Interfoods of America, Inc.

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International Guild of Hospitality & Restaurant Managers

Interfoods of America, Inc., incorporated on May 13, 1994, acts, through its wholly owned subsidiary, Sailormen, Inc., as a franchisee and operator of Popeye's Chicken and Biscuits restaurants (Popeye's). The Company currently operates or subleases, pursuant to franchise agreements with AFC Enterprises, Inc. (the Franchiser), 165 Popeye's restaurants located in Florida, Alabama, Illinois, Georgia, Mississippi, Louisiana and Missouri, and two Church's Chicken restaurants in Florida.

The Popeye's menu features spicy fried chicken that each restaurant prepares daily, on premises, along with biscuits. In addition to its spicy fried chicken, the Popeye's menu contains up to 20 to 25 other items, including seasonal entrees, such as seafood dishes, and side items, such as red beans and rice, French fries, mashed potatoes with gravy, cole slaw and Cajun rice. Similar to the chicken entrees, virtually all of these items are prepared fresh daily on the premises of each restaurant. The Popeye's menu is designed to appeal to a large cross-section of the population with a particular concentration on the 18- to 49-year-olds. The Company's restaurants are generally open seven days a week, from 10 a.m. to midnight, and serve lunch and dinner.

A typical Popeye's restaurant, as operated by the Company, employs two full-time managers and at least one additional supervisory employee. Typically, all restaurant managers (and other representatives of the Company) are required to attend, at the Company's expense, training courses conducted by the Franchiser. This training program involves on-the-job training and an instructional class. Other restaurant employees are trained by the restaurant manager in accordance with the Company's and the Franchiser's guidelines.

In 2000, there were 1,465 Popeye's restaurants in operation worldwide, of which 1,051 were located in the United States. Average sales per restaurant for Popeye's located in the United States are estimated to be $817,547 annually. The Company's restaurant averaged annual sales of approximately $881,675 per unit.

All Popeye's restaurants are required to contribute 3% of their weekly net sales to the Popeye's Chicken & Biscuit Advertising Fund (Popeye's Advertising Fund) for regional and local advertising conducted by the Franchiser. The terms of the Popeye's Advertising Fund require that the Franchiser utilize all contributions to and earnings from the fund, for the purpose of advertising and promotional activities. In most of its markets, the Company voluntarily contributes amounts in excess of the required 3%.

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