bnhn-fti monthly restaurant review 2006.1

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Monthly Restaurant ReviewJanuary 2006

Raymond J. ZaleSenior Managing [email protected]

Mergers & Acquisitions ● Private Placements ● Fairness Opinions ● Valuation ● Strategic Advisory

FTI Capital Advisors, LLCMember NASD/SIPC



Monthly Restaurant RevieJanuary 20

2

FTI Capital Advisors, LLC (“FTICA”) is a boutiqueinvestment bank focusing on middle marketcompanies. We work with both healthy anddistressed entities to initiate, analyze, structure

and close transactions that achieve the uniqueobjectives of each specific client.

FTI Capital Advisors, LLC is a wholly-ownedsubsidiary of FTI Consulting, Inc. (NYSE: FCN). FTIConsulting (www.fticonsulting.com) is the premierprovider of corporate finance /restructuring,forensic and litigation consulting, and economicconsulting.

To Our Clients and Friends:Restaurants have become America’s dining room. 200should shine brightly on the full-service casuarestaurant segment. Along with an unexpectedly

strong economy and customers desire for funconvenience and table service, large numbers of adult(inclusive of baby boomers) continue to report theyenjoy eating out in concepts with a per-person chec(ppa) averaging $10 and $20. This trend is underscoredby a recent release of current census data (2002) thashowed places serving meals costing $10-$20 now makeup 45% of all dining dollars. This is up from 33.2% ithe last census (1997). Those establishments that servmeals costing less than $10 per person (which includefamily restaurants v. casual) have fallen from 49.6% to36.8%.

2006 trends may include:1. Maintaining customer loyalty. When consume

views all factors equal (e.g. atmosphere, pricefood price/value), the differentiator is quality owait staff.

2. Retailing of Restaurants. Unit growth (think QSRthrough concept consolidation. Strongeconcepts eclipse smaller competitors for reaestate or reflagging of the acquiree.

3. Demographics. According to National RestauranAssociation research, baby boomers tend to visi

casual-dining restaurants more frequently thanthose in other age groups.

4. Tourism. Considered 30%+ of revenue for thhigher end full-service ($30 ppa). Domesticinternational travel and business meeting trendhave improved.

5. Menu engineering to changing tastes: seafoodentrée popularity with fine dining, salad entreeat casual and family segments portion shifting oentrees in QSR with expanded value menu andbundled pricing.

Monthly Restaurant Review is designed to provide threader with a regular snapshot of the RestauranIndustry Market Overview (S&P Restaurant Index vS&P 500), top publicly traded companies in the largemid, and small sectors, selected news/recendevelopments and current merger and acquisitioactivities.

DISCLOSURE

This material has been prepared by FTI Capital Advisors,LLC (“FTICA”), a U.S.-registered broker-dealer,employing appropriate expertise, and in the belief that it is fair and not misleading. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified, therefore, we do not guarantee its accuracy or completeness. Further, all of the observations reflected herein are based on our best judgment as of this date,and are subject to change without notice. FTICA has no obligation to update, modify or amend this report

or to otherwise notify a reader thereof in the event that any information stated herein changes or subsequently becomes inaccurate.

This document has been provided for information only.It should not be construed as an offer or solicitation of an offer to buy or sell any security or investment.

Raymond J. [email protected]. Zale is a senior managing director and leads therestaurant, food manufacturing, food distribution, andconsumer food products industry practice at FTI CapitalAdvisors, LLC. Mr. Zale is based in Dallas, TX.

W. Christopher [email protected]. Weber is a senior analyst FTI Capital Advisors, LLCand is based in Washington, DC.




3

RESTAURANT INDUSTRY MARKET OVERVIEW

S&P 500 Composite Index v. the S&P Restaurant Index Over the

Last Two Years (Source: Thomson Financial)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

11/21/03 4/21/04 9/21/04 2/21/05 7/21/05 12/21/05

I

n d e x e d

B a s i s

S&P500 S&P Rest

P/E 23.0x TEV/Total Revenue 1.5x

Price/Book 3.3x TEV/EBITDA 9.7x

Price/Tangible Book 5.0x TEV/EBIT 14.3x

Gross Margin % 37.3% Return on Assets % 7.1%

EBITDA Margin % 15.0% Return on Capital % 9.6%

Net Margin % 5.2% Return on Equity % NA

Total Debt/EBITDA 2.0x Current Ratio 1.0x

Debt/Equity 0.8x EBITDA / Interest Exp. 8.1xDebt/Capital 45.2% (EBITDA-CAPEX) / Interest Exp. 4.9x

Source: As reported per Capital IQ

Leverage Coverage

Updated on January 1, 2006

Data is represented in LTM as of last respective reported SEC Filing

Equity Valuation Enterprise Valuation

Margins Profitability




4

TOP PUBLICLY TRADED COMPANIES (LARGE CAPS)

Large Cap Market Mul t ip les : Enterpr i se Value and EBITDA Compar i son( T h e s i z e o f e ac h b u b b l e b e l o w o r r e s p o n d s t o t h a t c o m p a n y ' s r e v e n u e a s a % o f t o t a l )

MCD

9.67x

SBUX

21.07x

YUM

8.82x

WEN

11.07x

DRI

9.05x

EAT

7.90x

OSI

8.30x

CAKE

17.12x

PNRA

18.77x

APPB

8.36x

0 . 0 0 x

5 . 0 0 x

1 0 . 0 0 x

1 5 . 0 0 x

2 0 . 0 0 x

2 5 . 0 0 x

$0 .0 $1 ,0 0 0 .0 $2 ,0 0 0 .0 $3 ,0 0 0 .0 $4 ,0 0 0 .0 $5 ,0 0 0 .0 $6 ,0 0 0 .0

LTM EBITDA ($MM)

EepseVu

M ETDA

Company

Stock

Price2

% of 52

Wk. High2

Market Cap

($mm)

LTM Total Rev

($mm)

TEV

($mm)

LTM EBITDA

($mm)

TEV/

LTM

Rev

TEV/LTM

EBITDA P/E (LTM)

Overall Industry(1) NM NM 176,945.2 146,925.8 214,725.0 22,106.2 1.5x 9.7x 23.0x

LARGE CAPS:

McDonald's Corp. (NYSE:MCD) $33.82 94.8 42,564.9 20,235.9 48,332.7 4,996.3 2.40x 9.7x 18.1x

Starbucks Corp. (NasdaqNM:SBUX) $31.67 97.6 24,199.2 6,369.3 24,184.7 1,147.8 3.8x 21.1x 52.2xYum! Brands Inc. (NYSE:YUM) $47.15 87.7 13,346.4 9,235.0 14,797.4 1,678.0 1.60x 8.8x 17.9xWendy's International Inc. (NYSE:WEN) $54.70 97 6,358.4 3,783.6 6,816.8 615.7 1.80x 11.1x 120.5xDarden Restaurants Inc. (NYSE:DRI) $39.14 99.0 5,891.4 5,504.4 6,604.7 729.7 1.20x 9.1x 19.8xBrinker International Inc. (NYSE:EAT) $38.49 90.8 3,310.3 4,017.8 3,774.9 477.6 0.90x 7.9x 19.2xOutback Steakhouse Inc. (NYSE:OSI) $41.99 87.9 3,135.0 3,506.0 3,332.9 401.6 1.00x 8.3x 20.3x

Cheesecake Factory Inc. (NasdaqNM:CAKE) $36.87 95.8 2,895.4 1,115.5 2,820.6 164.8 2.50x 17.1x 35.1xPanera Bread Co. (NasdaqNM:PNRA) $68.37 94.1 2,128.9 597.1 2,055.3 109.5 3.40x 18.8x 42.9xApplebee's International Inc. (NasdaqNM:APPB) $22.27 76.3 1,698.8 1,187.7 1,824.6 218.3 1.50x 8.4x 17.1x

Mean 41.45 92.10 10,552.9 5,555.2 11,454.5 1,053.9 1.81x 11.0x 18.7x

Median 38.82 94.45 4,600.9 3,900.7 5,189.8 546.7 1.60x 9.1x 18.7x


Gross EBITDA EBIT Debt/ Debt/ Debt/ EBITDA/ Current Quick

Margin Margin Margin EBITDA Equity TEV Interest Ratio Ratio

McDonald's Corp. (NYSE:MCD) 30.9% 24.7% 18.5% 1.6x 0.6x 16.7% 14.1x 0.9x 0.7xStarbucks Corp. (NasdaqNM:SBUX) 51.7% 18.0% 12.4% 0.0x 0.0x 0.0% N/A 1.3x 0.6xYum! Brands Inc. (NYSE:YUM) 38.8% 18.2% 13.1% 1.1x 1.1x 12.2% 13.4x 0.6x 0.3xWendy's International Inc. (NYSE:WEN) 41.0% 16.3% 10.9% 1.2x 0.4x 10.6% 13.1x 1.2x 0.7x

Darden Restaurants Inc. (NYSE:DRI) 17.5% 13.3% 9.4% 0.9x 0.5x 9.9% 16.1x 0.5x 0.1xBrinker International Inc. (NYSE:EAT) 65.0% 11.9% 7.3% 0.9x 0.4x 12.0% 21.0x 0.6x 0.2xOutback Steakhouse Inc. (NYSE:OSI) 42.3% 11.5% 8.0% 0.5x 0.2x 5.9% 70.0x 0.5x 0.1xCheesecake Factory Inc. (NasdaqNM:CAKE) 40.2% 14.8% 11.0% 0.0x 0.0x 0.0% N/A 1.4x 1.0x

Panera Bread Co. (NasdaqNM:PNRA) 20.6% 18.3% 13.0% 0.0x 0.0x 0.0% N/A 1.5x 1.3xApplebee's International Inc. (NasdaqNM:APPB) 23.3% 18.4% 13.9% 0.6x 0.3x 7.5% 81.2x 0.5x 0.3x

Mean 37.1% 16.5% 11.8% 0.7x 0.3x 7.5% 32.7x 0.9x 0.5x

Median 39.5% 17.1% 11.7% 0.8x 0.3x 8.7% 16.1x 0.8x 0.5x

1 Large Cap (> $1 billion), Mid Cap (between $500 million and $1 billion), and Small Cap (between $25 million and $500 million)

Source: As reported per Thomson Financial

Note: Values in shaded boxes are not included in summary statistics




5

TOP PUBLICLY TRADED COMPANIES (MID CAPS)

Mid Cap Market Mul t ip les : Enterpr i se Value and EBITDA Compar i son( T h e s i z e o f e a c h b u b b l e b e l o w o r r e s p o n d s t o t h a t c o m p a n y ' s r e v e n u e a s a % o f t o t a l )

PZZA

10.15x

IHP

12.58x

BOBE

7.95x

RRGB

7.25x

CKR

10.64x

CPKI

8.45x

LNY

30.83x

0 . 0 0 x

5 . 0 0 x

1 0 . 0 0 x

1 5 . 0 0 x

2 0 . 0 0 x

2 5 . 0 0 x

3 0 . 0 0 x

3 5 . 0 0 x

$0 .0 $2 5 .0 $5 0 .0 $7 5 .0 $1 0 0 .0 $1 2 5 .0 $1 5 0 .0 $1 7 5 .0 $2 0 0 .0

LTM EBITDA ($MM)

EepseVu

M ETDA

Company

Stock

Price2% of 52

Wk. High2Market Cap

($mm)LTM Total Rev

($mm)TEV

($mm)LTM EBITDA

($mm)

TEV/LTMRev

TEV/LTMEBITDA P/E (LTM )

Overall Industry (1) NM NM 176,945.2 146,925.8 214,725.0 22,106.2 1.5x 9.7x 23.0x

MID CAPS:

Papa John's International Inc. (NasdaqNM:PZZA) $48.25 95.5 906.9 354.5 1,181.0 116.4 3.30x 10.1x 21.6x

IHOP Corp. (NYSE:IHP) $51.37 81.7 844.8 472.8 890.6 70.8 1.90x 12.6x 31.0x

Bob Evans Farms Inc. (NasdaqNM:BOBE) $22.99 87.7 823.3 1,551.6 1,067.0 134.2 0.70x 8.0x 25.2x

Red Robin Gourmet Burgers Inc. (NasdaqNM:RRGB) $13.49 78.7 802.1 1,531.7 1,053.2 145.3 0.70x 7.2x 18.5x

CKE Restaurants Inc. (NYSE:CKR) $32.72 95.4 634.5 469.4 617.0 58.0 1.30x 10.6x 29.6x

California Pizza Kitchen Inc. (NasdaqNM:CPKI) $26.87 81.4 580.2 1,185.8 1,348.7 159.7 1.10x 8.4x 11.9x

Landry's Restaurants Inc. (NYSE:LNY) $24.00 96.7 545.5 166.8 493.3 16.0 3.00x 30.8x 73.9x

Mean 31.38 88.16 733.9 818.9 950.1 100.1 1.71x 9.5x 23.0x

Median 26.87 87.70 802.1 472.8 1,053.2 116.4 1.30x 9.3x 23.4xSource: As reported per Capital IQ


Margin Margin M argin EBITDA Equity TEV Interest Ratio Ratio

Papa John's International Inc. (NasdaqNM:PZZA) 126.4% 32.8% 24.4% 0.4x 0.3x 4.1% 21.8x 0.7x 0.4x

IHOP Corp. (NYSE:IHP) 28.8% 15.0% 8.8% 4.4x 1.0x 35.3% 968.1% 1.7x 1.6x

Bob Evans Farms Inc. (NasdaqNM:BOBE) 44.5% 8.6% 4.8% 1.9x 0.4x 23.8% 20.4x 0.3x 0.2x

Red Robin Gourmet Burgers Inc. (NasdaqNM:RRGB) 9.1% 9.5% 7.8% 0.3x 0.2x 4.6% 49.0x 0.2x 0.1xCKE Restaurants Inc. (NYSE:CKR) 39.3% 12.4% 6.2% N/A N/A N/A N/A N/A N/A

California Pizza Kitchen Inc. (NasdaqNM:CPKI) 5.8% 13.5% 11.5% 0.0x 0.0x 0.0% N/A 0.8x 0.5x

Landry's Restaurants Inc. (NYSE:LNY) 431.4% 9.6% -26.6% 51.0x 1.6x 165.5% 0.5x 0.7x 0.3x

Mean 97.9% 14.5% 5.3% 9.7x 0.6x 38.9% 20.3x 0.7x 0.5x

Median 39.3% 12.4% 7.8% 1.2x 0.3x 14.2% 20.4x 0.7x 0.3x1 Large Cap (> $1 billion), Mid Cap (between $500 million and $1 billion), and Small Cap (between $25 million and $500 million)






6

TOP PUBLICLY TRADED COMPANIES (SMALL CAPS)

Smal l CapMarket Mul t ip les : Enterpr i se Value and EBITDA Compar i son( T h e s i z e o f e a c h b u b b l e b e l o w c o r r e s p o n d s t o t h a t c o m p a n y ' s r e v e n u e a s a % o f t o t a l )

STAR

6.34x

RYAN

6.87x

SNS

7.50x

DENN

16.86x

RUTH

12.84x

AFCE

8.24x

KKD

10.05x

MSSR

4.93x

CHUX

6.22x

0 . 0 0 x

5 . 0 0 x

1 0 . 0 0 x

1 5 . 0 0 x

2 0 . 0 0 x

$0 .0 $2 5 .0 $5 0 . 0 $7 5 .0 $1 0 0 .0 $1 2 5 .0

LTM EBITDA ($MM)

EepseVu

M ETDA

Company

Stock

Price2

% of 52

Wk. High2

Market Cap

($mm)

LTM Total Rev

($mm)

TEV

($mm)

LTM EBITDA

($mm)

TEV/

LTM

Rev

TEV/LTM

EBITDA P/E (LTM)

Overall Industry(1) NM NM 176,945.2 146,925.8 214,725.0 22,106.2 1.5x 9.7x 23.0x

SMALL CAPS:

Lone Star Steakhouse & Saloon Inc. (NasdaqNM:STAR) $24.26 75.9 501.4 673.1 433.6 68.4 0.60x 6.3x 19.6x

Ryan's Restaurant Group Inc. (NasdaqNM:RYAN) $11.48 76.1 481.9 821.6 651.0 94.7 0.80x 6.9x 16.2x

Steak n Shake Co. (NYSE:SNS) $16.77 76.4 467.9 606.9 626.6 83.5 1.00x 7.5x 15.6x

Denny's Corp. (NasdaqSC:DENN) $15.54 53.9 442.6 147.0 563.2 33.4 3.80x 16.90x N/A

Ruth's Chris Steak House Inc. (NasdaqNM:RUTH) $18.51 80.3 426.0 208.4 451.9 35.2 2.20x 12.8x 93.7x

AFC Enterprises Inc. (NasdaqNM:AFCE) $4.31 69.5 395.2 979.1 917.5 111.4 0.90x 8.2x N/A

Krispy Kreme Doughnuts Inc. (NYSE:KKD) $14.18 95.8 368.8 326.9 374.0 37.2 1.10x 10.0x 28.5x

McCormick & Schmick's Seafood Restaurants, Inc. (Nasda $5.71 50.4 352.6 721.9 469.0 95.2 0.60x 4.9x 11.3x

O'Charley's Inc. (NasdaqNM:CHUX) $15.69 68.5 351.0 918.7 535.0 86.0 0.60x 6.2x 21.3x

Cosi Inc. (NasdaqNM:COSI) $8.39 80.8 320.8 117.2 280.8 N/A 2.40x N/A N/A

Mean 13.48 72.8 410.8 552.1 530.3 71.7 1.13x 8.9x 18.8x

Median 14.86 76.0 410.6 640.0 502.0 83.5 0.90x 7.2x 17.9x



Margin Margin Margin EBITDA Equity TEV Interest Ratio Ratio

Lone Star Steakhouse & Saloon Inc. (NasdaqNM:STAR) 63.2% 10.2% 6.9% 0.0x 0.0x 0.0% N/A 1.5x 0.9x

Ryan's Restaurant Group Inc. (NasdaqNM:RYAN) 19.8% 11.5% 5.6% 1.9x 0.4x 27.7% 9.7x 0.4x 0.2x

Steak n Shake Co. (NYSE:SNS) 72.2% 13.8% 9.4% 2.1x 0.7x 27.4% 6.6x 0.5x 0.3x

Denny's Corp. (NasdaqSC:DENN) 82.9% 22.7% -15.0% 16.5x N/A 97.7% 0.6x 0.5x 0.3x

Ruth's Chris Steak House Inc. (NasdaqNM:RUTH) 17.8% 16.9% 14.6% 1.1x 1.1x 8.5% 3.6x 0.7x 0.6x

AFC Enterprises Inc. (NasdaqNM:AFCE) 6.7% 11.4% 10.8% 1.7x N/A 20.9% 13.1x 2.0x 1.7x

Krispy Kreme Doughnuts Inc. (NYSE:KKD) N/A 11.4% N/A N/A N/A N/A N/A N/A N/A

McCormick & Schmick's Seafood Restaurants, Inc. (Nasda 4.3% 13.2% 11.9% N/A N/A N/A N/M N/A N/A

O'Charley's Inc. (NasdaqNM:CHUX) 12.6% 9.4% 4.7% 2.2x 0.5x 35.4% 5.8x 0.8x 0.2x

Mean 34.9% 13.4% 6.1% 3.6x 0.5x 31.1% 6.6x 0.9x 0.6x

Median 18.8% 11.5% 8.2% 1.9x 0.5x 27.4% 6.2x 0.7x 0.3x

1 Large Cap (> $1 billion), Mid Cap (between $500 million and $1 billion), and Small Cap (between $25 million and $500 million)






7

RECENT MERGER & ACQUISITION ACTIVITY:

RECENT PRIVATE PLACEMENT ACTIVITY:

The information contained herein has been compiled from a number of sourcesincluding but not limited to Capital IQ, Thomson Financial, Company / SEC filings andproprietary FTICA databases.

Announced Date Target Company Buyer/ Investors Size ($mm)

Dec-28-2005 Shari's Management Corporation CapitalSource, Inc. (NYSE:CSE); Carlyle

Group, The ; Circle Peak Capital, L.L.C;Falcon Investment Advisors LLC;

Magnetar Capital, LLC; Sankaty

Advisors, LLC; Wells Fargo Foothill, Inc.

$80.0

Dec-26-2005 Sumadija Up Carlyle Mezzanine I, L.P. $0.6

Dec-22-2005 15 Arby's Restaurants Arby's Restaurant Group, Inc. -

Dec-22-2005 William McGowan Leisure Ltd. Pubs 'N' Bars plc (LSE:PNB) $3.2

Dec-21-2005 Groupe Molif lor Loisirs Casino Mundial, Inc. $68.5

Dec-19-2005 Invent ive Leisure plc (LSE:IVL) Alchemy Partners LLP $98.6

Dec-19-2005 Punch Taverns plc, 205 Pubs Petchey Group of Companies $172.7

Dec-15-2005 Pasha Restaurant Caprice Holdings Ltd. -

Dec-12-2005 Dunkin' Brands, Inc. Bain Capit al, Inc. ; Carlyle Group, The ;

Thomas H. Lee Part ners, L.P.

$2,425.0

Dec-12-2005 Financière Flo Ackermans & Van Haaren NV

(ENXTBR:ACKB) ; CNP (ENXTBR:NAT) ;

Tikehau Capit al

$136.7

Dec-10-2005 Stockheim Ai r Cater ing, Inc. Ai r Ber lin Gmbh & Co. Luf tverkehrs Kg ;

DO & CO Restaurant s & Catering AG

(WBAG:DOC)

-

Dec-9-2005 Prohibit ion Ult imate Leisure Group plc (LSE:ULG) $4.8

Dec-8-2005 Dave & Buster 's Inc. (NYSE:DAB) Wel lspr ing Capi tal Management , L.L.C. $351.6

Dec-8-2005 Mogford Limited, Quod restaurant in

Brighton

Mogford Limited -

Dec-8-2005 Mogford Limited, Quod restaurant in

London

Mogford Limited -

Dec-8-2005 Rivington Grill Bar Deli Caprice Holdings Ltd. -

Dec-1-2005 Punch Taverns PLC, 203 Pubs Admiral Taverns Ltd. $69.2

Source: Capital IQ

Announced Date Target Company Buyer/ Investors Size ($mm)

Dec-6-2005 Sam Seltzers Distribution Inc Capital Resource Partners $11.0

Dec-1-2005 Punch Taverns plc (LSE:PUB) $129.8

Dec-1-2005 Punch Taverns plc (LSE:PUB) $475.8

Source: Capital IQ




8

SELECTED NEWS / RECENT DEVELOPMENTS:Date Headline Situation

Jan-04-2006

Red Robin GourmetBurgers Inc. ContinuesNational Expansion with

300th Restaurant Openingin Columbus

Red Robin Gourmet Burgers Inc. will open its 300th restaurant nationwide in Columbus, Ohio on Monday, Jan. 9, at 11:00 a.m. The6,350 square foot Polaris Red Robin restaurant is located at 1021 Gemini Place, west of the Polaris Fashion Mall. It seats 212guests, will employ more than 170 Team Members and is 100% smoke-free.

Jan-04-2006

Ruth's Chris Steak HouseInc. Reports Sales Resultsfor the Fourth Quarter andFull Year of 2005

Ruth's Chris Steak House Inc. reported sales results for the fourth quarter and full year of 2005. For the quarter, company-ownedrestaurant sales increased 10.1%, to $54.9 million from $49.8 million a year ago.

For full year of 2005, company-owned restaurant sales increased 11.2%, to $202.6 million from $182.3 million.

Jan-04-2006

Good Times RestaurantsPartners with DazbogCoffee in Silverthorne,Colorado

Good Times Restaurants Inc. announced it has entered into license agreement with Dazbog Coffee for the sale of coffee and teaproducts at the Good Times in Silverthorne, Colorado. The Good Times restaurant in Silverthorne is now offering a full line of Dazbog signature coffee, specialty drinks and pastries.

Jan-04-2006

Una Mas Restaurants Plansto Set Up Shop in India

Una Mas Restaurants is planning to set up shop in India.

Jan-04-2006

Diedrich Coffee AppointsSean M. McCarthy as Chief

Financial Officer

Diedrich Coffee Inc. announced that Sean M. McCarthy has been appointed to serve as the new Chief Financial Officer of theCompany following the planned retirement of Martin A. Lynch on January 1, 2006. Prior to becoming Vice President, Controller of

Diedrich Coffee, Mr. McCarthy served as Director, Finance for FRD Acquisition Company Inc. (d/b/a Coco's & CarrowsRestaurants). Mr. McCarthy also previously served in various accounting and financial capacities for Taco Bell Inc. and El ToritoRestaurants Inc.

Jan-03-2006

Carlson Restaurants WorldNames Brad Bixby as Chief Financial Officer andSenior Vice President of Finance

Carlson Restaurants World has named Brad Bixby as Chief Financial Officer and Senior Vice President of Finance.

Jan-03-2006

Starbucks Corp.Announces Promotions

Starbucks Coffee Co. (Starbucks Corp.) promoted Matt Sikes, vice president, Finance, to senior vice president, Finance, U.S.; andMike Stafford, vice president, Organization and Partner Development, to senior vice president, Organization and PartnerDevelopment, Partner Resources, effective immediately. In his role, Sikes leads the Finance teams that support the Company's U.S.Business, North America Business Systems and U.S. Partner and Asset Protection teams. Prior to his promotion, Sikes served asdirector of Finance, supporting Marketing and then vice president, Corporate Business Planning and Analysis. In pursuit of developing and retaining talented partners (employees) as Starbucks continues to grow, Stafford is charged with leading Learning,Organization Development, Partner Insights, Strategic Communications, and Culture and Partner Engagement departments.Stafford has been instrumental in leading the focus on executive and leadership development, succession planning, andmanagement training, as well as enhancing and bringing consistency to the Partner View Survey process.

Jan-03-2006

McDonald's Corp. OpensRestaurant in Agra

McDonald's Corp. made its debut in Agra on New Year Eve with the opening of its first family restaurant in the town at a localshopping mall. The McDonald's family restaurant is the first establishment to open its doors at the DC Nand Plaza in the SadarBazar area of Agra, one of the over dozen shopping malls under construction in the town, which is yet to become fullyoperational. With the opening of this outlet, the number of McDonalds restaurants in North India, being managed by ConnaughtPlaza Restaurants Pvt. Ltd, the Joint Venture partner of McDonald's in the Northern parts of the country, has risen to 54 and thenumber of restaurants in Uttar Pradesh has reached 13, making it the largest concentration of McDonald's restaurants in anystate of North India outside Delhi.

Jan-03-2006

Starbucks Wins TrademarkDispute with ShanghaiXingbake

Starbucks Corp. won a trademark victory in China as a Shanghai court ruled that Shanghai Xingbake Coffee Shop infringed thetrademark rights of the Seattle coffee-retailing giant. The China company had been using a variation of the Starbucks logo andthe name Xing Ba Ke, a transliteration of Starbucks in Chinese characters.In Chinese, xing -- pronounced shing -- means star, and ba ke sounds like bucks. The court ordered Shanghai Xingbake to payStarbucks $62,000.

Jan-02-2006

Trial to Start on Jan. 4,2006 in Louise Turner'sBurn Injury Lawsuit overAlleged Illegal and

Negligent Operation of Open Fire Pit at ShanghaiRed's

Specialty Restaurants Corporation announced that trial starts on January 4, 2006 at 9:30 AM in Los Angeles Superior Court/WestLos Angeles Division in Louise Turner’s negligence lawsuit against it(doing business as Shanghai Red’s). Ms. Turner was horrificallyburned, injured and maimed when she fell into an illegal open, unguarded gas fire pit at Shanghai Red’s on Fiji Way in Marina delRey, CA. The case will be heard before the Hon. John L. Segal, Department C, 1633 Purdue, Los Angeles.




9

Date Headline Situation

Dec-30-

2005

Newcastle Partners, L.P.and Steel Partners II, L.P.cancelled tender offer toacquire Fox & Hound

Restaurant Group.

Newcastle Partners, L.P. and Steel Partners II, L.P. proposed a cash tender offer on December 12, 2005, to purchase all of theoutstanding shares of common stock of Fox & Hound Restaurant Group (NASDAQ: FOXX) not already owned for $14.75 per share.Newcastle and Steel would also cash out outstanding in the money options and warrants at this price. The transaction isreportedly valued at $145.32 million. The tender offer will be subject to customary conditions, including a majority of Fox &

Hound's shares on a fully diluted basis being tendered and not withdrawn, expiration of the applicable waiting period under theHart-Scott-Rodino Antitrust Improvements Act of 1976, the obtaining of all consents, approvals or authorizations required by all

state, city or local liquor licensing boards, agencies or other similar entities and Newcastle and Steel being satisfied that Section203 of the Delaware General Corporation Law is inapplicable to the offer to purchase and the potential merger thereafter. Theoffer will not be subject to or conditioned upon any financing arrangements.

Dec-30-

2005

Flanigan's Enterprises Inc.announced delayed annual10-K filing

On 12/30/2005, Flanigan's Enterprises Inc. announced that they will be unable to file their next 10-K by the deadline required bythe SEC.

Dec-29-

2005

Wendy's InternationalBuys Back 3.75 MillionShares

Wendy's International Inc. repurchased 3.75 million shares of its common stock for about $207 million in an accelerated buybacktransaction. The initial price paid per share was $55.17. The repurchased shares are subject to a future contingent-purchase priceadjustment expected to be settled during the first quarter of 2006.

Dec-28-

2005

Shari's managementacquired Shari'sManagement Corp. for areported consideration of approximately $80 million.

Circle Peak Capital LLC, CapitalSource Finance LLC, Carlyle Mezzanine Partners LP, Falcon Investment Advisors LLC, MagnetarCapital LLC, Sankaty Advisors LLC, Wells Fargo Foothill and Shari's management acquired Shari's Management Corp. fromWindjammer Capital Investors, L.L.C., Fairmont Capital Inc and Pacific Mezzanine Investors (PMI) Fund, L.P. for a reportedconsideration of approximately $80 million on December 28, 2005. Shari's Management Corp. reported sales of $150 million insales. Circle Peak's deal team included John Poerink and Holbrook Forusz. In addition, Circle Peak operating adviser Kerry Krampwill serve as senior operating adviser to Shari's and become a non-executive board member. Daniel Eisner of Akin Gump StraussHauer & Feld LLP Nigel Austin provided legal advice to Circle Peak. Michael Smooke and Paul Blencowe of Fulbright & Jaworski LLPadvised Fairmont and other investors while Brentley Bullock of Perkins Coie LLP provided counsel to Shari's management team.

Dec-28-

2005

Krispy Kreme Doughnutsto Open Additional Outletsin New England, ShedStores in PhiladelphiaMarket

Krispy Kreme Doughnuts Inc. gained the right to open additional stores in New England after ending a partnership there. Thecompany also exited the Philadelphia market by closing four stores. Krispy Kreme will now own three shops in Connecticut,Rhode Island and Massachusetts and may develop more under a deal reached with a partner, the Winston-Salem. Krispy Kreme isshedding stores and restructuring operations.

Dec-27-

2005

Hooters of AmericaPromotes Noela Cartagenaas Director of HOA StoreMarketing

Hooters of America Inc. announced that Noela Cartagena has been promoted to Director of HOA Store Marketing from hercurrent position as Marketing Manager. This promotion is reflective of the tremendous job Noela has done over the past severalyears in leading company stores local advertising and promotional efforts and the increased responsibility that she has as a resultof the growth of company store system. Noela joined Hooters of America in 1996 in her hometown of Augusta, Georgia. Whileworking in the store, she attended college at Augusta State University and graduated with a BBA in Marketing in 1999. Followingher graduation she was named the Area Marketing Manager for the Carolina Region. In 2001 she was brought into the corporateoffice as Marketing Manager where she has served for the past 5 years.

Dec-27-

2005

Grand Havana Enterprises,Inc. announced delayedannual 10-K filing

On 12/27/2005, Grand Havana Enterprises, Inc. announced that they will be unable to file their next 10-K by the deadline requiredby the SEC.

Dec-27-

2005Una Mas Plans to EnterIndian Market

Una Mas Resturants Inc. announced that it is planning to enter the Indian market. Una Mas would be adopting the quick servicerestaurant (QSR) model for its chain. An average QSR is less than 2,500 sq ft in area and offers food varieties in the $6-7 range. InIndian terms, the outlets would be serving meals for less than INR100 While the seafood may range from INR 70 to INR100,chicken and vegetarian dishes would cost around INR70. It is surveying cities such as Delhi, Bangalore, and Pune as a possibility.The target group for the chain is 16-40-year-olds who have an appetite for a sophisticated palate.

Dec-23-

2005

Fresh Choice Inc. FilesForm 15

Fresh Choice Inc. has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock parvalue $0.001 per share under the Securities Exchange Act of 1934, as amended.

Dec-23-

2005

Lindsey Nichols MartinJoins Sonic Corp. asDirector of PeopleTechnology

Sonic Corp. announced that Lindsey Nichols Martin joined the company as the director of people technology. In this newlycreated position, Martin will integrate technology in the human resources department to streamline processes and information.




10


Dec-23-

2005

Krispy Kreme DoughnutsInc. Approves Amendmentto Article IV, Section 1,Regular Meetings of ItsAmended and RestatedBylaws

The Board of Directors of Krispy Kreme Doughnuts Inc. on December 19, 2005, approved an amendment to Article IV, Section 1,Regular Meetings of the company's Amended and Restated Bylaws. The Amendment provides that, in addition to the annualmeeting of the Board of Directors, at least three regular meetings shall be held at such times as the Board of Directors mayprovide.

Dec-23-

2005

Autogrill Group Inc.Announces the

Appointment of Elie W.Maalouf as President andCEO of HMSHostCorporation

The Board of Directors of Autogrill Group Inc. announced the appointment of Elie W. Maalouf to the position of President andCEO of the HMSHost Corporation. Mr. Maalouf succeeds John J. McCarthy, who passed away last month. Mr. Maalouf joined

HMSHost in 1997 as Vice President of Business Development. Later, as Senior Vice President, he also assumed responsibility for thefirm's international development and operations activities. Since last year, he has served in the role of Executive Vice President of Airport Food and Beverage Operations. Mr. Maalouf also oversaw the firm's Design & Construction, InternationalDevelopment/Operations, and Strategic Planning functions.

Dec-22-

2005

MGM Units Sued For $69Million

MGM Mirage units MGM Grand Detroit LLC, MGM Grand Resorts LLC and MGM Mirage Inc. have been sued for $69 million onbehalf of a construction company. L.S. Brinker/Brinker Team Construction Co. and two units, City Carpet & Flooring Inc. andUniversal Glass and Metals Inc., all based in Michigan, claim MGM agents acted in premeditated conspiracy to cheat them out of millions of dollars.

Dec-22-

2005

Six Line Up to Bid forCompass's SSP Division

Bidders in the race to buy Compass Group travel concession business SSP have been cut to a shortlist of six. Italian roadsideoperator Autogrill and French caterer Elior are believed to be the only two trade buyers still in the frame. Initial offers weresubmitted last month. Private equity groups linked to the deal include Gate Gourmet owner Texas Pacific, Blackstone and TerraFirma, the investment vehicle of hotelier Guy Hands. Dresdner Kleinwort Wasserstein analyst Karl Green said a trade sale wouldhave obvious benefits in terms of synergies, but a private equity deal would allow the buyer to take a longer-term view of thebusiness.

Dec-22-

2005

Arby's Restaurant Group,Inc. acquired 15 Arby's

restaurants in theIndianapolis and SouthBend, Indiana marketsfrom Richard Best.

Arby's Restaurant Group, Inc. acquired 15 Arby's restaurants in the Indianapolis and South Bend, Indiana markets from RichardBest on December 22, 2005. The financial terms were not disclosed. The restaurant employees will transition to Arby's Restaurant

Group, and operate with the company's West Region, also based in Indianapolis.

Arby's Restaurant Group, Inc. completed the acquisition of 15 Arby's restaurants in the Indianapolis and South Bend, Indianamarkets from Richard Best on December 22, 2005.

Dec-22-

2005

Franchise Capital Corp.Announces ExecutiveChanges

Franchise Capital Corp. announced that the Board of Directors accepted the resignation of Edward C. Heisler as President. Mr.Heisler will remain Chairman, CEO, CCO, and Secretary. Also on December 21, 2005 the Board of Directors appointed Don AllioPresident, COO, and to the Board of Directors. The Company entered into an Agreement with Mr. Allio for his services. Havingbegun his career with McDonald's in 1966 as a crew person in New York, Don has nearly forty years in the restaurant industry.Don then relocated to California in 1969 and began his career with the McDonald's Corporation as a 2nd Assistant Manager.Within two years, he was transferred to Bay City, Michigan as a First Assistant Manager and then went on to spend the next 12years working up through the mid-level management ranks and Regional department leadership positions.

Dec-21-

2005

Fresh Choice Inc. hasemerged from bankruptcy.

On 7/12/2004, Fresh Choice, Inc. filed a Chapter 11 Bankruptcy Protection with the United States Bankruptcy Court for theNorthern District of California. On 11/16/2005, Fresh Choice’s plan for reorganization was approved by the U.S. Bankruptcy Courtfor the Northern District of California. As per Elissa Milleran of SulmeyerKupetz APC, an attorney for the unsecured creditors,Cedarlane Natural Foods of Carson and Crescent Real Estate Equities of Fort Worth, the two plan co-sponsors, will provide for the$2.5 million claim of secured creditor Mid-Peninsula Bank due from issued letters of credit. They will make a $3 million equitycontribution, while GE Capital Franchise Finance Corp. will provide a $5 million exit loan. Under the plan, general unsecured

creditors, owed an estimated amount between $8 million and $8.4 million, will recover 90% to 100% on their claims, she said. Thepayouts will come through two separate payments. The unsecured creditors would get a $5.5 million cash payout, and a $2.5million note secured by the company's assets that will be paid over 24 months. Old common stock will be wiped out.

Dec-21-

2005

Benihana Inc. AnnouncesDevelopments in theAction it Commenced inFederal District Court

Benihana Inc. announced the following developments in the action it commenced in federal district court in Miami chargingviolations of Sections 13 (d) and 14 (a) of the Securities Exchange Act of 1934 in connection with the recent election. The Companyagreed to the dismissal with prejudice of all charges against Providence Recovery Partners and Messrs. Denton and Schafran, andthose parties have entered into a customary two-year standstill agreement with the Company pursuant to which they haveagreed, among other things, not to solicit votes in opposition to management's nominees as directors of the Company. The courthas made no findings in connection with the action, and the Benihana Protective Trust, Benihana of Tokyo Inc. Kevin Aoki, KanaAoki Nootenboom and Ken Podziba remain defendants in the action.

Dec-21-

2005

Starbucks to Open in StoneMill Plaza in LancasterTownship

Starbucks Corp. is scheduled to open its fourth Lancaster County shop on its newest location at the Stone Mill Plaza in LancasterTownship. The new store, at 1398 Columbia Ave., marks the second Starbucks opening in the area since October.

Dec-21-

2005

Autobahn InternationalInc. AnnouncesManagement Changes

Autobahn International Inc. announced that the Company acquired ZX Auto Corporation. The Company announced theappointment of Mr. Antonio Finamore as CEO. Mr. Finamore comes to Autobahn International Inc. from the automotive industry.Mr. Finamore has traveled the world working with automobile companies. Mr. Finamore brings a wealth of expertise in theautomotive industry to Autobahn International. The Company also announced that Mr. Randy Snow has been appointed by theBoard of Directors as President and Director of the Company. Randy Snow comes to Autobahn after numerous years in thebusiness development field. Prior to joining Autobahn Mr. Snow was Managing Principal for Progressive Edge Technologies Inc. aconsulting company based in Lynden, WA and Phoenix, AZ.




11


Dec-21-2005

Red Robin GourmetBurgers ContinuesArkansas Expansion withOpening of First RogersLocation

Red Robin Gourmet Burgers Inc. will open its second Arkansas restaurant and first in Rogers. The 6,350 square foot Rogers RedRobin restaurant(R) is located at 4300 Walnut Street, one block east of I-540 on Walnut Street. It seats 212 guests, will employmore than 170 Team Members and is 100% smoke-free.

Dec-21-2005

Frisch's Restaurants Inc.Names RJ Dourney as

Director

Frisch's Restaurants Inc. announced the unanimous election of RJ Dourney, 47, to its Board of Directors. Dourney replaces WilliamA. Mauch, who retired from the Board in October 2005. Dourney, a 25-year veteran of the restaurant industry, is President of

Hearthstone Associates, LLC. Prior to joining Hearthstone Associates, Dourney served as head of operations of Au Bon Pain,overseeing 126 cafes, domestic and international franchising, and the company's consulting relationship with British Petroleum.

Prior to joining Au Bon Pain, he also served as a senior operating executive of both Applebee's International and BrinkerInternational.

Dec-20-2005

Benihana Inc. AnnouncesDirectorate Changes

Benihana Inc. announced that an independent inspector of election had certified that Management's nominees had been electedto all three Directorships voted upon at the Company's annual meeting held on December 12, 2005. The two directors elected bythe holders of the Company's Common Stock were J. Ronald Castell, a management consultant, and Taka Yoshimoto, an ExecutiveVice President of the Company, and the director elected by the holders of the Company's Class A Common Stock was Joseph J.West, Ph.D., dean of Florida International University's School of Hospitality and Tourism. Mr. Castell and Dr. West neither of whom has previously served as a director of the Company will serve as Independent Directors.

Dec-20-2005

Rubio's Restaurants Inc.Announces ExecutiveChange

Rubio's Restaurants Inc. announced that Sheri Miksa has resigned her position as President, Chief Executive Officer and Directorof Company. Ralph Rubio, Chairman of the Board and Co-Founder will oversee day-to-day operations of the company until asuccessor is named.

Dec-20-2005

Diana S. Wynne to JoinCBRL Group as Senior VicePresident of Corporate

Affairs Effective January23, 2006

CBRL Group Inc. announced the appointment of Diana S. Wynne to the newly created position of Senior Vice President of Corporate Affairs. Wynne will have oversight of the Corporate Communications, Outreach and Government Relations functionsand will report to Chairman, President & CEO Michael A. Woodhouse. She joins CBRL Group on January 23, 2006. Before joining

CBRL Group, Wynne was Vice President Treasury for Blockbuster Inc.

Dec-19-2005

Krispy Kreme FinishesCanadian Restructuring

Krispy Kreme Doughnuts Inc. has completed the restructuring of its eastern and central Canada operations, which includes sixfactory stores with retail and wholesale businesses. The company said its Krispy K Canada unit, which is wholly-owned by the

company through various subsidiaries, had completed the purchase of most of the assets of KremeKo Inc., Krispy Kreme'sfranchisee.

Dec-19-2005

Gate Gourmet Inc.Announces ManagementChanges

Gate Gourmet has named M. Spence (Ron) Howard, a veteran executive of the airline and hospitality services industries, aspresident of Division Americas. His predecessor, Peter A. Pappas, has been appointed president of Global Aviation Services.Howard comes to Gate Gourmet from Continental Airlines, where he was vice president of its Chelsea Food Services division andthe In-flight and Food Services divisions. Pappas served as president of Division Americas since December 2004. Both Pappas andHoward are based at the company's Reston co-headquarters and both report to Siegel.

Dec-19-2005

AFC Enterprises Inc.Appoints Mel Hope asChief Financial Officer

AFC Enterprises Inc. announced the appointment of Mel Hope as Chief Financial Officer effective December 19, 2005. Mr. Hope,who was previously Chief Accounting Officer and Senior Vice President of AFC and Chief Financial Officer of its Popeyes division,succeeds Frederick B. Beilstein who resigned from his position as AFC's Chief Financial Officer as the Company completed itsdivestitures and transition of AFC's multi-brand corporate center to a single brand operations company.

Dec-19-

2005

Hardee's Food Systems Inc.

Introduces New RedBurrito Taco Salad

Hardee's Food Systems Inc. announced the introduction of a new entree salad good enough to join its menu, the Red Burrito(TM)

Taco Salad. Similar to Thickburgers, the quality of the hearty new entree salad is on par with those found in sit-down restaurants.The Red Burrito Taco Salad features a fresh, crispy, bowl-shaped tortilla shell filled with seasoned ground beef, Monterey Jack andcheddar cheeses, shredded lettuce, refried beans, sour cream, hot sauce and spicy pico de gallo salsa.

Dec-18-2005

Bob Evans Farms Inc.Promotes Jim Nowicki toMarket Director

Bob Evans Farms Inc. announced that Jim Nowicki, of Carmel, Ind., has been promoted to market director. A former divisionmanager in Indianapolis, he will oversee divisions one and four. Nowicki a 1982 graduate of Ohio Dominican University inColumbus, started with Bob Evans in 1983.




12


Dec-16-2005

Plan of ReorganizationApproved for Fresh Choice

On 11/16/2005, Fresh Choice’s plan of reorganization was approved by the U.S. Bankruptcy Court for the Northern District of California. As per Elissa Milleran of SulmeyerKupetz APC, an attorney for the unsecured creditors, Cedarlane Natural Foods of Carson and Crescent Real Estate Equities of Fort Worth, the two plan co-sponsors, will provide for the $2.5 million claim of secured creditor Mid-Peninsula Bank due from issued letters of credit. They will make a $3 million equity contribution, while GECapital Franchise Finance Corp. will provide a $5 million exit loan. Under the plan, general unsecured creditors, owed anestimated amount between $8 million and $8.4 million, will recover 90% to 100% on their claims, she said. The payouts will come

through two separate payments. The unsecured creditors would get a $5.5 million cash payout, and a $2.5 million note secured bythe company's assets that will be paid over 24 months. Old common stock will be wiped out.

Dec-16-2005

Granite City Food &Brewery, Ltd. AnnouncesDelisting from Nasdaq

Granite City Food & Brewery, Ltd. announced that it has been delisted from NASDAQ following the removal from Registration.

Dec-16-2005

Sonic Corp. Announces

Executive Changes

Sonic Corp. announced that Steve Young has been promoted to regional vice president. Young will oversee all activities related to

developing and managing the Sonic brand at nearly 800 Sonic Drive-Ins in the South. Barbara Williams has been promoted todirector of marketing analysis. Williams will be responsible for analyzing market statistics and Sonic's media campaign results.Eddie Steffensen has been promoted to director of operation services. In this new position, he will collaborate with equipment

supply partners to ensure product quality for Sonic customers.

Dec-16-2005

Krispy Kreme AnnouncesResignation of Su HuaNewton from the Board of Directors

Krispy Kreme Doughnuts Inc. announced that Su Hua Newton has resigned from the board of directors, effective December31,2005. Newton's decision to leave the board as not the result of any disagreement with the company, the company said in afiling with the U.S. Securities and Exchange Commission. Newton, who owns Newton Vineyard in California's Napa Valley, joinedKrispy Kreme's board in 2003.

Dec-16-

2005

Starbucks Corp. to Open

Next Evolution of HearMusic Coffeehouses in SanAntonio and Miami

Starbucks Corp. announced that the next evolution of the Hear Music(TM) Coffeehouse will open on Monday, Dec. 19, 2005, on

the Riverwalk in San Antonio. An additional location will open in South Beach (Miami), Fla., in early 2006. The new coffeehouseswill also feature the next generation of the Hear Music(TM) media bars, a service that provides customers with an easy, fun, self-service way to discover and customize music on CDs. The new Hear Music(TM) media bars offer more than one million songsdigitally nearly a five-fold increase over the selection offered on the previous version. Customers can use these enhanced mediabars, 35 in the San Antonio Coffeehouse and 33 in the Miami Coffeehouse, as both listening stations to sample music and asburning stations to create custom CDs or burn an album in minutes. The media bars will also allow customers to listen to anyphysical CD in the store by simply scanning the bar code. The price to burn a custom CD at the Miami and San Antonio locationswill be the same as it is in the Santa Monica location: $8.99 for the first 7 songs, and $0.99 for each additional song.

Dec-16-2005

Red Robin GourmetBurgers Inc. Announcesthe Opening of its FirstTarentum, Pa., Location

Red Robin Gourmet Burgers announced the grand opening of its first Tarentum, Pa., location. The new Tarentum Red Robin(R)restaurant is located at 1020 Pittsburgh Mills Circle, off of I-76 and Highway 28, and is the seventeenth Red Robin(R) restaurant inPennsylvania.

Dec-16-2005

Western Sizzlin Corp.Announces CommitteeChanges

Western Sizzlin Corp. announced that Mr. Biglari and Dr. Cooley have been appointed to the Nomination and GovernanceCommittee and the Executive Committee. Mr. Sonkin has been appointed to the Audit Committee and the Executive Committee.

Dec-16-2005

Eight Potential Buyers forQuiznos

Eight potential buyers, including at least four private equity firms, are looking at Quiznos Master LLC, a closely held sandwichshop chain that has put itself on the block, sources said. Private equity houses Thomas H. Lee Partners, Blackstone Group LP,

Madison Dearborn Partners LLC and Apollo Management LP are interested in Quiznos, according to a source with knowledge of the auction. Another private equity firm, Dallas-based CIC Partners LP, stands to make a quick return in its investment in thefranchise eatery company, which it completed just this summer. Final bids could come in as early as this week or next, aknowledgeable person said.

Dec-16-2005

Lone Star Steakhouse &Saloon Inc. ReportsEarnings Results for theTwelve Weeks EndedNovember 29, 2005

Lone Star Steakhouse & Saloon Inc. reported unaudited operating highlights for the first twelve weeks of the sixteen week fourthquarter of 2005. For the twelve weeks ended November 29, 2005 as compared to the twelve weeks ended November 30, 2004, salesdecreased by $1,400 or 1.0%. Pretax income from operations decreased $8,500 or 96.1% and net income from continuingoperations decreased to $200 from $6,000 in the same period last year.

Dec-15-2005

Creative Eateries Corp. willChange its Ticker to CEATfrom CEAT.E

Effective December 16, 2005, Creative Eateries Corp. will change its OTCBB stock ticker symbol to CEAT from CEAT.E.




13


Dec-15-2005

Fresh Enterprises ClosesThree Restaurants in thePittsburgh Area

Fresh Enterprises Inc. closed three restaurants in the Pittsburgh area. The locations in Oakland, Monroeville and Robinson werenot performing to the company's expectations. The company announced it would record a pretax charge of $2 to $4 million inthe fourth quarter for closing four underperforming Baja Fresh restaurants. That included the three in the Pittsburgh area.

Dec-15-

2005

Cosi Inc. Announces

William D. Forrest toContinue in Full-TimeManagement CapacityThrough 2006

Cosi Inc. announced that Executive Chairman William D. Forrest will continue in his current full- time management capacity

through 2006, following which time he will serve as non-executive Chairman of the Board. Mr. Forrest joined Cosi in 2003.

Dec-15-2005

Carl Karcher EnterprisesInc. Settles Racial Claims atElk Grover Restaurant

Carl Karcher Enterprises Inc. the parent company of Carl's Jr. announced that it has agreed to pay $255,000 to settle claims with ashift manager at an Elk Grove restaurant. The harassment charges were initially filed by an 18-year-old African American woman,Michal Harris, who worked at the local restaurant in 2001. The EEOC then brought suit on behalf of other minority workers.Under terms of the settlement, the restaurant's parent company, Carl Karcher Enterprises Inc., did not admit any wrongdoing butset aside the payment for Harris and others, and also will provide harassment prevention training for managers and employees inthe Sacramento area. The settlement earmarked $105,000 for Harris and an additional $150,000 for any other minority employeeswho were allegedly harassed.

Dec-15-

2005

IHOP Corp. Announces

Executive Changes

IHOP Corp. announced that Robin L. Elledge and John F. Koch, the Vice President, Human Resources and Vice President, Product,

Purchasing and Menu respectively of IHOP Corp. have tendered their resignations, both effective January 6, 2006. Ms. Elledge hasaccepted a position as Senior Vice President, Human Resources for a national mall-based specialty retailer. Mr. Koch has accepteda position as Vice President, Research & Development for a multi-brand, casual dining company headquartered in the Southeast.

Dec-15-2005

Schlotzsky's DisclosureStatement Approved

On 12/12/2005, Judge Leif Clark of the U.S. Bankruptcy Court for the Western District of Texas in San Antonio approvedSchlotzsky's disclosure statement. This was announced by debtor counsel, Sarah Foster of Haynes and Boone LLP.

Dec-15-2005

Quiznos Up for Sale According to sources, Quizno's Corporation has been put on the auction block and could fetch a price greater than $2 billion.Private-equity firms are expected to be the most active bidders for the 24-year-old business, which sells franchise rights to thesandwich chain throughout the U.S. and in the United Kingdom, South Korea, Australia and parts of the Middle East. GoldmanSachs Group Inc. is running the auction process for the closely held Denver company, say people familiar with the matter.

Quiznos had an annual Ebitda of $135 million, and Goldman is suggesting to buyers that the business could fetch 11 to 17 timesthat figure. At the high end of Goldman's hoped-for sales range, that would mean the chain would fetch close to $2.3 billion.

Dec-14-2005

Syndicated Food ServiceInternational Inc. has filed

for bankruptcy.

On 12/14/2005, Syndicated Food Service International Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Indianapolis, Indiana. The company listed assets as $9.9 million and debts as

$11.18 million. It retained Hostetler & Kowalik PC as debtor counsel. The main unsecured creditors of the company includePlatinum Funding Corp. ($0.45 million) and Proskauer Rose, LLP ($0.23 million).

Dec-14-2005

Krispy Kreme DoughnutsCloses Two Coast Stores

Krispy Kreme Doughnuts Inc. closed two of its four First Coast stores on Sunday. Stores on Cassat Avenue and in Orange Parkclosed. The Cassat Avenue store opened in 1970; the Orange Park store, 1995. The company closed 30 underperforming stores,reduced overhead costs and strengthened its senior management team.

Dec-14-2005

Cheesecake Factory OpensGrand Lux Cafe in Sunrise,Florida

Cheesecake Factory Inc. announced the opening of its seventh Grand Lux Cafe restaurant on December 13, 2005 at the SawgrassMills Mall in Sunrise, Florida. The restaurant contains approximately 11,300 square feet and approximately 300 seats.

Dec-14-2005 Acapulco MexicanRestaurants Inc. Opens aBranch in Lakewood Ranch

Acapulco Mexican Restaurants Inc. announced a branch in Lakewood Ranch. The business is inside the 80,000-square-foot LanePlaza Too.




14


Dec-14-

2005

Red Robin GourmetBurgers Inc. ClosesAmended 5 Year $200Million Credit Facility

Red Robin Gourmet Burgers Inc. announced that it has entered into an amended and restated credit agreement with WachoviaBank, National Association and a syndicate of other financial institutions for an aggregate principal amount of up to $200 million.The facility also allows the Company an option to increase the facility, subject to lender participation, by up to an additional $40million in the future. The revolving credit agreement will mature on December 14, 2010. The amended and restated creditagreement replaces the Company's $85 million senior secured three year revolving credit facility which was scheduled to matureon May 20, 2006. As of the closing date, the Company refinanced approximately $42.1 million outstanding under this facility,including $3.6 million, which the Company uses to back an irrevocable letter of credit for the Company's self-insured workers'compensation program.

Dec-14-2005

Diedrich Coffee Inc.Appoints Stephen V. Coffeyas Chief Executive Officer

Diedrich Coffee Inc. announced that Stephen V. Coffey has been appointed to serve as the new Chief Executive Officer of thecompany following the resignation of Roger M. Laverty on December 13, 2005. Mr. Coffey served as a senior executive of ChevysInc. and as the President and CEO of Edwards Theatres Inc.

Dec-14-

2005

ARAMARK Teams Up with

Panda Express in UniqueRestaurant Partnership

ARAMARK Corp. has partnered with Panda Restaurant Group Inc., making the popular Panda Express brand and menu choices

available to ARAMARK customers across the United States. This Master Licensing Agreement is the first of its kind for PandaRestaurants, whose locations are usually subleased or operated as company locations only. The partnership broadens ARAMARK'sstrategy to align with brands based on intensive consumer insight and marketplace trends, resulting in greater customersatisfaction and accelerated growth. Panda Express was chosen as a clear favorite at an ARAMARK brand forum held recently atone of the company's university client accounts. ARAMARK will explore applications of the Panda Express brand in businesses,universities, hospitals, and sports and entertainment venues, based on the needs of the clients and customers at each location.

Dec-13-

2005

Carrabba's Italian Grill Inc.Opens 200th Restaurant

Carrabba's Italian Grill Inc. announces the opening of their 200th restaurant on December 12th in Denver, Colorado. Carrabba'sfeatures full-flavored Italian dishes made by hand from original family recipes and prepared to order in an exhibition kitchen.

Dec-13-

2005

Billionaire Peltz TakesWendy's Stake, UrgesOverhaul

According to the Die Welt, DaimlerChrysler AG will sign the contract to sell its diesel engine unit MTU Friedrichshafen GmbH toSwedish investor EQT by the end of the week. Citing sources close to the negotiations, Die Welt said the unit will be sold forbetween 1.6-1.9 bln eur ($1.89-$2.25 billion), and that MTU will be listed on the stock exchange in five years time.

Dec-13-

2005

Keurig IncorporatedAnnounces Partnershipwith Tullys Coffee Corp

Keurig Incorporated announced a partnership with Tullys Coffee Corp. that will expand the specialty K-Cup coffees available toKeurig users both in offices and at home. Tully's will offer 10 new K-Cup(TM) portion pack varieties of handcrafted coffees likethose currently served in more than 100 Tully's retail locations located in the US. Tully's intends to also demonstrate and sellKeurig home brewers and K-Cups in their retail locations.




15

ANNAPOLIS

ATLANTA

BOSTON

CHARLOTTE

CHICAGO

CLEVELAND

DALLAS

DENVER

HOUSTON

INDIANAPOLIS

KING OF PRUSSIA

LOS ANGELES

NASHVILLE

NEW YORK

PHILADELPHIA

PHOENIX

PITTSBURGH

SADDLE BROOK

SALT LAKE CITY

SAN FRANCISCO

SAN JOSE

SEATTLE

TUSCON

WASHINGTON, DC

LONDON

MELBOURNE

About FTIFTI is the premier provider of corporate finance, forensic and litigation consulting and technology, and economic consulting. Located in 24 of the majorU.S. cities, London and Melbourne, FTI's total workforce of more than 1,300 employees includes numerous PhDs, MBAs, CPAs, CIRAs, CFEs, andtechnologists who are committed to delivering the highest level of service to clients. These clients include the world's largest corporations, financialinstitutions and law firms in matters involving financial and operational improvement and major litigation.

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