Market Overview

Cheryl Bachelder to Step Down as CEO of Popeyes Louisiana Kitchen, Inc. Upon Closing of Transaction with Restaurant Brands International Inc.


Popeyes Louisiana Kitchen, Inc. (NASDAQ:PLKI) today announced that
Cheryl Bachelder will be stepping down as CEO at the closing of the
Company's previously announced transaction with Restaurant Brands
International Inc. ("RBI") (NYSE:QSR, TSX:QSP). A new Popeyes
leader will be named by RBI at that time.

Cheryl joined Popeyes in 2006 as a member of the Board of Directors. In
November 2007, she was named CEO, and, in concert with the leadership
team, has led a remarkable transformation of the Company. The brand
today is a strong, thriving Louisiana-inspired icon that has become a
global presence with nearly 2,700 restaurants in 26 countries, with a
deep bench of talent across the Company. Importantly, the franchise
community has grown and prospered, with top line restaurant sales up 45%
and bottom line restaurant operating profit more than doubled.

"The Board of Directors and I are deeply grateful to Cheryl for her
leadership of this enterprise," said John Cranor, Chairman of the
Popeyes Board of Directors. "Cheryl's collaborative and engaging
approach to the business has driven a decade of success for the Popeyes
brand and enabled the Company to achieve outstanding results, putting
Popeyes at the top of the quick-service restaurant industry. She has
been a great mentor to many, and leaves Popeyes strong in this 45th
anniversary year."

"Cheryl created a collaborative culture among franchisees and the
Restaurant Support Team. It's been a true partnership that turned out to
be the secret to success for Popeyes," said Howard Mangen, President of
the Popeyes International Franchisee Association. "Her leadership
approach was a welcome one and led to an exciting and profitable 10
years for the Popeyes Brand."

Corporate Profile

Popeyes Louisiana Kitchen, Inc. is the franchisor and operator of Popeyes®
restaurants, the world's second-largest Quick-Service Restaurant ("QSR")
chicken concept based on number of units. Popeyes has nearly 2,700
operating restaurants in the United States, three territories, and 25
foreign countries. The Company's primary objective is to deliver sales
and profits by offering excellent investment opportunities in its
Popeyes brand and providing exceptional franchisee support systems and
services to its owners. Popeyes Louisiana Kitchen, Inc. can be found at


This announcement is neither an offer to purchase nor a solicitation of
an offer to sell any securities. The solicitation and the offer to buy
shares of Popeyes' common stock is being made pursuant to an Offer to
Purchase and related tender offer materials that Orange, Inc. has filed
with the Securities and Exchange Commission ("SEC") on February 27,
2017. Orange, Inc. has filed a Tender Offer Statement on Schedule TO
with the SEC on February 27, 2017 and Popeyes has filed a
Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC on
February 27, 2017 related to the tender offer. The Tender Offer
Statement (including an Offer to Purchase, a related Letter of
Transmittal and other tender offer documents) and the
Solicitation/Recommendation Statement contain important information that
should be read carefully before any decision is made with respect to the
tender offer. Those materials have been sent to Popeyes' shareholders
and may also be obtained at no charge by contacting Mackenzie Partners,
Inc. at (212) 929-5500 (collect) or (800) 322-2885 (toll free). In
addition, all of those materials (and all other offer documents filed
with the SEC) are available at no charge on the SEC's website at

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