P.F. Chang's China Bistro, Inc.

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International Guild of Hospitality & Restaurant Managers

Business Summary
Nasdaq: PFCB

P.F. Chang's China Bistro, Inc. consists of full-service restaurants throughout the United States. As of December 31, 2000, P.F. Chang's owned and operated 52 full-service restaurants that feature a blend of traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Its restaurants offer culinary creations, prepared from fresh ingredients, including herbs and spices imported directly from China. Its menu is focused on select dishes created to capture the distinct flavors and styles of the five major culinary regions of China (Canton, Hunan, Mongolia, Shanghai and Szechwan). The Company's restaurants operate under the name of P.F. Chang's China Bistro and Pei Wei Asian Diner (Pei Wei). Pei Wei is a limited-service restaurant that caters to a quicker, more casual dining experience than P.F. Chang's China Bistro..

Expanded Business Summary

Financial Summary

P.F. Chang's China Bistro owns and operates 52 full-service restaurants (as of 12/31/00) that feature a blend of traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. For the 13 weeks ended 4/1/01, revenues rose 41% to $72.4 million. Net income rose 63% to $3.9 million. Results reflect the opening of new restaurants, an increase in customer visits, a price increase and higher operating margins due to higher revenues.

Expanded Business Summary

P.F. Chang's China Bistro, Inc., incorporated in 1996, operates two restaurant concepts that are comprised of restaurants located throughout the United States. As of December 31, 2000, P.F. Chang's owned and operated 52 full-service restaurants that feature a blend of traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Its restaurants offer culinary creations, prepared from fresh ingredients, including herbs and spices imported directly from China. Its menu is focused on select dishes created to capture the distinct flavors and styles of the five major culinary regions of China (Canton, Hunan, Mongolia, Shanghai and Szechwan). The Company's restaurants operate under the name of P.F. Chang's China Bistro and Pei Wei Asian Diner (Pei Wei). Pei Wei is a limited-service restaurant that caters to a quicker, more casual dining experience than P.F. Chang's China Bistro.

P.F. Chang's adheres to the Chinese culinary precepts of fan and t'sai, a balancing of rice, noodles and grains with meat, seafood and vegetables. The menu is highlighted by dishes such as Chang's Spicy Chicken, Orange Peel Beef, Peking Ravioli, Chicken in Soothing Lettuce Wrap, Szechwan-Style Long Beans and Dan Dan Noodles. Its traditional cuisine is complemented by a full-service bar offering an extensive selection of wines, specialty drinks, Asian beers, cappuccino and espresso. P.F. Chang's features a display kitchen, exhibition wok cooking and a decor that includes wood and slate floors, mounted life-size terra cotta replicas of Xi'an warriors and narrative murals, depicting 12th century China. Slow-roasted Cantonese-style ducklings, chickens, BBQ spare ribs and BBQ pork are prepared in vertical ovens, while handmade shrimp, pork and vegetable dumplings, as well as flavorful fish and vegetables, are prepared in custom-made steamer cabinets. MSG is not used in any P.F. Chang's menu items.

In addition to the core menu, the Company's full-service, or Bistro, restaurants' menu also offers special lunch and dinner selections. These menus offer specials developed by its executive chefs around the country and are changed two to three times a year. Individual items that are well received by guests migrate to the core menu. Fresh produce, seafood, meat, poultry and specialty items that are specific to a certain region of the United States or to a specific season are featured on a daily basis.

P.F. Chang's entrees range in price from $8.00 to $13.00, and its appetizers range in price from $3.00 to $8.00. The average check per guest, including alcoholic beverages, is approximately $17 to $18. Sales of alcoholic beverages, featuring an extensive selection of wines, all of which are offered by the glass, constitute approximately 20% of revenues. Lunch and dinner contribute approximately 30% and 70% of revenues, respectively.

Pei Wei opened its first unit in July 2000 in the Phoenix, Arizona area. The Company has committed to opening two additional Pei Wei units in the Phoenix area and two in the Dallas, Texas area in 2001.

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