Market Overview

Papa John's and Shaquille O'Neal Enter New Partnership


O'Neal to Join Company's Board of Directors and Invest in Nine Papa
John's Restaurants in Atlanta

Papa John's International, Inc. (NASDAQ:PZZA) today announced that NBA
Hall of Famer and restaurateur Shaquille O'Neal will be joining Papa
John's as a member of the Company's Board of Directors and as an
investor in nine Papa John's restaurants in the Atlanta, Georgia area.
In addition, Mr. O'Neal will enter into a marketing agreement to be an
ambassador for the Papa John's brand.

This press release features multimedia. View the full release here:

Shaquille O'Neal and Papa John's enter new partnership (Photo: Business Wire)

Shaquille O'Neal and Papa John's enter new partnership (Photo: Business Wire)

A four-time NBA champion and television sports analyst on Inside the
, Mr. O'Neal has established a strong business track record as an
investor, restaurateur and franchise owner. He currently owns a Krispy
Kreme Doughnuts franchise in Atlanta and previously owned 27 Five Guys
Burgers and Fries franchises. In addition, he is the founder and owner
of Big Chicken, a fast casual fried chicken restaurant in Las Vegas,
Nevada, and Shaquille's, a fine dining restaurant in Los Angeles,
California. He is also a minority owner of the Sacramento Kings NBA
franchise. As a partner, endorser and spokesperson, Mr. O'Neal has
significant experience helping to market and grow leading consumer
brands across multiple categories.

"We are thrilled to partner with Shaquille and welcome him to the Papa
John's Board," said Jeff Smith, Chairman of the Papa John's Board of
Directors. "Shaquille has an excellent entrepreneurial background,
including as a restaurant franchise owner, and is a natural creative
marketer. Shaquille has demonstrated great success through understanding
the customer value proposition with product and brand differentiation.
The Board and I are excited to work with Shaquille and look forward to
the terrific possibilities to strengthen our position together."

Steve Ritchie, President and CEO of Papa John's, said, "In addition to
his business acumen, Shaquille understands how to build lasting
connections with consumers and energize employees. I look forward to
working with him as a board member and brand partner to advance the many
initiatives we are pursuing across the organization to create even
greater success for Papa John's and our stakeholders."

"I have truly enjoyed the high-quality Papa John's product for years and
am excited to be able to help Papa John's raise their game to new
heights," said Mr. O'Neal. "This is a triple threat opportunity for me.
I am excited to join the Board and to help lead from the top, while also
investing in nine stores in my home town of Atlanta and being an
ambassador for the brand. I look forward to working with my colleagues
on the Board and using my experience in business and community to build
on the progress being made at Papa John's. Papa John's is building a
better culture, and I want to be a part of improving the Company from
the inside out."

Including Mr. O'Neal, six new directors have been added to the Company's
Board of Directors in 2019. This includes four new independent
directors, Jeff Smith, CEO of Starboard Value who also is Papa John's
new independent Chairman, Michael Dubin, CEO and Founder of Dollar Shave
Club, Jocelyn Mangan, CEO and Founder of Him For Her and a former
executive at Snagajob and OpenTable, and Anthony Sanfilippo, former
Chairman and Chief Executive Officer of Pinnacle Entertainment, as well
as Steve Ritchie, President and CEO of Papa John's.

About Shaquille O'Neal

Mr. O'Neal's business career includes success in broadcasting,
endorsements, music, television and gaming. He has served as an analyst
on Inside the NBA since 2011. He has been an investor in
franchised and other restaurants since 2010 and actively operates Big
Chicken, a fast casual fried chicken restaurant in Las Vegas, and
Shaquille's, a fine dining restaurant in Los Angeles. Mr. O'Neal is
considered to be one of the most dominant basketball players in NBA
history, drafted by the Orlando Magic with the first overall pick in the
1992 NBA draft. His NBA career spanned from 1992 until 2011. He serves
on the national Board of Directors of Communities In Schools, a
non-profit devoted to empowering students to stay in school and achieve
in life.

About Papa John's

Headquartered in Louisville, Kentucky, Papa John's International, Inc.
(NASDAQ:PZZA) is the world's third-largest pizza delivery company. In
2018, consumers rated Papa John's No. 1 in product and service quality
among national pizza chains in the American Customer Satisfaction Index
(ACSI). For 17 of the past 19 years, consumers have rated Papa John's
No. 1 in customer satisfaction among national pizza chains in the
American Customer Satisfaction Index (ACSI). For more information about
the Company or to order pizza online, visit Papa John's at

Forward-Looking Statements

Certain matters discussed in this press release and other company
communications constitute forward-looking statements within the meaning
of the federal securities laws. Generally, the use of words such as
"expect," "intend," "estimate," "believe," "anticipate," "will,"
"forecast," "plan," "project," or similar words identify forward-looking
statements that we intend to be included within the safe harbor
protections provided by the federal securities laws. Such
forward-looking statements may relate to projections or guidance
concerning: business performance; revenue; earnings; cash flow;
investments in certain growth initiatives, advertising, marketing and
promotional activity, rebranding efforts, and technological investments;
capital allocation; consumer sentiment; profit margins; unit growth;
unit level performance; capital expenditures; corporate governance;
board composition, performance and strategy; shareholder and other
stakeholder engagement and support; strategic decisions and actions; and
related initiatives and actions. Such statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions, which are difficult to predict and many of which are beyond
our control. Therefore, actual outcomes and results may differ
materially from those matters expressed or implied in such
forward-looking statements. The risks, uncertainties and assumptions
that are involved in our forward-looking statements include, but are not
limited to those in our risk factors discussed in detail in "Part I.
Item 1A. — Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended December 30 2018. We undertake no obligation to update
publicly any forward-looking statements, whether as a result of future
events, new information or otherwise, except as required by law.

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