Bloomin' Brands Signs Agreement to Acquire Controlling Interest in Brazilian Joint Venture

Bloomin' Brands, Inc.(Nasdaq: BLMN) ("the Company") today announced that it entered into anagreement to acquire a controlling interest in its Outback Steakhouseoperations in Brazil. Upon completion of the acquisition, the Company willhold a 90 percent interest in the Brazilian joint venture. The partnership'sfirst restaurant opened in Rio de Janeiro in 1997. Today, the partnershipoperates 47 Outback Steakhouse restaurants with more than 5,000 employees.The acquisition is expected to close on or about Monday, November 4th. "This acquisition reflects our commitment to our strategy of globalexpansion in geographies that we feel have the greatest potential for growthand success," said Elizabeth Smith, Chairman of the Board and CEO. "Underthe direction of the outstanding leadership team in place in Brazil, thegrowth objectives, culture, Principles & Beliefs, and commitment to qualityand customers will remain unchanged." Peter Rodenbeck, Chairman of Outback Brazil, added, "As partners over thepast 16 years, we have shared the brand values and Bloomin' Brands hasconsistently offered its expertise in the casual dining business whileclearly recognizing the hard work, commitment and dedication of ourBrazilian Outback team. I will step away from the day-to-day operations ofthe business, but will remain actively engaged as a minority shareholder andadvisor." Brazil's Outback Restaurants have been recognized with numerous awards,including First Place in "Quality of Service for Clients" for the past threeyears from Exame/ICBR, "Top 10 Fan Pages -- Brasil" from Millward Brown andrecently has been awarded by Epoca Magazine "The Best Restaurant to Go withKids". Nine of Outback Steakhouse's 10 highest grossing restaurants arelocated in Brazil. About Bloomin' Brands, Inc. Bloomin' Brands, Inc. is one of the largest casual dining restaurantcompanies in the world. The portfolio of five founder-inspired brands iscomprised of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill,Fleming's Prime Steakhouse & Wine Bar and Roy's with nearly 1,500restaurants in 48 states, Puerto Rico, Guam and 21 countries. For moreinformation, visit bloominbrands.com.