’t break out numbers by region. The bank intends to grow to 100 branches in the Atlanta marketplace, through acquisitions or by building new ones themselves, Meyers said.

Real Estate Information: None identified at this time.

Real Estate Development Team Not identified at this time.

131

132 HOTELS

133 Extended Stay Company Summary: Extended Stay Hotels specializes in providing functional hotel suites at affordable nightly and extended stay rates. Specifically designed for business and leisure travelers who want more than just a hotel room, our suites come with a fully equipped kitchen, on-site laundry, in-room WiFi Internet access, free local phone calls and personalized voicemail, pet friendly accommodations, and pools and fitness centers (at select locations).

Number of Current Stores (Corporate and Franchise) 683 properties (approximately 77,200 rooms) across the U.S. and Canada

Expansion/ Growth Trends  Unknown at this time

Company Headquarters Address: Website: Financials 11525 N. Community House Rd., Suite 100 http://www.extendedstayhotels.com/ Unknown at this time Charlotte, NC 28277 (980) 345-1600

News: http://www.extendedstayhotels.com/about/announcements.html

Real Estate Information: Unknown at this time

Real Estate Development Team Unknown at this time

134 Marriott (NYSE: MAR) Company Summary: Marriott International, Inc. is a diversified hospitality company. It operates in four business segments: North American Full- Service Lodging, which includes the Marriott Hotels & Resorts, Marriott Conference Centers, JW Marriott, Renaissance Hotels, Renaissance ClubSport, and Autograph Collection properties located in the United States and Canada; North American Limited- Service Lodging, which includes the Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, and Marriott ExecuStay properties located in the United States and Canada; International Lodging, which includes the Marriott Hotels & Resorts, JW Marriott, Renaissance Hotels, Autograph Collection, Courtyard, AC Hotels by Marriott, Fairfield Inn & Suites, Resi- dence Inn, and Marriott Executive Apartments properties located outside the United States and Canada, and Luxury Lodging, which includes The Ritz-Carlton, Bulgari Hotels & Resorts, and EDITION properties worldwide.

Number of Current Stores (Corporate and Franchise)  3,801 properties (660,000+ rooms)

Expansion/ Growth Trends  37 new properties (13,982 new rooms) in Q4 of 2012

Company Headquarters Address: Website: Financials 10400 Fernwood Road http://www.marriott.com/ $11.8 Million in Revenue in 2012 Bethesda, MD 20817 $$1.5 Million in Gross Profit in 2012

News: http://www.news.marriott.com/

Real Estate Information: 20% of room additions in 2012 were brand conversion

Real Estate Development Team Unknown at this time

135

136

EDUCATION Knowledge Universe / KinderCare

Company Summary: Knowledge Universe is a global education company with a network of more than 3,700 education locations globally employing over 40,000 teachers and professional staff, as well as large online schools, colleges and school management systems which touch over five million students daily. Providing world-class educational resources and infrastructure, with well-recognised brand names, Knowledge Universe offers services in three key segments – early childhood education, primary and secondary educa- tion as well as higher education.

Knowledge Universe is a result of a life-long commitment to building human capital through education and development, driven by the vision and aspiration of our founders:

 To educate and develop people throughout their life  To be the leading global education company and provider of superior educational offerings, under brands that are recog- nized for delivering impact and value to local environments.

Number of Current Stores (Corporate and Franchise) 3,700+ locations worldwide

Expansion/ Growth Trends Unknown at this time

Company Headquarters Address: Website: Financials 2450 4th Street http://www.kueducation.com/ $1.6 Billion in Revenue in 2009 Santa Monica, California 90401 P: (650) 549-3200

News: http://www.kueducation.com/press-room/news

Real Estate Information:

Real Estate Development Team:

Scott Cervenak Senior Director, New Center Development (Ex-Senior Director of Design and Construction) Andrew Barnett a 1st degree connection on LinkedIn

East Coast

Thomas Blaisdell - Director of Real Estate 786-464-8342 [email protected]

Jeanne Castillo - Lease Administrator 786-464-8348 [email protected]

Midwest

138 Matt Sonntag - Director of Real Estate 786-464-8333 [email protected]

Nichole Lamoureaux - Lease Administrator 786-464-8328 [email protected]

West Coast

Tom Kuhn - Director of Real Estate 503-872-1708 [email protected]

Vivianne Amador - Lease Administrator 786-464-8347 [email protected]

Design & Construction

Matt Taylor [email protected]

139 Opportunities For Learning Company Summary: Opportunities For Learning is an accredited Public Charter School serving at-risk middle and high school students on their path to a high school diploma. Our students tend to be concentrated in the most “at-risk” groups including large numbers of socio- economically challenged, ethnic minorities, and pregnant and parenting teens and students who are not attending school or who have dropped out. Number of Current Stores (Corporate and Franchise)  38

Expansion/ Growth Trends  Unknown at this time

Company Headquarters Address: Website: Financials 320 N. Halstead St., Suite 220 http://www.emsofl.com/ Unknown at this time Pasadena, CA 91107 Phone: (818) 952-1790

News: Opportunities For Learning Current News Real Estate Information: Unknown at this time

Real Estate Development Team: Unknown at this time

140 Primrose Schools Company Summary: Primrose is an accredited private preschool that provides a premier educational child care experience. The Leader in Educational Child Care®, we partner with parents to help children build the right foundation for future learning and life. Our goal is to help children have fun while building Active Minds, Healthy Bodies and Happy Hearts®.

Number of Current Stores (Corporate and Franchise) 250 Primrose Schools in 17 states in 40 U.S. markets

Expansion/ Growth Trends http://www.primrosefranchise.com/available-opportunities-primrose-schools-franchise

Company Headquarters Address: Website: Financials 3660 Cedarcrest Road http://www.primroseschools.com/ Unknown at this time Acworth, GA 30101

News: http://www.primroseschools.com/about-us/in-the-news

Primrose Schools® Expands Child Care Franchise Opportunity in Major Metropolitan Areas, Opens Second Urban Model in Hou- ston

ATLANTA (Jan. 30, 2013) – Primrose Schools will open its second urban preschool next week in Houston, Texas, with addition- al locations under development in Denver, Dallas and Philadelphia. The push for expansion of the child care franchise in major metropolitan settings comes after the successful design, build out, and operation of the first urban model in midtown Atlanta.

Growing Child Care Franchise Awards 30 New Schools in 2012, Builds on Momentum in San Francisco, Chicago, Boston, D.C. and New Jersey

ATLANTA (Jan. 23, 2013) – After opening 18 schools and awarding 30 additional franchise agreements in 2012, Primrose Schools is on track with expectations to double in size in the next five to seven years.

Real Estate Information: Unknown at this time

Real Estate Development Team: Unknown at this time

141 142

MISCELLANEOUS Snap Fitness Company Summary: Snap fitness is a privately owned and operated fitness chain founded in 2003 by Peter Taunton. Headquarters are located in Chanhassen, Minnesota. The company operates smaller locations than its big box competitors, it offers a “no frills” business model that does not include pools, tennis courts, or locker rooms.

Number of Current Stores (Corporate and Franchise)  991 U.S. franchise owned stores. 104 Company owned stores.  40% of all franchisees own more than one unit. Number of employees needed to run franchised unit: 1 - 1. Absentee owner- ship of franchise is allowed. (20% of current franchisees are owner/operators).

Expansion/ Growth Trends Franchise Ranking History Franchise 500®: #35 (2013), #36 (2012), #33 (2011), #51 (2010), #24 (2009), Fastest-Growing: #96 (2013), #40 (2012), #27 (2011), #20 (2010), #5 (2009), Top New: #2 (2009), America's Top Global: #33 (2012), #31 (2011), #44 (2010), #23 (2009),

Company Headquarters Address: Website: Financials 2411 Galpin Ct., Suite 110 http://www.snapfitness.com/ Not identified at this time. Chanhassen, MN 55317 Phone: 952-474-5422

News: None found at this time.

Real Estate Information: “Typical Plan is 3,600 square feet. We currently have over 90 real estate agents in the U.S. and Canada specifically trained on the Snap Fitness location criteria, our build out requirements and ideal lease terms. Sara Usgaard trains each agent initially and then hosts quarterly conference calls to provide ongoing support. Each franchisee is assigned a real estate agent to represent them in the site selection and lease negotiation process. These agents work with our franchisees to evaluate local market condi- tions and serve as your guide and resource in this very important phase of your Snap Fitness journey. Our agents are retained through our national agreement with Grubb & Ellis. Franchisees in the UK, Mexico and India are also offered real estate support and your sales person can provide you with an introduction.”

Real Estate Development Team: [email protected] Sara Usgaard: Director of Real Estate Kelsey Beumer: Real Estate Manager

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