RARE Hospitality International, Inc.

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International Guild of Hospitality & Restaurant Managers

8215 Roswell Road , Building 600
Atlanta , GA 30350

Phone: (770) 399-9595
Fax: (770) 551-6686

RARE Hospitality International, Inc., incorporated in December 1982, operates with its subsidiaries as a franchiser of restaurants. As of March 1, 2002 , the Company franchised 161 LongHorn Steakhouse restaurants, 15 The Capital Grille restaurants and 19 Bugaboo Creek Steak House restaurants, as well as two additional restaurants (the Specialty Restaurants), Hemenway's Seafood Grille & Oyster Bar (Hemenway's) and The Old Grist Mill Tavern.

LongHorn Steakhouse restaurants are casual dining, full-service establishments serving both lunch and dinner. With locations spread throughout the eastern half of the United States, LongHorn Steakhouse restaurants feature a variety of menu items, including signature steaks, as well as salmon, shrimp, chicken, ribs, pork chops, burgers and prime rib. The Company intends to continue to use leasing as its preferred arrangement for LongHorn Steakhouse sites, and leases all but 39 of its LongHorn Steakhouse restaurants in operation. RARE also owns two sites for restaurants under construction and owns three sites for restaurants to go under construction later in 2002.

The Capital Grille, with locations in major metropolitan cities in the Eastern and Central United States , serves classic steak house offerings, such as chops, large North Atlantic lobsters and fresh seafood. The restaurants a wine list offering over 300 selections, personalized service, comfortable club-like atmosphere and premiere private dining rooms. The Company intends to continue to emphasize leasing as its preferred arrangement for The Capital Grille sites, and leases all of its The Capital Grille sites. All three The Capital Grille restaurants opened in 2001 were located on leased property.

Bugaboo Creek Steak House restaurants feature moderately priced, flavorful food items and an offering of full liquor service. Primarily located in the Northeast and Mid-Atlantic regions of the United States , Bugaboo Creek Steak House restaurants attract guests of all ages with a rustic decor reminiscent of a Canadian Rocky Mountain lodge. Stressing a friendly and attentive service style, Bugaboo Creek Steak House restaurants offer a variety of menu offerings, including signature seasoned steaks, prime rib, pork loin, smoked baby-back ribs, spit roasted half chicken, grilled salmon and shrimp.

RARE's interests in its restaurants are divided into three categories: Company-owned restaurants, joint venture restaurants and franchised restaurants. As of March 1, 2002, 150 LongHorn Steakhouse restaurants, all Bugaboo Creek Steak House restaurants, all The Capital Grille restaurants, Hemenway's Seafood Grille and Oyster Bar and The Old Grist Mill Tavern are owned and operated by the Company.

The Company is a partner in various joint ventures and limited partnerships, which, in the aggregate, operate eight LongHorn Steakhouse restaurants as of March 1, 2002. Three of these restaurants are in and around the Daytona Beach market and owned by joint ventures managed by RARE. Five of these restaurants are owned by single-purpose limited partnerships.

RARE has one unaffiliated franchisee with an area development agreement with the right to operate franchised LongHorn Steakhouse restaurants in Puerto Rico . As of March 1, 2002 , this franchisee operated three LongHorn Steakhouse restaurants in Puerto Rico .

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Disclaimer:
The data included within the Financial section is solely for information and does not construe a recommendation and/or endorsement by IGHRM or its members to invest funds with any of the companies listed. You are strongly urged to obtain professional advice with qualified individuals or corporations for any investments of funds.