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| þ                                     | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934     |
|--------------------------------------------|------------------------------------------------------------------------------------------|
|                                       |
| For the fiscal year ended January 31, 2011 |
| or                                         |
| o                                          | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                       | For the transition period from __________ to __________                                  |

| Delaware                                                       |   | 33-0602639                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| Large accelerated filer £ | Accelerated filer £ | Non-accelerated filer R | Smaller reporting company £ |
|--------------------------------|--------------------------|-------------------------|----------------------------------|

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TABLE OF CONTENTS

|     |                                                                                                               | Page No. |
|----------|--------------------------------------------------------------------------------------------------------------------|----------|
|     | PART I                                                                                                        |     |
| Item 1.  | Business                                                                                                           | 2        |
| Item 1A. | Risk Factors                                                                                                       | 11       |
| Item 1B. | Unresolved Staff Comments                                                                                          | 20       |
| Item 2.  | Properties                                                                                                         | 20       |
| Item 3.  | Legal Proceedings                                                                                                  | 21       |
| Item 4.  | [Removed and Reserved]                                                                                             | 22       |
|     | PART II                                                                                                       |     |
| Item 5.  | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 23       |
| Item 6.  | Selected Financial Data                                                                                            | 24       |
| Item 7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 25       |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk                                                         | 57       |
| Item 8.  | Financial Statements and Supplementary Data                                                                        | 57       |
| Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 57       |
| Item 9A. | Controls and Procedures                                                                                            | 58       |
| Item 9B. | Other Information                                                                                                  | 58       |
|     | PART III                                                                                                      |     |
| Item 10. | Directors, Executive Officers and Corporate Governance                                                             | 59       |
| Item 11. | Executive Compensation                                                                                             | 59       |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 59       |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence                                          | 59       |
| Item 14. | Principal Accounting Fees and Services                                                                             | 59       |
|     |                                                                                                               |     |
|     | PART IV                                                                                                            |     |
| Item 15. | Exhibits, Financial Statement Schedules                                                                            | 60       |

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ITEM 1. BUSINESS

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Carl’s Jr. |   |   | Hardee’s |   |   | Other  |   |   | Total   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|--------|--------|----------------|--------|--------|--------|--------|--------|---------|--------|
| Company-operated                                                                                          |   |             | 423    |   |           |   | 466    |   |   |   | 1       |   |   |   | 890 |   |
| Franchised                                                                                                |   |             | 674    |   |           |   | 1,226  |   |   |   | 10      |   |   |   | 1,910 |   |
| Licensed                                                                                                  |   |             | 152    |   |           |   | 207    |   |   |   | — |   |   |   | 359 |   |
| Total                                                                                                     |   |             | 1,249  |   |           |   | 1,899  |   |   |   | 11      |   |   |   | 3,159 |   |

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| · | Growing our restaurant base through increasing development of new franchised restaurants in both new and existing markets in the U.S., increasing licensed restaurants internationally for both Carl’s Jr. and Hardee’s, and opening new company-operated Carl’s Jr. and Hardee’s restaurants in our existing core markets and certain new markets; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Continuing innovation of new products, such as development and promotion of distinctive, premium-quality, great tasting products such as the Carl’s Jr. line of 100% Black Angus beef Six Dollar Burgers and Hand-Scooped Ice Cream Shakes and MaltsTM; Hardee’s line of 1/3- to 2/3-lb. 100% Black Angus beef Thickburgers, and Made From Scratch breakfast biscuits; and Carl’s Jr. and Hardee’s line of Hand-Breaded Chicken Tender products; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Correcting consumer misperceptions of affordability by advertising products with excellent value-for-the-money such as the Big CarlTM at Carl’s Jr., as well as the Big HardeeTM at Hardee’s; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Utilizing viral marketing, such as internet and digital media, to increase overall brand awareness and drive traffic into our restaurants; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

| · | Increasing customer awareness of existing healthy menu choices and developing new healthy products such as the new Carl’s Jr. line of premium entrée salads; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Emphasizing and capitalizing on our unique brand positioning through cutting-edge and attention-grabbing advertising in order to increase our market share; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Capitalizing on dual-branding opportunities available with our Green Burrito and Red Burrito concepts; |
|--------|--------------------------------------------------------------------------------------------------------|

| · | Remaining focused on core restaurant fundamentals of quality, service and cleanliness; and |
|--------|-------------------------------------------------------------------------------------------------|

| · | Remodeling existing company-operated and franchised Carl’s Jr. and Hardee’s restaurants to improve customer perception of our brands. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                 |   | Average perRestaurant(1)(2) |   |
|--------------------------------------|--------|-----------------------------|--------|
|                                 |   | Carl’s Jr.            |   |   | Hardee’s |   |
| Fiscal 2011:                         |   |                        |   |   |   |   |
| Building and leasehold improvements  |   | $                           | 970    |   |   | $ | — |   |
| Equipment                            |   |                        | 428    |   |   |   | — |   |
| Total                                |   | $                           | 1,398  |   |   | $ | — |   |
| Company-operated restaurant openings |   |                        | 7      |   |   |   | — |   |
|                                 |   |                        |   |   |   |   |   |   |
| Fiscal 2010:                         |   |                        |   |   |   |   |   |   |
| Building and leasehold improvements  |   | $                           | 1,019  |   |   | $ | 853 |   |
| Equipment                            |   |                        | 396    |   |   |   | 345 |   |
| Total                                |   | $                           | 1,415  |   |   | $ | 1,198 |   |
| Company-operated restaurant openings |   |                        | 12     |   |   |   | 3 |   |

| (1) | Averages are contingent upon a number of factors including, but not limited to, restaurant prototype, geographical area and local zoning requirements. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The majority of these restaurants were constructed on leased land. During fiscal 2010, one Hardee’s restaurant was constructed on land we purchased at a cost of $546. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Carl’s Jr. |   |   | Hardee’s |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|--------|--------|----------------|--------|
| Fiscal 2010:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |             |   |   |           |   |
| First Quarter                                                                                                                      |   |             | (5.1   | )%     |           |   | 2.5 | % |
| Second Quarter                                                                                                                     |   |             | (6.1   | )%     |           |   | (2.7 | )% |
| Third Quarter                                                                                                                      |   |             | (5.2   | )%     |           |   | (1.8 | )% |
| Fourth Quarter                                                                                                                     |   |             | (8.7   | )%     |           |   | (2.5 | )% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |             |   |   |           |   |   |   |
| Fiscal 2011:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |             |   |   |           |   |   |   |
| First Quarter                                                                                                                      |   |             | (6.1   | )%     |           |   | (1.2 | )% |
| Second Quarter                                                                                                                     |   |             | (7.4   | )%     |           |   | 6.8 | % |
| Third Quarter                                                                                                                      |   |             | (5.0   | )%     |           |   | 8.3 | % |
| Fourth Quarter                                                                                                                     |   |             | (0.4   | )%     |           |   | 5.7 | % |

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| Name                                                                                                                                                                                                                                                                                             |   | Age |   | Position                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----|--------|-------------------------------------------------------------------------------------------|
| Andrew F. Puzder                                                |   | 60  |   | Chief Executive Officer (“CEO”)                                               |
| E. Michael Murphy                                               |   | 59  |   | President and Chief Legal Officer                                                         |
| Theodore Abajian                                                |   | 47  |   | Executive Vice President and Chief Financial Officer (“CFO”)                  |
| Bradford R. Haley                                               |   | 52  |   | Executive Vice President, Marketing — Carl’s Jr. and Hardee’s |
| Richard E. Fortman                                              |   | 61  |   | Executive Vice President, Carl’s Jr. Operations                                     |
| Robert J. Starke                                                |   | 58  |   | Executive Vice President, Hardee’s Operations                                       |

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ITEM 1A. RISK FACTORS

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| · | increasing our vulnerability to adverse economic, industry or competitive developments; |
|--------|-----------------------------------------------------------------------------------------|

| · | requiring a substantial portion of our cash flow from operations to be dedicated to the payment of principal and interest on our indebtedness, therefore reducing our ability to use our cash flow to fund our operations, capital expenditures and future business opportunities; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | exposing us to the risk of increased interest rates because certain of our borrowings, including borrowings under our Credit Facility, will be at variable rates of interest; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | making it more difficult for us to satisfy our obligations with respect to our indebtedness, including the Notes, and any failure to comply with the obligations of any of our debt instruments, including restrictive covenants and borrowing conditions, could result in an event of default under the indenture governing the Notes and the agreements governing such other indebtedness; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | restricting us from making strategic acquisitions or causing us to make non-strategic divestitures; |
|--------|-----------------------------------------------------------------------------------------------------|

| · | limiting our ability to obtain additional financing for working capital, capital expenditures, product development, debt service requirements, acquisitions and general corporate or other purposes; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | limiting our flexibility in planning for, or reacting to, changes in our business or market conditions and placing us at a competitive disadvantage compared to our competitors who are less highly leveraged and who therefore, may be able to take advantage of opportunities that our leverage prevents us from exploiting. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | incur or guarantee additional debt or issue certain preferred equity; |
|--------|-----------------------------------------------------------------------|

| · | pay dividends on or make distributions to holders of our common stock or make other restricted payments; |
|--------|----------------------------------------------------------------------------------------------------------|

| · | sell certain assets; |
|--------|----------------------|

| · | create or incur liens on certain assets to secure debt; |
|--------|---------------------------------------------------------|

| · | make certain investments; |
|--------|---------------------------|

| · | designate subsidiaries as unrestricted subsidiaries; |
|--------|------------------------------------------------------|

| · | consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; or |
|--------|---------------------------------------------------------------------------------------------|

| · | enter into certain transactions with affiliates. |
|--------|--------------------------------------------------|

| · | the lenders under our Credit Facility could elect to terminate their commitments thereunder and cease making further loans to us; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|

| · | the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be immediately due and payable, together with accrued and unpaid interest, which would prevent us from using our cash flows for other purposes; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | if we are unable to pay amounts outstanding and declared immediately due and payable, the holders of such indebtedness could proceed against the collateral granted to them to secure the indebtedness; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | we could ultimately be forced into bankruptcy or liquidation. |
|--------|---------------------------------------------------------------|

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ITEM 1B. UNRESOLVED STAFF COMMENTS

ITEM 2. PROPERTIES

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Land and BuildingOwned |    |   | Land Leased and Building Owned |   |    | Land and Building Leased |   |   | Total  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|---------|--------|--------------------------------|--------|---------|--------------------------|--------|--------|--------|--------|
| Carl’s Jr.:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                   |    |   |                           |   |    |                     |   |   |   |   |
| Company-operated                                                                                                            |   |                   | 23      |   |                           |   | 151     |                     |   |   | 249    |   |   |   | 423 |   |
| Franchise-operated(1)                                                                                                       |   |                   | 9       |   |                           |   | 44      |                     |   |   | 156    |   |   |   | 209 |   |
| Third party-operated/vacant(2)                                                                                              |   |                   | 4       |   |                           |   | 1       |                     |   |   | 7      |   |   |   | 12 |   |
| Subtotal                                                                                                                                   |   |                   | 36      |   |                           |   | 196     |                     |   |   | 412    |   |   |   | 644 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                   |    |   |                           |   |    |                     |   |   |   |   |   |   |   |   |
| Hardee’s:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                   |    |   |                           |   |    |                     |   |   |   |   |   |   |   |   |
| Company-operated                                                                                                            |   |                   | 249     |   |                           |   | 99      |                     |   |   | 118    |   |   |   | 466 |   |
| Franchise-operated(1)                                                                                                       |   |                   | 50      |   |                           |   | 65      |                     |   |   | 123    |   |   |   | 238 |   |
| Third party-operated/vacant(2)                                                                                              |   |                   | 8       |   |                           |   | 5       |                     |   |   | 29     |   |   |   | 42 |   |
| Subtotal                                                                                                                                   |   |                   | 307     |   |                           |   | 169     |                     |   |   | 270    |   |   |   | 746 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                   |    |   |                           |   |    |                     |   |   |   |   |   |   |   |   |
| Other:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                   |    |   |                           |   |    |                     |   |   |   |   |   |   |   |   |
| Company-operated                                                                                                            |   |                   | — |   |                           |   | — |                     |   |   | 1      |   |   |   | 1 |   |
| Third party-operated/vacant(2)                                                                                              |   |                   | — |   |                           |   | — |                     |   |   | 1      |   |   |   | 1 |   |
| Subtotal                                                                                                                                   |   |                   | — |   |                           |   | — |                     |   |   | 2      |   |   |   | 2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                   |    |   |                           |   |    |                     |   |   |   |   |   |   |   |   |
| Total:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                   |    |   |                           |   |    |                     |   |   |   |   |   |   |   |   |
| Company-operated                                                                                                            |   |                   | 272     |   |                           |   | 250     |                     |   |   | 368    |   |   |   | 890 |   |
| Franchise-operated(1)                                                                                                       |   |                   | 59      |   |                           |   | 109     |                     |   |   | 279    |   |   |   | 447 |   |
| Third party-operated/vacant(2)                                                                                              |   |                   | 12      |   |                           |   | 6       |                     |   |   | 37     |   |   |   | 55 |   |
| Total                                                                                                                                      |   |                   | 343     |   |                           |   | 365     |                     |   |   | 684    |   |   |   | 1,392 |   |

| (1) | “Franchise-operated” properties are those which we own and lease to franchisees, or lease and sublease to franchisees. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| (2) | “Third party-operated/vacant” properties are those we own or lease that are either leased or subleased to unaffiliated entities or are currently vacant. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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ITEM 3. LEGAL PROCEEDINGS

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ITEM 4. [REMOVED AND RESERVED]

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ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

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ITEM 6. SELECTED FINANCIAL DATA

|                                                                          |   | Successor                                      |      |   | Predecessor                            |   |
|-------------------------------------------------------------------------------|--------|------------------------------------------------|-----------|--------|----------------------------------------|--------|
|                                                                          |   | Twenty-NineWeeks EndedJanuary 31, 2011(1) |      |   | Twenty-FourWeeks EndedJuly 12, 2010(1) |   |   | Fiscal Year Ended January 31, 2010(1) |   |   | Fiscal Year Ended January 31, 2009(1) |   |   | Fiscal Year Ended January 31, 2008(1) |   |   | Fiscal Year Ended January 31, 2007(1) |   |
| Consolidated Statements of Operations Data:                                   |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                                                      |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Company-operated restaurants                                                  |   | $                                              | 598,753   |   |                                   | $      | 500,531 |   |   | $ | 1,084,474 |   |   | $ | 1,131,312 |   |   | $ | 1,201,577 |   |   | $ | 1,225,227 |   |
| Franchised and licensed restaurants and other                                 |   |                                           | 79,773    |   |                                   |   | 151,588 |   |   |   | 334,259 |   |   |   | 351,398 |   |   |   | 333,057 |   |   |   | 316,844 |   |
| Total revenue                                                                 |   | $                                              | 678,526   |   |                                   | $      | 652,119 |   |   | $ | 1,418,733 |   |   | $ | 1,482,710 |   |   | $ | 1,534,634 |   |   | $ | 1,542,071 |   |
| Operating income(2)                                                      |   | $                                              | 1,929     |   |                                   | $      | 22,483 |   |   | $ | 79,495 |   |   | $ | 84,020 |   |   | $ | 88,327 |   |   | $ | 110,694 |   |
| Interest expense(3)                                                      |   |                                           | 43,689    |   |                                   |   | 8,617 |   |   |   | 19,254 |   |   |   | 28,609 |   |   |   | 33,033 |   |   |   | 19,768 |   |
| Income tax (benefit) expense                                                  |   |                                           | (11,341   | )      |                                   |   | 7,772 |   |   |   | 14,978 |   |   |   | 21,533 |   |   |   | 24,659 |   |   |   | 34,019 |   |
| (Loss) income from continuing operations(4)                                   |   |                                           | (28,742   | )      |                                   |   | (7,515 | ) |   |   | 48,198 |   |   |   | 36,956 |   |   |   | 35,072 |   |   |   | 54,194 |   |
| Other Financial Data:                                                         |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total capital expenditures                                                    |   |                                           | 29,360    |   |                                   |   | 33,738 |   |   |   | 102,428 |   |   |   | 116,513 |   |   |   | 133,816 |   |   |   | 117,268 |   |
| Cash interest expense                                                         |   |                                           | 52,511    |   |                                   |   | 8,299 |   |   |   | 19,590 |   |   |   | 21,753 |   |   |   | 20,235 |   |   |   | 16,903 |   |
| Consolidated Balance Sheet Data:                                              |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                     |   |                                           | 42,586    |   |                                   |   |   |   |   |   | 18,246 |   |   |   | 17,869 |   |   |   | 19,993 |   |   |   | 18,620 |   |
| Total assets                                                                  |   |                                           | 1,480,060 |   |                                   |   |   |   |   |   | 823,543 |   |   |   | 804,687 |   |   |   | 791,711 |   |   |   | 796,638 |   |
| Total long-term debt and capital lease obligations, including current portion |   |                                           | 638,655   |   |                                   |   |   |   |   |   | 329,008 |   |   |   | 357,450 |   |   |   | 392,036 |   |   |   | 178,055 |   |
| Stockholders’ equity                                                    |   |                                           | 423,917   |   |                                   |   |   |   |   |   | 236,175 |   |   |   | 194,276 |   |   |   | 145,242 |   |   |   | 378,846 |   |
| Segment Data:                                                                 |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Carl’s Jr. Restaurants:                                                 |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restaurants open (at end of fiscal year):                                     |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Company-operated                                                              |   |                                           | 423       |   |                                   |   |   |   |   |   | 422 |   |   |   | 416 |   |   |   | 406 |   |   |   | 393 |   |
| Franchised                                                                    |   |                                           | 674       |   |                                   |   |   |   |   |   | 666 |   |   |   | 658 |   |   |   | 632 |   |   |   | 608 |   |
| Licensed                                                                      |   |                                           | 152       |   |                                   |   |   |   |   |   | 136 |   |   |   | 121 |   |   |   | 103 |   |   |   | 86 |   |
| Total                                                                         |   |                                           | 1,249     |   |                                   |   |   |   |   |   | 1,224 |   |   |   | 1,195 |   |   |   | 1,141 |   |   |   | 1,087 |   |
| Restaurant revenue:                                                           |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Company-operated restaurants                                                  |   | $                                              | 321,525   |   |                                   |   | 271,379 |   |   | $ | 604,937 |   |   | $ | 625,109 |   |   | $ | 595,272 |   |   | $ | 590,613 |   |
| Franchised and licensed restaurants(5)                                        |   |                                           | 491,140   |   |                                   |   | 404,067 |   |   |   | 859,672 |   |   |   | 894,611 |   |   |   | 853,391 |   |   |   | 795,520 |   |
| Hardee’s Restaurants:                                                   |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restaurants open (at end of fiscal year):                                     |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Company-operated                                                              |   |                                           | 466       |   |                                   |   |   |   |   |   | 475 |   |   |   | 482 |   |   |   | 560 |   |   |   | 696 |   |
| Franchised                                                                    |   |                                           | 1,226     |   |                                   |   |   |   |   |   | 1,228 |   |   |   | 1,231 |   |   |   | 1,187 |   |   |   | 1,058 |   |
| Licensed                                                                      |   |                                           | 207       |   |                                   |   |   |   |   |   | 202 |   |   |   | 195 |   |   |   | 179 |   |   |   | 152 |   |
| Total                                                                         |   |                                           | 1,899     |   |                                   |   |   |   |   |   | 1,905 |   |   |   | 1,908 |   |   |   | 1,926 |   |   |   | 1,906 |   |
| Restaurant revenue:                                                           |   |                                           |      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Company-operated restaurants                                                  |   | $                                              | 277,110   |   |                                   |   | 229,043 |   |   | $ | 479,289 |   |   | $ | 505,919 |   |   | $ | 605,986 |   |   | $ | 634,264 |   |
| Franchised and licensed restaurants(5)                                        |   |                                           | 804,399   |   |                                   |   | 667,566 |   |   |   | 1,380,503 |   |   |   | 1,314,624 |   |   |   | 1,196,505 |   |   |   | 1,156,201 |   |

| (1) | Our fiscal year is 52 or 53 weeks, ending the last Monday in January. For clarity of presentation, we generally label all fiscal years presented as if the fiscal year ended January 31. The combined Successor twenty-nine weeks ended January 31, 2011 and Predecessor twenty-four weeks ended July 12, 2010, referred to elsewhere in this Annual Report on Form 10-K as fiscal 2011, contains 53 weeks; all other fiscal years presented contain 52 weeks. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The twenty-nine weeks ended January 31, 2011, twenty-four weeks ended July 12, 2010, fiscal 2010, fiscal 2009, fiscal 2008, and fiscal 2007 include $1,497, $590, $4,695, $4,139, $(577), and $3,543, respectively, of facility action charges, net, which are included in operating income. Additionally, $10,587 and $1,521 of share-based compensation expense related to the acceleration of vesting of stock options and awards in connection with the Merger are included in operating income for the twenty-nine weeks ended January 31, 2011 and twenty-four weeks ended July 12, 2010, respectively. Operating income also includes transaction costs of $20,003 and $13,691 for the twenty-nine weeks ended January 31, 2011 and twenty-four weeks ended July 12, 2010, respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The twenty-four weeks ended July 12, 2010, fiscal 2010, fiscal 2009, and fiscal 2008 include $3,113, $6,803, $9,010 and $11,380, respectively, of interest expense related to changes in the fair value of our interest rate swap agreements. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The twenty-four weeks ended July 12, 2010 includes a termination fee of $14,283 related to the Prior Merger Agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (5) | Franchised and licensed restaurant operations are not included in our Consolidated Statements of Operations; however, franchised and licensed restaurants revenues result in royalties and rental revenues, which are included in franchised and licensed restaurants and other revenue. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

| · | Overview |
|--------|----------|

| · | Trends and Uncertainties |
|--------|--------------------------|

| · | Operating Review |
|--------|------------------|

| · | Liquidity and Capital Resources |
|--------|---------------------------------|

| · | Long-term Obligations |
|--------|-----------------------|

| · | Critical Accounting Policies and Estimates |
|--------|--------------------------------------------|

| · | New Accounting Pronouncements |
|--------|-------------------------------|

| · | Presentation of Non-GAAP Measures |
|--------|-----------------------------------|

| · | Impact of Inflation |
|--------|---------------------|

| · | Certain Financial Information of CKE Holdings, Inc. |
|--------|-----------------------------------------------------|

----

Table of Contents

| · | Carl’s Jr. and Hardee’s system-wide restaurant count increased by 19 restaurants, marking our fourth straight year of net restaurant growth. We opened 7 company-operated restaurants, and our franchisees and licensees opened 32 domestic and 30 international restaurants, respectively; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | We signed development agreements with nine new and three existing franchisees and licensees representing commitments to build over 180 restaurants domestically and internationally over the next seven years; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | We remodeled 7 Carl’s Jr. and 54 Hardee’s company-operated restaurants, resulting in approximately 97% and 88% of the eligible Carl’s Jr. and Hardee’s company-operated restaurants, respectively, being remodeled at the end of fiscal 2011; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Our franchisees remodeled 34 Carl’s Jr. and 144 Hardee’s restaurants, resulting in approximately 43% and 30% of the total Carl’s Jr. and Hardee’s domestic franchisees, respectively, being remodeled at the end of fiscal 2011; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | We completed a combined 57 dual-branded Green Burrito and Red Burrito company-operated restaurant conversions, and our franchisees completed 33 dual-branded restaurant conversions; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Same-store sales for company-operated restaurants increased 4.4% at Hardee’s and decreased 4.8% at Carl’s Jr.; |
|--------|----------------------------------------------------------------------------------------------------------------------------|

| · | Average unit volumes for company-operated restaurants increased to $1,054 at Hardee’s and decreased to $1,375 at Carl’s Jr. for the trailing fifty-two weeks ended January 31, 2011; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Consolidated revenue decreased 6.2%, to $1,330,645 in fiscal 2011 from $1,418,733 in fiscal 2010, due primarily to the outsourcing of our Carl’s Jr. Distribution Centers beginning July 2, 2010; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The net loss of $36,257 in fiscal 2011 compared to net income of $48,198 in fiscal 2010 was caused primarily by transaction costs of $47,977 and share-based compensation expense of $12,108 recorded in connection with the Transactions; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| · | Consolidated company-operated restaurant-level adjusted EBITDA margin(1) decreased 1.2% to 17.2% due primarily to increases in commodity costs; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Consolidated franchise restaurant adjusted EBITDA(1) of $83,531 for fiscal 2011 was consistent with the prior year; |
|--------|---------------------------------------------------------------------------------------------------------------------|

| · | We completed the Transactions on July 12, 2010, resulting in a new capital structure and increased debt obligations; and |
|--------|--------------------------------------------------------------------------------------------------------------------------|

| · | We completed the sale of our Distribution Centers on July 2, 2010 resulting in a gain of $3,442 during fiscal 2011. |
|--------|---------------------------------------------------------------------------------------------------------------------|

| (1) | Refer to definitions of company-operated restaurant-level non-GAAP measures and franchise restaurant adjusted EBITDA within the subheading “Presentation of Non-GAAP Measures” in this Item 7. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The continuing economic uncertainty affecting consumer confidence and discretionary spending may cause long-term changes in the preferences and perceptions of our customers; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Significant and/or prolonged increases in the prices of the ingredients most critical to our menu could cause a decrease in our operating margins; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| · | We expect to continue to grow our restaurant base, and as of January 31, 2011, we have entered into 67 franchise development agreements representing commitments to build over 800 restaurants domestically and internationally over the next ten years; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Changes in employment and other governmental regulations could result in additional costs to us and cause adverse impacts on our future operating results; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Changes in consumer focus on nutrition, food content and food safety could result in loss of market share. |
|--------|------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Company-operated |   |   | Franchised |   |   | Licensed |   |   | Total   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|--------|--------|------------|--------|--------|----------|--------|--------|---------|--------|
| Consolidated:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |             |   |   |       |   |   |     |   |   |    |   |
| Open as of January 31, 2009                                                                                          |   |             | 899    |   |       |   | 1,901  |     |   |   | 316     |   |   |   | 3,116 |   |
| New                                                                                                                  |   |             | 15     |   |       |   | 30     |     |   |   | 35      |   |   |   | 80 |   |
| Closed                                                                                                               |   |             | (14    | )      |       |   | (28    | )        |   |   | (13     | )      |   |   | (55 | ) |
| Divested                                                                                                             |   |             | (4     | )      |       |   | (2     | )        |   |   | — |   |   |   | (6 | ) |
| Acquired                                                                                                             |   |             | 2      |   |       |   | 4      |     |   |   | — |   |   |   | 6 |   |
| Open as of January 31, 2010                                                                                          |   |             | 898    |   |       |   | 1,905  |     |   |   | 338     |   |   |   | 3,141 |   |
| New                                                                                                                  |   |             | 7      |   |       |   | 32     |     |   |   | 30      |   |   |   | 69 |   |
| Closed                                                                                                               |   |             | (15    | )      |       |   | (27    | )        |   |   | (9      | )      |   |   | (51 | ) |
| Open as of January 31, 2011                                                                                          |   |             | 890    |   |       |   | 1,910  |     |   |   | 359     |   |   |   | 3,159 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Company-operated |   |   | Franchised |   |   | Licensed |   |   | Total   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|--------|--------|------------|--------|--------|----------|--------|--------|---------|--------|
| Carl’s Jr.:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |             |   |   |       |   |   |     |   |   |    |   |
| Open as of January 31, 2009                                                                                          |   |             | 416    |   |       |   | 658    |     |   |   | 121     |   |   |   | 1,195 |   |
| New                                                                                                                  |   |             | 12     |   |       |   | 19     |     |   |   | 20      |   |   |   | 51 |   |
| Closed                                                                                                               |   |             | (5     | )      |       |   | (12    | )        |   |   | (5      | )      |   |   | (22 | ) |
| Divested                                                                                                             |   |             | (3     | )      |       |   | (2     | )        |   |   | — |   |   |   | (5 | ) |
| Acquired                                                                                                             |   |             | 2      |   |       |   | 3      |     |   |   | — |   |   |   | 5 |   |
| Open as of January 31, 2010                                                                                          |   |             | 422    |   |       |   | 666    |     |   |   | 136     |   |   |   | 1,224 |   |
| New                                                                                                                  |   |             | 7      |   |       |   | 20     |     |   |   | 19      |   |   |   | 46 |   |
| Closed                                                                                                               |   |             | (6     | )      |       |   | (12    | )        |   |   | (3      | )      |   |   | (21 | ) |
| Open as of January 31, 2011                                                                                          |   |             | 423    |   |       |   | 674    |     |   |   | 152     |   |   |   | 1,249 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Company-operated |    |   | Franchised |   |    | Licensed |   |   | Total   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|------------|--------|---------|----------|--------|--------|---------|--------|
| Hardee’s:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |             |    |   |       |   |    |     |   |   |    |   |
| Open as of January 31, 2009                                                                                          |   |             | 482     |   |       |   | 1,231   |     |   |   | 195     |   |   |   | 1,908 |   |
| New                                                                                                                  |   |             | 3       |   |       |   | 11      |     |   |   | 15      |   |   |   | 29 |   |
| Closed                                                                                                               |   |             | (9      | )      |       |   | (15     | )        |   |   | (8      | )      |   |   | (32 | ) |
| Divested                                                                                                             |   |             | (1      | )      |       |   | — |     |   |   | — |   |   |   | (1 | ) |
| Acquired                                                                                                             |   |             | — |   |       |   | 1       |     |   |   | — |   |   |   | 1 |   |
| Open as of January 31, 2010                                                                                          |   |             | 475     |   |       |   | 1,228   |     |   |   | 202     |   |   |   | 1,905 |   |
| New                                                                                                                  |   |             | — |   |       |   | 12      |     |   |   | 11      |   |   |   | 23 |   |
| Closed                                                                                                               |   |             | (9      | )      |       |   | (14     | )        |   |   | (6      | )      |   |   | (29 | ) |
| Open as of January 31, 2011                                                                                          |   |             | 466     |   |       |   | 1,226   |     |   |   | 207     |   |   |   | 1,899 |   |

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                            |   | Successor                              |     |   | Predecessor                         |   |     | Successor / Predecessor |   |   | Predecessor |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|----------|--------|-------------------------------------|--------|----------|-------------------------|--------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                            |   | Twenty-NineWeeks EndedJanuary 31, 2011 |     |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |     |  Fiscal 2011       |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Revenue:                                                                                                                                                                                                                                                                                                                                                                                        |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |
| Company-operated restaurants                                                             |   | $                                      | 598,753  |   |                                | $      | 500,531  |                    |   | $      | 1,099,284   |   |   | $ | 1,084,474 |   |   | $ | 1,131,312 |   |
| Franchised and licensed restaurants and other                                                                                                                                                                                                                                                                                                                                                   |   |                                   | 79,773   |   |                                |   | 151,588  |                    |   |   | 231,361     |   |   |   | 334,259 |   |   |   | 351,398 |   |
| Total revenue                                                                                      |   |                                   | 678,526  |   |                                |   | 652,119  |                    |   |   | 1,330,645   |   |   |   | 1,418,733 |   |   |   | 1,482,710 |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Operating costs and expenses:                                                                                                                                                                                                                                                                                                                                                                   |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Restaurant operating costs                                                               |   |                                   | 497,679  |   |                                |   | 415,255  |                    |   |   | 912,934     |   |   |   | 883,115 |   |   |   | 917,638 |   |
| Franchised and licensed restaurants and other                                                                                                                                                                                                                                                                                                                                                   |   |                                   | 38,590   |   |                                |   | 115,089  |                    |   |   | 153,679     |   |   |   | 253,850 |   |   |   | 269,699 |   |
| Advertising                                                                              |   |                                   | 34,481   |   |                                |   | 29,647   |                    |   |   | 64,128      |   |   |   | 64,443 |   |   |   | 66,911 |   |
| General and administrative                                                               |   |                                   | 84,347   |   |                                |   | 58,806   |                    |   |   | 143,153     |   |   |   | 133,135 |   |   |   | 140,303 |   |
| Facility action charges, net                                                             |   |                                   | 1,497    |   |                                |   | 590      |                    |   |   | 2,087       |   |   |   | 4,695 |   |   |   | 4,139 |   |
| Other operating expenses, net                                                            |   |                                   | 20,003   |   |                                |   | 10,249   |                    |   |   | 30,252      |   |   |   | — |   |   |   | — |   |
| Total operating costs and expenses                                                                 |   |                                   | 676,597  |   |                                |   | 629,636  |                    |   |   | 1,306,233   |   |   |   | 1,339,238 |   |   |   | 1,398,690 |   |
| Operating income                                                                         |   |                                   | 1,929    |   |                                |   | 22,483   |                    |   |   | 24,412      |   |   |   | 79,495 |   |   |   | 84,020 |   |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                |   |                                   | (43,689  | )      |                                |   | (8,617   | )                       |   |   | (52,306     | )      |   |   | (19,254 | ) |   |   | (28,609 | ) |
| Other income (expense), net                                                                                                                                                                                                                                                                                                                                                                     |   |                                   | 1,677    |   |                                |   | (13,609  | )                       |   |   | (11,932     | )      |   |   | 2,935 |   |   |   | 3,078 |   |
| (Loss) income before income taxes                                                                                                                                                                                                                                                                                                                                                               |   |                                   | (40,083  | )      |                                |   | 257      |                    |   |   | (39,826     | )      |   |   | 63,176 |   |   |   | 58,489 |   |
| Income tax (benefit) expense                                                                                                                                                                                                                                                                                                                                                                    |   |                                   | (11,341  | )      |                                |   | 7,772    |                    |   |   | (3,569      | )      |   |   | 14,978 |   |   |   | 21,533 |   |
| Net (loss) income                                                                                                                                                                                                                                                                                                                                                                               |   | $                                      | (28,742  | )      |                                | $      | (7,515   | )                       |   | $      | (36,257     | )      |   | $ | 48,198 |   |   | $ | 36,956 |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Company-operated restaurant-level adjusted EBITDA(1):                                                                                                                                                                                                                                                                                                                                           |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Company-operated restaurants revenue                                                                                                                                                                                                                                                                                                                                                            |   | $                                      | 598,753  |   |                                | $      | 500,531  |                    |   | $      | 1,099,284   |   |   | $ | 1,084,474 |   |   | $ | 1,131,312 |   |
| Less: restaurant operating costs                                                                                                                                                                                                                                                                                                                                                                |   |                                   | (497,679 | )      |                                |   | (415,255 | )                       |   |   | (912,934    | )      |   |   | (883,115 | ) |   |   | (917,638 | ) |
| Add: depreciation and amortization expense                                                                                                                                                                                                                                                                                                                                                      |   |                                   | 36,876   |   |                                |   | 30,412   |                    |   |   | 67,288      |   |   |   | 63,096 |   |   |   | 55,506 |   |
| Less: advertising expense                                                                                                                                                                                                                                                                                                                                                                       |   |                                   | (34,481  | )      |                                |   | (29,647  | )                       |   |   | (64,128     | )      |   |   | (64,443 | ) |   |   | (66,911 | ) |
| Company-operated restaurant-level adjusted EBITDA                                                                                                                                                                                                                                                                                                                                               |   | $                                      | 103,469  |   |                                | $      | 86,041   |                    |   | $      | 189,510     |   |   | $ | 200,012 |   |   | $ | 202,269 |   |
| Company-operated restaurant-level adjusted EBITDA margin                                                                                                                                                                                                                                                                                                                                        |   |                                   | 17.3     | %      |                                |   | 17.2     | %                       |   |   | 17.2        | %      |   |   | 18.4 | % |   |   | 17.9 | % |
|                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Franchise restaurant adjusted EBITDA(1):                                                                                                                                                                                                                                                                                                                                                        |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Franchised and licensed restaurants and other revenue                                                                                                                                                                                                                                                                                                                                           |   | $                                      | 79,773   |   |                                | $      | 151,588  |                    |   | $      | 231,361     |   |   | $ | 334,259 |   |   | $ | 351,398 |   |
| Less: franchised and licensed restaurants and other expense                                                                                                                                                                                                                                                                                                                                     |   |                                   | (38,590  | )      |                                |   | (115,089 | )                       |   |   | (153,679    | )      |   |   | (253,850 | ) |   |   | (269,699 | ) |
| Add: depreciation and amortization expense                                                                                                                                                                                                                                                                                                                                                      |   |                                   | 4,461    |   |                                |   | 1,388    |                    |   |   | 5,849       |   |   |   | 3,130 |   |   |   | 3,280 |   |
| Franchise restaurant adjusted EBITDA                                                                                                                                                                                                                                                                                                                                                            |   | $                                      | 45,644   |   |                                | $      | 37,887   |                    |   | $      | 83,531      |   |   | $ | 83,539 |   |   | $ | 84,979 |   |

| (1) | Refer to definitions of company-operated restaurant-level non-GAAP measures and franchise restaurant adjusted EBITDA within the subheading “Presentation of Non-GAAP Measures” in this Item 7. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                                        |   | Successor                                 |     |   | Predecessor                             |   |
|-------------------------------------------------------------|--------|-------------------------------------------|----------|--------|-----------------------------------------|--------|
|                                                        |   | ThirteenWeeks Ended January 31, 2011 |     |   | TwelveWeeks Ended January 25, 2010 |   |
| Revenue:                                                    |   |                                      |     |   |                                    |   |
| Company-operated restaurants                                |   | $                                         | 262,705  |   |                                    | $      | 236,820 |   |
| Franchised and licensed restaurants and other               |   |                                      | 34,338   |   |                                    |   | 74,925 |   |
| Total revenue                                               |   |                                      | 297,043  |   |                                    |   | 311,745 |   |
| Operating costs and expenses:                               |   |                                      |     |   |                                    |   |   |   |
| Restaurant operating costs                                  |   |                                      | 219,182  |   |                                    |   | 198,446 |   |
| Franchised and licensed restaurants and other               |   |                                      | 16,873   |   |                                    |   | 57,170 |   |
| Advertising                                                 |   |                                      | 14,753   |   |                                    |   | 12,992 |   |
| General and administrative                                  |   |                                      | 34,829   |   |                                    |   | 30,074 |   |
| Facility action charges, net                                |   |                                      | 590      |   |                                    |   | 1,673 |   |
| Other operating expenses, net                               |   |                                      | 174      |   |                                    |   | — |   |
| Total operating costs and expenses                          |   |                                      | 286,401  |   |                                    |   | 300,355 |   |
| Operating income                                            |   |                                      | 10,642   |   |                                    |   | 11,390 |   |
| Interest expense                                            |   |                                      | (19,650  | )      |                                    |   | (4,420 | ) |
| Other income, net                                           |   |                                      | 693      |   |                                    |   | 944 |   |
| (Loss) income before income taxes                           |   |                                      | (8,315   | )      |                                    |   | 7,914 |   |
| Income tax benefit                                          |   |                                      | (2,715   | )      |                                    |   | (7,482 | ) |
| Net (loss) income                                           |   | $                                         | (5,600   | )      |                                    | $      | 15,396 |   |
|                                                        |   |                                      |     |   |                                    |   |   |   |
| Company-operated restaurant-level adjusted EBITDA(1):       |   |                                      |     |   |                                    |   |   |   |
| Company-operated restaurants revenue                        |   | $                                         | 262,705  |   |                                    | $      | 236,820 |   |
| Less: restaurant operating costs                            |   |                                      | (219,182 | )      |                                    |   | (198,446 | ) |
| Add: depreciation and amortization expense                  |   |                                      | 16,037   |   |                                    |   | 15,111 |   |
| Less: advertising expense                                   |   |                                      | (14,753  | )      |                                    |   | (12,992 | ) |
| Company-operated restaurant-level adjusted EBITDA           |   | $                                         | 44,807   |   |                                    | $      | 40,493 |   |
| Company-operated restaurant-level adjusted EBITDA margin    |   |                                      | 17.1     | %      |                                    |   | 17.1 | % |
|                                                        |   |                                      |     |   |                                    |   |   |   |
| Franchise restaurant adjusted EBITDA(1):                    |   |                                      |     |   |                                    |   |   |   |
| Franchised and licensed restaurants and other revenue       |   | $                                         | 34,338   |   |                                    | $      | 74,925 |   |
| Less: franchised and licensed restaurants and other expense |   |                                      | (16,873  | )      |                                    |   | (57,170 | ) |
| Add: depreciation and amortization expense                  |   |                                      | 1,916    |   |                                    |   | 536 |   |
| Franchise restaurant adjusted EBITDA                        |   | $                                         | 19,381   |   |                                    | $      | 18,291 |   |

| (1) | Refer to definitions of company-operated restaurant-level non-GAAP measures and franchise restaurant adjusted EBITDA within the subheading “Presentation of Non-GAAP Measures” in this Item 7. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                                                                |   | Successor                              |     |   | Predecessor                         |   |     | Successor / Predecessor |   |   | Predecessor |   |
|-------------------------------------------------------------------------------------|--------|----------------------------------------|----------|--------|-------------------------------------|--------|----------|-------------------------|--------|--------|-------------|--------|
|                                                                                |   | Twenty-NineWeeks EndedJanuary 31, 2011 |     |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |     | Fiscal 2011             |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Company-operated restaurants revenue                                                |   | $                                      | 321,525  |   |                                | $      | 271,379  |                    |   | $      | 592,904     |   |   | $ | 604,937 |   |   | $ | 625,109 |   |
| Franchised and licensed restaurants and other revenue                               |   |                                   | 31,495   |   |                                |   | 111,855  |                    |   |   | 143,350     |   |   |   | 247,542 |   |   |   | 261,240 |   |
| Total revenue                                                                       |   |                                   | 353,020  |   |                                |   | 383,234  |                    |   |   | 736,254     |   |   |   | 852,479 |   |   |   | 886,349 |   |
| Restaurant operating costs:                                                         |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Food and packaging                                                                  |   |                                   | 93,403   |   |                                |   | 80,105   |                    |   |   | 173,508     |   |   |   | 171,458 |   |   |   | 182,705 |   |
| Payroll and other employee benefits                                                 |   |                                   | 90,102   |   |                                |   | 76,624   |                    |   |   | 166,726     |   |   |   | 165,034 |   |   |   | 166,833 |   |
| Occupancy and other                                                                 |   |                                   | 84,918   |   |                                |   | 67,654   |                    |   |   | 152,572     |   |   |   | 147,326 |   |   |   | 143,149 |   |
| Total restaurant operating costs                                                    |   |                                   | 268,423  |   |                                |   | 224,383  |                    |   |   | 492,806     |   |   |   | 483,818 |   |   |   | 492,687 |   |
| Franchised and licensed restaurants and other expense                               |   |                                   | 17,672   |   |                                |   | 98,565   |                    |   |   | 116,237     |   |   |   | 216,082 |   |   |   | 229,731 |   |
| Advertising expense                                                                 |   |                                   | 18,496   |   |                                |   | 16,620   |                    |   |   | 35,116      |   |   |   | 36,730 |   |   |   | 36,963 |   |
| General and administrative expense                                                  |   |                                   | 38,491   |   |                                |   | 26,909   |                    |   |   | 65,400      |   |   |   | 60,203 |   |   |   | 60,012 |   |
| Facility action charges, net                                                        |   |                                   | 441      |   |                                |   | 168      |                    |   |   | 609         |   |   |   | 2,219 |   |   |   | (549 | ) |
| Gain on sale of Distribution Center assets                                          |   |                                   | —  |   |                                |   | (3,442   | )                       |   |   | (3,442      | )      |   |   | — |   |   |   | — |   |
| Operating income                                                                    |   | $                                      | 9,497    |   |                                | $      | 20,031   |                    |   | $      | 29,528      |   |   | $ | 53,427 |   |   | $ | 67,505 |   |
|                                                                                |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Company-operated average unit volume (trailing-52 weeks)                            |   |                                   |     |   |                                |   |     |                    |   | $      | 1,375       |   |   | $ | 1,438 |   |   | $ | 1,528 |   |
| Franchise-operated average unit volume (trailing-52 weeks)                          |   |                                   |     |   |                                |   |     |                    |   |   | 1,095       |   |   |   | 1,123 |   |   |   | 1,182 |   |
| Company-operated same-store sales (decrease) increase                               |   |                                   |     |   |                                |   |     |                    |   |   | (4.8        | )%     |   |   | (6.2 | )% |   |   | 2.1 | % |
| Franchise-operated same-store sales decrease                                        |   |                                   |     |   |                                |   |     |                    |   |   | (3.5        | )%     |   |   | (5.6 | )% |   |   | (1.6 | )% |
| Company-operated same-store transaction decrease                                    |   |                                   |     |   |                                |   |     |                    |   |   | (3.7        | )%     |   |   | (4.2 | )% |   |   | (0.6 | )% |
| Company-operated average check (actual $)                                           |   |                                   |     |   |                                |   |     |                    |   | $      | 6.85        |   |   | $ | 6.91 |   |   | $ | 7.01 |   |
| Restaurant operating costs as a percentage of company-operated restaurants revenue: |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Food and packaging                                                                  |   |                                   |     |   |                                |   |     |                    |   |   | 29.3        | %      |   |   | 28.3 | % |   |   | 29.2 | % |
| Payroll and other employee benefits                                                 |   |                                   |     |   |                                |   |     |                    |   |   | 28.1        | %      |   |   | 27.3 | % |   |   | 26.7 | % |
| Occupancy and other                                                                 |   |                                   |     |   |                                |   |     |                    |   |   | 25.7        | %      |   |   | 24.4 | % |   |   | 22.9 | % |
| Total restaurant operating costs                                                    |   |                                   |     |   |                                |   |     |                    |   |   | 83.1        | %      |   |   | 80.0 | % |   |   | 78.8 | % |
| Advertising expense as a percentage of company-operated restaurants revenue         |   |                                   |     |   |                                |   |     |                    |   |   | 5.9         | %      |   |   | 6.1 | % |   |   | 5.9 | % |
|                                                                                |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Company-operated restaurant-level adjusted EBITDA(1):                               |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Company-operated restaurants revenue                                                |   | $                                      | 321,525  |   |                                | $      | 271,379  |                    |   | $      | 592,904     |   |   | $ | 604,937 |   |   | $ | 625,109 |   |
| Less: restaurant operating costs                                                    |   |                                   | (268,423 | )      |                                |   | (224,383 | )                       |   |   | (492,806    | )      |   |   | (483,818 | ) |   |   | (492,687 | ) |
| Add: depreciation and amortization expense                                          |   |                                   | 18,752   |   |                                |   | 14,834   |                    |   |   | 33,586      |   |   |   | 31,113 |   |   |   | 27,500 |   |
| Less: advertising expense                                                           |   |                                   | (18,496  | )      |                                |   | (16,620  | )                       |   |   | (35,116     | )      |   |   | (36,730 | ) |   |   | (36,963 | ) |
| Company-operated restaurant-level adjusted EBITDA                                   |   | $                                      | 53,358   |   |                                | $      | 45,210   |                    |   | $      | 98,568      |   |   | $ | 115,502 |   |   | $ | 122,959 |   |
| Company-operated restaurant-level adjusted EBITDA margin                            |   |                                   | 16.6     | %      |                                |   | 16.7     | %                       |   |   | 16.6        | %      |   |   | 19.1 | % |   |   | 19.7 | % |
|                                                                                |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Franchise restaurant adjusted EBITDA(1):                                            |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Franchised and licensed restaurants and other revenue                               |   | $                                      | 31,495   |   |                                | $      | 111,855  |                    |   | $      | 143,350     |   |   | $ | 247,542 |   |   | $ | 261,240 |   |
| Less: franchised and licensed restaurants and other expense                         |   |                                   | (17,672  | )      |                                |   | (98,565  | )                       |   |   | (116,237    | )      |   |   | (216,082 | ) |   |   | (229,731 | ) |
| Add: depreciation and amortization expense                                          |   |                                   | 2,189    |   |                                |   | 752      |                    |   |   | 2,941       |   |   |   | 1,889 |   |   |   | 2,011 |   |
| Franchise restaurant adjusted EBITDA                                                |   | $                                      | 16,012   |   |                                | $      | 14,042   |                    |   | $      | 30,054      |   |   | $ | 33,349 |   |   | $ | 33,520 |   |

| (1) | Refer to definitions of company-operated restaurant-level non-GAAP measures and franchise restaurant adjusted EBITDA within the subheading “Presentation of Non-GAAP Measures” in this Item 7. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                                |   | Successor                           |     |   | Predecessor                       |   |
|-------------------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|-----------------------------------|--------|
|                                                                                |   | ThirteenWeeks EndedJanuary 31, 2011 |     |   | TwelveWeeks EndedJanuary 25, 2010 |   |
| Company-operated restaurants revenue                                                |   | $                                   | 145,013  |   |                              | $      | 132,636 |   |
| Franchised and licensed restaurants and other revenue                               |   |                                | 13,997   |   |                              |   | 57,061 |   |
| Total revenue                                                                       |   |                                | 159,010  |   |                              |   | 189,697 |   |
| Restaurant operating costs:                                                         |   |                                |     |   |                              |   |   |   |
| Food and packaging                                                                  |   |                                | 41,976   |   |                              |   | 38,564 |   |
| Payroll and other employee benefits                                                 |   |                                | 40,616   |   |                              |   | 37,315 |   |
| Occupancy and other                                                                 |   |                                | 37,763   |   |                              |   | 33,815 |   |
| Total restaurant operating costs                                                    |   |                                | 120,355  |   |                              |   | 109,694 |   |
| Franchised and licensed restaurants and other expense                               |   |                                | 7,969    |   |                              |   | 49,936 |   |
| Advertising expense                                                                 |   |                                | 7,854    |   |                              |   | 7,304 |   |
| General and administrative expense                                                  |   |                                | 15,786   |   |                              |   | 13,698 |   |
| Facility action charges, net                                                        |   |                                | 283      |   |                              |   | 157 |   |
| Operating income                                                                    |   | $                                   | 6,763    |   |                              | $      | 8,908 |   |
|                                                                                |   |                                |     |   |                              |   |   |   |
| Company-operated same-store sales decrease                                          |   |                                | (0.4     | )%     |                              |   | (8.7 | )% |
| Franchise-operated same-store sales decrease                                        |   |                                | (1.4     | )%     |                              |   | (5.8 | )% |
| Company-operated same-store transaction decrease                                    |   |                                | (2.8     | )%     |                              |   | (4.7 | )% |
| Company-operated average check (actual $)                                           |   | $                                   | 7.01     |   |                              | $      | 6.82 |   |
| Restaurant operating costs as a percentage of company-operated restaurants revenue: |   |                                |     |   |                              |   |   |   |
| Food and packaging                                                                  |   |                                | 28.9     | %      |                              |   | 29.1 | % |
| Payroll and other employee benefits                                                 |   |                                | 28.0     | %      |                              |   | 28.1 | % |
| Occupancy and other                                                                 |   |                                | 26.0     | %      |                              |   | 25.5 | % |
| Total restaurant operating costs                                                    |   |                                | 83.0     | %      |                              |   | 82.7 | % |
| Advertising expense as a percentage of company-operated restaurants revenue         |   |                                | 5.4      | %      |                              |   | 5.5 | % |
|                                                                                |   |                                |     |   |                              |   |   |   |
| Company-operated restaurant-level adjusted EBITDA(1):                               |   |                                |     |   |                              |   |   |   |
| Company-operated restaurants revenue                                                |   | $                                   | 145,013  |   |                              | $      | 132,636 |   |
| Less: restaurant operating costs                                                    |   |                                | (120,355 | )      |                              |   | (109,694 | ) |
| Add: depreciation and amortization expense                                          |   |                                | 8,096    |   |                              |   | 7,382 |   |
| Less: advertising expense                                                           |   |                                | (7,854   | )      |                              |   | (7,304 | ) |
| Company-operated restaurant-level adjusted EBITDA                                   |   | $                                   | 24,900   |   |                              | $      | 23,020 |   |
| Company-operated restaurant-level adjusted EBITDA margin                            |   |                                | 17.2     | %      |                              |   | 17.4 | % |
|                                                                                |   |                                |     |   |                              |   |   |   |
| Franchise restaurant adjusted EBITDA(1):                                            |   |                                |     |   |                              |   |   |   |
| Franchised and licensed restaurants and other revenue                               |   | $                                   | 13,997   |   |                              | $      | 57,061 |   |
| Less: franchised and licensed restaurants and other expense                         |   |                                | (7,969   | )      |                              |   | (49,936 | ) |
| Add: depreciation and amortization expense                                          |   |                                | 938      |   |                              |   | 414 |   |
| Franchise restaurant adjusted EBITDA                                                |   | $                                   | 6,966    |   |                              | $      | 7,539 |   |

| (1) | Refer to definitions of company-operated restaurant-level non-GAAP measures and franchise restaurant adjusted EBITDA within the subheading “Presentation of Non-GAAP Measures” in this Item 7. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Successor                              |     |   | Predecessor                         |   |     | Successor / Predecessor |   |   | Predecessor |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|----------|--------|-------------------------------------|--------|----------|-------------------------|--------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Twenty-NineWeeks EndedJanuary 31, 2011 |     |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |     | Fiscal 2011             |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Company-operated restaurants revenue                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                      | 277,110  |   |                                | $      | 229,043  |                    |   | $      | 506,153     |   |   | $ | 479,289 |   |   | $ | 505,919 |   |
| Franchised and licensed restaurants and other revenue                                                                                                                                                                                                                                                                                                                                                                               |   |                                   | 47,993   |   |                                |   | 39,480   |                    |   |   | 87,473      |   |   |   | 86,173 |   |   |   | 89,568 |   |
| Total revenue                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   | 325,103  |   |                                |   | 268,523  |                    |   |   | 593,626     |   |   |   | 565,462 |   |   |   | 595,487 |   |
| Restaurant operating costs:                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Food and packaging                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                   | 82,858   |   |                                |   | 68,842   |                    |   |   | 151,700     |   |   |   | 138,939 |   |   |   | 152,889 |   |
| Payroll and other employee benefits                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                   | 83,320   |   |                                |   | 70,498   |                    |   |   | 153,818     |   |   |   | 147,407 |   |   |   | 155,973 |   |
| Occupancy and other                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                   | 62,901   |   |                                |   | 51,378   |                    |   |   | 114,279     |   |   |   | 112,635 |   |   |   | 115,755 |   |
| Total restaurant operating costs                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   | 229,079  |   |                                |   | 190,718  |                    |   |   | 419,797     |   |   |   | 398,981 |   |   |   | 424,617 |   |
| Franchised and licensed restaurants and other expense                                                                                                                                                                                                                                                                                                                                                                               |   |                                   | 20,918   |   |                                |   | 16,524   |                    |   |   | 37,442      |   |   |   | 37,764 |   |   |   | 39,968 |   |
| Advertising expense                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                   | 15,985   |   |                                |   | 13,027   |                    |   |   | 29,012      |   |   |   | 27,713 |   |   |   | 29,948 |   |
| General and administrative expense                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                   | 45,857   |   |                                |   | 31,827   |                    |   |   | 77,684      |   |   |   | 72,768 |   |   |   | 80,113 |   |
| Facility action charges, net                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                   | 1,055    |   |                                |   | 369      |                    |   |   | 1,424       |   |   |   | 2,476 |   |   |   | 4,688 |   |
| Operating income                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                                      | 12,209   |   |                                | $      | 16,058   |                    |   | $      | 28,267      |   |   | $ | 25,760 |   |   | $ | 16,153 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Company-operated average unit volume (trailing-52 weeks)                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |     |   |                                |   |     |                    |   | $      | 1,054       |   |   | $ | 1,002 |   |   | $ | 993 |   |
| Franchise-operated average unit volume (trailing-52 weeks)                                                                                                                                                                                                                                                                                                                                                                          |   |                                   |     |   |                                |   |     |                    |   |   | 1,013       |   |   |   | 976 |   |   |   | 970 |   |
| Company-operated same-store sales increase (decrease)                                                                                                                                                                                                                                                                                                                                                                               |   |                                   |     |   |                                |   |     |                    |   |   | 4.4         | %      |   |   | (0.9 | )% |   |   | 1.2 | % |
| Franchise-operated same-store sales increase (decrease)                                                                                                                                                                                                                                                                                                                                                                             |   |                                   |     |   |                                |   |     |                    |   |   | 3.4         | %      |   |   | (0.3 | )% |   |   | 1.3 | % |
| Company-operated same-store transaction increase (decrease)                                                                                                                                                                                                                                                                                                                                                                         |   |                                   |     |   |                                |   |     |                    |   |   | 1.3         | %      |   |   | 0.8 | % |   |   | (1.8 | )% |
| Company-operated average check (actual $)                                                                                                                                                                                                                                                                                                                                                                                           |   |                                   |     |   |                                |   |     |                    |   | $      | 5.16        |   |   | $ | 5.03 |   |   | $ | 5.13 |   |
| Restaurant operating costs as a percentage of company-operated restaurants revenue:                                                                                                                                                                                                                                                                                                                                                 |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Food and packaging                                                                                  |   |                                   |     |   |                                |   |     |                    |   |   | 30.0        | %      |   |   | 29.0 | % |   |   | 30.2 | % |
| Payroll and other employee benefits                                                                 |   |                                   |     |   |                                |   |     |                    |   |   | 30.4        | %      |   |   | 30.8 | % |   |   | 30.8 | % |
| Occupancy and other                                                                                 |   |                                   |     |   |                                |   |     |                    |   |   | 22.6        | %      |   |   | 23.5 | % |   |   | 22.9 | % |
| Total restaurant operating costs                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   |     |   |                                |   |     |                    |   |   | 82.9        | %      |   |   | 83.2 | % |   |   | 83.9 | % |
| Advertising expense as a percentage of company-operated restaurants revenue                                                                                                                                                                                                                                                                                                                                                         |   |                                   |     |   |                                |   |     |                    |   |   | 5.7         | %      |   |   | 5.8 | % |   |   | 5.9 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Company-operated restaurant-level adjusted EBITDA(1):                                                                                                                                                                                                                                                                                                                                                                               |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Company-operated restaurants revenue                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                      | 277,110  |   |                                | $      | 229,043  |                    |   | $      | 506,153     |   |   | $ | 479,289 |   |   | $ | 505,919 |   |
| Less: restaurant operating costs                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                   | (229,079 | )      |                                |   | (190,718 | )                       |   |   | (419,797    | )      |   |   | (398,981 | ) |   |   | (424,617 | ) |
| Add: depreciation and amortization expense                                                                                                                                                                                                                                                                                                                                                                                          |   |                                   | 18,124   |   |                                |   | 15,578   |                    |   |   | 33,702      |   |   |   | 31,983 |   |   |   | 28,006 |   |
| Less: advertising expense                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                   | (15,985  | )      |                                |   | (13,027  | )                       |   |   | (29,012     | )      |   |   | (27,713 | ) |   |   | (29,948 | ) |
| Company-operated restaurant-level adjusted EBITDA                                                                                                                                                                                                                                                                                                                                                                                   |   | $                                      | 50,170   |   |                                | $      | 40,876   |                    |   | $      | 91,046      |   |   | $ | 84,578 |   |   | $ | 79,360 |   |
| Company-operated restaurant-level adjusted EBITDA margin                                                                                                                                                                                                                                                                                                                                                                            |   |                                   | 18.1     | %      |                                |   | 17.8     | %                       |   |   | 18.0        | %      |   |   | 17.6 | % |   |   | 15.7 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Franchise restaurant adjusted EBITDA(1):                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |     |   |                                |   |     |                    |   |   |        |   |   |   |   |   |   |   |   |   |
| Franchised and licensed restaurants and other revenue                                                                                                                                                                                                                                                                                                                                                                               |   | $                                      | 47,993   |   |                                | $      | 39,480   |                    |   | $      | 87,473      |   |   | $ | 86,173 |   |   | $ | 89,568 |   |
| Less: franchised and licensed restaurants and other expense                                                                                                                                                                                                                                                                                                                                                                         |   |                                   | (20,918  | )      |                                |   | (16,524  | )                       |   |   | (37,442     | )      |   |   | (37,764 | ) |   |   | (39,968 | ) |
| Add: depreciation and amortization expense                                                                                                                                                                                                                                                                                                                                                                                          |   |                                   | 2,272    |   |                                |   | 636      |                    |   |   | 2,908       |   |   |   | 1,241 |   |   |   | 1,269 |   |
| Franchise restaurant adjusted EBITDA                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                      | 29,347   |   |                                | $      | 23,592   |                    |   | $      | 52,939      |   |   | $ | 49,650 |   |   | $ | 50,869 |   |

| (1) | Refer to definitions of company-operated restaurant-level non-GAAP measures and franchise restaurant adjusted EBITDA within the subheading “Presentation of Non-GAAP Measures” in this Item 7. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Successor                           |    |   | Predecessor                       |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|-----------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | ThirteenWeeks EndedJanuary 31, 2011 |    |   | TwelveWeeks EndedJanuary 25, 2010 |   |
| Company-operated restaurants revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                                   | 117,640 |   |                              | $      | 104,129 |   |
| Franchised and licensed restaurants and other revenue                                                                                            |   |                                | 20,214  |   |                              |   | 17,861 |   |
| Total revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                | 137,854 |   |                              |   | 121,990 |   |
| Restaurant operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                |    |   |                              |   |   |   |
| Food and packaging                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                | 35,125  |   |                              |   | 29,835 |   |
| Payroll and other employee benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                | 36,906  |   |                              |   | 34,083 |   |
| Occupancy and other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                | 26,719  |   |                              |   | 24,765 |   |
| Total restaurant operating costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                | 98,750  |   |                              |   | 88,683 |   |
| Franchised and licensed restaurants and other expense                                                                                            |   |                                | 8,904   |   |                              |   | 7,230 |   |
| Advertising expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                | 6,899   |   |                              |   | 5,688 |   |
| General and administrative expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                | 19,044  |   |                              |   | 16,338 |   |
| Facility action charges, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                | 307     |   |                              |   | 1,516 |   |
| Operating income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                                   | 3,950   |   |                              | $      | 2,535 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                |    |   |                              |   |   |   |
| Company-operated same-store sales increase (decrease)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                | 5.7     | %      |                              |   | (2.5 | )% |
| Franchise-operated same-store sales increase (decrease)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                | 4.4     | %      |                              |   | (2.6 | )% |
| Company-operated same-store transaction increase (decrease)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                | 0.1     | %      |                              |   | (0.7 | )% |
| Company-operated average check (actual $)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                                   | 5.27    |   |                              | $      | 5.01 |   |
| Restaurant operating costs as a percentage of company-operated restaurants revenue:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                |    |   |                              |   |   |   |
| Food and packaging                                                                                                                                         |   |                                | 29.9    | %      |                              |   | 28.7 | % |
| Payroll and other employee benefits                                                                                                                        |   |                                | 31.4    | %      |                              |   | 32.7 | % |
| Occupancy and other                                                                                                                                        |   |                                | 22.7    | %      |                              |   | 23.8 | % |
| Total restaurant operating costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                | 83.9    | %      |                              |   | 85.2 | % |
| Advertising expense as a percentage of company-operated restaurants revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                | 5.9     | %      |                              |   | 5.5 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                |    |   |                              |   |   |   |
| Company-operated restaurant-level adjusted EBITDA(1):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                |    |   |                              |   |   |   |
| Company-operated restaurants revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                                   | 117,640 |   |                              | $      | 104,129 |   |
| Less: restaurant operating costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                | (98,750 | )      |                              |   | (88,683 | ) |
| Add: depreciation and amortization expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                | 7,941   |   |                              |   | 7,729 |   |
| Less: advertising expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                | (6,899  | )      |                              |   | (5,688 | ) |
| Company-operated restaurant-level adjusted EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                                   | 19,932  |   |                              | $      | 17,487 |   |
| Company-operated restaurant-level adjusted EBITDA margin                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                | 16.9    | %      |                              |   | 16.8 | % |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                |    |   |                              |   |   |   |
| Franchise restaurant adjusted EBITDA(1):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                |    |   |                              |   |   |   |
| Franchised and licensed restaurants and other revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                                   | 20,214  |   |                              | $      | 17,861 |   |
| Less: franchised and licensed restaurants and other expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                | (8,904  | )      |                              |   | (7,230 | ) |
| Add: depreciation and amortization expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                | 978     |   |                              |   | 122 |   |
| Franchise restaurant adjusted EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                                   | 12,288  |   |                              | $      | 10,753 |   |

| (1) | Refer to definitions of company-operated restaurant-level non-GAAP measures and franchise restaurant adjusted EBITDA within the subheading “Presentation of Non-GAAP Measures” in this Item 7. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Company-operated restaurant-level adjusted EBITDA margin for fiscal 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 19.1   | %      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| Increase in food and packaging costs                                                                                                                                                 |   |   | (1.0   | )      |
| Payroll and other employee benefits:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |
| Increase in labor costs, excluding workers’ compensation                                                                                                                                 |   |   | (0.7   | )      |
| Increase in workers’ compensation expense                                                                                                                                                |   |   | (0.1   | )      |
| Occupancy and other (excluding depreciation and amortization):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |
| Increase in rent expense                                                                                                                                                                       |   |   | (0.6   | )      |
| Increase in property tax expense                                                                                                                                                               |   |   | (0.1   | )      |
| Other, net                                                                                                                                                                                     |   |   | (0.2   | )      |
| Decrease in advertising expense                                                                                                                                                      |   |   | 0.2    |   |
| Company-operated restaurant-level adjusted EBITDA margin for fiscal 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 16.6   | %      |

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|                                                        |   | Successor                              |    |   | Predecessor                         |   |    | Successor / Predecessor |   |   | Predecessor |   |
|-------------------------------------------------------------|--------|----------------------------------------|---------|--------|-------------------------------------|--------|---------|-------------------------|--------|--------|-------------|--------|
|                                                        |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |    | Fiscal 2011             |   |   | Fiscal 2010 |   |
| Franchised and licensed restaurants and other revenue:      |   |                                   |    |   |                                |   |    |                    |   |   |        |   |
| Royalties                                                   |   | $                                      | 18,415  |   |                                | $      | 15,068  |                    |   | $      | 33,483      |   |   | $ | 32,346 |   |
| Distribution centers                                        |   |                                   | — |   |                                |   | 86,891  |                    |   |   | 86,891      |   |   |   | 192,188 |   |
| Rent and other occupancy                                    |   |                                   | 12,666  |   |                                |   | 9,421   |                    |   |   | 22,087      |   |   |   | 21,674 |   |
| Franchise fees                                              |   |                                   | 414     |   |                                |   | 475     |                    |   |   | 889         |   |   |   | 1,334 |   |
| Total franchised and licensed restaurants and other revenue |   | $                                      | 31,495  |   |                                | $      | 111,855 |                    |   | $      | 143,350     |   |   | $ | 247,542 |   |
| Franchised and licensed restaurants and other expense:      |   |                                   |    |   |                                |   |    |                    |   |   |        |   |   |   |   |   |
| Administrative expense (including provision for bad debts)  |   | $                                      | 6,138   |   |                                | $      | 3,722   |                    |   | $      | 9,860       |   |   | $ | 7,671 |   |
| Distribution centers                                        |   |                                   | — |   |                                |   | 86,170  |                    |   |   | 86,170      |   |   |   | 189,346 |   |
| Rent and other occupancy                                    |   |                                   | 11,534  |   |                                |   | 8,673   |                    |   |   | 20,207      |   |   |   | 19,065 |   |
| Total franchised and licensed restaurants and other expense |   | $                                      | 17,672  |   |                                | $      | 98,565  |                    |   | $      | 116,237     |   |   | $ | 216,082 |   |

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| Company-operated restaurant-level adjusted EBITDA margin for fiscal 2010 |   |   | 17.6   | %      |
|--------------------------------------------------------------------------|--------|--------|--------|--------|
| Increase in food and packaging costs                                     |   |   | (1.0   | )      |
| Payroll and other employee benefits:                                     |   |   |   |   |   |
| Decrease in labor costs, excluding workers’ compensation           |   |   | 0.6    |   |   |
| Increase in workers’ compensation expense                          |   |   | (0.2   | )      |   |
| Occupancy and other (excluding depreciation and amortization):           |   |   |   |   |   |
| Decrease in utilities expense                                            |   |   | 0.4    |   |
| Decrease repairs and maintenance expense                                 |   |   | 0.2    |   |
| Decrease in general liability insurance                                  |   |   | 0.1    |   |
| Other, net                                                               |   |   | 0.2    |   |
| Decrease in advertising expense                                          |   |   | 0.1    |   |
| Company-operated restaurant-level adjusted EBITDA margin for fiscal 2011 |   |   | 18.0   | %      |

|                                                        |   | Successor                              |   |   | Predecessor                               |   |   | Successor / Predecessor |   |   | Predecessor |   |
|-------------------------------------------------------------|--------|----------------------------------------|--------|--------|-------------------------------------------|--------|--------|-------------------------|--------|--------|-------------|--------|
|                                                        |   | Twenty-NineWeeks EndedJanuary 31, 2011 |   |   | Twenty-FourWeeks Ended July 12, 2010 |   |   | Fiscal 2011             |   |   | Fiscal 2010 |   |
| Franchised and licensed restaurants and other revenue:      |   |                                   |   |   |                                      |   |   |                    |   |   |        |   |
| Royalties                                                   |   | $                                      | 30,784 |   |                                      | $      | 24,702 |                    |   | $      | 55,486      |   |   | $ | 51,557 |   |
| Distribution centers                                        |   |                                   | 9,664  |   |                                      |   | 9,220  |                    |   |   | 18,884      |   |   |   | 21,630 |   |
| Rent and other occupancy                                    |   |                                   | 7,052  |   |                                      |   | 5,187  |                    |   |   | 12,239      |   |   |   | 11,922 |   |
| Franchise fees                                              |   |                                   | 493    |   |                                      |   | 371    |                    |   |   | 864         |   |   |   | 1,064 |   |
| Total franchised and licensed restaurants and other revenue |   | $                                      | 47,993 |   |                                      | $      | 39,480 |                    |   | $      | 87,473      |   |   | $ | 86,173 |   |
| Franchised and licensed restaurants and other expense:      |   |                                   |   |   |                                      |   |   |                    |   |   |        |   |   |   |   |   |
| Administrative expense (including provision for bad debts)  |   | $                                      | 5,140  |   |                                      | $      | 3,320  |                    |   | $      | 8,460       |   |   | $ | 7,544 |   |
| Distribution centers                                        |   |                                   | 10,041 |   |                                      |   | 9,352  |                    |   |   | 19,393      |   |   |   | 21,567 |   |
| Rent and other occupancy                                    |   |                                   | 5,737  |   |                                      |   | 3,852  |                    |   |   | 9,589       |   |   |   | 8,653 |   |
| Total franchised and licensed restaurants and other expense |   | $                                      | 20,918 |   |                                      | $      | 16,524 |                    |   | $      | 37,442      |   |   | $ | 37,764 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Successor                              |    |   | Predecessor                         |   |   | Successor/ Predecessor |   |   | Predecessor |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|-------------------------------------|--------|--------|------------------------|--------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2011            |   |   | Fiscal 2010 |   |
| Federal income taxes                                                                                 |   | $                                      | (11,415 | )      |                                | $      | 5,479  |                   |   | $      | (5,936      | )      |   | $ | 27,078 |   |
| State income taxes                                                                                   |   |                                   | (743    | )      |                                |   | 1,694  |                   |   |   | 951         |   |   |   | (13,130 | ) |
| Foreign income taxes                                                                                 |   |                                   | 817     |   |                                |   | 599    |                   |   |   | 1,416       |   |   |   | 1,030 |   |
| Income tax (benefit) expense                                                                         |   | $                                      | (11,341 | )      |                                | $      | 7,772  |                   |   | $      | (3,569      | )      |   | $ | 14,978 |   |

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| Company-operated restaurant-level adjusted EBITDA margin for fiscal 2009 |   |   | 19.7   | %      |
|--------------------------------------------------------------------------|--------|--------|--------|--------|
| Decrease in food and packaging costs                                     |   |   | 0.9    |   |
| Increase in labor costs, excluding workers’ compensation           |   |   | (0.6   | )      |
| Occupancy and other (excluding depreciation and amortization):           |   |   |   |   |
| Increase in rent expense                                                 |   |   | (0.4   | )      |
| Increase in banking and ATM costs                                        |   |   | (0.2   | )      |
| Increase in property tax expense                                         |   |   | (0.2   | )      |
| Decrease in utilities expense                                            |   |   | 0.2    |   |
| Other, net                                                               |   |   | (0.1   | )      |
| Increase in advertising expense                                          |   |   | (0.2   | )      |
| Company-operated restaurant-level adjusted EBITDA margin for fiscal 2010 |   |   | 19.1   | %      |

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|                                                        |   | Predecessor |    |
|-------------------------------------------------------------|--------|-------------|---------|
|                                                        |   | Fiscal 2010 |    |   | Fiscal 2009 |   |
| Franchised and licensed restaurants and other revenue:      |   |        |    |   |   |   |
| Royalties                                                   |   | $           | 32,346  |   |   | $ | 33,375 |   |
| Distribution centers                                        |   |        | 192,188 |   |   |   | 204,834 |   |
| Rent and other occupancy                                    |   |        | 21,674  |   |   |   | 21,216 |   |
| Franchise fees                                              |   |        | 1,334   |   |   |   | 1,815 |   |
| Total franchised and licensed restaurants and other revenue |   | $           | 247,542 |   |   | $ | 261,240 |   |
| Franchised and licensed restaurants and other expense:      |   |        |    |   |   |   |   |   |
| Administrative expense (including provision for bad debts)  |   | $           | 7,671   |   |   | $ | 7,318 |   |
| Distribution centers                                        |   |        | 189,346 |   |   |   | 203,898 |   |
| Rent and other occupancy                                    |   |        | 19,065  |   |   |   | 18,515 |   |
| Total franchised and licensed restaurants and other expense |   | $           | 216,082 |   |   | $ | 229,731 |   |

| Company-operated restaurant-level adjusted EBITDA margin for fiscal 2009 |   |   | 15.7   | %      |
|--------------------------------------------------------------------------|--------|--------|--------|--------|
| Decrease in food and packaging costs                                     |   |   | 1.2    |   |
| Occupancy and other (excluding depreciation and amortization):           |   |   |   |   |
| Decrease in utilities expense                                            |   |   | 0.3    |   |
| Decrease general liability insurance expense                             |   |   | 0.2    |   |
| Other, net                                                               |   |   | 0.1    |   |
| Decrease in advertising expense                                          |   |   | 0.1    |   |
| Company-operated restaurant-level adjusted EBITDA margin for fiscal 2010 |   |   | 17.6   | %      |

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|                                                        |   | Predecessor |   |
|-------------------------------------------------------------|--------|-------------|--------|
|                                                        |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Franchised and licensed restaurants and other revenue:      |   |        |   |   |   |   |
| Royalties                                                   |   | $           | 51,557 |   |   | $ | 49,646 |   |
| Distribution centers                                        |   |        | 21,630 |   |   |   | 23,646 |   |
| Rent and other occupancy                                    |   |        | 11,922 |   |   |   | 12,411 |   |
| Franchise fees                                              |   |        | 1,064  |   |   |   | 3,865 |   |
| Total franchised and licensed restaurants and other revenue |   | $           | 86,173 |   |   | $ | 89,568 |   |
| Franchised and licensed restaurants and other expense:      |   |        |   |   |   |   |   |   |
| Administrative expense (including provision for bad debts)  |   | $           | 7,544  |   |   | $ | 7,224 |   |
| Distribution centers                                        |   |        | 21,567 |   |   |   | 24,462 |   |
| Rent and other occupancy                                    |   |        | 8,653  |   |   |   | 8,282 |   |
| Total franchised and licensed restaurants and other expense |   | $           | 37,764 |   |   | $ | 39,968 |   |

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|                 |   | Predecessor |    |
|----------------------|--------|-------------|---------|
|                 |   | Fiscal 2010 |    |   | Fiscal 2009 |   |
| Federal income taxes |   | $           | 27,078  |   |   | $ | 19,564 |   |
| State income taxes   |   |        | (13,130 | ) |   |   | 358 |   |
| Foreign income taxes |   |        | 1,030   |   |   |   | 1,611 |   |
| Income tax expense   |   | $           | 14,978  |   |   | $ | 21,533 |   |

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| Company-operated restaurant-level adjusted EBITDA margin for the fiscal fourth quarter 2010 |   |   | 17.4   | %      |
|---------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| Decrease in food and packaging costs                                                        |   |   | 0.2    |   |
| Payroll and other employee benefits:                                                        |   |   |   |   |
| Decrease in workers’ compensation expense                                             |   |   | 0.2    |   |
| Increase in labor costs, excluding workers’ compensation                              |   |   | (0.1   | )      |
| Occupancy and other (excluding depreciation and amortization):                              |   |   |   |   |
| Increase in general liability insurance expense                                             |   |   | (0.4   | )      |
| Decrease in repairs and maintenance expense                                                 |   |   | 0.3    |   |
| Increase in asset disposal expense                                                          |   |   | (0.2   | )      |
| Increase in rent expense                                                                    |   |   | (0.1   | )      |
| Other, net                                                                                  |   |   | (0.2   | )      |
| Decrease in advertising expense                                                             |   |   | 0.1    |   |
| Company-operated restaurant-level adjusted EBITDA margin for the fiscal fourth quarter 2011 |   |   | 17.2   | %      |

|                                                        |   | Successor                           |    |   | Predecessor                       |   |
|-------------------------------------------------------------|--------|-------------------------------------|---------|--------|-----------------------------------|--------|
|                                                        |   | ThirteenWeeks EndedJanuary 31, 2011 |    |   | TwelveWeeks EndedJanuary 25, 2010 |   |
| Franchised and licensed restaurants and other revenue:      |   |                                |    |   |                              |   |
| Royalties                                                   |   | $                                   | 8,396   |   |                              | $      | 7,443 |   |
| Distribution centers                                        |   |                                | — |   |                              |   | 44,268 |   |
| Rent and other occupancy                                    |   |                                | 5,421   |   |                              |   | 5,054 |   |
| Franchise fees                                              |   |                                | 180     |   |                              |   | 296 |   |
| Total franchised and licensed restaurants and other revenue |   | $                                   | 13,997  |   |                              | $      | 57,061 |   |
| Franchised and licensed restaurants and other expense:      |   |                                |    |   |                              |   |   |   |
| Administrative expense (including provision for bad debts)  |   | $                                   | 2,858   |   |                              | $      | 1,866 |   |
| Distribution centers                                        |   |                                | — |   |                              |   | 43,621 |   |
| Rent and other occupancy                                    |   |                                | 5,111   |   |                              |   | 4,449 |   |
| Total franchised and licensed restaurants and other expense |   | $                                   | 7,969   |   |                              | $      | 49,936 |   |

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| Company-operated restaurant-level adjusted EBITDA margin for the fiscal fourth quarter 2010 |   |   | 16.8   | %      |
|---------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| Increase in food and packaging costs                                                        |   |   | (1.2   | )      |
| Payroll and other employee benefits:                                                        |   |   |   |   |
| Decrease in labor costs, excluding workers’ compensation                              |   |   | 1.6    |   |
| Increase in workers’ compensation expense                                             |   |   | (0.3   | )      |
| Occupancy and other (excluding depreciation and amortization):                              |   |   |   |   |
| Decrease in asset disposal expense                                                          |   |   | 0.5    |   |
| Increase in utilities expense                                                               |   |   | (0.3   | )      |
| Other, net                                                                                  |   |   | 0.2    |   |
| Increase in advertising expense                                                             |   |   | (0.4   | )      |
| Company-operated restaurant-level adjusted EBITDA margin for the fiscal fourth quarter 2011 |   |   | 16.9   | %      |

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|                                                        |   | Successor                           |   |   | Predecessor                       |   |
|-------------------------------------------------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
|                                                        |   | ThirteenWeeks EndedJanuary 31, 2011 |   |   | TwelveWeeks EndedJanuary 25, 2010 |   |
| Franchised and licensed restaurants and other revenue:      |   |                                |   |   |                              |   |
| Royalties                                                   |   | $                                   | 13,200 |   |                              | $      | 11,276 |   |
| Distribution centers                                        |   |                                | 3,795  |   |                              |   | 3,562 |   |
| Rent and other occupancy                                    |   |                                | 3,012  |   |                              |   | 2,803 |   |
| Franchise fees                                              |   |                                | 207    |   |                              |   | 220 |   |
| Total franchised and licensed restaurants and other revenue |   | $                                   | 20,214 |   |                              | $      | 17,861 |   |
| Franchised and licensed restaurants and other expense:      |   |                                |   |   |                              |   |   |   |
| Administrative expense (including provision for bad debts)  |   | $                                   | 2,307  |   |                              | $      | 1,817 |   |
| Distribution centers                                        |   |                                | 4,042  |   |                              |   | 3,620 |   |
| Rent and other occupancy                                    |   |                                | 2,555  |   |                              |   | 1,793 |   |
| Total franchised and licensed restaurants and other expense |   | $                                   | 8,904  |   |                              | $      | 7,230 |   |

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|                                   |   | Successor/ Predecessor |   |   | Predecessor |   |
|----------------------------------------|--------|------------------------|--------|--------|-------------|--------|
|                                   |   | 2011                   |   |   | 2010        |   |
| Remodels:                              |   |                   |   |   |        |   |
| Carl’s Jr.                       |   | $                      | 2,617  |   |        | $      | 10,920 |   |
| Hardee’s                         |   |                   | 15,537 |   |        |   | 22,912 |   |
| Capital maintenance:                   |   |                   |   |   |        |   |   |   |
| Carl’s Jr.                       |   |                   | 11,051 |   |        |   | 14,886 |   |
| Hardee’s                         |   |                   | 14,806 |   |        |   | 17,947 |   |
| New restaurants and rebuilds:          |   |                   |   |   |        |   |   |   |
| Carl’s Jr.                       |   |                   | 10,889 |   |        |   | 14,156 |   |
| Hardee’s                         |   |                   | 3,602  |   |        |   | 4,605 |   |
| Dual-branding:                         |   |                   |   |   |        |   |   |   |
| Carl’s Jr.                       |   |                   | 858    |   |        |   | 727 |   |
| Hardee’s                         |   |                   | 2,346  |   |        |   | 642 |   |
| Real estate and franchise acquisitions |   |                   | 20     |   |        |   | 5,457 |   |
| Corporate and other                    |   |                   | 1,372  |   |        |   | 10,176 |   |
| Total                                  |   | $                      | 63,098 |   |        | $      | 102,428 |   |

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|                                                                                                                                                                                                                                                                       |   | Payments Due by Periods |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|-----------|
|                                                                                                                                                                                                                                                                       |   | Total                   |      |   | Less Than One Year |   |   | 1-3 Years |   |   | 3-5 Years |   |   | After 5 Years |   |
| Bank indebtedness and other long-term debt(1)                                                                                                                                                                                                                              |   | $                       | 601,005   |   |   | $ | 29 |   |   | $ | 66 |   |   | $ | 78 |   |   | $ | 600,832 |   |
| Interest and commitment fees on bank indebtedness and other long-term debt(1)(2)                                                                                                                                                                                           |   |                    | 521,536   |   |   |   | 70,368 |   |   |   | 140,729 |   |   |   | 139,566 |   |   |   | 170,873 |   |
| Capital lease obligations(3)(4)                                                                                                                                                                                                                                            |   |                    | 69,037    |   |   |   | 12,106 |   |   |   | 21,252 |   |   |   | 15,554 |   |   |   | 20,125 |   |
| Operating lease obligations(3)                                                                                                                                                                                                                                             |   |                    | 677,664   |   |   |   | 87,616 |   |   |   | 154,486 |   |   |   | 123,256 |   |   |   | 312,306 |   |
| Unconditional purchase obligations(5)                                                                                                                                                                                                                                      |   |                    | 77,261    |   |   |   | 63,090 |   |   |   | 11,729 |   |   |   | 1,859 |   |   |   | 583 |   |
| Other commitments(6)                                          |   |                    | 7,541     |   |   |   | 2,211 |   |   |   | 3,765 |   |   |   | 1,565 |   |   |   | — |   |
| Total contractual cash obligations                                                                                                                                                                                                                                         |   | $                       | 1,954,044 |   |   | $ | 235,420 |   |   | $ | 332,027 |   |   | $ | 281,878 |   |   | $ | 1,104,719 |   |

| (1) | The amounts reported above exclude the Parent Notes. |
|-----|------------------------------------------------------|

| (2) | Represents interest obligations on our bank indebtedness and other long-term debt, commitment fees related to the unused portion of our Credit Facility and fees related to our outstanding letters of credit. The amounts included above assume no changes to the borrowings on our Credit Facility through maturity or early redemption of our Notes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The amounts reported above as operating lease and capital lease obligations include leases contained in the estimated liability for closed restaurants and leases for which we sublease the related properties to others. Additional information regarding operating lease and capital lease obligations can be found in Note 8 of Notes to Consolidated Financial Statements included herein. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Capital lease obligations consist of the undiscounted value of the future principal and interest payments. |
|-----|------------------------------------------------------------------------------------------------------------|

| (5) | Unconditional purchase obligations include contracts for goods and services, primarily related to system restaurant operations and contractual commitments for marketing and sponsorship arrangements. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Other commitments shown in the table above are comprised of executive retention bonuses and obligations which represent uncertain tax positions. The years for which the uncertain tax positions will be effectively settled or paid have been estimated in scheduling the obligations within the table. In addition to the obligations in the table above, approximately $1,152 of unrecognized tax benefits have been recorded as an offset to deferred income tax assets, of which $507 is anticipated to be effectively settled or paid within one year. Additionally, we have $11,130 of unrecognized tax positions which are fully offset by a valuation allowance of which we are uncertain as to if or when such amounts may be settled. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                               |   | Amount of Commitment Expirations Per Period |   |
|------------------------------------|--------|---------------------------------------------|--------|
|                               |   | Total AmountsCommitted                      |   |   | Less Than One Year |   |   | 1-3 Years |   |   | 3-5 Years |   |   | After 5 Years |   |
| Outstanding letters of credit      |   | $                                           | 34,933 |   |   | $ | 34,933 |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |
| Other(1)                           |   |                                        | 3,181  |   |   |   | 1,295 |   |   |   | 1,512 |   |   |   | 337 |   |   |   | 37 |   |
| Total other commercial commitments |   | $                                           | 38,114 |   |   | $ | 36,228 |   |   | $ | 1,512 |   |   | $ | 337 |   |   | $ | 37 |   |

| (1) | Other includes commitments retained in connection with the sale of La Salsa in fiscal 2008 and consists of contingent liabilities related to guarantees of La Salsa leases and self-insured workers’ compensation, general and auto liability claims that arose prior to the completion of the sale of La Salsa. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Future expected brand-level cash flows related to our trademarks/tradenames and franchise agreements; |
|--------|-------------------------------------------------------------------------------------------------------|

| · | Market value of lease arrangements and the expected term, including available option periods, of such leasing arrangements; |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| · | Assumptions likely to be used by market participants in valuing in-service restaurant-level assets; |
|--------|-----------------------------------------------------------------------------------------------------|

| · | Determination of the estimated useful lives of the assets acquired; and |
|--------|-------------------------------------------------------------------------|

| · | Discount rates used in valuing such assets. |
|--------|---------------------------------------------|

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| · | Because not all companies calculate these measures identically, our presentation of such measures may not be comparable to similarly titled measures of other companies; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | These measures exclude certain general and administrative and other operating costs, which should also be considered when assessing our operating performance; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | These measures exclude depreciation and amortization, and although they are non-cash charges, the assets being depreciated or amortized will often have to be replaced and new investments made to support the operations of our restaurant portfolio. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

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ITEM 9A. CONTROLS AND PROCEDURES

ITEM 9B. OTHER INFORMATION

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 11. EXECUTIVE COMPENSATION

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

|   |                                                                                                                                                                                                                                   | Page   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (a)(1) | Index to Consolidated Financial Statements:                                                                                                                                                                                            |   |
|   | Report of Independent Registered Public Accounting Firm                                                                                                                                                                                | 62     |
|   | Consolidated Balance Sheets                                                                                                                                                                                                            | 63     |
|   | Consolidated Statements of Operations                                                                                                                                                                                                  | 64     |
|   | Consolidated Statements of Stockholders’ Equity                                                                                                                                                                                  | 65     |
|   | Consolidated Statements of Cash Flows                                                                                                                                                                                                  | 66     |
|   | Notes to Consolidated Financial Statements                                                                                                                                                                                        | 67     |
|   |                                                                                                                                                                                                                                   |   |
| (a)(2) | Financial Statement Schedules:All financial statement schedules have been omitted since the required information is included in the Consolidated Financial Statements or the notes thereto, or the omitted schedules are not required. |   |
|   |                                                                                                                                                                                                                                   |   |
| (a)(3) | Exhibits:An “Exhibit Index” has been filed as a part of this Annual Report on Form 10-K beginning on page 102 hereof and is incorporated herein by reference.                                               |   |

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| Signature                 |   | Title                                        |   | Date           |
|---------------------------|--------|----------------------------------------------|--------|----------------|
|                      |   |                                         |   |           |
|                      |   |                                         |   |           |
| /s/ ANDREW F. PUZDER      |   | Chief Executive Officer (Principal           |   | April 15, 2011 |
| Andrew F. Puzder          |   | Executive Officer) and Director              |   |           |
|                      |   |                                         |   |           |
| /s/ THEODORE ABAJIAN      |   | Executive Vice President and Chief Financial |   | April 15, 2011 |
| Theodore Abajian          |   | Officer (Principal Financial Officer)        |   |           |
|                      |   |                                         |   |           |
| /s/ REESE STEWART         |   | Senior Vice President and Chief Accounting   |   | April 15, 2011 |
| Reese Stewart             |   | Officer (Principal Accounting Officer)       |   |           |
|                      |   |                                         |   |           |
| /s/ PETER COPSES          |   | Chairman of the Board                        |   | April 15, 2011 |
| Peter Copses              |   |                                         |   |           |
|                      |   |                                         |   |           |
| /s/ ROBERT DINICOLA       |   | Director                                     |   | April 15, 2011 |
| Robert DiNicola           |   |                                         |   |           |
|                      |   |                                         |   |           |
| /s/ GEORGE GOLLEHER       |   | Director                                     |   | April 15, 2011 |
| George Golleher           |   |                                         |   |           |
|                      |   |                                         |   |           |
| /s/ LANCE MILKEN          |   | Director                                     |   | April 15, 2011 |
| Lance Milken              |   |                                         |   |           |
|                      |   |                                         |   |           |
| /s/ DANIEL E. PONDER, JR. |   | Director                                     |   | April 15, 2011 |
| Daniel E. Ponder, Jr.     |   |                                         |   |           |
|                      |   |                                         |   |           |
| /s/ JEROLD H. RUBINSTEIN  |   | Director                                     |   | April 15, 2011 |
| Jerold H. Rubinstein      |   |                                         |   |           |
|                      |   |                                         |   |           |
| /s/ C. THOMAS THOMPSON    |   | Director                                     |   | April 15, 2011 |
| C. Thomas Thompson        |   |                                         |   |           |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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CONSOLIDATED BALANCE SHEETS

|                                                                                                                                       |   | Successor             |          |   | Predecessor      |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|---------------|--------|------------------|--------|
|                                                                                                                                       |   | January 31, 2011 |          |   | January 31, 2010 |   |
| ASSETS                                                                                                                                     |   |                  |          |   |             |   |
| Current assets:                                                                                                                            |   |                  |          |   |             |   |
| Cash and cash equivalents                                                                                                                  |   | $                     | 42,586        |   |             | $      | 18,246 |   |
| Accounts receivable, net                                                                                                                   |   |                  | 27,300        |   |             |   | 35,016 |   |
| Related party trade receivables                                                                                                            |   |                  | 216           |   |             |   | 5,037 |   |
| Inventories                                                                                                                                |   |                  | 14,526        |   |             |   | 24,692 |   |
| Prepaid expenses                                                                                                                           |   |                  | 14,062        |   |             |   | 13,723 |   |
| Assets held for sale                                                                                                                       |   |                  | 196           |   |             |   | 500 |   |
| Advertising fund assets, restricted                                                                                                        |   |                  | 18,464        |   |             |   | 18,295 |   |
| Deferred income tax assets, net                                                                                                            |   |                  | 15,980        |   |             |   | 26,517 |   |
| Other current assets                                                                                                                       |   |                  | 4,065         |   |             |   | 3,829 |   |
| Total current assets                                                                                                                       |   |                  | 137,395       |   |             |   | 145,855 |   |
| Notes receivable, net                                                                                                                      |   |                  | 172           |   |             |   | 1,075 |   |
| Property and equipment, net                                                                                                                |   |                  | 623,580       |   |             |   | 568,334 |   |
| Property and equipment under capital leases, net                                                                                           |   |                  | 34,741        |   |             |   | 32,579 |   |
| Deferred income tax assets, net                                                                                                            |   |                  | —       |   |             |   | 40,299 |   |
| Goodwill                                                                                                                                   |   |                  | 197,120       |   |             |   | 24,589 |   |
| Intangible assets, net                                                                                                                     |   |                  | 462,733       |   |             |   | 2,317 |   |
| Other assets, net                                                                                                                          |   |                  | 24,319        |   |             |   | 8,495 |   |
| Total assets                                                                                                                               |   | $                     | 1,480,060     |   |             | $      | 823,543 |   |
|                                                                                                                                       |   |                  |          |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                 |   |                  |          |   |             |   |   |   |
| Current liabilities:                                                                                                                       |   |                  |          |   |             |   |   |   |
| Current portion of bank indebtedness and other long-term debt                                                                              |   | $                     | 29            |   |             | $      | 12,262 |   |
| Current portion of capital lease obligations                                                                                               |   |                  | 7,441         |   |             |   | 7,445 |   |
| Accounts payable                                                                                                                           |   |                  | 41,442        |   |             |   | 65,656 |   |
| Advertising fund liabilities                                                                                                               |   |                  | 18,464        |   |             |   | 18,295 |   |
| Other current liabilities                                                                                                                  |   |                  | 79,520        |   |             |   | 95,605 |   |
| Total current liabilities                                                                                                                  |   |                  | 146,896       |   |             |   | 199,263 |   |
| Bank indebtedness and other long-term debt, less current portion                                                                           |   |                  | 589,987       |   |             |   | 266,202 |   |
| Capital lease obligations, less current portion                                                                                            |   |                  | 41,198        |   |             |   | 43,099 |   |
| Deferred income tax liabilities, net                                                                                                       |   |                  | 164,847       |   |             |   | — |   |
| Other long-term liabilities                                                                                                                |   |                  | 113,215       |   |             |   | 78,804 |   |
| Total liabilities                                                                                                                          |   |                  | 1,056,143     |   |             |   | 587,368 |   |
|                                                                                                                                       |   |                  |          |   |             |   |   |   |
| Commitments and contingencies (Notes 7, 8, 10, 11, 12 and 24)                                                                         |   |                  |          |   |             |   |   |   |
| Subsequent events (Note 11)                                                                                                           |   |                  |          |   |             |   |   |   |
|                                                                                                                                       |   |                  |          |   |             |   |   |   |
| Stockholders’ equity:                                                                                                                |   |                  |          |   |             |   |   |   |
| Predecessor: Common stock, $0.01 par value; 100,000,000 shares authorized; 55,290,626 shares issued and outstanding as of January 31, 2010 |   |                  | —       |   |             |   | 553 |   |
| Successor: Common stock, $0.01 par value; 100 shares authorized, issued and outstanding as of January 31, 2011                             |   |                  | —       |   |             |   | — |   |
| Additional paid-in capital                                                                                                                 |   |                  | 452,659       |   |             |   | 282,904 |   |
| Accumulated deficit                                                                                                                        |   |                  |  (28,742 | )      |             |   |  (47,282 | ) |
| Total stockholders’ equity                                                                                                           |   |                  | 423,917       |   |             |   | 236,175 |   |
| Total liabilities and stockholders’ equity                                                                                           |   | $                     | 1,480,060     |   |             | $      | 823,543 |   |

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CONSOLIDATED STATEMENTS OF OPERATIONS

|                                          |   | Successor                              |        |   | Predecessor                         |   |
|-----------------------------------------------|--------|----------------------------------------|-------------|--------|-------------------------------------|--------|
|                                          |   | Twenty-NineWeeks EndedJanuary 31, 2011 |        |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Revenue:                                      |   |                                   |        |   |                                |   |   |   |   |   |   |   |
| Company-operated restaurants                  |   | $                                      | 598,753     |   |                                | $      | 500,531 |   |   | $ | 1,084,474 |   |   | $ | 1,131,312 |   |
| Franchised and licensed restaurants and other |   |                                   | 79,773      |   |                                |   | 151,588 |   |   |   | 334,259 |   |   |   | 351,398 |   |
| Total revenue                                 |   |                                   | 678,526     |   |                                |   | 652,119 |   |   |   | 1,418,733 |   |   |   | 1,482,710 |   |
| Operating costs and expenses:                 |   |                                   |        |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Restaurant operating costs:                   |   |                                   |        |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Food and packaging                            |   |                                   | 176,310     |   |                                |   | 148,992 |   |   |   | 310,483 |   |   |   | 335,707 |   |
| Payroll and other employee benefits           |   |                                   | 173,497     |   |                                |   | 147,187 |   |   |   | 312,571 |   |   |   | 322,936 |   |
| Occupancy and other                           |   |                                   | 147,872     |   |                                |   | 119,076 |   |   |   | 260,061 |   |   |   | 258,995 |   |
| Total restaurant operating costs              |   |                                   | 497,679     |   |                                |   | 415,255 |   |   |   | 883,115 |   |   |   | 917,638 |   |
| Franchised and licensed restaurants and other |   |                                   | 38,590      |   |                                |   | 115,089 |   |   |   | 253,850 |   |   |   | 269,699 |   |
| Advertising                                   |   |                                   | 34,481      |   |                                |   | 29,647 |   |   |   | 64,443 |   |   |   | 66,911 |   |
| General and administrative                    |   |                                   | 84,347      |   |                                |   | 58,806 |   |   |   | 133,135 |   |   |   | 140,303 |   |
| Facility action charges, net                  |   |                                   | 1,497       |   |                                |   | 590 |   |   |   | 4,695 |   |   |   | 4,139 |   |
| Other operating expenses, net                 |   |                                   | 20,003      |   |                                |   | 10,249 |   |   |   | — |   |   |   | — |   |
| Total operating costs and expenses            |   |                                   | 676,597     |   |                                |   | 629,636 |   |   |   | 1,339,238 |   |   |   | 1,398,690 |   |
| Operating income                              |   |                                   | 1,929       |   |                                |   | 22,483 |   |   |   | 79,495 |   |   |   | 84,020 |   |
| Interest expense                              |   |                                   | (43,689     | )      |                                |   | (8,617 | ) |   |   | (19,254 | ) |   |   | (28,609 | ) |
| Other income (expense), net                   |   |                                   |  1,677 |   |                                |   | (13,609 | ) |   |   | 2,935 |   |   |   | 3,078 |   |
| (Loss) income before income taxes             |   |                                   | (40,083     | )      |                                |   | 257 |   |   |   | 63,176 |   |   |   | 58,489 |   |
| Income tax (benefit) expense                  |   |                                   | (11,341     | )      |                                |   | 7,772 |   |   |   | 14,978 |   |   |   | 21,533 |   |
| Net (loss) income                             |   | $                                      | (28,742     | )      |                                | $      | (7,515 | ) |   | $ | 48,198 |   |   | $ | 36,956 |   |

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

|                                                                                     |   | Common Stock |           |   | Common Stock Held in Treasury |   |           |   |   |   |           |   |   |                      |           |
|------------------------------------------------------------------------------------------|--------|--------------|----------------|--------|-------------------------------|--------|----------------|--------|--------|--------|----------------|--------|--------|---------------------------|----------------|
|                                                                                     |   | Shares       |           |   | Amount                        |   |           | Shares |   |   | Amount         |   |   | AdditionalPaid-In Capital |           |   | AccumulatedDeficit |   |   | Total Stockholders’Equity |   |
| Predecessor:                                                                             |   |         |           |   |                          |   |           |   |   |   |           |   |   |                      |           |   |   |   |   |   |   |
| Balance as of January 31, 2008                                                      |   |         | 52,503,472     |   |                          | $      | 525            |   |   |   | (27,800        | )      |   | $                         | (359           | ) |   | $ | 251,524 |   |   | $ | (106,448 | ) |   | $ | 145,242 |   |
| Cash dividends declared                                                                  |   |         | —        |   |                          |   | —        |   |   |   | —        |   |   |                      | —        |   |   |   | — |   |   |   | (12,846 | ) |   |   |  (12,846 | ) |
| Issuance of restricted stock awards, net of forfeitures                                  |   |         | 635,980        |   |                          |   | 6              |   |   |   | —        |   |   |                      | —        |   |   |   | (6 | ) |   |   | — |   |   |   |  — |   |
| Exercise of stock options                                                                |   |         | 218,333        |   |                          |   | 2              |   |   |   | —        |   |   |                      | —        |   |   |   | 1,624 |   |   |   | — |   |   |   | 1,626 |   |
| Conversion of 2023 Convertible Notes into common stock                                   |   |         | 1,786,963      |   |                          |   | 18             |   |   |   | —        |   |   |                      | —        |   |   |   | 15,149 |   |   |   | — |   |   |   | 15,167 |   |
| Net tax deficiency from exercise of stock options and vesting of restricted stock awards |   |         |   — |   |                          |   |   — |   |   |   |   — |   |   |                      |   — |   |   |   | (242 | ) |   |   |   — |   |   |   | (242 | ) |
| Share-based compensation expense                                                         |   |         | —        |   |                          |   | —        |   |   |   | —        |   |   |                      | —        |   |   |   | 12,521 |   |   |   | — |   |   |   | 12,521 |   |
| Repurchase and retirement of common stock                                                |   |         | (491,765       | )      |                          |   | (5             | )      |   |   | 27,800         |   |   |                      | 359            |   |   |   | (4,502 | ) |   |   | — |   |   |   | (4,148 | ) |
| Net income                                                                               |   |         | —        |   |                          |   | —        |   |   |   | —        |   |   |                      | —        |   |   |   | — |   |   |   | 36,956 |   |   |   | 36,956 |   |
| Balance as of January 31, 2009                                                           |   |         | 54,652,983     |   |                          |   | 546            |   |   |   | —        |   |   |                      | —        |   |   |   | 276,068 |   |   |   | (82,338 | ) |   |   | 194,276 |   |
| Cash dividends declared                                                                  |   |         | —        |   |                          |   | —        |   |   |   | —        |   |   |                      | —        |   |   |   | — |   |   |   | (13,142 | ) |   |   | (13,142 | ) |
| Issuance of restricted stock awards, net of forfeitures                                  |   |         | 637,719        |   |                          |   | 7              |   |   |   | —        |   |   |                      | —        |   |   |   | (7 | ) |   |   | — |   |   |   | — |   |
| Exercise of stock options                                                                |   |         | 190,986        |   |                          |   | 2              |   |   |   | —        |   |   |                      | —        |   |   |   | 836 |   |   |   | — |   |   |   | 838 |   |
| Net tax deficiency from exercise of stock options and vesting of restricted stock awards |   |         |   — |   |                          |   |   — |   |   |   |   — |   |   |                      |   — |   |   |   | (391 | ) |   |   |   — |   |   |   | (391 | ) |
| Share-based compensation expense                                                         |   |         | —        |   |                          |   | —        |   |   |   | —        |   |   |                      | —        |   |   |   | 8,120 |   |   |   | — |   |   |   | 8,120 |   |
| Repurchase and retirement of common stock                                                |   |         |  (191,062 | )      |                          |   | (2             | )      |   |   | —        |   |   |                      | —        |   |   |   | (1,722 | ) |   |   | — |   |   |   | (1,724 | ) |
| Net income                                                                               |   |         | —        |   |                          |   | —        |   |   |   | —        |   |   |                      | —        |   |   |   | — |   |   |   | 48,198 |   |   |   | 48,198 |   |
| Balance as of January 31, 2010                                                           |   |         | 55,290,626     |   |                          |   | 553            |   |   |   | —        |   |   |                      | —        |   |   |   | 282,904 |   |   |   | (47,282 | ) |   |   | 236,175 |   |
| Forfeitures of restricted stock awards                                                   |   |         | (78,484        | )      |                          |   | (1             | )      |   |   | —        |   |   |                      | —        |   |   |   | 1 |   |   |   | — |   |   |   | — |   |
| Exercise of stock options                                                                |   |         | 154,317        |   |                          |   | 2              |   |   |   | —        |   |   |                      | —        |   |   |   | 1,061 |   |   |   | — |   |   |   | 1,063 |   |
| Share-based compensation expense                                                         |   |         | —        |   |                          |   | —        |   |   |   | —        |   |   |                      | —        |   |   |   | 4,710 |   |   |   | — |   |   |   | 4,710 |   |
| Repurchase and retirement of common stock                                                |   |         | (178,800       | )      |                          |   | (2             | )      |   |   | —        |   |   |                      | —        |   |   |   | (2,070 | ) |   |   | — |   |   |   | (2,072 | ) |
| Net loss                                                                                 |   |         | —        |   |                          |   | —        |   |   |   | —        |   |   |                      | —        |   |   |   | — |   |   |   | (7,515 | ) |   |   | (7,515 | ) |
| Balance as of July 12, 2010                                                              |   |         | 55,187,659     |   |                          | $      | 552            |   |   |   | —        |   |   | $                         | —        |   |   | $ | 286,606 |   |   | $ | (54,797 | ) |   | $ | 232,361 |   |

|                             |   | Common Stock |    |   |   |   |    |                      |   |   |               |   |
|----------------------------------|--------|--------------|---------|--------|--------|--------|---------|---------------------------|--------|--------|--------------------|--------|
|                             |   | Shares       |    |   | Amount |   |    | AdditionalPaid-In Capital |   |   | AccumulatedDeficit |   |   | Total Stockholders’ Equity |   |
| Successor:                       |   |         |    |   |   |   |    |                      |   |   |               |   |   |   |   |
| Equity contribution              |   |         | 100     |   |   | $      | — |                      |   | $      | 450,000            |   |   | $ | — |   |   | $ | 450,000 |   |
| Share-based compensation expense |   |         | — |   |   |   | — |                      |   |   | 2,659              |   |   |   | — |   |   |   | 2,659 |   |
| Net loss                         |   |         | — |   |   |   | — |                      |   |   | —            |   |   |   |   (28,742 | ) |   |   | (28,742 | ) |
| Balance as of January 31, 2011   |   |         | 100     |   |   | $      | — |                      |   | $      | 452,659            |   |   | $ | (28,742 | ) |   | $ | 423,917 |   |

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CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Successor                              |     |   | Predecessor                         |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|----------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Twenty-NineWeeks EndedJanuary 31, 2011 |     |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Cash flows from operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |     |   |                                |   |   |   |   |   |   |   |
| Net (loss) income                                                                                                                               |   | $                                      | (28,742  | )      |                                | $      | (7,515 | ) |   | $ | 48,198 |   |   | $ | 36,956 |   |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                   |     |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                                                             |   |                                   | 42,917   |   |                                |   | 33,703 |   |   |   | 71,064 |   |   |   | 63,497 |   |
| Amortization of debt issuance costs and discount on notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                   | 2,089    |   |                                |   | 522 |   |   |   | 1,035 |   |   |   | 1,186 |   |
| Share-based compensation expense                                                                                                                          |   |                                   | 2,659    |   |                                |   | 4,710 |   |   |   | 8,120 |   |   |   | 12,521 |   |
| Provision for (recovery of) losses on accounts and notesreceivable                                                                                                       |   |                                   | 127      |   |                                |   | (100 | ) |   |   | (212 | ) |   |   | 309 |   |
| Loss (gain) on disposal of property and equipment and capital leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                   | 4,322    |   |                                |   | (1,326 | ) |   |   | 2,341 |   |   |   | 2,353 |   |
| Facility action charges, net                                                                                                                              |   |                                   | 1,823    |   |                                |   | 590 |   |   |   | 4,695 |   |   |   | 4,139 |   |
| Deferred income taxes                                                                                                                                     |   |                                   | (10,990  | )      |                                |   | 8,241 |   |   |   | 11,797 |   |   |   | 18,033 |   |
| Other non-cash charges                                                                                                                                    |   |                                   | —  |   |                                |   | — |   |   |   | 34 |   |   |   | 34 |   |
| Net changes in operating assets and liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                   |     |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Receivables, inventories, prepaid expenses and other current and non-current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                   | 7,858    |   |                                |   | 4,826 |   |   |   | 1,905 |   |   |   | 6,298 |   |
| Estimated liability for closed restaurants and estimated liability for self-insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   | (1,230   | )      |                                |   | (2,318 | ) |   |   | (3,618 | ) |   |   | (4,140 | ) |
| Accounts payable and other current and long-term liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                   | (32,218  | )      |                                |   | 4,317 |   |   |   | 4,407 |   |   |   | 4,551 |   |
| Net cash (used in) provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                   | (11,385  | )      |                                |   | 45,650 |   |   |   | 149,766 |   |   |   | 145,737 |   |
| Cash flows from investing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |     |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of property and equipment                                                                                                             |   |                                   | (29,360  | )      |                                |   | (33,738 | ) |   |   | (102,306 | ) |   |   | (114,165 | ) |
| Acquisition of Predecessor                                                                                                                      |   |                                   | (693,478 | )      |                                |   | — |   |   |   | — |   |   |   | — |   |
| Proceeds from sale of property and equipment                                                                                                    |   |                                   | 1,283    |   |                                |   | 1,011 |   |   |   | 4,457 |   |   |   | 22,689 |   |
| Proceeds from sale of Distribution Center assets                                                                                                |   |                                   | 1,992    |   |                                |   | 19,203 |   |   |   | — |   |   |   | — |   |
| Collections of non-trade notes receivable                                                                                                       |   |                                   | 312      |   |                                |   | 673 |   |   |   | 3,399 |   |   |   | 3,048 |   |
| Acquisition of restaurants, net of cash received                                                                                                |   |                                   | —  |   |                                |   | — |   |   |   | (1,041 | ) |   |   | (3,477 | ) |
| Other investing activities                                                                                                                      |   |                                   |  91 |   |                                |   |  (284 | ) |   |   | 135 |   |   |   | 87 |   |
| Net cash used in investing activities                                                                                                                                              |   |                                   | (719,160 | )      |                                |   | (13,135 | ) |   |   | (95,356 | ) |   |   | (91,818 | ) |
| Cash flows from financing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |     |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Net change in bank overdraft                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                   | 1,030    |   |                                |   | (7,364 | ) |   |   | 3,295 |   |   |   | (13,424 | ) |
| Borrowings under revolving credit facilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                   | —  |   |                                |   | 138,500 |   |   |   | 122,000 |   |   |   | 153,000 |   |
| Repayments of borrowings under revolving credit facilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   | (34,000  | )      |                                |   | (134,500 | ) |   |   | (154,000 | ) |   |   | (157,500 | ) |
| Repayments of Predecessor Facility term loan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                   | (236,487 | )      |                                |   | (10,945 | ) |   |   | (4,303 | ) |   |   | (16,490 | ) |
| Proceeds from issuance of senior secured second lien notes, net of original issue discount                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   | 588,510  |   |                                |   | — |   |   |   | — |   |   |   | — |   |
| Payment of debt issuance costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                   | (19,981  | )      |                                |   | — |   |   |   | — |   |   |   | (399 | ) |
| Repayments of other long-term debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                   | (14      | )      |                                |   | (13 | ) |   |   | (21 | ) |   |   | (161 | ) |
| Repayments of capital lease obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                   | (4,292   | )      |                                |   | (3,748 | ) |   |   | (7,277 | ) |   |   | (5,725 | ) |
| Repurchase of common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   | —  |   |                                |   | (2,072 | ) |   |   | (1,724 | ) |   |   | (4,416 | ) |
| Exercise of stock options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                   | —  |   |                                |   | 1,063 |   |   |   | 838 |   |   |   | 1,626 |   |
| Tax impact of stock option and restricted stock award transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                   | —  |   |                                |   | — |   |   |   | 299 |   |   |   | 174 |   |
| Dividends paid on common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                   | —  |   |                                |   | (3,317 | ) |   |   | (13,140 | ) |   |   | (12,728 | ) |
| Net advances from (to) affiliates of Apollo Management                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                   | 2,641    |   |                                |   | (2,641 | ) |   |   | — |   |   |   | — |   |
| Equity contribution                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                   | 450,000  |   |                                |   | — |   |   |   | — |   |   |   | — |   |
| Net cash provided by (used in) financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                   | 747,407  |   |                                |   | (25,037 | ) |   |   | (54,033 | ) |   |   | (56,043 | ) |
| Net increase (decrease) in cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                   | 16,862   |   |                                |   | 7,478 |   |   |   | 377 |   |   |   | (2,124 | ) |
| Cash and cash equivalents at beginning of period                                                                                 |   |                                   | 25,724   |   |                                |   | 18,246 |   |   |   | 17,869 |   |   |   | 19,993 |   |
| Cash and cash equivalents at end of period                                                                                       |   | $                                      | 42,586   |   |                                | $      | 25,724 |   |   | $ | 18,246 |   |   | $ | 17,869 |   |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Carl’s Jr. |   |   | Hardee’s |   |   | Other  |   |   | Total   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|--------|--------|----------------|--------|--------|--------|--------|--------|---------|--------|
| Company-operated                                                                                                 |   |             | 423    |   |           |   | 466    |   |   |   | 1       |   |   |   | 890 |   |
| Franchised                                                                                                       |   |             | 674    |   |           |   | 1,226  |   |   |   | 10      |   |   |   | 1,910 |   |
| Licensed                                                                                                         |   |             | 152    |   |           |   | 207    |   |   |   | — |   |   |   | 359 |   |
| Total                                                                                                            |   |             | 1,249  |   |           |   | 1,899  |   |   |   | 11      |   |   |   | 3,159 |   |

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| · | estimation of future cash flows used to assess the recoverability of long-lived assets, including intangible assets and goodwill, and to establish the estimated liability for closed restaurants and subsidizing lease payments of franchisees; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | estimation, using actuarially determined methods, of our self-insured claim losses under our workers’ compensation, general and auto liability insurance programs; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | determination of appropriate estimated liabilities for loss contingencies; |
|--------|----------------------------------------------------------------------------|

| · | determination of appropriate assumptions to use in evaluating leases for capital versus operating lease treatment, establishing depreciable lives for leasehold improvements and establishing straight-line rent expense periods; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | estimation of the appropriate allowances associated with franchisee, licensee and other receivables; |
|--------|------------------------------------------------------------------------------------------------------|

| · | determination of the appropriate assumptions to use to estimate the fair value of share-based compensation; |
|--------|-------------------------------------------------------------------------------------------------------------|

| · | estimation of our deferred income tax asset valuation allowance, liabilities related to uncertain tax positions and effective tax rate; and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

| · | estimation of the fair value allocation of the purchase price to assets acquired and liabilities assumed in connection with the acquisition accounting and the useful lives assigned to amortizing assets and liabilities in connection with the Merger. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (i)   | impairment of restaurant-level long-lived assets for under-performing restaurants to be disposed of or held and used; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (ii)   | store closure costs, including subleasing of closed facilities at amounts below our primary lease obligations; |
|------------------|----------------------------------------------------------------------------------------------------------------|

| (iii)   | gain or loss on the sale of restaurants and refranchising transactions; and |
|-------------------|----------------------------------------------------------------------------------|

| (iv)   | amortization of discount related to estimated liability for closed restaurants. |
|------------------|---------------------------------------------------------------------------------|

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| Total consideration:                                                  |   |   |          |
|-----------------------------------------------------------------------|--------|--------|---------------|
| Cash paid to shareholders                                             |   | $      | 704,065       |   |
| Less: post-combination share-based compensation expense (see Note 17) |   |   |  (10,587 | ) |
| Total purchase price consideration                                    |   |   | 693,478       |   |
|                                                                  |   |   |          |   |
| Fair value of assets acquired and liabilities assumed:                |   |   |          |   |
| Cash and cash equivalents                                             |   |   | 25,724        |   |
| Accounts receivable(1)                                           |   |   | 39,755        |   |
| Inventories                                                           |   |   | 13,956        |   |
| Deferred income tax assets, net - current                             |   |   | 19,104        |   |
| Other current assets                                                  |   |   | 36,214        |   |
| Notes receivable - current and long-term(2)                      |   |   | 2,311         |   |
| Property and equipment(3)                                        |   |   | 636,654       |   |
| Property under capital leases                                         |   |   | 38,363        |   |
| Intangible assets                                                     |   |   | 471,764       |   |
| Other assets                                                          |   |   | 5,237         |   |
| Bank indebtedness - current and long-term                             |   |   | (271,505      | ) |
| Capital lease obligations - current and long-term                     |   |   | (53,049       | ) |
| Accounts payable                                                      |   |   | (54,811       | ) |
| Deferred income tax liabilities, net - long-term                      |   |   | (178,960      | ) |
| Unfavorable lease obligations                                         |   |   | (68,980       | ) |
| Other liabilities - current and long-term                             |   |   | (165,419      | ) |
| Net assets acquired                                                   |   |   | 496,358       |   |
| Excess purchase price attributed to goodwill acquired                 |   | $      | 197,120       |   |

| (1) | The gross amount due under accounts receivable acquired is $40,074, of which $319 was expected to be uncollectible. |
|-----|---------------------------------------------------------------------------------------------------------------------|

| (2) | The gross amount due under notes receivable acquired is $5,947, of which $3,636 was expected to be uncollectible. |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (3) | The estimated fair value of property and equipment acquired consisted of $237,437 of land, $87,311 of leasehold improvements, $201,876 of buildings and improvements, and $110,030 of equipment, furniture and fixtures. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|          |   | Pro FormaFiscal 2011(1) |      |   | Pro FormaFiscal 2010(1) |   |
|---------------|--------|-------------------------|-----------|--------|-------------------------|--------|
| Total revenue |   | $                       | 1,331,699 |   |                    | $      | 1,420,186 |   |
| Net loss      |   |                    | (7,561    | )      |                    |   | (4,452 | ) |

| (1) | The unaudited pro forma results of operations exclude any effect related to the senior unsecured PIK toggle notes issued by CKE Holdings, Inc. (see Note 11). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                  |   | Successor            |    |   | Predecessor          |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|---------|--------|----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                  |   | 2011                 |    |   | 2010                 |   |
|                                                                                                                                                                                                                                                                                                                                                                                  |   | Carrying Amount |    |   | Estimated Fair Value |   |   | Carrying Amount |   |   | Estimated Fair Value |   |
| Financial assets:                                                                                                                                                                                                                                                                                                                                                                     |   |                 |    |   |                 |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                           |   | $                    | 42,586  |   |                 | $      | 42,586 |   |   | $ | 18,246 |   |   | $ | 18,246 |   |
| Notes receivable                                                                    |   |                 | 4,681   |   |                 |   | 4,619 |   |   |   | 2,183 |   |   |   | 2,534 |   |
| Financial liabilities:                                                                                                                                                                                                                                                                                                                                                                |   |                 |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Bank indebtedness and other long-term debt, including current portion                                                                                                                                                                                                                                                                                                                 |   |                 | 590,016 |   |                 |   | 676,005 |   |   |   | 278,464 |   |   |   | 250,798 |   |

|   | Level 1 - Quoted prices in active markets for identical assets or liabilities; |
|--------|------------------------------------------------------------------------------------------|

|   | Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | Successor |    |   | Predecessor |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|---------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Level  |   | 2011      |    |   | 2010        |   |
| Interest rate swap agreements(1)                                                                                              | 2      |   | $         | — |   |        | $      | 15,482 |   |

| (1) | On July 12, 2010, we settled and paid in full all obligations related to our interest rate swap agreements. |
|-----|-------------------------------------------------------------------------------------------------------------|

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|                              |   | Successor |      |   | Predecessor |   |
|-----------------------------------|--------|-----------|-----------|--------|-------------|--------|
|                              |   | 2011      |      |   | 2010        |   |
| Trade receivables                 |   | $         | 20,524    |   |        | $      | 26,676 |   |
| Income taxes receivable           |   |      | 2,190     |   |        |   | 7,259 |   |
| Notes receivable, current portion |   |      | 4,509     |   |        |   | 1,263 |   |
| Other                             |   |      | 169       |   |        |   | 176 |   |
| Allowance for doubtful accounts   |   |      |  (92 | )      |        |   |  (358 | ) |
|                              |   | $         | 27,300    |   |        | $      | 35,016 |   |

|                            |   | Successor |    |   | Predecessor |   |
|---------------------------------|--------|-----------|---------|--------|-------------|--------|
|                            |   | 2011      |    |   | 2010        |   |
| Franchisees                     |   | $         | 172     |   |        | $      | 379 |   |
| Other                           |   |      | — |   |        |   | 1,075 |   |
| Allowance for doubtful accounts |   |      | — |   |        |   |  (379 | ) |
|                            |   | $         | 172     |   |        | $      | 1,075 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Accounts Receivable |       |   | Notes Receivable |   |       | Total  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|------------|--------|-----------------------|--------|------------|--------|--------|
| Predecessor:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                |       |   |                  |   |       |   |   |
| Balance as of January 31, 2008                                                                                              |   | $                   | 755        |   |                  | $      | 608        |   |   | $ | 1,363 |   |
| Provision                                                                                                                        |   |                | 272        |   |                  |   | 53         |   |   |   | 325 |   |
| Charge-offs                                                                                                                      |   |                |  (307 | )      |                  |   |  (132 | )      |   |   |  (439 | ) |
| Balance as of January 31, 2009                                                                                              |   |                | 720        |   |                  |   | 529        |   |   |   | 1,249 |   |
| Recovery of provision                                                                                                            |   |                | (62        | )      |                  |   | (150       | )      |   |   | (212 | ) |
| Charge-offs                                                                                                                      |   |                |  (300 | )      |                  |   | —    |   |   |   |  (300 | ) |
| Balance as of January 31, 2010                                                                                                   |   |                | 358        |   |                  |   | 379        |   |   |   | 737 |   |
| Recovery of provision                                                                                                            |   |                | (77        | )      |                  |   | (23        | )      |   |   | (100 | ) |
| Charge-offs                                                                                                                      |   |                |  (84  | )      |                  |   | —    |   |   |   |  (84 | ) |
| Balance as of July 12, 2010(1)                                                                                                   |   | $                   | 197        |   |                  | $      | 356        |   |   | $ | 553 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                |       |   |                  |   |       |   |   |   |   |   |
| Successor:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                |       |   |                  |   |       |   |   |   |   |   |
| Opening balance(1)                                                                                                               |   | $                   | —    |   |                  | $      | —    |   |   | $ | — |   |
| Provision                                                                                                                        |   |                | 127        |   |                  |   | —    |   |   |   | 127 |   |
| Charge-offs                                                                                                                      |   |                |  (35  | )      |                  |   | —    |   |   |   |  (35 | ) |
| Balance as of January 31, 2011                                                                                                   |   | $                   | 92         |   |                  | $      | —    |   |   | $ | 92 |   |

| (1) | In acquisition accounting, we adjusted our accounts and notes receivable to fair value resulting in the elimination of historical allowances for doubtful accounts. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                           |                        |   | Successor |    |   | Predecessor |   |
|------------------------------------------------|-----------------------------|--------|-----------|---------|--------|-------------|--------|
|                                           | Estimated Useful Life  |   | 2011      |    |   | 2010        |   |
| Land                                           |                        |   | $         | 237,121 |   |        | $      | 126,366 |   |
| Leasehold improvements                         | 3-25 years             |   |      | 97,239  |   |        |   | 211,410 |   |
| Buildings and improvements                     | 3-40 years             |   |      | 208,271 |   |        |   | 368,448 |   |
| Equipment, furniture and fixtures              | 3-10 years             |   |      | 116,105 |   |        |   | 307,143 |   |
|                                           |                        |   |      | 658,736 |   |        |   | 1,013,367 |   |
| Less accumulated depreciation and amortization |                        |   |      | (35,156 | )      |        |   | (445,033 | ) |
|                                           |                        |   | $         | 623,580 |   |        | $      | 568,334 |   |

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|                               |   | Predecessor |   |
|------------------------------------|--------|-------------|--------|
|                               |   | 2009        |   |
| Number of franchisees              |   |        | 6      |   |
| Company-operated restaurants sold  |   |        | 102    |   |
| Net book value of restaurants sold |   | $           | 14,454 |   |
| Net proceeds                       |   |        | 16,979 |   |
| Initial franchise fees received    |   |        | 2,640  |   |
| Net loss from refranchising        |   |        | (2,036 | ) |

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|                           |   | Successor |   |   | Predecessor |   |
|--------------------------------|--------|-----------|--------|--------|-------------|--------|
|                           |   | 2011      |   |   | 2010        |   |
| Buildings                      |   | $         | 22,122 |   |        | $      | 60,435 |   |
| Equipment                      |   |      | 16,329 |   |        |   | 18,234 |   |
|                           |   |      | 38,451 |   |        |   | 78,669 |   |
| Less: accumulated amortization |   |      | (3,710 | )      |        |   | (46,090 | ) |
|                           |   | $         | 34,741 |   |        | $      | 32,579 |   |

|                                                |   | Successor |       |   | Predecessor |   |
|-----------------------------------------------------|--------|-----------|------------|--------|-------------|--------|
|                                                |   | 2011      |       |   | 2010        |   |
| Lease payments receivable                           |   | $         | 4,493      |   |        | $      | 3,778 |   |
| Less: unearned income                               |   |      | (1,934     | )      |        |   | (1,284 | ) |
|                                                |   |      | 2,559      |   |        |   | 2,494 |   |
| Less: leases receivable in accounts receivable, net |   |      |  (169 | )      |        |   |  (175 | ) |
| Net leases receivable in other assets, net          |   | $         | 2,390      |   |        | $      | 2,319 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Successor |       |   | Predecessor |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2011      |       |   | 2010        |   |
| Land                                                                                                                                                              |   | $         | 33,394     |   |        | $      | 17,962 |   |
| Leasehold improvements                                                                                                                                            |   |      | 288        |   |        |   | 5,811 |   |
| Buildings and improvements                                                                                                                                        |   |      | 14,620     |   |        |   | 25,161 |   |
| Equipment, furniture and fixtures                                                                                                                                 |   |      | 4          |   |        |   | 1,298 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |      | 48,306     |   |        |   | 50,232 |   |
| Less accumulated depreciation and amortization                                                                                                                    |   |      |  (780 | )      |        |   | (17,977 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $         | 47,526     |   |        | $      | 32,255 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Capital |    |   | Operating |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------|--------|-----------|--------|
| Fiscal:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |    |    |   |      |   |
| 2012                                                                                                                                                                                       |   | $       | 12,106  |   |      | $      | 87,616 |   |
| 2013                                                                                                                                                                                       |   |    | 11,310  |   |      |   | 80,333 |   |
| 2014                                                                                                                                                                                       |   |    | 9,942   |   |      |   | 74,153 |   |
| 2015                                                                                                                                                                                       |   |    | 7,904   |   |      |   | 67,081 |   |
| 2016                                                                                                                                                                                       |   |    | 7,650   |   |      |   | 56,175 |   |
| Thereafter                                                                                                                                                                       |   |    | 20,125  |   |      |   | 312,306 |   |
| Total minimum lease payments                                                                                                                                                     |   |    | 69,037  |   |      | $      | 677,664 |   |
| Less: amount representing interest                                                                                                                                               |   |    | (20,398 | )      |      |   |   |   |
| Present value of minimum lease payments (interest rate at 11%)                                                                                                                   |   |    | 48,639  |   |      |   |   |   |
| Less: current portion                                                                                                                                                            |   |    | (7,441  | )      |      |   |   |   |
| Capital lease obligations, excluding current portion                                                                                                                             |   | $       | 41,198  |   |      |   |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Capital Subleases |   |   | OperatingLeases or Subleases |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|--------|------------------------------|--------|
| Fiscal:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |              |   |   |                         |   |
| 2012                                                                                                                                                                  |   | $                 | 443    |   |                         | $      | 30,989 |   |
| 2013                                                                                                                                                                  |   |              | 443    |   |                         |   | 27,536 |   |
| 2014                                                                                                                                                                  |   |              | 449    |   |                         |   | 24,258 |   |
| 2015                                                                                                                                                                  |   |              | 389    |   |                         |   | 20,529 |   |
| 2016                                                                                                                                                                  |   |              | 385    |   |                         |   | 17,394 |   |
| Thereafter                                                                                                                                             |   |              | 2,384  |   |                         |   | 77,659 |   |
| Total future minimum lease payments                                                                                                                    |   | $                 | 4,493  |   |                         | $      | 198,365 |   |

|                              |   | Successor                              |         |   | Predecessor                         |   |
|-----------------------------------|--------|----------------------------------------|--------------|--------|-------------------------------------|--------|
|                              |   | Twenty-NineWeeks EndedJanuary 31, 2011 |         |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Minimum rentals                   |   | $                                      | 50,893       |   |                                | $      | 40,884 |   |   | $ | 86,460 |   |   | $ | 84,723 |   |
| Contingent rentals                |   |                                   | 1,380        |   |                                |   | 1,337 |   |   |   | 4,718 |   |   |   | 5,498 |   |
| Gross rent expense                |   |                                   | 52,273       |   |                                |   | 42,221 |   |   |   | 91,178 |   |   |   | 90,221 |   |
| Less: minimum sublease rentals    |   |                                   | (18,826      | )      |                                |   | (14,478 | ) |   |   | (32,401 | ) |   |   | (31,969 | ) |
| Less: contingent sublease rentals |   |                                   |  (1,891 | )      |                                |   |  (1,018 | ) |   |   |  (3,476 | ) |   |   |  (3,350 | ) |
|                              |   | $                                      | 31,556       |   |                                | $      | 26,725 |   |   | $ | 55,301 |   |   | $ | 54,902 |   |

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|                                                 |   | Carl’s Jr. |    |   | Hardee’s |   |    | Total  |   |
|------------------------------------------------------|--------|------------------|---------|--------|----------------|--------|---------|--------|--------|
| Predecessor:                                         |   |             |    |   |           |   |    |   |   |
| Balance at January 31, 2009                          |   | $                | 22,649  |   |           | $      | 1,039   |   |   | $ | 23,688 |   |
| Additions                                            |   |             | 901     |   |           |   | — |   |   |   | 901 |   |
| Balance at January 31, 2010                          |   |             | 23,550  |   |           |   | 1,039   |   |   |   | 24,589 |   |
| Additions                                            |   |             | — |   |           |   | — |   |   |   | — |   |
| Balance at July 12, 2010(1)                     |   | $                | 23,550  |   |           | $      | 1,039   |   |   | $ | 24,589 |   |
|                                                 |   |             |    |   |           |   |    |   |   |   |   |   |
| Successor:                                           |   |             |    |   |           |   |    |   |   |   |   |   |
| Goodwill assigned in acquisition accounting(1)  |   | $                | 184,705 |   |           | $      | 12,415  |   |   | $ | 197,120 |   |
| Additions                                            |   |             | — |   |           |   | — |   |   |   | — |   |
| Balance at January 31, 2011                          |   | $                | 184,705 |   |           | $      | 12,415  |   |   | $ | 197,120 |   |

| (1) | The historical goodwill was eliminated in acquisition accounting in connection with the Merger. See Note 2 for a discussion of goodwill recorded in connection with the Merger. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                       |   | Successor                    |   |   | Predecessor          |    |
|----------------------------|--------|------------------------------|--------|--------|----------------------|---------|
|                       |   | 2011                         |   |   | 2010                 |    |
|                       |   | Weighted AverageLife (Years) |   |   | Gross CarryingAmount |    |   | AccumulatedAmortization |   |   | Net CarryingAmount |   |   | Gross CarryingAmount |   |   | AccumulatedAmortization |   |   | Net CarryingAmount |   |
| Trademarks/Tradenames      |   | Indefinite                   |   |   | $                    | 278,000 |   |   | $ | — |   |   | $ | 278,000 |   |   | $ | 3,166 |   |   | $ | (1,251 | ) |   | $ | 1,915 |   |
| Favorable lease agreements |   | 13                           |   |   |                 | 104,975 |   |   |   | (5,873 | ) |   |   | 99,102 |   |   |   | 1,076 |   |   |   | (756 | ) |   |   | 320 |   |
| Franchise agreements       |   | 20                           |   |   |                 | 88,000  |   |   |   | (2,369 | ) |   |   | 85,631 |   |   |   | 90 |   |   |   | (8 | ) |   |   | 82 |   |
|                       |   |                         |   |   | $                    | 470,975 |   |   | $ | (8,242 | ) |   | $ | 462,733 |   |   | $ | 4,332 |   |   | $ | (2,015 | ) |   | $ | 2,317 |   |

| Fiscal:    |   |   |    |
|------------|--------|--------|---------|
| 2012       |   | $      | 15,241  |   |
| 2013       |   |   | 15,028  |   |
| 2014       |   |   | 14,115  |   |
| 2015       |   |   | 12,814  |   |
| 2016       |   |   | 12,088  |   |
| Thereafter |   |   | 115,447 |   |
|       |   | $      | 184,733 |   |

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|                                                        |   | Successor |    |   | Predecessor |   |
|-------------------------------------------------------------|--------|-----------|---------|--------|-------------|--------|
|                                                        |   | 2011      |    |   | 2010        |   |
| Salaries, wages and other benefits                          |   | $         | 29,923  |   |        | $      | 33,066 |   |
| Estimated liability for self-insurance, current portion     |   |      | 11,582  |   |        |   | 10,876 |   |
| Interest rate swaps, current portion                        |   |      | — |   |        |   | 8,542 |   |
| State sales taxes                                           |   |      | 6,712   |   |        |   | 5,481 |   |
| Accrued property taxes                                      |   |      | 5,684   |   |        |   | 5,057 |   |
| Gift card liabilities                                       |   |      | 5,023   |   |        |   | 4,796 |   |
| Accrued utilities                                           |   |      | 3,259   |   |        |   | 4,011 |   |
| Accrued interest                                            |   |      | 3,147   |   |        |   | 337 |   |
| Estimated liability for closed restaurants, current portion |   |      | 2,023   |   |        |   | 2,924 |   |
| Estimated liability for litigation                          |   |      | 325     |   |        |   | 225 |   |
| Other accrued liabilities                                   |   |      | 11,842  |   |        |   | 20,290 |   |
|                                                        |   | $         | 79,520  |   |        | $      | 95,605 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Successor |      |   | Predecessor |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 2011      |      |   | 2010        |   |
| Borrowings under Credit Facility                                                                                                                                                |   | $         | —   |   |        | $      | — |   |
| Senior secured second lien notes due 2018 (Notes)(1)                                                                                                                            |   |      | 589,011   |   |        |   | — |   |
| Borrowings under revolving portion of Predecessor Facility                                                                                                                      |   |      | —   |   |        |   | 30,000 |   |
| Term loan under Predecessor Facility                                                                                                                                            |   |      | —   |   |        |   | 247,432 |   |
| Other long-term debt                                                                                                                                                            |   |      | 1,005     |   |        |   | 1,032 |   |
| Bank indebtedness and other long-term debt                                                                                                                                      |   |      | 590,016   |   |        |   | 278,464 |   |
| Less current portion                                                                                                                                                            |   |      |  (29 | )      |        |   | (12,262 | ) |
| Bank indebtedness and other long-term debt, less current portion                                                                                                                |   | $         | 589,987   |   |        | $      | 266,202 |   |

| (1) | The $600,000 aggregate principal amount of the Notes is presented net of the unamortized discount on the Notes of $10,989 as of January 31, 2011. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| Fiscal:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
| 2012                                                                                                                                          |   | $      | 29      |   |
| 2013                                                                                                                                          |   |   | 32      |   |
| 2014                                                                                                                                          |   |   | 34      |   |
| 2015                                                                                                                                          |   |   | 37      |   |
| 2016                                                                                                                                          |   |   | 41      |   |
| Thereafter                                                                                                                                    |   |   | 600,832 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $      | 601,005 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Balance Sheet Location         |   | Fair Value |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|--------|------------|--------|
| Derivatives not designated as hedging instruments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                   |   |       |   |
| Interest rate swap agreements                                                                                          | Other current liabilities                                              |   | $          | 8,542  |   |
| Interest rate swap agreements                                                                                          | Other long-term liabilities                                            |   |       | 6,940  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                   |   | $          | 15,482 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Successor                              |    |   | Predecessor                         |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Senior secured credit facility                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                                      | — |   |                                | $      | — |   |   | $ | — |   |   | $ | — |   |
| Senior secured second lien notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                   | 37,710  |   |                                |   | — |   |   |   | — |   |   |   | — |   |
| Predecessor Facility                                                                                              |   |                                   | — |   |                                |   | 2,338 |   |   |   | 5,174 |   |   |   | 12,580 |   |
| Interest rate swap agreements                                                                                     |   |                                   | — |   |                                |   | 3,113 |   |   |   | 6,803 |   |   |   | 9,010 |   |
| Capital lease obligations                                                                                         |   |                                   | 3,047   |   |                                |   | 2,318 |   |   |   | 5,380 |   |   |   | 4,546 |   |
| Amortization of debt issuance costs and discount on notes                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                   | 2,089   |   |                                |   | 488 |   |   |   | 1,016 |   |   |   | 1,081 |   |
| 2023 Convertible Notes, interest at 4%                                                                            |   |                                   | — |   |                                |   | — |   |   |   | — |   |   |   | 404 |   |
| Other                                                                                                             |   |                                   | 843     |   |                                |   | 360 |   |   |   | 881 |   |   |   | 988 |   |
| Total interest expense                                                                                            |   | $                                      | 43,689  |   |                                | $      | 8,617 |   |   | $ | 19,254 |   |   | $ | 28,609 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Successor |    |   | Predecessor |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2011      |    |   | 2010        |   |
| Unfavorable lease agreements                                                                                                                                 |   | $         | 63,917  |   |        | $      | 647 |   |
| Estimated liability for self-insurance                                                                                                                       |   |      | 27,999  |   |        |   | 26,352 |   |
| Estimated liability for closed restaurants                                                                                                                   |   |      | 3,187   |   |        |   | 4,349 |   |
| Estimated liability for deferred rent                                                                                                                        |   |      | 1,820   |   |        |   | 14,767 |   |
| Interest rate swaps                                                                                                                                          |   |      | — |   |        |   | 6,940 |   |
| Other                                                                                                                                                        |   |      | 16,292  |   |        |   | 25,749 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $         | 113,215 |   |        | $      | 78,804 |   |

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| Shares repurchased                                                                                                                                                             |   |   | 178,800 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
| Average price per share                                                                                                                                                        |   | $      | 11.59   |   |
| Total cost, including trading commissions                                                                                                                                      |   | $      | 2,072   |   |
| Shares retired                                                                                                                                                                 |   |   | 178,800 |   |

|                                                    |   | Successor                              |    |   | Predecessor                         |   |
|---------------------------------------------------------|--------|----------------------------------------|---------|--------|-------------------------------------|--------|
|                                                    |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Royalties                                               |   | $                                      | 49,481  |   |                                | $      | 40,007 |   |   | $ | 84,447 |   |   | $ | 83,600 |   |
| Distribution center - food, packaging and supplies |   |                                   | — |   |                                |   | 86,891 |   |   |   | 192,188 |   |   |   | 204,834 |   |
| Distribution center - equipment                    |   |                                   | 9,662   |   |                                |   | 9,221 |   |   |   | 21,630 |   |   |   | 23,646 |   |
| Rent and other occupancy                                |   |                                   | 19,723  |   |                                |   | 14,615 |   |   |   | 33,596 |   |   |   | 33,625 |   |
| Franchise fees and other                                |   |                                   | 907     |   |                                |   | 854 |   |   |   | 2,398 |   |   |   | 5,693 |   |
|                                                    |   | $                                      | 79,773  |   |                                | $      | 151,588 |   |   | $ | 334,259 |   |   | $ | 351,398 |   |

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|                                                    |   | Successor                              |    |   | Predecessor                         |   |
|---------------------------------------------------------|--------|----------------------------------------|---------|--------|-------------------------------------|--------|
|                                                    |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Distribution center - food, packaging and supplies |   | $                                      | — |   |                                | $      | 86,170 |   |   | $ | 189,346 |   |   | $ | 203,898 |   |
| Distribution center - equipment                    |   |                                   | 10,041  |   |                                |   | 9,352 |   |   |   | 21,567 |   |   |   | 24,462 |   |
| Rent and other occupancy                                |   |                                   | 17,272  |   |                                |   | 12,524 |   |   |   | 27,719 |   |   |   | 26,797 |   |
| Other operating expenses                                |   |                                   | 11,277  |   |                                |   | 7,043 |   |   |   | 15,218 |   |   |   | 14,542 |   |
|                                                    |   | $                                      | 38,590  |   |                                | $      | 115,089 |   |   | $ | 253,850 |   |   | $ | 269,699 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Successor                              |   |   | Predecessor                         |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Twenty-NineWeeks EndedJanuary 31, 2011 |   |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Estimated liability for new restaurant closures                                                                              |   | $                                      | 99     |   |                                | $      | 363 |   |   | $ | 525 |   |   | $ | 601 |   |
| Adjustments to estimated liability for closed restaurants                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                   | 930    |   |                                |   | 60 |   |   |   | 558 |   |   |   | 540 |   |
| Impairment of assets to be disposed of                                                                                       |   |                                   | 75     |   |                                |   | 156 |   |   |   | — |   |   |   | 1,528 |   |
| Impairment of assets to be held and used                                                                                     |   |                                   | 289    |   |                                |   | 161 |   |   |   | 3,480 |   |   |   | 789 |   |
| (Gain) loss on sales of restaurants and surplus properties, net                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                   | (168   | )      |                                |   | (348 | ) |   |   | (260 | ) |   |   | 220 |   |
| Amortization of discount related to estimated liability for closed restaurants                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                   | 272    |   |                                |   | 198 |   |   |   | 392 |   |   |   | 461 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                                      | 1,497  |   |                                | $      | 590 |   |   | $ | 4,695 |   |   | $ | 4,139 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Successor                              |    |   | Predecessor                         |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Property and equipment:                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                   |    |   |                                |   |   |   |   |   |   |   |
| Carl’s Jr.                                                                              |   | $                                      | — |   |                                | $      | 49 |   |   | $ | 2,002 |   |   | $ | 237 |   |
| Hardee’s                                                                                |   |                                   | 364     |   |                                |   | 254 |   |   |   | 1,245 |   |   |   | 2,080 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                   | 364     |   |                                |   | 303 |   |   |   | 3,247 |   |   |   | 2,317 |   |
| Property under capital leases:                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                   |    |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Carl’s Jr.                                                                              |   |                                   | — |   |                                |   | 14 |   |   |   | 40 |   |   |   | — |   |
| Hardee’s                                                                                |   |                                   | — |   |                                |   | — |   |   |   | 193 |   |   |   | — |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                   | — |   |                                |   | 14 |   |   |   | 233 |   |   |   | — |   |
| Total:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                   |    |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Carl’s Jr.                                                                              |   |                                   | — |   |                                |   | 63 |   |   |   | 2,042 |   |   |   | 237 |   |
| Hardee’s                                                                                |   |                                   | 364     |   |                                |   | 254 |   |   |   | 1,438 |   |   |   | 2,080 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                                      | 364     |   |                                | $      | 317 |   |   | $ | 3,480 |   |   | $ | 2,317 |   |

|                                                                    |   | Carl’s Jr. |    |   | Hardee’s |   |   | Other  |   |   | Total   |   |
|-------------------------------------------------------------------------|--------|------------------|---------|--------|----------------|--------|--------|--------|--------|--------|---------|--------|
| Predecessor:                                                            |   |             |    |   |           |   |   |   |   |   |    |   |
| Balance as of January 31, 2008                                          |   | $                | 2,776   |   |           | $      | 7,634  |   |   | $      | — |   |   | $ | 10,410 |   |
| Estimated liability for new restaurant closures                         |   |             | — |   |           |   | 601    |   |   |   | — |   |   |   | 601 |   |
| Estimated liability for refranchising transactions                      |   |             | — |   |           |   | 1,924  |   |   |   | — |   |   |   | 1,924 |   |
| Usage            |   |             | (1,009  | )      |           |   | (3,159 | )      |   |   | — |   |   |   | (4,168 | ) |
| Adjustments to estimated liability for closed restaurants               |   |             | 336     |   |           |   | 36     |   |   |   | — |   |   |   | 372 |   |
| Amortization of discount                                                |   |             | 124     |   |           |   | 337    |   |   |   | — |   |   |   | 461 |   |
| Balance as of January 31, 2009                                          |   |             | 2,227   |   |           |   | 7,373  |   |   |   | — |   |   |   | 9,600 |   |
| Estimated liability for new restaurant closures                         |   |             | 284     |   |           |   | 241    |   |   |   | — |   |   |   | 525 |   |
| Usage                                                                   |   |             | (803    | )      |           |   | (2,834 | )      |   |   | — |   |   |   | (3,637 | ) |
| Adjustments to estimated liability for closed restaurants               |   |             | 104     |   |           |   | 289    |   |   |   | — |   |   |   | 393 |   |
| Amortization of discount                                                |   |             | 91      |   |           |   | 301    |   |   |   | — |   |   |   | 392 |   |
| Balance as of January 31, 2010                                          |   |             | 1,903   |   |           |   | 5,370  |   |   |   | — |   |   |   | 7,273 |   |
| Estimated liability for new restaurant closures                         |   |             | — |   |           |   | 363    |   |   |   | — |   |   |   | 363 |   |
| Usage                                                                   |   |             | (390    | )      |           |   | (1,190 | )      |   |   | (22     | )      |   |   | (1,602 | ) |
| Adjustments to estimated liability for closed restaurants               |   |             | (26     | )      |           |   | 8      |   |   |   | 53      |   |   |   | 35 |   |
| Amortization of discount                                                |   |             | 38      |   |           |   | 160    |   |   |   | — |   |   |   | 198 |   |
| Balance as of July 12, 2010(1)                                          |   | $                | 1,525   |   |           | $      | 4,711  |   |   | $      | 31      |   |   | $ | 6,267 |   |
|                                                                    |   |             |    |   |           |   |   |   |   |   |    |   |   |   |   |   |
| Successor:                                                              |   |             |    |   |           |   |   |   |   |   |    |   |   |   |   |   |
| Opening balance(1)                                                      |   | $                | 1,469   |   |           | $      | 4,387  |   |   | $      | 31      |   |   | $ | 5,887 |   |
| Estimated liability for new restaurant closures                         |   |             | — |   |           |   | 99     |   |   |   | — |   |   |   | 99 |   |
| Usage                                                                   |   |             | (413    | )      |           |   | (1,488 | )      |   |   | (17     | )      |   |   | (1,918 | ) |
| Adjustments to estimated liability for closed restaurants               |   |             | 290     |   |           |   | 579    |   |   |   | 1       |   |   |   | 870 |   |
| Amortization of discount                                                |   |             | 42      |   |           |   | 230    |   |   |   | — |   |   |   | 272 |   |
| Balance as of January 31, 2011                                          |   |             | 1,388   |   |           |   | 3,807  |   |   |   | 15      |   |   |   | 5,210 |   |
| Less: current portion, included in other current liabilities            |   |             | 472     |   |           |   | 1,536  |   |   |   | 15      |   |   |   | 2,023 |   |
| Long-term portion, included in other long-term liabilities              |   | $                | 916     |   |           | $      | 2,271  |   |   | $      | — |   |   | $ | 3,187 |   |

| (1) | In acquisition accounting, we adjusted our estimated liability for closed restaurants. |
|-----|----------------------------------------------------------------------------------------|

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Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Successor                              |    |   | Predecessor                              |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal  2010 |   |   | Fiscal 2009 |   |
| Share-based compensation expense related to restricted stock awards that contain market or performance conditions                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                                      | — |   |                                     | $      | 717 |   |   | $ | 2,163 |   |   | $ | 4,970 |   |
| Share-based compensation expense related to the acceleration of vesting of stock options and awards in connection with Merger                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                   | 10,587  |   |                                     |   | 1,521 |   |   |   | — |   |   |   | — |   |
| Share-based compensation expense related to Units that contain performance conditions                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                   | 1,390   |   |                                     |   | — |   |   |   | — |   |   |   | — |   |
| All other share-based compensation expense                                                                                 |   |                                   | 1,269   |   |                                     |   | 2,472 |   |   |   | 5,993 |   |   |   | 7,564 |   |
| Total share-based compensation expense                                                                                     |   | $                                      | 13,246  |   |                                     | $      | 4,710 |   |   | $ | 8,156 |   |   | $ | 12,534 |   |
| Associated tax benefits                                                                                                    |   | $                                      | — |   |                                     | $      | 1,804 |   |   | $ | 2,681 |   |   | $ | 3,684 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Successor |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|
| Annual dividend yield                                                                                                                                                                             |   |      | — |   |
| Expected volatility                                                                                                                                                                               |   |      | 57.00   | % |
| Risk-free interest rate (matched to the expected term of the Units)                                                                                                                               |   |      | 1.69    | % |
| Expected life (years)                                                                                                                                                                             |   |      | 4.56    |   |
| Weighted-average grant date fair value (actual dollars per Unit)                                                                                                                                  |   | $         | 3.52    |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Predecessor |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2010        |   |   | 2009 |   |
| Annual dividend yield                                                                                                                                      |   |        | 2.79   | % |   |   | 2.16 | % |
| Expected volatility                                                                                                                                        |   |        | 46.17  | % |   |   | 58.07 | % |
| Risk-free interest rate (matched to the expected term of the outstanding option)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |        | 3.01   | % |   |   | 1.84 | % |
| Expected life (years)                                                                                                                                      |   |        | 6.29   |   |   |   | 6.17 |   |
| Weighted-average grant date fair value                                                                                                                     |   | $           | 3.02   |   |   | $ | 3.93 |   |

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Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Shares |             |   | Weighted-AverageExercise Price |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------|--------|-------------------------------------|--------|
| Outstanding as of January 31, 2010                                                                                                                          |   |   | 4,434,441        |   |                                | $      | 10.63 |   |
| Granted                                                                                                                                                     |   |   | —          |   |                                |   | — |   |
| Exercised                                                                                                                                                   |   |   | (154,317         | )      |                                |   | 6.89 |   |
| Forfeited                                                                                                                                                   |   |   | (51,660          | )      |                                |   | 9.05 |   |
| Expired                                                                                                                                                     |   |   | (62,671          | )      |                                |   | 14.66 |   |
| Outstanding prior to Merger on July 12, 2010 (1)                                                                                                            |   |   |   4,165,793 |   |                                |   | 10.73 |   |

| (1) | In connection with the Merger, each of the outstanding options vested and were cancelled and converted into the right to receive the excess of $12.55 over the exercise price of the option. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Shares |      |   | Weighted-AverageGrant DateFair Value |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------------------------------------|--------|
| Restricted stock awards as of January 31, 2010                                                                                                            |   |   | 1,086,950 |   |                                 | $      | 10.79 |   |
| Modification of restricted stock awards (old)                                                                                                             |   |   | (494,736  | )      |                                 |   | 10.03 |   |
| Modification of restricted stock awards (new)                                                                                                             |   |   | 494,736   |   |                                 |   | 7.09 |   |
| Forfeited                                                                                                                                                 |   |   | (78,484   | )      |                                 |   | 15.78 |   |
| Outstanding restricted stock awards prior to the Merger on July 12, 2010(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 1,008,466 |   |                                 |   | 8.96 |   |

| (1) | In connection with the Merger, all outstanding restricted stock awards vested and were treated as a share of our common stock at closing. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Successor                                   |       |   | Predecessor                         |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|------------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Twenty-NineWeeks EndedJanuary 31, 2011 |       |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Current:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                        |       |   |                                |   |   |   |   |   |   |   |
| Federal                                                                                          |   | $                                           | (1,481     | )      |                                | $      | (1,042 | ) |   | $ | 534 |   |   | $ | 828 |   |
| State                                                                                            |   |                                        | 313        |   |                                |   | (26 | ) |   |   | 1,617 |   |   |   | 1,061 |   |
| Foreign                                                                                          |   |                                        | 817        |   |                                |   | 599 |   |   |   | 1,030 |   |   |   | 1,611 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                        |  (351 | )      |                                |   |  (469 | ) |   |   | 3,181 |   |   |   | 3,500 |   |
| Deferred:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                        |       |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Federal                                                                                          |   |                                        | (9,934     | )      |                                |   | 6,521 |   |   |   | 26,544 |   |   |   | 18,736 |   |
| State                                                                                            |   |                                        | (1,056     | )      |                                |   | 1,720 |   |   |   | (14,747 | ) |   |   |  (703 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                        | (10,990    | )      |                                |   | 8,241 |   |   |   | 11,797 |   |   |   | 18,033 |   |
| Total                                                                                            |   | $                                           | (11,341    | )      |                                | $      | 7,772 |   |   | $ | 14,978 |   |   | $ | 21,533 |   |

|                                                 |   | Successor                                   |    |   | Predecessor                         |   |
|------------------------------------------------------|--------|---------------------------------------------|---------|--------|-------------------------------------|--------|
|                                                 |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Income tax (benefit) expense at statutory rate       |   | $                                           | (14,029 | )      |                                | $      | 89 |   |   | $ | 22,112 |   |   | $ | 20,472 |   |
| State income taxes, net of federal income tax effect |   |                                        | (483    | )      |                                |   | 1,101 |   |   |   | (8,535 | ) |   |   | 233 |   |
| Nondeductible compensation                           |   |                                        | 4,625   |   |                                |   | — |   |   |   | 1,877 |   |   |   | 1,750 |   |
| Nondeductible transaction costs                      |   |                                        | 1,284   |   |                                |   | 7,091 |   |   |   | — |   |   |   | — |   |
| Other, net                                           |   |                                        | (2,738  | )      |                                |   | (509 | ) |   |   |  (476 | ) |   |   |  (922 | ) |
|                                                 |   | $                                           | (11,341 | )      |                                | $      | 7,772 |   |   | $ | 14,978 |   |   | $ | 21,533 |   |

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Table of Contents

|                                       |   | Successor |     |   | Predecessor |   |
|--------------------------------------------|--------|-----------|----------|--------|-------------|--------|
|                                       |   | 2011      |     |   | 2010        |   |
| Estimated liability for closed restaurants |   | $         | 2,315    |   |        | $      | 3,225 |   |
| Net operating loss carryforwards           |   |      | 23,754   |   |        |   | 20,101 |   |
| Basis difference in fixed assets           |   |      | (58,757  | )      |        |   | (23,391 | ) |
| Goodwill and other intangible assets       |   |      | (171,128 | )      |        |   | 18,301 |   |
| Reserves and allowances                    |   |      | 27,966   |   |        |   | 24,254 |   |
| Capital leases                             |   |      | 2,464    |   |        |   | 10,611 |   |
| Federal and state tax credits              |   |      | 22,916   |   |        |   | 17,539 |   |
| Interest rate swap agreements              |   |      | —  |   |        |   | 6,066 |   |
| Other                                      |   |      | 9,561    |   |        |   | 3,241 |   |
|                                       |   |      | (140,909 | )      |        |   | 79,947 |   |
| Valuation allowance                        |   |      | (7,958   | )      |        |   | (13,131 | ) |
| Net deferred income tax (liability) asset  |   | $         | (148,867 | )      |        | $      | 66,816 |   |

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Table of Contents

|                                                                 |   | Successor                                   |    |   | Predecessor                         |   |
|----------------------------------------------------------------------|--------|---------------------------------------------|---------|--------|-------------------------------------|--------|
|                                                                 |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Unrecognized tax benefits, beginning of period                       |   | $                                           | 15,592  |   |                                | $      | 15,905 |   |   | $ | 17,194 |   |   | $ | 19,378 |   |
| Gross increases related to tax positions taken in prior periods      |   |                                        | — |   |                                |   | — |   |   |   | 13 |   |   |   | 19 |   |
| Gross decreases related to tax positions taken in prior periods      |   |                                        | (1,565  | )      |                                |   | (90 | ) |   |   | (320 | ) |   |   | (464 | ) |
| Gross increases related to tax positions taken in the current period |   |                                        | 149     |   |                                |   | 63 |   |   |   | 341 |   |   |   | 424 |   |
| Gross decreases related to tax positions taken in the current period |   |                                        | — |   |                                |   |  (286 | ) |   |   | (1,323 | ) |   |   | (2,163 | ) |
| Unrecognized tax benefits, end of period                             |   | $                                           | 14,176  |   |                                | $      | 15,592 |   |   | $ | 15,905 |   |   | $ | 17,194 |   |

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Table of Contents

|                                                                                                                                                                                                                                                                                                                                                             |   | Successor                                   |      |   | Predecessor                              |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|--------|------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                             |   | Twenty-NineWeeks EndedJanuary 31, 2011 |      |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Revenue:                                                                                                                                                                                                                                                                                                                                                         |   |                                        |      |   |                                     |   |   |   |   |   |   |   |
| Carl’s Jr.                                                                        |   | $                                           | 353,020   |   |                                     | $      | 383,234 |   |   | $ | 852,479 |   |   | $ | 886,349 |   |
| Hardee’s                                                                          |   |                                        | 325,103   |   |                                     |   | 268,523 |   |   |   | 565,462 |   |   |   | 595,487 |   |
| Other                                                                                   |   |                                        | 403       |   |                                     |   | 362 |   |   |   | 792 |   |   |   | 874 |   |
| Total                                                                                             |   | $                                           | 678,526   |   |                                     | $      | 652,119 |   |   | $ | 1,418,733 |   |   | $ | 1,482,710 |   |
|                                                                                                                                                                                                                                                                                                                                                             |   |                                        |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Segment income:                                                                                                                                                                                                                                                                                                                                                  |   |                                        |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Carl’s Jr.                                                                        |   | $                                           | 48,429    |   |                                     | $      | 43,666 |   |   | $ | 115,849 |   |   | $ | 126,968 |   |
| Hardee’s                                                                          |   |                                        | 59,121    |   |                                     |   | 48,254 |   |   |   | 101,004 |   |   |   | 100,954 |   |
| Other                                                                                   |   |                                        | 226       |   |                                     |   | 208 |   |   |   | 472 |   |   |   | 540 |   |
| Total                                                                                             |   |                                        | 107,776   |   |                                     |   | 92,128 |   |   |   | 217,325 |   |   |   | 228,462 |   |
| Less: General and administrative expense                                                                                                                                                                                                                                                                                                                         |   |                                        | (84,347   | )      |                                     |   | (58,806 | ) |   |   | (133,135 | ) |   |   | (140,303 | ) |
| Less: Facility action charges, net                                                      |   |                                        | (1,497    | )      |                                     |   | (590 | ) |   |   | (4,695 | ) |   |   | (4,139 | ) |
| Less: Other operating expenses, net                                                                                                                                                                                                                                                                                                                              |   |                                        | (20,003   | )      |                                     |   | (10,249 | ) |   |   | — |   |   |   | — |   |
| Operating income                                                                                                                                                                                                                                                                                                                                                 |   |                                        | 1,929     |   |                                     |   | 22,483 |   |   |   | 79,495 |   |   |   | 84,020 |   |
| Interest expense                                                                                                                                                                                                                                                                                                                                                 |   |                                        | (43,689   | )      |                                     |   | (8,617 | ) |   |   | (19,254 | ) |   |   | (28,609 | ) |
| Other income (expense), net                                                                                                                                                                                                                                                                                                                                      |   |                                        | 1,677     |   |                                     |   |  (13,609 | ) |   |   | 2,935 |   |   |   | 3,078 |   |
| (Loss) income before income taxes                                                                                                                                                                                                                                                                                                                                |   | $                                           | (40,083   | )      |                                     | $      | 257 |   |   | $ | 63,176 |   |   | $ | 58,489 |   |
|                                                                                                                                                                                                                                                                                                                                                             |   |                                        |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization:                                                                                                                                                                                                                                                                                                                                   |   |                                        |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization included in segment income:                                                                                                                                                                                                                                                                                                        |   |                                        |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Carl’s Jr.                                                                                  |   | $                                           | 20,941    |   |                                     | $      | 15,586 |   |   | $ | 33,002 |   |   | $ | 29,511 |   |
| Hardee’s                                                                                    |   |                                        | 20,396    |   |                                     |   | 16,214 |   |   |   | 33,224 |   |   |   | 29,275 |   |
| Other                                                                                             |   |                                        | —   |   |                                     |   | — |   |   |   | — |   |   |   | — |   |
| Other depreciation and amortization(1)                                                                                                                                                                                                                                                                                                                           |   |                                        | 1,580     |   |                                     |   | 1,903 |   |   |   | 4,838 |   |   |   | 4,711 |   |
| Total depreciation and amortization                                                                                                                                                                                                                                                                                                                              |   | $                                           | 42,917    |   |                                     | $      | 33,703 |   |   | $ | 71,064 |   |   | $ | 63,497 |   |
|                                                                                                                                                                                                                                                                                                                                                             |   |                                        |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                             |   | Successor                                   |      |   |                                     |   |   |   | Predecessor |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                             |   | January 31, 2011                       |      |   |                                     |   |   |   | January 31, 2010 |   |   |   |   |   |
| Total assets:                                                                                                                                                                                                                                                                                                                                                    |   |                                        |      |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Carl’s Jr.                                                                        |   | $                                           | 764,256   |   |                                     |   |   |   |   | $ | 300,329 |   |   |   |   |   |
| Hardee’s                                                                          |   |                                        | 648,569   |   |                                     |   |   |   |   |   | 368,889 |   |   |   |   |   |
| Other                                                                                   |   |                                        | 67,235    |   |                                     |   |   |   |   |   | 154,325 |   |   |   |   |   |
| Total                                                                                             |   | $                                           | 1,480,060 |   |                                     |   |   |   |   | $ | 823,543 |   |   |   |   |   |

| (1) | Represents depreciation and amortization excluded from the computation of segment income. |
|-----|-------------------------------------------------------------------------------------------|

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Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Successor                                   |    |   | Predecessor                              |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|---------|--------|------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Twenty-NineWeeks EndedJanuary 31, 2011 |    |   | Twenty-FourWeeks EndedJuly 12, 2010 |   |   | Fiscal 2010 |   |   | Fiscal 2009 |   |
| Cash paid for (received from):                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                        |    |   |                                     |   |   |   |   |   |   |   |
| Interest, net of amounts capitalized(1)                                                                            |   | $                                           | 52,511  |   |                                     | $      | 8,299 |   |   | $ | 19,590 |   |   | $ | 21,753 |   |
| Income taxes, net                                                                                                  |   |                                        | (6,474  | )      |                                     |   | 530 |   |   |   | 7,747 |   |   |   | 1,252 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                        |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Non-cash investing and financing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                        |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds receivable from sale of Distribution Center assets                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                        | — |   |                                     |   | 1,992 |   |   |   | — |   |   |   | — |   |
| Dividends declared, not paid                                                                                       |   |                                        | — |   |                                     |   | — |   |   |   | 3,317 |   |   |   | 3,279 |   |
| Capital lease obligations incurred to acquire assets                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                        | 93      |   |                                     |   | 4,179 |   |   |   | 15,951 |   |   |   | 6,485 |   |
| Accrued property and equipment purchases                                                                           |   |                                        | 3,158   |   |                                     |   | 4,593 |   |   |   | 7,152 |   |   |   | 9,486 |   |

| (1) | Cash paid for interest, net of amounts capitalized, includes $14,844, $3,750, $8,912 and 2,800 of payments related to our fixed rate interest rate swap agreements during the twenty-nine weeks ended January 31, 2011, twenty-four weeks ended July 12, 2010, fiscal 2010 and fiscal 2009, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Predecessor             |    |   | Successor                     |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|-------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                    |    |   | 2nd Quarter                   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   1st Quarter |    |   | EightWeeks EndedJuly 12, 2010 |   |   | FourWeeks EndedAugust 9, 2010(1) |   |   |   3rd Quarter(1) |   |   |   4th Quarter |   |
| Fiscal 2011:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                    |    |   |                          |   |   |   |   |   |   |   |   |   |   |
| Total revenue                                                                                          |   | $                       | 435,185 |   |                          | $      | 216,934 |   |   | $ | 96,944 |   |   | $ | 284,539 |   |   | $ | 297,043 |   |
| Operating income (loss)                                                                                |   |                    | 13,546  |   |                          |   | 8,937 |   |   |   | (22,932 | ) |   |   | 14,219 |   |   |   | 10,642 |   |
| Net loss                                                                                               |   |                    | (3,093  | )      |                          |   | (4,422 | ) |   |   | (22,972 | ) |   |   | (170 | ) |   |   | (5,600 | ) |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Predecessor |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 1st Quarter |    |   | 2nd Quarter |   |   | 3rd Quarter |   |   | 4th Quarter |   |
| Fiscal 2010:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |        |    |   |   |   |   |   |   |   |   |   |
| Total revenue                                                                                              |   | $           | 446,804 |   |   | $ | 335,967 |   |   | $ | 324,217 |   |   | $ | 311,745 |   |
| Operating income                                                                                           |   |        | 29,675  |   |   |   | 22,168 |   |   |   | 16,262 |   |   |   | 11,390 |   |
| Net income                                                                                                 |   |        | 14,395  |   |   |   | 12,250 |   |   |   | 6,157 |   |   |   | 15,396 |   |

| (1) | We have retrospectively adjusted our historical financial data for changes in our acquisition accounting related to the Merger (see Note 2). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

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Table of Contents

| Exhibit Number | Description of Exhibits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1            | Agreement and Plan of Merger, dated as of April 18, 2010, by and among Columbia Lake Acquisition Holdings, Inc., Columbia Lake Acquisition Corp. and CKE Restaurants, Inc.*                                                                                                                                                                                                                                                                                                                                                     |
| 3.1            | Articles of Incorporation of CKE Restaurants, Inc.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 3.2            | Bylaws of CKE Restaurants, Inc.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.1            | Senior Secured Second Lien Notes Indenture, dated as of July 12, 2010, between Columbia Lake Acquisition Corp. and Wells Fargo Bank, National Association, as Trustee*                                                                                                                                                                                                                                                                                                                                                               |
| 4.2            | First Supplemental Indenture, dated as of July 12, 2010, by and among CKE Restaurants, Inc., the Guarantors party thereto and Wells Fargo Bank, National Association, as Trustee, to the Senior Secured Second Lien Notes Indenture, dated as of July 12, 2010, between Columbia Lake Acquisition Corp. and Wells Fargo Bank, National Association, as Trustee*                                                                                                                                                                      |
| 4.3            | Form of 11.375% Senior Secured Second Lien Notes due 2018 (included in the Indenture filed as Exhibit 4.1 to the Registration Statement on Form S-4 (File No. 333-169977) by the Company on October 15, 2010)*                                                                                                                                                                                                                                                                                                                       |
| 4.4            | Registration Rights Agreement, dated July 12, 2010, by and among Columbia Lake Acquisition Corp., CKE Restaurants, Inc, and the Guarantors party thereto and Morgan Stanley & Co. Incorporated, Citigroup Global Markets, Inc. and RBC Capital Markets Corporation, as Initial Purchasers*                                                                                                                                                                                                                                       |
| 10.1           | Credit Agreement, dated as of July 12, 2010, among Columbia Lake Acquisition Holdings, Inc., Columbia Lake Acquisition Corp. (merged with and into CKE Restaurants, Inc.), as Borrower, the Lenders party thereto, Morgan Stanley Senior Funding, Inc., as Administrative Agent and Collateral Agent, Citicorp North America, Inc. and Royal Bank of Canada, as Co-Syndication Agents, and Morgan Stanley Senior Funding, Inc., Citicorp Global Markers Inc. and RBC Capital Markets, as Joint Bookrunners and Joint-Lead Arrangers* |
| 10.2           | Intercreditor Agreement, dated as of July 12, 2010, among Morgan Stanley Senior Funding, Inc., as Credit Agreement Agent, each Other First-Priority Lien Obligations Agent party thereto, Wells Fargo Bank, National Association, as Trustee, and each collateral agent for any Future Second Lien Indebtedness party thereto*                                                                                                                                                                                                       |
| 10.3           | Collateral Agreement, dated as of July 12, 2010, among Columbia Lake Acquisition Corp. (merged with and into CKE Restaurants, Inc.), as Issuer, each Guarantor identified therein, and Wells Fargo Bank, National Association, as Trustee and Collateral Agent*                                                                                                                                                                                                                                                                      |
| 10.4           | Guarantee and Pledge Agreement, dated as of July 12, 2010, between Columbia Lake Acquisition Corp. (merged with and into CKE Restaurants, Inc.) and Morgan Stanley Senior Funding, Inc., as Administrative Agent and Collateral Agent**                                                                                                                                                                                                                                                                                              |
| 10.5           | Notes Copyright Security Agreement, dated as of July 12, 2010, among the Guarantors identified therein and Wells Fargo Bank, National Association, as Trustee and Collateral Agent*                                                                                                                                                                                                                                                                                                                                                  |
| 10.6           | Copyright Security Agreement, dated as of July 12, 2010, among the Grantors identified therein, and Morgan Stanley Senior Funding, Inc., as Administrative Agent and Collateral Agent**                                                                                                                                                                                                                                                                                                                                              |
| 10.7           | Notes Patent Security Agreement, dated as of July 12, 2010, among the Guarantors identified therein and Wells Fargo Bank, National Association, as Trustee and Collateral Agent*                                                                                                                                                                                                                                                                                                                                                     |
| 10.8           | Patent Security Agreement, dated as of July 12, 2010, among the Grantors identified therein and Morgan Stanley Senior Funding, Inc., as Administrative Agent and Collateral Agent**                                                                                                                                                                                                                                                                                                                                                  |
| 10.9           | Notes Trademark Security Agreement, dated as of July 12, 2010, among the Guarantors identified therein and Wells Fargo Bank, National Association, as Trustee and Collateral Agent*                                                                                                                                                                                                                                                                                                                                                  |
| 10.10          | Trademark Security Agreement, dated as of July 12, 2010, among the Grantors identified therein and Morgan Stanley Senior Funding, Inc., as Administrative Agent and Collateral Agent**                                                                                                                                                                                                                                                                                                                                               |
| 10.11          | Management Services Agreement, dated as of July 12, 2010, among CKE Restaurants, Inc., Columbia Lake Acquisition Holdings, Inc., and Apollo Management VII, L.P.*                                                                                                                                                                                                                                                                                                                                                                    |
| 10.12          | Limited Partnership Agreement of Apollo CKE Holdings, L.P., dated as of July 12, 2010, among Apollo CKE GP, LLC, as the General Partner, Apollo CKE Investors, L.P., as a Limited Partner, and the Management Limited Partners, each as a Limited Partner*                                                                                                                                                                                                                                                                           |
| 10.13          | Employment Agreement with Andrew F. Puzder*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.14          | Employment Agreement with E. Michael Murphy*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.15          | Employment Agreement with Theodore Abajian*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

| 12.1 | Ratio of Earnings to Fixed Charges for CKE Restaurants, Inc.**                                                                                       |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| 18.1 | Preferability Letter of Independent Registered Public Accounting Firm**                                                                              |
| 21.1 | Subsidiaries of CKE Restaurants, Inc.**                                                                                                              |
| 24.1 | Power of Attorney (included on signature page)                                                                                                       |
| 31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) / 15d-14(a) of the Securities Exchange Act of 1934**                             |
| 31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) / 15d-14(a) of the Securities Exchange Act of 1934**                             |
| 32.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350*** |
| 32.2 | Certification of Chief Financial Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350*** |

|  (*) | Filed previously by the Company as an exhibit to the Registration Statement on Form S-4 (File No. 333-169977) on October 15, 2010. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------|

| (**) | Filed herewith. |
|------|-----------------|

| (***) | Furnished herewith. |
|-------|---------------------|

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