4th Quarter 2011 Chain Restaurant Update

Announcement Date: April 11, 2012

The fourth quarter of 2011 continued to show improvement for the chain restaurant world. However, the overall patterns remain: There are a few clear winners, a large number of chains in the middle showing some improvement, and there continue to be a group of chains whose business is struggling or declining. Our advice is to look carefully at your customer portfolio and allocate resources against those chains that are winning.