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| (Mark One)     |                                                                                     |
|----------------|------------------------------------------------------------------------------------------|
| [X]            | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  |
|           | For the quarterly period ended March 31, 2010                                            |
|           | Or                                                                                       |
| [  ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|           | For the transition period from ______ to ______                                          |

|   | DELAWARE                                                       | 59-3061413                           |   |
|--------|----------------------------------------------------------------|--------------------------------------|--------|
|   | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |   |
|   |                                                           |                                 |   |   |

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Table of Contents

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|                                                                     | PART I — FINANCIAL INFORMATION                                                                       |                                                                                                               |
|--------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|
|              |                                                                                                       | Page No.                                                                                                           |
| Item 1.                                                             | Consolidated Financial Statements (Unaudited):                                                        |                     |
|              | Consolidated Balance Sheets — March 31, 2010 and December 31, 2009                              | 3                                                                                                             |
|                                                                     | Consolidated Statements of Operations  —For the Three Months Ended March 31, 2010 and 2009 |  4                                                                                                            |
|                                                                     |                                                                                                       |                                                                                                               |
|                                                                     | Consolidated Statements of Deficit —For the Three Months Ended March 31, 2010 and 2009          | 5                                                                                                             |
|                                                                     | Consolidated Statements of Cash Flows  —For the Three Months Ended March 31, 2010 and 2009 | 6                                                                                                                  |
|                                                                     |                                                                                                       |                                                                                                               |
|                                                                     | Notes to Consolidated Financial Statements                                                            | 8                                                                                                             |
| Item 2.                                                             | Management's Discussion and Analysis of Financial Condition and Results of Operations                 | 34                                                                                                            |
| Item 3.                                                             | Quantitative and Qualitative Disclosures About Market Risk                                            | 56                                                                                                            |
| Item 4.                                                             | Controls and Procedures                                                                               | 56                                                                                                            |
|                                                                     | PART II — OTHER INFORMATION                                                                     |                                                                                                               |
| Item 1.                                                             | Legal Proceedings                                                                                     | 57                                                                                                            |
| Item 1A.                                                                 | Risk Factors                                                                                               | 58                                                                                                            |
|                                                                     |                                                                                                       |                                                                                                               |
| Item 6.                                                                  | Exhibits                                                                                                   | 59                                                                                                                 |
|                                                                     |                                                                                                       |                                                                                                               |
|                                                                     | Signature                                                                                             | 60                                                                                                            |

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Table of Contents

CONSOLIDATED BALANCE SHEETS

|                                                          |   |      |      |
|---------------------------------------------------------------|--------|-----------|-----------|
|                                                          |   | MARCH 31, |      |   | DECEMBER 31, |   |
|                                                          |   | 2010      |      |   | 2009 |   |
| ASSETS                                                        |   |      |      |   |   |   |
| Current Assets                                                |   |      |      |   |   |   |
| Cash and cash equivalents                                     |   | $         | 186,734   |   |   | $ | 289,162 |   |
| Current portion of restricted cash                            |   |      | 3,186     |   |   |   | 3,989 |   |
| Inventories                                                   |   |      | 45,464    |   |   |   | 57,223 |   |
| Deferred income tax assets                                    |   |      | 28,502    |   |   |   | 38,644 |   |
| Other current assets, net                                     |   |      | 89,334    |   |   |   | 95,494 |   |
| Total current assets                                          |   |      | 353,220   |   |   |   | 484,512 |   |
| Property, fixtures and equipment, net                         |   |      | 862,858   |   |   |   | 888,738 |   |
| Investments in and advances to unconsolidated affiliates, net |   |      | 23,861    |   |   |   | 22,718 |   |
| Goodwill                                                      |   |      | 448,722   |   |   |   | 448,722 |   |
| Intangible assets, net                                        |   |      | 588,601   |   |   |   | 592,293 |   |
| Other assets, net                                             |   |      | 144,690   |   |   |   | 148,046 |   |
| Total assets                                                  |   |      | 2,421,952 |   |   |   | 2,585,029 |   |
| LIABILITIES AND DEFICIT                                       |   |      |      |   |   |   |   |   |
| Current Liabilities                                           |   |      |      |   |   |   |   |   |
| Accounts payable                                              |   |      | 110,238   |   |   |   | 107,147 |   |
| Accrued and other current liabilities                         |   |      | 193,326   |   |   |   | 218,560 |   |
| Current portion of accrued buyout liability                   |   |      | 10,601    |   |   |   | 15,111 |   |
| Unearned revenue                                              |   |      | 158,484   |   |   |   | 237,580 |   |
| Current portion of long-term debt                             |   |      | 85,342    |   |   |   | 134,333 |   |
| Total current liabilities                                     |   |      | 557,991   |   |   |   | 712,731 |   |
| Partner deposit and accrued buyout liability                  |   |      | 108,876   |   |   |   | 108,926 |   |
| Deferred rent                                                 |   |      | 72,483    |   |   |   | 69,801 |   |
| Deferred income tax liability                                 |   |      | 187,871   |   |   |   | 198,081 |   |
| Long-term debt                                                |   |      | 1,364,782 |   |   |   | 1,369,319 |   |
| Guaranteed debt                                               |   |      | 24,500    |   |   |   | 24,500 |   |
| Other long-term liabilities, net                              |   |      | 224,332   |   |   |   | 228,495 |   |
| Total liabilities                                             |   |      | 2,540,835 |   |   |   | 2,711,853 |   |
| Commitments and contingencies                                 |   |      |      |   |   |   |   |   |
| Deficit                                                       |   |      |      |   |   |   |   |   |
| OSI Restaurant Partners, LLC Unitholder’s Deficit       |   |      |      |   |   |   |   |   |
| Common units, no par value, 100 units authorized, issued and  |   |      |      |   |   |   |   |   |
|  outstanding as of March 31, 2010 and December 31, 2009  |   |      | -         |   |   |   | - |   |
| Additional paid-in capital                                    |   |      | 715,813   |   |   |   | 713,969 |   |
| Accumulated deficit                                           |   |      | (837,866  | ) |   |   | (842,966 | ) |
| Accumulated other comprehensive loss                          |   |      | (14,384   | ) |   |   | (16,799 | ) |
| Total OSI Restaurant Partners, LLC unitholder’s deficit |   |      | (136,437  | ) |   |   | (145,796 | ) |
| Noncontrolling interest                                       |   |      | 17,554    |   |   |   | 18,972 |   |
| Total deficit                                                 |   |      | (118,883  | ) |   |   | (126,824 | ) |
| Total liabilities and unitholder's deficit                    |   | $         | 2,421,952 |   |   | $ | 2,585,029 |   |

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CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                           |   | THREE MONTHS ENDED |    |
|----------------------------------------------------------------|--------|--------------------|---------|
|                                                           |   | MARCH 31,          |    |
|                                                           |   | 2010               |    |   | 2009 |   |
| Revenues                                                       |   |               |    |   |   |   |
| Restaurant sales                                               |   | $                  | 940,015 |   |   | $ | 959,079 |   |
| Other revenues                                                 |   |               | 7,455   |   |   |   | 5,315 |   |
| Total revenues                                                 |   |               | 947,470 |   |   |   | 964,394 |   |
| Costs and expenses                                             |   |               |    |   |   |   |   |   |
| Cost of sales                                                  |   |               | 300,301 |   |   |   | 321,339 |   |
| Labor and other related                                        |   |               | 261,902 |   |   |   | 269,571 |   |
| Other restaurant operating                                     |   |               | 235,115 |   |   |   | 236,749 |   |
| Depreciation and amortization                                  |   |               | 35,814  |   |   |   | 46,372 |   |
| General and administrative                                     |   |               | 65,019  |   |   |   | 58,483 |   |
| Loss on contingent debt guarantee                              |   |               | -       |   |   |   | 24,500 |   |
| Provision for impaired assets and restaurant closings          |   |               | 1,932   |   |   |   | 7,136 |   |
| Income from operations of unconsolidated affiliates            |   |               | (1,063  | ) |   |   | (472 | ) |
| Total costs and expenses                                       |   |               | 899,020 |   |   |   | 963,678 |   |
| Income from operations                                         |   |               | 48,450  |   |   |   | 716 |   |
| Gain on extinguishment of debt                                 |   |               | -       |   |   |   | 158,061 |   |
| Other income (expense), net                                    |   |               | 117     |   |   |   | (5,660 | ) |
| Interest expense, net                                          |   |               | (18,712 | ) |   |   | (26,815 | ) |
| Income before provision for income taxes                       |   |               | 29,855  |   |   |   | 126,302 |   |
| Provision for income taxes                                     |   |               | 28,582  |   |   |   | 42,890 |   |
| Net income                                                     |   |               | 1,273   |   |   |   | 83,412 |   |
| Less: net income attributable to noncontrolling interest       |   |               | 2,251   |   |   |   | 1,065 |   |
| Net (loss) income attributable to OSI Restaurant Partners, LLC |   | $                  | (978    | ) |   | $ | 82,347 |   |

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CONSOLIDATED STATEMENTS OF DEFICIT

|                                                                 |   |   |   |   |   |   |   |       |   |   |        |   |   | ACCUMULATED   |     |   |        |   |    |   |   |
|----------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|-------------|--------|--------|---------------|----------|--------|-------------|--------|---------|--------|--------|
|                                                                 |   |   |   |   | COMMON |   |   | ADDITIONAL |   |   |        |   |   | OTHER         |     |   | NON-        |   |    |   |   |
|                                                                 |   | COMMON |   |   | UNITS  |   |   | PAID-IN    |   |   | ACCUMULATED |   |   | COMPREHENSIVE |     |   | CONTROLLING |   |    |   |   |
|                                                                 |   | UNITS  |   |   | AMOUNT |   |   | CAPITAL    |   |   | DEFICIT     |   |   | LOSS          |     |   | INTEREST    |   |    | TOTAL  |   |
| Balance, December 31, 2009                                           |   |   | 100    |   |   | $      | -      |       |   | $      | 713,969     |   |   | $             | (842,966 | )      |        | $      | (16,799 | )      |   | $ | 18,972 |   |   | $ | (126,824 | ) |
| Cumulative effect from adoption of variable interest entity guidance |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | 6,078    |   |        |   | -       |   |   |   | (386 | ) |   |   | 5,692 |   |
| Stock-based compensation                                             |   |   | -      |   |   |   | -      |       |   |   | 1,844       |   |   |          | -        |   |        |   | -       |   |   |   | - |   |   |   | 1,844 |   |
| Net (loss) income                                                    |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | (978     | )      |        |   | -       |   |   |   | 2,251 |   |   |   | 1,273 |   |
| Foreign currency translation adjustment                              |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | -        |   |        |   | 2,415   |   |   |   | - |   |   |   | 2,415 |   |
| Total comprehensive income                                           |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | -        |   |        |   | -       |   |   |   | - |   |   |   | 3,688 |   |
| Distributions to noncontrolling interest                             |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | -        |   |        |   | -       |   |   |   | (3,386 | ) |   |   | (3,386 | ) |
| Contributions from noncontrolling interest                           |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | -        |   |        |   | -       |   |   |   | 103 |   |   |   | 103 |   |
| Balance, March 31, 2010                                              |   |   | 100    |   |   | $      | -      |       |   | $      | 715,813     |   |   | $             | (837,866 | )      |        | $      | (14,384 | )      |   | $ | 17,554 |   |   | $ | (118,883 | ) |

|                                       |   |   |   |   |   |   |   |       |   |   |        |   |   | ACCUMULATED   |     |   |        |   |    |   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|-------------|--------|--------|---------------|----------|--------|-------------|--------|---------|--------|--------|
|                                       |   |   |   |   | COMMON |   |   | ADDITIONAL |   |   |        |   |   | OTHER         |     |   | NON-        |   |    |   |   |
|                                       |   | COMMON |   |   | UNITS  |   |   | PAID-IN    |   |   | ACCUMULATED |   |   | COMPREHENSIVE |     |   | CONTROLLING |   |    |   |   |
|                                       |   | UNITS  |   |   | AMOUNT |   |   | CAPITAL    |   |   | DEFICIT     |   |   | LOSS          |     |   | INTEREST    |   |    | TOTAL  |   |
| Balance, December 31, 2008                 |   |   | 100    |   |   | $      | -      |       |   | $      | 651,043     |   |   | $             | (788,940 | )      |        | $      | (24,857 | )      |   | $ | 26,707 |   |   | $ | (136,047 | ) |
| Stock-based compensation                   |   |   | -      |   |   |   | -      |       |   |   | 1,726       |   |   |          | -        |   |        |   | -       |   |   |   | - |   |   |   | 1,726 |   |
| Contribution from OSI HoldCo, Inc.         |   |   | -      |   |   |   | -      |       |   |   | 47,000      |   |   |          | -        |   |        |   | -       |   |   |   | - |   |   |   | 47,000 |   |
| Net income                                 |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | 82,347   |   |        |   | -       |   |   |   | 1,065 |   |   |   | 83,412 |   |
| Foreign currency translation adjustment    |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | -        |   |        |   | (3,599  | )      |   |   | - |   |   |   | (3,599 | ) |
| Total comprehensive income                 |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | -        |   |        |   | -       |   |   |   | - |   |   |   | 79,813 |   |
| Distributions to noncontrolling interest   |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | -        |   |        |   | -       |   |   |   | (2,317 | ) |   |   | (2,317 | ) |
| Contributions from noncontrolling interest |   |   | -      |   |   |   | -      |       |   |   | -           |   |   |          | -        |   |        |   | -       |   |   |   | 322 |   |   |   | 322 |   |
| Balance, March 31, 2009                    |   |   | 100    |   |   | $      | -      |       |   | $      | 699,769     |   |   | $             | (706,593 | )      |        | $      | (28,456 | )      |   | $ | 25,777 |   |   | $ | (9,503 | ) |

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CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                          |   | THREE MONTHS ENDED |    |
|---------------------------------------------------------------|--------|--------------------|---------|
|                                                          |   | MARCH 31,          |    |
|                                                          |   | 2010               |    |   | 2009 |   |
| Cash flows used in operating activities:                      |   |               |    |   |   |   |
| Net income                                                    |   | $                  | 1,273   |   |   | $ | 83,412 |   |
| Adjustments to reconcile net income to cash                   |   |               |    |   |   |   |   |   |
| used in operating activities:                                 |   |               |    |   |   |   |   |   |
| Depreciation and amortization                                 |   |               | 35,814  |   |   |   | 46,372 |   |
| Amortization of deferred financing fees                       |   |               | 2,017   |   |   |   | 2,374 |   |
| Amortization of capitalized gift card sales commissions       |   |               | 4,627   |   |   |   | 3,350 |   |
| Provision for impaired assets and restaurant closings         |   |               | 1,932   |   |   |   | 7,136 |   |
| Stock-based and other non-cash compensation expense           |   |               | 8,898   |   |   |   | 6,056 |   |
| Income from operations of unconsolidated affiliates           |   |               | (1,063  | ) |   |   | (472 | ) |
| Change in deferred income taxes                               |   |               | (2      | ) |   |   | 40,991 |   |
| Loss on disposal of property, fixtures and equipment          |   |               | 539     |   |   |   | 1,351 |   |
| Unrealized gain on derivative financial instruments           |   |               | (4,891  | ) |   |   | (174 | ) |
| (Gain) loss on life insurance and restricted cash investments |   |               | (1,242  | ) |   |   | 779 |   |
| Loss on contingent debt guarantee                             |   |               | -       |   |   |   | 24,500 |   |
| Gain on extinguishment of debt                                |   |               | -       |   |   |   | (158,061 | ) |
| Gain on disposal of subsidiary                                |   |               | -       |   |   |   | (2,001 | ) |
| Allowance for receivables                                     |   |               | 2,009   |   |   |   | 2,037 |   |
| Change in assets and liabilities:                             |   |               |    |   |   |   |   |   |
| Decrease in inventories                                       |   |               | 10,801  |   |   |   | 15,259 |   |
| Increase in other current assets                              |   |               | (10,548 | ) |   |   | (26,091 | ) |
| Decrease in other assets                                      |   |               | 2,789   |   |   |   | 20,523 |   |
| Increase in accrued interest payable                          |   |               | 6,294   |   |   |   | 4,903 |   |
| Decrease in accounts payable and accrued                      |   |               |    |   |   |   |   |   |
| and other current liabilities                                 |   |               | (10,055 | ) |   |   | (67,850 | ) |
| Increase in deferred rent                                     |   |               | 4,569   |   |   |   | 5,145 |   |
| Decrease in unearned revenue                                  |   |               | (79,009 | ) |   |   | (72,312 | ) |
| Decrease in other long-term liabilities                       |   |               | (711    | ) |   |   | (3,705 | ) |
| Net cash used in operating activities                         |   |               | (25,959 | ) |   |   | (66,478 | ) |
| Cash flows used in investing activities:                      |   |               |    |   |   |   |   |   |
| Purchases of Company-owned life insurance                     |   |               | -       |   |   |   | (261 | ) |
| Proceeds from sale of Company-owned life insurance            |   |               | -       |   |   |   | 203 |   |
| De-consolidation of subsidiary                                |   |               | (4,398  | ) |   |   | - |   |
| Capital expenditures                                          |   |               | (10,216 | ) |   |   | (15,210 | ) |
| Proceeds from the sale of property, fixtures and equipment    |   |               | -       |   |   |   | 961 |   |
| Restricted cash received for capital expenditures, property   |   |               |    |   |   |   |   |   |
| taxes and certain deferred compensation plans                 |   |               | 3,746   |   |   |   | 5,597 |   |
| Restricted cash used to fund capital expenditures, property   |   |               |    |   |   |   |   |   |
| taxes and certain deferred compensation plans                 |   |               | (3,007  | ) |   |   | (2,768 | ) |
| Net cash used in investing activities                         |   | $                  | (13,875 | ) |   | $ | (11,478 | ) |

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|                                                                     |   | THREE MONTHS ENDED |     |
|--------------------------------------------------------------------------|--------|--------------------|----------|
|                                                                     |   | MARCH 31,          |     |
|                                                                     |   | 2010               |     |   | 2009 |   |
| Cash flows used in financing activities:                                 |   |               |     |   |   |   |
| Repayments of long-term debt                                             |   | $                  | (4,673   | ) |   | $ | (5,951 | ) |
| Repayments of borrowings on revolving credit facilities                  |   |               | (50,000  | ) |   |   | - |   |
| Extinguishment of senior notes                                           |   |               | -        |   |   |   | (75,967 | ) |
| Deferred financing fees                                                  |   |               | (1,286   | ) |   |   | - |   |
| Purchase of note related to guaranteed debt                              |   |               | -        |   |   |   | (33,283 | ) |
| Contribution from OSI HoldCo, Inc.                                       |   |               | -        |   |   |   | 47,000 |   |
| Contributions from noncontrolling interest                               |   |               | 103      |   |   |   | 322 |   |
| Distributions to noncontrolling interest                                 |   |               | (3,386   | ) |   |   | (2,317 | ) |
| Repayment of partner deposit and                                         |   |               |     |   |   |   |   |   |
| accrued buyout contributions                                             |   |               | (4,878   | ) |   |   | (1,305 | ) |
| Receipt of partner deposit and                                           |   |               |     |   |   |   |   |   |
| accrued buyout contributions                                             |   |               | 831      |   |   |   | 1,075 |   |
| Net cash used in financing activities                                    |   |               | (63,289  | ) |   |   | (70,426 | ) |
| Effect of exchange rate changes on cash and cash equivalents             |   |               | 695      |   |   |   | - |   |
| Net decrease in cash and cash equivalents                                |   |               | (102,428 | ) |   |   | (148,382 | ) |
| Cash and cash equivalents at the beginning of the period                 |   |               | 289,162  |   |   |   | 271,470 |   |
| Cash and cash equivalents at the end of the period                       |   | $                  | 186,734  |   |   | $ | 123,088 |   |
|                                                                     |   |               |     |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                       |   |               |     |   |   |   |   |   |
| Cash paid for interest                                                   |   | $                  | 15,822   |   |   | $ | 20,324 |   |
| Cash paid for income taxes, net of refunds                               |   |               | 2,943    |   |   |   | 1,516 |   |
|                                                                     |   |               |     |   |   |   |   |   |
| Supplemental disclosures of non-cash investing and financing activities: |   |               |     |   |   |   |   |   |
| Conversion of partner deposit and accrued buyout                         |   |               |     |   |   |   |   |   |
| liability to notes payable                                               |   | $                  | 3,696    |   |   | $ | 282 |   |
| Acquisitions of property, fixtures and equipment                         |   |               |     |   |   |   |   |   |
| through accounts payable                                                 |   |               | 97       |   |   |   | 3,420 |   |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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| ·   | Level 1 – Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 2 – Inputs, other than the quoted market prices included in Level 1, which are observable for the asset or liability, either directly or indirectly; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 3 – Unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market data available. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                 |   | TOTAL     |   |   |    |   |   |    |   |   |    |   |
|----------------------|--------|-----------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
|                 |   | MARCH 31, |   |   |    |   |   |    |   |   |    |   |
|                 |   | 2010      |   |   | LEVEL 1 |   |   | LEVEL 2 |   |   | LEVEL 3 |   |
| Liabilities:         |   |      |   |   |    |   |   |    |   |   |    |   |
| Interest rate collar |   | $         | 13,168 |   |    | $      | -      |    |   | $      | 13,168  |   |   | $ | - |   |

|                                                     |   | MARCH 31,      |      |   | DECEMBER 31, |   |
|----------------------------------------------------------|--------|----------------|-----------|--------|--------------|--------|
|                                                     |   | 2010           |      |   | 2009         |   |
|                                                     |   | CARRYING VALUE |      |   | FAIR VALUE   |   |   | CARRYING VALUE |   |   | FAIR VALUE |   |
| Senior secured term loan facility                        |   | $              | 1,168,625 |   |         | $      | 1,072,213 |   |   | $ | 1,171,900 |   |   | $ | 950,704 |   |
| Senior secured working capital revolving credit facility |   |           | -         |   |         |   | - |   |   |   | 50,000 |   |   |   | 40,563 |   |
| Senior secured pre-funded revolving credit facility      |   |           | 23,000    |   |         |   | 21,103 |   |   |   | 23,000 |   |   |   | 18,659 |   |
| Senior notes                                             |   |           | 248,075   |   |         |   | 242,493 |   |   |   | 248,075 |   |   |   | 218,926 |   |

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|                                              | LIABILITY DERIVATIVES |   |
|---------------------------------------------------|-----------------------|--------|
|                                              | MARCH 31,             |   | DECEMBER 31, |   |
|                                              | 2010                  |   | 2009 |   |
|                                              | BALANCE               |   |   |   | BALANCE |   |   |   |
|                                              | SHEET                 |   | FAIR |   | SHEET |   | FAIR |   |
|                                              | LOCATION              |   | VALUE |   | LOCATION |   | VALUE |   |
| Derivatives not designated as hedging instruments |                  |   |   |   |   |   |   |   |
| Interest rate                                     | Accrued and other     |   |   |   | Accrued and other |   |   |   |
| collar                                            | current liabilities   |   | $ | 13,168 |   | current liabilities |   | $ | 18,458 |   |

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|                 | LOCATION OF      |   | AMOUNT OF LOSS RECOGNIZED |   |
|----------------------|------------------|--------|---------------------------|--------|
| DERIVATIVES NOT      | LOSS             |   | IN INCOME ON DERIVATIVE   |   |
| DESIGNATED AS        | RECOGNIZED IN    |   | THREE MONTHS ENDED        |   |
| HEDGING              | INCOME ON        |   | MARCH 31,                 |   |
| INSTRUMENTS          | DERIVATIVE       |   | 2010                      |   |   | 2009 |   |
| Interest rate collar | Interest expense |   | $                         | (1,564 | ) |   | $ | (3,154 | ) |

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|                                   |   | MARCH 31, |    |   | DECEMBER 31, |   |
|----------------------------------------|--------|-----------|---------|--------|--------------|--------|
|                                   |   | 2010      |    |   | 2009         |   |
| Accrued payroll and other compensation |   | $         | 70,411  |   |         | $      | 101,849 |   |
| Accrued insurance                      |   |      | 20,603  |   |         |   | 36,057 |   |
| Other                                  |   |      | 102,312 |   |         |   | 80,654 |   |
|                                   |   | $         | 193,326 |   |         | $      | 218,560 |   |

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|                                                                              |   | MARCH 31, |      |   | DECEMBER 31, |   |
|-----------------------------------------------------------------------------------|--------|-----------|-----------|--------|--------------|--------|
|                                                                              |   | 2010      |      |   | 2009         |   |
| Senior secured term loan facility, interest rate of 2.56%                         |   |      |      |   |         |   |
| at March 31, 2010 and December 31, 2009                                           |   | $         | 1,168,625 |   |         | $      | 1,171,900 |   |
| Senior secured working capital revolving credit facility, interest rate of 2.56%  |   |      |      |   |         |   |   |   |
| at December 31, 2009                                                              |   |      | -         |   |         |   | 50,000 |   |
| Senior secured pre-funded revolving credit facility, interest rate of 2.56%       |   |      |      |   |         |   |   |   |
| at March 31, 2010 and December 31, 2009                                           |   |      | 23,000    |   |         |   | 23,000 |   |
| Senior notes, interest rate of 10.00% at March 31, 2010 and December 31, 2009     |   |      | 248,075   |   |         |   | 248,075 |   |
| Other notes payable, uncollateralized, interest rates ranging from 1.21% to 8.25% |   |      |      |   |         |   |   |   |
| at March 31, 2010 and December 31, 2009                                           |   |      | 8,049     |   |         |   | 5,752 |   |
| Sale-leaseback obligations                                                        |   |      | 2,375     |   |         |   | 4,925 |   |
| Guaranteed debt                                                                   |   |      | 24,500    |   |         |   | 24,500 |   |
|                                                                              |   |      | 1,474,624 |   |         |   | 1,528,152 |   |
| Less: current portion of long-term debt of OSI Restaurant Partners, LLC           |   |      | (85,342   | )      |         |   | (134,333 | ) |
| Less: guaranteed debt                                                             |   |      | (24,500   | )      |         |   | (24,500 | ) |
| Long-term debt of OSI Restaurant Partners, LLC                                    |   | $         | 1,364,782 |   |         | $      | 1,369,319 |   |

| ·   | 50% of its “annual excess cash flow” (with step-downs to 25% and 0% based upon its rent-adjusted leverage ratio), as defined in the credit agreement and subject to certain exceptions; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 100% of its “annual minimum free cash flow,” as defined in the credit agreement, not to exceed $50,000,000 for the fiscal year ended December 31, 2007 or $75,000,000 for each subsequent fiscal year, if its rent-adjusted leverage ratio exceeds a certain minimum threshold; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 100% of the net proceeds of certain assets sales and insurance and condemnation events, subject to reinvestment rights and certain other exceptions; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 100% of the net proceeds of any debt incurred, excluding permitted debt issuances. |
|--------------------|------------------------------------------------------------------------------------|

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|                                  |   | CONDENSED CONSOLIDATING BALANCE SHEET |      |
|---------------------------------------|--------|---------------------------------------|-----------|
|                                  |   | AS OF MARCH 31, 2010                  |      |
|                                  |   | OSI Parent                            |      |   | OSI Co-Issuer |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| ASSETS                                |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Assets                        |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents             |   | $                                     | 120,753   |   |   | $ | - |   |   | $ | 34,374 |   |   | $ | 31,607 |   |   | $ | - |   |   | $ | 186,734 |   |
| Current portion of restricted cash    |   |                                  | 192       |   |   |   | - |   |   |   | 2,994 |   |   |   | - |   |   |   | - |   |   |   | 3,186 |   |
| Inventories                           |   |                                  | 2,604     |   |   |   | - |   |   |   | 26,890 |   |   |   | 15,970 |   |   |   | - |   |   |   | 45,464 |   |
| Deferred income tax assets            |   |                                  | 27,239    |   |   |   | - |   |   |   | 644 |   |   |   | 619 |   |   |   | - |   |   |   | 28,502 |   |
| Other current assets                  |   |                                  | 35,795    |   |   |   | - |   |   |   | 33,263 |   |   |   | 20,276 |   |   |   | - |   |   |   | 89,334 |   |
| Total current assets                  |   |                                  | 186,583   |   |   |   | - |   |   |   | 98,165 |   |   |   | 68,472 |   |   |   | - |   |   |   | 353,220 |   |
| Property, fixtures and equipment, net |   |                                  | 25,162    |   |   |   | - |   |   |   | 515,723 |   |   |   | 321,973 |   |   |   | - |   |   |   | 862,858 |   |
| Investments in and advances to        |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| unconsolidated affiliates, net        |   |                                  | 392       |   |   |   | - |   |   |   | - |   |   |   | 23,469 |   |   |   | - |   |   |   | 23,861 |   |
| Investments in subsidiaries           |   |                                  | -         |   |   |   | - |   |   |   | 3,757 |   |   |   | - |   |   |   | (3,757 | ) |   |   | - |   |
| Due from (to) subsidiaries            |   |                                  | 2,113,488 |   |   |   | - |   |   |   | 717,106 |   |   |   | 408,079 |   |   |   | (3,238,673 | ) |   |   | - |   |
| Goodwill                              |   |                                  | -         |   |   |   | - |   |   |   | 339,462 |   |   |   | 109,260 |   |   |   | - |   |   |   | 448,722 |   |
| Intangible assets, net                |   |                                  | -         |   |   |   | - |   |   |   | 433,382 |   |   |   | 155,219 |   |   |   | - |   |   |   | 588,601 |   |
| Other assets, net                     |   |                                  | 77,052    |   |   |   | - |   |   |   | 20,756 |   |   |   | 46,882 |   |   |   | - |   |   |   | 144,690 |   |
| Total assets                          |   | $                                     | 2,402,677 |   |   | $ | - |   |   | $ | 2,128,351 |   |   | $ | 1,133,354 |   |   | $ | (3,242,430 | ) |   | $ | 2,421,952 |   |

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|                                |   | CONDENSED CONSOLIDATING BALANCE SHEET |      |
|-------------------------------------|--------|---------------------------------------|-----------|
|                                |   | AS OF MARCH 31, 2010                  |      |
|                                |   | OSI Parent                            |      |   | OSI Co-Issuer |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| LIABILITIES AND (DEFICIT)           |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EQUITY                              |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Liabilities                 |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                    |   | $                                     | 7,457     |   |   | $ | - |   |   | $ | 67,057 |   |   | $ | 35,724 |   |   | $ | - |   |   | $ | 110,238 |   |
| Accrued and other current           |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| liabilities                         |   |                                  | 98,806    |   |   |   | - |   |   |   | 61,993 |   |   |   | 32,527 |   |   |   | - |   |   |   | 193,326 |   |
| Current portion of accrued          |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| buyout liability                    |   |                                  | 97        |   |   |   | - |   |   |   | 5,905 |   |   |   | 4,599 |   |   |   | - |   |   |   | 10,601 |   |
| Unearned revenue                    |   |                                  | 446       |   |   |   | - |   |   |   | 123,614 |   |   |   | 34,424 |   |   |   | - |   |   |   | 158,484 |   |
| Current portion of long-term debt   |   |                                  | 80,989    |   |   |   | - |   |   |   | 2,926 |   |   |   | 1,427 |   |   |   | - |   |   |   | 85,342 |   |
| Total current liabilities           |   |                                  | 187,795   |   |   |   | - |   |   |   | 261,495 |   |   |   | 108,701 |   |   |   | - |   |   |   | 557,991 |   |
| Partner deposit and accrued         |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| buyout liability                    |   |                                  | 361       |   |   |   | - |   |   |   | 85,334 |   |   |   | 23,181 |   |   |   | - |   |   |   | 108,876 |   |
| Deferred rent                       |   |                                  | 833       |   |   |   | - |   |   |   | 46,788 |   |   |   | 24,862 |   |   |   | - |   |   |   | 72,483 |   |
| Deferred income tax liability       |   |                                  | 58,778    |   |   |   | - |   |   |   | 135,769 |   |   |   | (6,676 | ) |   |   | - |   |   |   | 187,871 |   |
| Long-term debt                      |   |                                  | 1,358,802 |   |   |   | 248,075 |   |   |   | 5,039 |   |   |   | 941 |   |   |   | (248,075 | ) |   |   | 1,364,782 |   |
| Guaranteed debt                     |   |                                  | -         |   |   |   | - |   |   |   | - |   |   |   | 24,500 |   |   |   | - |   |   |   | 24,500 |   |
| Accumulated losses in subsidiaries  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| in excess of investment             |   |                                  | 512,799   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (512,799 | ) |   |   | - |   |
| Due to (from) subsidiaries          |   |                                  | 279,076   |   |   |   | - |   |   |   | 1,592,421 |   |   |   | 1,367,176 |   |   |   | (3,238,673 | ) |   |   | - |   |
| Other long-term liabilities, net    |   |                                  | 140,676   |   |   |   | - |   |   |   | 60,847 |   |   |   | 22,809 |   |   |   | - |   |   |   | 224,332 |   |
| Total liabilities                   |   |                                  | 2,539,120 |   |   |   | 248,075 |   |   |   | 2,187,693 |   |   |   | 1,565,494 |   |   |   | (3,999,547 | ) |   |   | 2,540,835 |   |
| (Deficit) Equity                    |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OSI Restaurant Partners, LLC        |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unitholder’s (Deficit) Equity |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additional paid-in capital          |   |                                  | 715,813   |   |   |   | (248,075 | ) |   |   | - |   |   |   | - |   |   |   | 248,075 |   |   |   | 715,813 |   |
| (Accumulated deficit)               |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| retained earnings                   |   |                                  | (837,866  | ) |   |   | - |   |   |   | (59,342 | ) |   |   | (435,316 | ) |   |   | 494,658 |   |   |   | (837,866 | ) |
| Accumulated other comprehensive     |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (loss) income                       |   |                                  | (14,384   | ) |   |   | - |   |   |   | - |   |   |   | (14,384 | ) |   |   | 14,384 |   |   |   | (14,384 | ) |
| Total OSI Restaurant                |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partners, LLC unitholder’s    |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (deficit) equity                    |   |                                  | (136,437  | ) |   |   | (248,075 | ) |   |   | (59,342 | ) |   |   | (449,700 | ) |   |   | 757,117 |   |   |   | (136,437 | ) |
| Noncontrolling interest             |   |                                  | (6        | ) |   |   | - |   |   |   | - |   |   |   | 17,560 |   |   |   | - |   |   |   | 17,554 |   |
| Total (deficit) equity              |   |                                  | (136,443  | ) |   |   | (248,075 | ) |   |   | (59,342 | ) |   |   | (432,140 | ) |   |   | 757,117 |   |   |   | (118,883 | ) |
|                                |   | $                                     | 2,402,677 |   |   | $ | - |   |   | $ | 2,128,351 |   |   | $ | 1,133,354 |   |   | $ | (3,242,430 | ) |   | $ | 2,421,952 |   |

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|                                  |   | CONDENSED CONSOLIDATING BALANCE SHEET |      |
|---------------------------------------|--------|---------------------------------------|-----------|
|                                  |   | AS OF DECEMBER 31, 2009               |      |
|                                  |   | OSI Parent                            |      |   | OSI Co-Issuer |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| ASSETS                                |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Assets                        |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents             |   | $                                     | 105,906   |   |   | $ | - |   |   | $ | 124,560 |   |   | $ | 58,696 |   |   | $ | - |   |   | $ | 289,162 |   |
| Current portion of restricted cash    |   |                                  | 718       |   |   |   | - |   |   |   | 3,271 |   |   |   | - |   |   |   | - |   |   |   | 3,989 |   |
| Inventories                           |   |                                  | 7,723     |   |   |   | - |   |   |   | 31,598 |   |   |   | 17,902 |   |   |   | - |   |   |   | 57,223 |   |
| Deferred income tax assets            |   |                                  | 37,153    |   |   |   | - |   |   |   | 872 |   |   |   | 619 |   |   |   | - |   |   |   | 38,644 |   |
| Other current assets                  |   |                                  | 51,051    |   |   |   | - |   |   |   | 28,611 |   |   |   | 15,832 |   |   |   | - |   |   |   | 95,494 |   |
| Total current assets                  |   |                                  | 202,551   |   |   |   | - |   |   |   | 188,912 |   |   |   | 93,049 |   |   |   | - |   |   |   | 484,512 |   |
| Property, fixtures and equipment, net |   |                                  | 25,297    |   |   |   | - |   |   |   | 528,599 |   |   |   | 334,842 |   |   |   | - |   |   |   | 888,738 |   |
| Investments in and advances to        |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| unconsolidated affiliates, net        |   |                                  | 615       |   |   |   | - |   |   |   | - |   |   |   | 22,103 |   |   |   | - |   |   |   | 22,718 |   |
| Investments in subsidiaries           |   |                                  | -         |   |   |   | - |   |   |   | 2,936 |   |   |   | - |   |   |   | (2,936 | ) |   |   | - |   |
| Due from (to) subsidiaries            |   |                                  | 2,248,934 |   |   |   | - |   |   |   | 539,541 |   |   |   | 475,199 |   |   |   | (3,263,674 | ) |   |   | - |   |
| Goodwill                              |   |                                  | -         |   |   |   | - |   |   |   | 339,462 |   |   |   | 109,260 |   |   |   | - |   |   |   | 448,722 |   |
| Intangible assets, net                |   |                                  | -         |   |   |   | - |   |   |   | 435,517 |   |   |   | 156,776 |   |   |   | - |   |   |   | 592,293 |   |
| Other assets, net                     |   |                                  | 80,094    |   |   |   | - |   |   |   | 20,779 |   |   |   | 47,173 |   |   |   | - |   |   |   | 148,046 |   |
| Total assets                          |   | $                                     | 2,557,491 |   |   | $ | - |   |   | $ | 2,055,746 |   |   | $ | 1,238,402 |   |   | $ | (3,266,610 | ) |   | $ | 2,585,029 |   |

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|                                |   | CONDENSED CONSOLIDATING BALANCE SHEET |      |
|-------------------------------------|--------|---------------------------------------|-----------|
|                                |   | AS OF DECEMBER 31, 2009               |      |
|                                |   | OSI Parent                            |      |   | OSI Co-Issuer |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| LIABILITIES AND (DEFICIT)           |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EQUITY                              |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Liabilities                 |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                    |   | $                                     | 6,969     |   |   | $ | - |   |   | $ | 61,590 |   |   | $ | 38,588 |   |   | $ | - |   |   | $ | 107,147 |   |
| Accrued and other current           |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| liabilities                         |   |                                  | 88,037    |   |   |   | - |   |   |   | 84,296 |   |   |   | 46,227 |   |   |   | - |   |   |   | 218,560 |   |
| Current portion of accrued          |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| buyout liability                    |   |                                  | -         |   |   |   | - |   |   |   | 9,054 |   |   |   | 6,057 |   |   |   | - |   |   |   | 15,111 |   |
| Unearned revenue                    |   |                                  | 136       |   |   |   | - |   |   |   | 190,049 |   |   |   | 47,395 |   |   |   | - |   |   |   | 237,580 |   |
| Current portion of long-term debt   |   |                                  | 130,933   |   |   |   | - |   |   |   | 2,089 |   |   |   | 1,311 |   |   |   | - |   |   |   | 134,333 |   |
| Total current liabilities           |   |                                  | 226,075   |   |   |   | - |   |   |   | 347,078 |   |   |   | 139,578 |   |   |   | - |   |   |   | 712,731 |   |
| Partner deposit and accrued         |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| buyout liability                    |   |                                  | 88        |   |   |   | - |   |   |   | 85,027 |   |   |   | 23,811 |   |   |   | - |   |   |   | 108,926 |   |
| Deferred rent                       |   |                                  | 853       |   |   |   | - |   |   |   | 43,678 |   |   |   | 25,270 |   |   |   | - |   |   |   | 69,801 |   |
| Deferred income tax liability       |   |                                  | 68,612    |   |   |   | - |   |   |   | 135,763 |   |   |   | (6,294 | ) |   |   | - |   |   |   | 198,081 |   |
| Long-term debt                      |   |                                  | 1,362,062 |   |   |   | 248,075 |   |   |   | 6,376 |   |   |   | 881 |   |   |   | (248,075 | ) |   |   | 1,369,319 |   |
| Guaranteed debt                     |   |                                  | -         |   |   |   | - |   |   |   | - |   |   |   | 24,500 |   |   |   | - |   |   |   | 24,500 |   |
| Accumulated losses in subsidiaries  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| in excess of investment             |   |                                  | 669,136   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (669,136 | ) |   |   | - |   |
| Due to (from) subsidiaries          |   |                                  | 241,260   |   |   |   | - |   |   |   | 1,476,681 |   |   |   | 1,545,734 |   |   |   | (3,263,675 | ) |   |   | - |   |
| Other long-term liabilities, net    |   |                                  | 135,201   |   |   |   | - |   |   |   | 61,969 |   |   |   | 31,325 |   |   |   | - |   |   |   | 228,495 |   |
| Total liabilities                   |   |                                  | 2,703,287 |   |   |   | 248,075 |   |   |   | 2,156,572 |   |   |   | 1,784,805 |   |   |   | (4,180,886 | ) |   |   | 2,711,853 |   |
| (Deficit) Equity                    |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OSI Restaurant Partners, LLC        |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unitholder’s (Deficit) Equity |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additional paid-in capital          |   |                                  | 713,969   |   |   |   | (248,075 | ) |   |   | - |   |   |   | - |   |   |   | 248,075 |   |   |   | 713,969 |   |
| (Accumulated deficit)               |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| retained earnings                   |   |                                  | (842,966  | ) |   |   | - |   |   |   | (100,826 | ) |   |   | (548,576 | ) |   |   | 649,402 |   |   |   | (842,966 | ) |
| Accumulated other comprehensive     |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (loss) income                       |   |                                  | (16,799   | ) |   |   | - |   |   |   | - |   |   |   | (16,799 | ) |   |   | 16,799 |   |   |   | (16,799 | ) |
| Total OSI Restaurant                |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partners, LLC unitholder’s    |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (deficit) equity                    |   |                                  | (145,796  | ) |   |   | (248,075 | ) |   |   | (100,826 | ) |   |   | (565,375 | ) |   |   | 914,276 |   |   |   | (145,796 | ) |
| Noncontrolling interest             |   |                                  | -         |   |   |   | - |   |   |   | - |   |   |   | 18,972 |   |   |   | - |   |   |   | 18,972 |   |
| Total (deficit) equity              |   |                                  | (145,796  | ) |   |   | (248,075 | ) |   |   | (100,826 | ) |   |   | (546,403 | ) |   |   | 914,276 |   |   |   | (126,824 | ) |
|                                |   | $                                     | 2,557,491 |   |   | $ | - |   |   | $ | 2,055,746 |   |   | $ | 1,238,402 |   |   | $ | (3,266,610 | ) |   | $ | 2,585,029 |   |

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Table of Contents

|                                        | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS                                                                                                               |
|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | THREE MONTHS ENDED MARCH 31, 2010                                                                                                                             |
|                                        | OSI Parent                                                                                                                                                    |   | OSI Co-Issuer |   | Guarantors |   | Non-Guarantors |   | Eliminations |   | Consolidated |
| Revenues                                    |                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Restaurant sales                            |  $                       8            |   |  $                      - |   |  $        672,066 |   |  $             267,941 |   |  $                     - |   |  $          940,015 |
| Other revenues                              |                       642                       |   |                          - |   |                3,815 |   |                     2,998 |   |                         - |   |                  7,455 |
| Total revenues                              |                       650                       |   |                          - |   |            675,881 |   |                 270,939 |   |                         - |   |              947,470 |
| Costs and expenses                          |                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                               |                   (3,922)                                           |   |                          - |   |            222,668 |   |                   81,555 |   |                         - |   |              300,301 |
| Labor and other related                     |                    1,183                                       |   |                          - |   |            186,609 |   |                   74,110 |   |                         - |   |              261,902 |
| Other restaurant operating                  |                       702                       |   |                          - |   |            171,672 |   |                   62,741 |   |                         - |   |              235,115 |
| Depreciation and amortization               |                       226                       |   |                          - |   |              22,217 |   |                   13,371 |   |                         - |   |                35,814 |
| General and administrative                  |                  16,701                                                  |   |                          - |   |              31,435 |   |                   16,883 |   |                         - |   |                65,019 |
| Provision for impaired assets               |                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| and restaurant closings                     |                    1,088                                       |   |                          - |   |                   599 |   |                        245 |   |                         - |   |                  1,932 |
| Loss (income) from operations               |                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| of unconsolidated affiliates                |                       223                       |   |                          - |   |                      - |   |                   (1,286) |   |                         - |   |                (1,063) |
| Total costs and expenses                    |                  16,201                                                  |   |                          - |   |            635,200 |   |                 247,619 |   |                         - |   |              899,020 |
| (Loss) income from operations               |                 (15,551)                                                      |   |                          - |   |              40,681 |   |                   23,320 |   |                         - |   |                48,450 |
| Equity in earnings (losses) of subsidiaries |                  59,611                                                  |   |                          - |   |                   821 |   |                           - |   |                (60,432) |   |                        - |
| Other income, net                           |                          -       |   |                          - |   |                      - |   |                        117 |   |                         - |   |                     117 |
| Interest expense, net                       |                 (18,503)                                                      |   |                          - |   |                 (103) |   |                      (106) |   |                         - |   |              (18,712) |
| Income (loss) before provision              |                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| (benefit) for income taxes                  |                  25,557                                                  |   |                          - |   |              41,399 |   |                   23,331 |   |                (60,432) |   |                29,855 |
| Provision (benefit) for income taxes        |                  26,529                                                  |   |                          - |   |                   (84) |   |                     2,137 |   |                         - |   |                28,582 |
| Net (loss) income                           |                      (972)                           |   |                          - |   |              41,483 |   |                   21,194 |   |                (60,432) |   |                  1,273 |
| Less: net income attributable to            |                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| noncontrolling interest                     |                           6 |   |                          - |   |                      - |   |                     2,245 |   |                         - |   |                  2,251 |
| Net (loss) income attributable to OSI       |                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Restaurant Partners, LLC                    |  $                  (978)                                      |   |  $                      - |   |  $          41,483 |   |  $               18,949 |   |  $            (60,432) |   |  $               (978) |

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Table of Contents

|                                        |   | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |    |
|---------------------------------------------|--------|-------------------------------------------------|---------|
|                                        |   | THREE MONTHS ENDED MARCH 31, 2009               |    |
|                                        |   | OSI Parent                                      |    |   | OSI Co-Issuer |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| Revenues                                    |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restaurant sales                            |   | $                                               | -       |   |   | $ | - |   |   | $ | 688,056 |   |   | $ | 271,023 |   |   | $ | - |   |   | $ | 959,079 |   |
| Other revenues                              |   |                                            | 43      |   |   |   | - |   |   |   | 2,946 |   |   |   | 2,326 |   |   |   | - |   |   |   | 5,315 |   |
| Total revenues                              |   |                                            | 43      |   |   |   | - |   |   |   | 691,002 |   |   |   | 273,349 |   |   |   | - |   |   |   | 964,394 |   |
| Costs and expenses                          |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                               |   |                                            | -       |   |   |   | - |   |   |   | 234,722 |   |   |   | 86,617 |   |   |   | - |   |   |   | 321,339 |   |
| Labor and other related                     |   |                                            | 4,121   |   |   |   | - |   |   |   | 188,521 |   |   |   | 76,929 |   |   |   | - |   |   |   | 269,571 |   |
| Other restaurant operating                  |   |                                            | 102     |   |   |   | - |   |   |   | 166,509 |   |   |   | 70,138 |   |   |   | - |   |   |   | 236,749 |   |
| Depreciation and amortization               |   |                                            | 273     |   |   |   | - |   |   |   | 29,672 |   |   |   | 16,427 |   |   |   | - |   |   |   | 46,372 |   |
| General and administrative                  |   |                                            | 14,145  |   |   |   | - |   |   |   | 28,229 |   |   |   | 16,109 |   |   |   | - |   |   |   | 58,483 |   |
| Loss on contingent debt guarantee           |   |                                            | 24,500  |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 24,500 |   |
| Provision for impaired assets               |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and restaurant closings                     |   |                                            | (10     | ) |   |   | - |   |   |   | 4,525 |   |   |   | 2,621 |   |   |   | - |   |   |   | 7,136 |   |
| Loss (income) from operations               |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| of unconsolidated affiliates                |   |                                            | 145     |   |   |   | - |   |   |   | - |   |   |   | (617 | ) |   |   | - |   |   |   | (472 | ) |
| Total costs and expenses                    |   |                                            | 43,276  |   |   |   | - |   |   |   | 652,178 |   |   |   | 268,224 |   |   |   | - |   |   |   | 963,678 |   |
| (Loss) income from operations               |   |                                            | (43,233 | ) |   |   | - |   |   |   | 38,824 |   |   |   | 5,125 |   |   |   | - |   |   |   | 716 |   |
| Equity in earnings (losses) of subsidiaries |   |                                            | 34,806  |   |   |   | - |   |   |   | 140 |   |   |   | - |   |   |   | (34,946 | ) |   |   | - |   |
| Gain on extinguishment of debt              |   |                                            | 158,061 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 158,061 |   |
| Other expense, net                          |   |                                            | -       |   |   |   | - |   |   |   | - |   |   |   | (5,660 | ) |   |   | - |   |   |   | (5,660 | ) |
| Interest (expense) income, net              |   |                                            | (25,470 | ) |   |   | - |   |   |   | (1,438 | ) |   |   | 93 |   |   |   | - |   |   |   | (26,815 | ) |
| Income (loss) income before provision       |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| for income taxes                            |   |                                            | 124,164 |   |   |   | - |   |   |   | 37,526 |   |   |   | (442 | ) |   |   | (34,946 | ) |   |   | 126,302 |   |
| Provision for income taxes                  |   |                                            | 41,817  |   |   |   | - |   |   |   | 146 |   |   |   | 927 |   |   |   | - |   |   |   | 42,890 |   |
| Net income (loss)                           |   |                                            | 82,347  |   |   |   | - |   |   |   | 37,380 |   |   |   | (1,369 | ) |   |   | (34,946 | ) |   |   | 83,412 |   |
| Less: net income attributable to            |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| noncontrolling interest                     |   |                                            | -       |   |   |   | - |   |   |   | - |   |   |   | 1,065 |   |   |   | - |   |   |   | 1,065 |   |
| Net income (loss) attributable to OSI       |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restaurant Partners, LLC                    |   | $                                               | 82,347  |   |   | $ | - |   |   | $ | 37,380 |   |   | $ | (2,434 | ) |   | $ | (34,946 | ) |   | $ | 82,347 |   |

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Table of Contents

|                                     |   | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |    |
|------------------------------------------|--------|-------------------------------------------------|---------|
|                                     |   | THREE MONTHS ENDED MARCH 31, 2010               |    |
|                                     |   | OSI Parent                                      |    |   | OSI Co-Issuer |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| Cash flows from operating activities:    |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in)           |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operating activities                     |   | $                                               | 75,123  |   |   | $ | - |   |   | $ | (80,366 | ) |   | $ | (20,716 | ) |   | $ | - |   |   | $ | (25,959 | ) |
|                                     |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows used in investing activities: |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| De-consolidation of subsidiary           |   |                                            | (4,398  | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,398 | ) |
| Capital expenditures                     |   |                                            | (1,038  | ) |   |   | - |   |   |   | (6,291 | ) |   |   | (2,887 | ) |   |   | - |   |   |   | (10,216 | ) |
| Restricted cash received for capital     |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| expenditures, property taxes and         |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| certain deferred compensation plans      |   |                                            | 641     |   |   |   | - |   |   |   | 3,105 |   |   |   | - |   |   |   | - |   |   |   | 3,746 |   |
| Restricted cash used to fund capital     |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| expenditures, property taxes and         |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| certain deferred compensation plans      |   |                                            | (181    | ) |   |   | - |   |   |   | (2,826 | ) |   |   | - |   |   |   | - |   |   |   | (3,007 | ) |
| Net cash used in investing               |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| activities                               |   |                                            | (4,976  | ) |   |   | - |   |   |   | (6,012 | ) |   |   | (2,887 | ) |   |   | - |   |   |   | (13,875 | ) |
|                                     |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows used in financing activities: |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repayments of long-term debt             |   |                                            | (3,280  | ) |   |   | - |   |   |   | (921 | ) |   |   | (472 | ) |   |   | - |   |   |   | (4,673 | ) |
| Repayments of borrowings                 |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| on revolving credit facilities           |   |                                            | (50,000 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (50,000 | ) |
| Deferred financing fees                  |   |                                            | (1,286  | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,286 | ) |
| Contributions from noncontrolling        |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| interest                                 |   |                                            | -       |   |   |   | - |   |   |   | - |   |   |   | 103 |   |   |   | - |   |   |   | 103 |   |
| Distributions to noncontrolling interest |   |                                            | -       |   |   |   | - |   |   |   | (541 | ) |   |   | (2,845 | ) |   |   | - |   |   |   | (3,386 | ) |
| Repayment of partner deposit and         |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| accrued buyout contributions             |   |                                            | (734    | ) |   |   | - |   |   |   | (2,956 | ) |   |   | (1,188 | ) |   |   | - |   |   |   | (4,878 | ) |
| Receipt of partner deposit and           |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| accrued buyout contributions             |   |                                            | -       |   |   |   | - |   |   |   | 610 |   |   |   | 221 |   |   |   | - |   |   |   | 831 |   |
| Net cash used in                         |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| financing activities                     |   |                                            | (55,300 | ) |   |   | - |   |   |   | (3,808 | ) |   |   | (4,181 | ) |   |   | - |   |   |   | (63,289 | ) |
| Effect of exchange rate changes on cash  |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and cash equivalents                     |   |                                            | -       |   |   |   | - |   |   |   | - |   |   |   | 695 |   |   |   | - |   |   |   | 695 |   |
| Net increase (decrease) in cash          |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and cash equivalents                     |   |                                            | 14,847  |   |   |   | - |   |   |   | (90,186 | ) |   |   | (27,089 | ) |   |   | - |   |   |   | (102,428 | ) |
| Cash and cash equivalents at the         |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| beginning of the period                  |   |                                            | 105,906 |   |   |   | - |   |   |   | 124,560 |   |   |   | 58,696 |   |   |   | - |   |   |   | 289,162 |   |
| Cash and cash equivalents at the         |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| end of the period                        |   | $                                               | 120,753 |   |   | $ | - |   |   | $ | 34,374 |   |   | $ | 31,607 |   |   | $ | - |   |   | $ | 186,734 |   |

----

Table of Contents

|                                                 |   | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |     |
|------------------------------------------------------|--------|-------------------------------------------------|----------|
|                                                 |   | THREE MONTHS ENDED MARCH 31, 2009               |     |
|                                                 |   | OSI Parent                                      |     |   | OSI Co-Issuer |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| Cash flows from operating activities:                |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash (used in) provided by                       |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operating activities                                 |   | $                                               | (77,992  | ) |   | $ | - |   |   | $ | (23,731 | ) |   | $ | 35,245 |   |   | $ | - |   |   | $ | (66,478 | ) |
|                                                 |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows provided by (used in)                     |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  investing activities:                          |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of Company-owned                           |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| life insurance                                       |   |                                            | (261     | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (261 | ) |
| Proceeds from sale of Company-owned                  |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| life insurance                                       |   |                                            | 203      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 203 |   |
| Capital expenditures                                 |   |                                            | (591     | ) |   |   | - |   |   |   | (2,848 | ) |   |   | (11,771 | ) |   |   | - |   |   |   | (15,210 | ) |
| Proceeds from the sale of property,                  |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      fixtures and equipment |   |                                            | -        |   |   |   | - |   |   |   | 961 |   |   |   | - |   |   |   | - |   |   |   | 961 |   |
| Restricted cash received for capital                 |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| expenditures, property taxes and                     |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| certain deferred compensation plans                  |   |                                            | 2,677    |   |   |   | - |   |   |   | 2,920 |   |   |   | - |   |   |   | - |   |   |   | 5,597 |   |
| Restricted cash used to fund capital                 |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| expenditures, property taxes and                     |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| certain deferred compensation plans                  |   |                                            | (380     | ) |   |   | - |   |   |   | (2,388 | ) |   |   | - |   |   |   | - |   |   |   | (2,768 | ) |
| Net cash provided by (used in)                       |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| investing activities                                 |   |                                            | 1,648    |   |   |   | - |   |   |   | (1,355 | ) |   |   | (11,771 | ) |   |   | - |   |   |   | (11,478 | ) |
|                                                 |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows used in financing activities:             |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repayments of long-term debt                         |   |                                            | (3,275   | ) |   |   | - |   |   |   | (2,144 | ) |   |   | (532 | ) |   |   | - |   |   |   | (5,951 | ) |
| Extinguishment of senior notes                       |   |                                            | (75,967  | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (75,967 | ) |
| Purchase of note related to                          |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| guaranteed debt                                      |   |                                            | -        |   |   |   | - |   |   |   | - |   |   |   | (33,283 | ) |   |   | - |   |   |   | (33,283 | ) |
| Contribution from OSI HoldCo, Inc.                   |   |                                            | 47,000   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 47,000 |   |
| Contributions from noncontrolling                    |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| interest                                             |   |                                            | -        |   |   |   | - |   |   |   | - |   |   |   | 322 |   |   |   | - |   |   |   | 322 |   |
| Distributions to noncontrolling interest             |   |                                            | -        |   |   |   | - |   |   |   | - |   |   |   | (2,317 | ) |   |   | - |   |   |   | (2,317 | ) |
| Repayment of partner deposit and                     |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| accrued buyout contributions                         |   |                                            | -        |   |   |   | - |   |   |   | (759 | ) |   |   | (546 | ) |   |   | - |   |   |   | (1,305 | ) |
| Receipt of partner deposit and                       |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| accrued buyout contributions                         |   |                                            | -        |   |   |   | - |   |   |   | 628 |   |   |   | 447 |   |   |   | - |   |   |   | 1,075 |   |
| Net cash used in financing activities                |   |                                            | (32,242  | ) |   |   | - |   |   |   | (2,275 | ) |   |   | (35,909 | ) |   |   | - |   |   |   | (70,426 | ) |
| Net decrease in cash                                 |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and cash equivalents                                 |   |                                            | (108,586 | ) |   |   | - |   |   |   | (27,361 | ) |   |   | (12,435 | ) |   |   | - |   |   |   | (148,382 | ) |
| Cash and cash equivalents at the                     |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| beginning of the period                              |   |                                            | 178,275  |   |   |   | - |   |   |   | 51,637 |   |   |   | 41,558 |   |   |   | - |   |   |   | 271,470 |   |
| Cash and cash equivalents at the                     |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| end of the period                                    |   | $                                               | 69,689   |   |   | $ | - |   |   | $ | 24,276 |   |   | $ | 29,123 |   |   | $ | - |   |   | $ | 123,088 |   |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF

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| ·   | Average unit volumes - average sales per restaurant to measure changes in consumer traffic, pricing and development of the brand; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | Operating margins - restaurant revenues after deduction of the main restaurant-level operating costs (including cost of sales, restaurant operating expenses, and labor and related costs); |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | System-wide sales - total sales volume for all Company-owned, franchise and unconsolidated joint venture restaurants, regardless of ownership, to interpret the overall health of our brands; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Same-store or comparable sales - year-over-year comparison of sales volumes for restaurants that are open 18 months or more in order to remove the impact of new openings in comparing the operations of existing restaurants. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                           |   | THREE MONTHS ENDED |   |
|----------------------------------------------------------------|--------|--------------------|--------|
|                                                           |   | MARCH 31,          |   |
|                                                           |   | 2010               |   |   | 2009 |   |
| Revenues                                                       |   |               |   |   |   |   |
| Restaurant sales                                               |   |               | 99.2   | % |   |   | 99.4 | % |
| Other revenues                                                 |   |               | 0.8    |   |   |   | 0.6 |   |
| Total revenues                                                 |   |               | 100.0  |   |   |   | 100.0 |   |
| Costs and expenses                                             |   |               |   |   |   |   |   |   |
| Cost of sales (1)                                              |   |               | 31.9   |   |   |   | 33.5 |   |
| Labor and other related (1)                                    |   |               | 27.9   |   |   |   | 28.1 |   |
| Other restaurant operating (1)                                 |   |               | 25.0   |   |   |   | 24.7 |   |
| Depreciation and amortization                                  |   |               | 3.8    |   |   |   | 4.8 |   |
| General and administrative                                     |   |               | 6.9    |   |   |   | 6.1 |   |
| Loss on contingent debt guarantee                              |   |               | -      |   |   |   | 2.5 |   |
| Provision for impaired assets and restaurant closings          |   |               | 0.2    |   |   |   | 0.7 |   |
| Income from operations of unconsolidated affiliates            |   |               | (0.1   | ) |   |   | (*) |   |
| Total costs and expenses                                       |   |               | 94.9   |   |   |   | 99.9 |   |
| Income from operations                                         |   |               | 5.1    |   |   |   | 0.1 |   |
| Gain on extinguishment of debt                                 |   |               | -      |   |   |   | 16.4 |   |
| Other income (expense), net                                    |   |               | *      |   |   |   | (0.6 | ) |
| Interest expense, net                                          |   |               | (2.0   | ) |   |   | (2.8 | ) |
| Income before provision for income taxes                       |   |               | 3.1    |   |   |   | 13.1 |   |
| Provision for income taxes                                     |   |               | 3.0    |   |   |   | 4.5 |   |
| Net income                                                     |   |               | 0.1    |   |   |   | 8.6 |   |
| Less: net income attributable to noncontrolling interest       |   |               | 0.2    |   |   |   | 0.1 |   |
| Net (loss) income attributable to OSI Restaurant Partners, LLC |   |               | (0.1   | )% |   |   | 8.5 | % |

| (1) | As a percentage of restaurant sales. |
|-----|--------------------------------------|

| * | Less than 1/10th of one percent of total revenues. |
|---|----------------------------------------------------|

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|                                    |   | THREE MONTHS ENDED |   |
|-----------------------------------------|--------|--------------------|--------|
|                                    |   | MARCH 31,          |   |
|                                    |   | 2010               |   |   | 2009 |   |
| COMPANY-OWNED RESTAURANT SALES          |   |               |   |   |   |   |
| (in millions):                          |   |               |   |   |   |   |
| Outback Steakhouse                      |   |               |   |   |   |   |
| Domestic                                |   | $                  | 514    |   |   | $ | 534 |   |
| International                           |   |               | 72     |   |   |   | 64 |   |
| Total                                   |   |               | 586    |   |   |   | 598 |   |
| Carrabba's Italian Grill                |   |               | 173    |   |   |   | 171 |   |
| Bonefish Grill                          |   |               | 103    |   |   |   | 98 |   |
| Fleming's Prime Steakhouse and Wine Bar |   |               | 57     |   |   |   | 52 |   |
| Other restaurants (1)                   |   |               | 21     |   |   |   | 40 |   |
| Total Company-owned restaurant sales    |   | $                  | 940    |   |   | $ | 959 |   |

| (1) | In September 2009, we sold our Cheeseburger in Paradise concept, which included 34 restaurants, to Paradise Restaurant Group, LLC (“PRG”).  Based on the terms of the purchase and sale agreement, we consolidated PRG after the sale transaction. Upon adoption of new accounting guidance for variable interest entities, we de-consolidated PRG on January 1, 2010. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                     |   | THREE MONTHS ENDED |   |
|----------------------------------------------------------|--------|--------------------|--------|
|                                                     |   | MARCH 31,          |   |
|                                                     |   | 2010               |   |   | 2009 |   |
| FRANCHISE AND DEVELOPMENT JOINT VENTURE SALES            |   |               |   |   |   |   |
| (in millions) (1):                                       |   |               |   |   |   |   |
| Outback Steakhouse                                       |   |               |   |   |   |   |
| Domestic                                                 |   | $                  | 77     |   |   | $ | 80 |   |
| International                                            |   |               | 52     |   |   |   | 34 |   |
| Total                                                    |   |               | 129    |   |   |   | 114 |   |
| Carrabba's Italian Grill                                 |   |               | 1      |   |   |   | 1 |   |
| Bonefish Grill                                           |   |               | 4      |   |   |   | 4 |   |
| Total franchise and development joint venture sales (1)  |   | $                  | 134    |   |   | $ | 119 |   |
| Income from franchise and development joint ventures (2) |   | $                  | 7      |   |   | $ | 5 |   |

| (1) | Franchise and development joint venture sales are not included in revenues in the Consolidated Statements of Operations. |
|-----|--------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents the franchise royalty and the portion of total income related to restaurant operations included in the Consolidated Statements of Operations in the line items “Other revenues” or “Income from operations of unconsolidated affiliates.” |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                     |   | MARCH 31, |   |
|----------------------------------------------------------|--------|-----------|--------|
|                                                     |   | 2010      |   |   | 2009 |   |
| Number of restaurants (at end of the period):            |   |      |   |   |   |   |
| Outback Steakhouse                                       |   |      |   |   |   |   |
| Company-owned - domestic                                 |   |      | 678    |   |   |   | 688 |   |
| Company-owned - international                            |   |      | 118    |   |   |   | 121 |   |
| Franchised - domestic                                    |   |      | 108    |   |   |   | 108 |   |
| Franchised and development joint venture - international |   |      | 64     |   |   |   | 53 |   |
| Total                                                    |   |      | 968    |   |   |   | 970 |   |
| Carrabba's Italian Grill                                 |   |      |   |   |   |   |   |   |
| Company-owned                                            |   |      | 232    |   |   |   | 231 |   |
| Franchised                                               |   |      | 1      |   |   |   | 1 |   |
| Total                                                    |   |      | 233    |   |   |   | 232 |   |
| Bonefish Grill                                           |   |      |   |   |   |   |   |   |
| Company-owned                                            |   |      | 144    |   |   |   | 143 |   |
| Franchised                                               |   |      | 7      |   |   |   | 7 |   |
| Total                                                    |   |      | 151    |   |   |   | 150 |   |
| Fleming’s Prime Steakhouse and Wine Bar            |   |      |   |   |   |   |   |   |
| Company-owned                                            |   |      | 64     |   |   |   | 63 |   |
| Other                                                    |   |      |   |   |   |   |   |   |
| Company-owned (1)                                        |   |      | 24     |   |   |   | 63 |   |
| System-wide total                                        |   |      | 1,440  |   |   |   | 1,478 |   |

| (1) | In September 2009, we sold our Cheeseburger in Paradise concept, which included 34 restaurants, to PRG.  Based on the terms of the purchase and sale agreement, we consolidated PRG after the sale transaction. Upon adoption of new accounting guidance for variable interest entities, we de-consolidated PRG on January 1, 2010. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                    |   | THREE MONTHS ENDED |   |
|---------------------------------------------------------|--------|--------------------|--------|
|                                                    |   | MARCH 31,          |   |
|                                                    |   | 2010               |   |   | 2009 |   |
|                                                    |   |               |   |   |   |   |
| Average restaurant unit volumes (weekly):               |   |               |   |   |   |   |
| Outback Steakhouse                                      |   | $                  | 58,871 |   |   | $ | 60,450 |   |
| Carrabba's Italian Grill                                |   | $                  | 58,160 |   |   | $ | 57,487 |   |
| Bonefish Grill                                          |   | $                  | 55,340 |   |   | $ | 53,415 |   |
| Fleming's Prime Steakhouse and Wine Bar                 |   | $                  | 69,372 |   |   | $ | 65,750 |   |
| Operating weeks:                                        |   |               |   |   |   |   |   |   |
| Outback Steakhouse                                      |   |               | 8,735  |   |   |   | 8,837 |   |
| Carrabba's Italian Grill                                |   |               | 2,983  |   |   |   | 2,973 |   |
| Bonefish Grill                                          |   |               | 1,860  |   |   |   | 1,830 |   |
| Fleming's Prime Steakhouse and Wine Bar                 |   |               | 823    |   |   |   | 795 |   |
| Year over year percentage change:                       |   |               |   |   |   |   |   |   |
| Menu price (decreases) increases: (1)                   |   |               |   |   |   |   |   |   |
| Outback Steakhouse                                      |   |               | -0.8   | % |   |   | 1.9 | % |
| Carrabba's Italian Grill                                |   |               | 0.0    | % |   |   | 1.6 | % |
| Bonefish Grill                                          |   |               | 1.1    | % |   |   | 2.2 | % |
| Fleming's Prime Steakhouse and Wine Bar                 |   |               | 0.7    | % |   |   | 0.2 | % |
| Comparable-store sales (stores open 18 months or more): |   |               |   |   |   |
| Outback Steakhouse                                      |   |               | -2.8   | % |   |   | -8.4 | % |
| Carrabba's Italian Grill                                |   |               | 1.1    | % |   |   | -7.3 | % |
| Bonefish Grill                                          |   |               | 3.5    | % |   |   | -10.0 | % |
| Fleming's Prime Steakhouse and Wine Bar                 |   |               | 5.2    | % |   |   | -19.9 | % |

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|                                                         |   | THREE MONTHS ENDED |     |
|--------------------------------------------------------------|--------|--------------------|----------|
|                                                         |   | MARCH 31,          |     |
|                                                         |   | 2010               |     |   | 2009 |   |
| Net cash used in operating activities                        |   | $                  | (25,959  | ) |   | $ | (66,478 | ) |
| Net cash used in investing activities                        |   |               | (13,875  | ) |   |   | (11,478 | ) |
| Net cash used in financing activities                        |   |               | (63,289  | ) |   |   | (70,426 | ) |
| Effect of exchange rate changes on cash and cash equivalents |   |               | 695      |   |   |   | - |   |
| Net decrease in cash and cash equivalents                    |   | $                  | (102,428 | ) |   | $ | (148,382 | ) |

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| ·   | 50% of our “annual excess cash flow” (with step-downs to 25% and 0% based upon our rent-adjusted leverage ratio), as defined in the credit agreement and subject to certain exceptions; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 100% of our “annual minimum free cash flow,” as defined in the credit agreement, not to exceed $50,000,000 for the fiscal year ended December 31, 2007 or $75,000,000 for each subsequent fiscal year, if our rent-adjusted leverage ratio exceeds a certain minimum threshold; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 100% of the net proceeds of certain assets sales and insurance and condemnation events, subject to reinvestment rights and certain other exceptions; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 100% of the net proceeds of any debt incurred, excluding permitted debt issuances. |
|--------------------|------------------------------------------------------------------------------------|

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| (i)    |   | Our substantial leverage and significant restrictive covenants in our various credit facilities could adversely affect our ability to raise additional capital to fund our operations, limit our ability to make capital expenditures to invest in new or renovate restaurants, limit our ability to react to changes in the economy or our industry, expose us to interest rate risk to the extent of our variable-rate debt and prevent us from meeting our obligations under the senior notes;                                                                                                                                                                                                      |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (ii)   |   | Challenging economic conditions may continue to affect our liquidity by adversely impacting numerous items that include, but are not limited to: consumer confidence and spending patterns; the availability of credit presently arranged from our revolving credit facilities; the future cost and availability of credit; interest rates; foreign currency exchange rates; and the liquidity or operations of our third-party vendors and other service providers;                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (iii)  |   | The restaurant industry is a highly competitive industry with many well-established competitors;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (iv)   |   | Our results can be impacted by changes in consumer tastes and the level of consumer acceptance of our restaurant concepts (including consumer tolerance of our prices); local, regional, national and international economic conditions; the seasonality of our business; demographic trends; traffic patterns and our ability to effectively respond in a timely manner to changes in traffic patterns; changes in consumer dietary habits; employee availability; the cost of advertising and media; government actions and policies; inflation; unemployment rates; interest rates; exchange rates; and increases in various costs, including construction, real estate and health insurance costs; |

| (v)    |   | Our results can be affected by consumer reaction to public health issues such as an outbreak of H1N1 flu (swine flu);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (vi)   |   | Our results can be affected by consumer perception of food safety;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (vii)  |   | Our ability to expand is dependent upon various factors such as the availability of attractive sites for new restaurants; ability to obtain appropriate real estate sites at acceptable prices; ability to obtain all required governmental permits including zoning approvals and liquor licenses on a timely basis; impact of government moratoriums or approval processes, which could result in significant delays; ability to obtain all necessary contractors and subcontractors; union activities such as picketing and hand billing that could delay construction; the ability to generate or borrow funds; the ability to negotiate suitable lease terms; the ability to recruit and train skilled management and restaurant employees; and the ability to receive the premises from the landlord’s developer without any delays; |

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|   |   |                                                                                                                                                              |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (viii) |   | Weather and acts of God could result in construction delays and also adversely affect the results of one or more restaurants for an indeterminate amount of time; |

| (ix)   |   | Commodities, including but not limited to, such items as beef, chicken, shrimp, pork, seafood, dairy, potatoes, onions and energy supplies, are subject to fluctuation in price and availability and price could increase or decrease more than we expect; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                       |
| (x)    |   | Minimum wage increases could cause a significant increase in our labor costs; and/or                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                       |
| (xi)   |   | Our results can be impacted by tax and other legislation and regulation in the jurisdictions in which we operate and by accounting standards or pronouncements.                                                                                            |

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Item 3

Item 4. 

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Item 1. Legal Proceedings

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Item 1A. Risk Factors 

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Item 6.  Exhibits

| Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.1   |   | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                      |
| 31.2   |   | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                      |
| 32.1   |   | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 20021                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                      |
| 32.2   |   | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 20021                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

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SIGNATURE

| Date: May 14, 2010 |                                                 | OSI RESTAURANT PARTNERS, LLC                                                                                                                                                                                              |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |                             |                                                                                                                                                                                                                      |
|               |                                                                                                                                                               | By:  /s/ Dirk A. Montgomery                               |
|               |                                                                                                                                                               | Dirk A. MontgomerySenior Vice President and Chief Financial Officer(Principal Financial and Accounting Officer)                                                                                                           |

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