Papa John’s Announces Key Operating Assumptions and Earnings Guidance for 2011

(Hospitality Business News) December 21, 2010 - - - Company Reaffirms 2010 Earnings Guidance; Year-end BIBP Deficit to be Retired by Company as part of Multi-Year National Marketing Fund Agreement with Domestic Franchisees .

Highlights

• Projected 2011 earnings per share of $2.00 to $2.12, an increase of over 16% as compared to the reaffirmed 2010 earnings range of $1.74 to $1.80 per share at the mid-point, excluding the impact of the franchisee-owned cheese purchasing company, BIBP Commodities, Inc. (BIBP)

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