Consolidating Financial Information

Certain of the Company's subsidiaries have guaranteed the Company's obligations under the Senior Secured Credit Facility. The following presents the condensed consolidating financial information separately for: (i) the parent Company, the issuer of the guaranteed obligations; (ii) the guarantor subsidiaries, on a combined basis, as specified in the Credit Agreement; (iii) the non-guarantor subsidiaries, on a combined basis; (iv) consolidating eliminations and reclassifications; and (v) DineEquity, Inc. and Subsidiaries on a consolidated basis.

Each guarantor subsidiary is 100% owned by the Company at the date of each balance sheet presented. The notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary. Each entity in the consolidating financial information follows the same accounting policies as described in Note 2 of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013.

Supplemental Condensed Consolidating Balance Sheet

March 31, 2014

(In millions⁽¹⁾)



	Parent			Combined Guarantor Subsidiaries		Combined Non-guarantor Subsidiaries			Eliminations and Reclassification			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	65.8		$	66.8	$	0.6		$	—		$	133.2
Receivables, net	3.1			96.2		0.1			(8.0		)	91.5
Prepaid expenses and other current assets	197.6			49.7		—			(199.7		)	47.7
Deferred income taxes	(3.7		)	30.2		—			—			26.5
Intercompany	(425.8		)	419.6		6.2			—			—
Total current assets	(163.0		)	662.6		6.9			(207.7		)	298.9
Long-term receivables	—			194.1		—			—			194.1
Property and equipment, net	22.7			241.1		1.0			—			264.9
Goodwill	—			697.5		—			—			697.5
Other intangible assets, net	—			791.0		—			—			791.0
Other assets, net	15.5			93.5		—			—			109.0
Investment in subsidiaries	1,697.6			—		—			(1,697.6		)	—
Total assets	$	1,572.8		$	2,679.8	$	8.0		$	(1,905.2	)	$	2,355.2
Liabilities and Stockholders’ Equity
Current Liabilities:
Current maturities of long-term debt	$	12.7		$	—	$	—		$	(8.0	)	$	4.7
Accounts payable	1.3			38.6		—			—			39.9
Accrued employee compensation and benefits	5.5			4.6		—			—			10.1
Gift card liability	—			111.0		—			—			111.0
Other accrued expenses	28.5			251.3		(0.1		)	(199.7		)	80.1
Total current liabilities	47.9			405.6		—			(207.7		)	245.8
Long-term debt	1,203.2			—		—			—			1,203.2
Financing obligations	—			46.8		—			—			46.8
Capital lease obligations	—			108.5		—			—			108.5
Deferred income taxes	(2.9		)	337.3		(0.3		)	—			334.2
Other liabilities	6.1			91.5		0.9			—			98.5
Total liabilities	1,254.4			989.8		0.6			(207.7		)	2,037.1
Total stockholders’ equity	318.4			1,690.0		7.4			(1,697.6		)	318.2
Total liabilities and stockholders’ equity	$	1,572.8		$	2,679.8	$	8.0		$	(1,905.2	)	$	2,355.2

⁽¹⁾ Supplemental condensed statements presented in millions may not foot/crossfoot due to rounding from Consolidated Statements presented in thousands.

Supplemental Condensed Consolidating Balance Sheet

December 31, 2013

(In millions⁽¹⁾)



	Parent			Combined Guarantor Subsidiaries		Combined Non-guarantor Subsidiaries			Eliminations and Reclassification			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	50.3		$	54.7	$	1.0		$	—		$	106.0
Receivables, net	2.0			150.0		0.1			(8.0		)	144.1
Prepaid expenses and other current assets	189.2			56.1		—			(187.7		)	57.6
Deferred income taxes	(4.1		)	28.0		—			—			23.9
Intercompany	(435.2		)	429.4		5.8			—			—
Total current assets	(197.8		)	718.1		7.0			(195.7		)	331.6
Long-term receivables	—			197.2		—			—			197.2
Property and equipment, net	23.5			249.7		1.0			—			274.3
Goodwill	—			697.5		—			—			697.5
Other intangible assets, net	—			794.1		—			—			794.1
Other assets, net	16.2			93.9		—			—			110.1
Investment in subsidiaries	1,697.6			—		—			(1,697.6		)	—
Total assets	$	1,539.5		$	2,750.4	$	8.0		$	(1,893.3	)	$	2,404.6
Liabilities and Stockholders’ Equity
Current Liabilities:
Current maturities of long-term debt	$	12.7		$	—	$	—		$	(8.0	)	$	4.7
Accounts payable	1.4			38.6		—			—			40.1
Accrued employee compensation and benefits	14.5			10.4		—			—			25.0
Gift card liability	—			172.0		—			—			172.0
Other accrued expenses	(13.7		)	244.1		—			(187.7		)	42.6
Total current liabilities	15.0			465.0		—			(195.7		)	284.3
Long-term debt	1,203.5			—		—			—			1,203.5
Financing obligations	—			48.8		—			—			48.8
Capital lease obligations	—			111.7		—			—			111.7
Deferred income taxes	(0.3		)	342.1		(0.3		)	—			341.6
Other liabilities	5.9			92.7		0.9			—			99.5
Total liabilities	1,224.2			1,060.4		0.6			(195.7		)	2,089.5
Total stockholders’ equity	315.3			1,690.0		7.4			(1,697.6		)	315.2
Total liabilities and stockholders’ equity	$	1,539.5		$	2,750.4	$	8.0		$	(1,893.3	)	$	2,404.6

⁽¹⁾ Supplemental condensed statements presented in millions may not foot/crossfoot due to rounding from Consolidated Statements presented in thousands.

Supplemental Condensed Consolidating Statement of Comprehensive Income

For the Three Months Ended March 31, 2014

(In millions⁽¹⁾)



	Parent			Combined Guarantor Subsidiaries			Combined Non-guarantor Subsidiaries		Eliminations and Reclassification			Consolidated
Revenues
Franchise and restaurant revenues	$	0.7		$	130.8		$	0.3	$	—		$	131.8
Rental revenues	—			30.8			—		—			30.7
Financing revenues	—			4.7			—		—			4.7
Total revenue	0.7			166.3			0.3		—			167.2
Franchise and restaurant expenses	0.7			45.0			—		—			45.7
Rental expenses	—			23.9			—		—			23.8
Financing expenses	—			0.6			—		—			0.6
General and administrative expenses	9.2			24.9			0.1		—			34.2
Interest expense	24.6			0.4			—		—			25.0
Amortization of intangible assets	—			3.1			—		—			3.1
Closure and impairment charges	—			0.1			0.1		—			0.2
Loss on disposition of assets	—			0.9			—		—			0.9
Intercompany dividend	(46.8		)	—			—		46.8			—
Income before income taxes	12.9			67.5			0.1		(46.8		)	33.7
Benefit (provision) for income taxes	7.9			(20.8		)	—		—			(12.9		)
Net income	$	20.8		$	46.8		$	0.1	$	(46.8	)	$	20.8
Total comprehensive income	$	20.8		$	46.8		$	0.1	$	(46.8	)	$	20.8

⁽¹⁾ Supplemental condensed statements presented in millions may not foot/crossfoot due to rounding from Consolidated Statements presented in thousands.

Supplemental Condensed Consolidating Statement of Comprehensive Income

For the Three Months Ended March 31, 2013

(In millions⁽¹⁾)



	Parent			Combined Guarantor Subsidiaries			Combined Non-guarantor Subsidiaries			Eliminations and Reclassification			Consolidated
Revenues
Franchise and restaurant revenues	$	0.7		$	127.3		$	0.3		$	—		$	128.3
Rental revenues	—			31.0			—			—			31.0
Financing revenues	—			3.8			—			—			3.8
Total revenue	0.7			162.1			0.3			—			163.2
Franchise and restaurant expenses	0.8			43.6			—			—			44.5
Rental expenses	—			24.3			—			—			24.3
General and administrative expenses	9.2			24.5			0.3			—			34.0
Interest expense	25.0			0.3			—			—			25.3
Amortization of intangible assets	—			3.1			—			—			3.1
Closure and impairment charges	—			0.7			0.1			—			0.8
Gain on disposition of assets	—			(0.1		)	(0.3		)	—			(0.3		)
Debt modification costs	1.3			—			—			—			1.3
Intercompany dividend	(39.8		)	—			—			39.8			—
Income before income taxes	4.2			65.7			0.1			(39.8		)	30.2
Benefit (provision) for income taxes	14.1			(26.0		)	—			—			(12.0		)
Net income	$	18.2		$	39.7		$	0.1		$	(39.8	)	$	18.2
Total comprehensive income	$	18.2		$	39.7		$	0.1		$	(39.8	)	$	18.2

⁽¹⁾ Supplemental condensed statements presented in millions may not foot/crossfoot due to rounding from Consolidated Statements presented in thousands.

Supplemental Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2014

(In millions⁽¹⁾)



	Parent			Combined Guarantor Subsidiaries			Combined Non-guarantor Subsidiaries			Eliminations and Reclassification		Consolidated
Cash flows provided by (used in) operating activities	$	(22.8	)	$	75.6		$	—		$	—	$	52.8
Investing cash flows:
Additions to property and equipment	(1.3		)	(0.7		)	—			—		(2.0		)
Principal receipts from long-term receivables	—			3.4			—			—		3.4
Proceeds from sale of assets	—			0.7			—			—		0.7
Other	—			(0.1		)	—			—		(0.1		)
Cash flows provided by (used in) investing activities	(1.3		)	3.3			—			—		2.0
Financing cash flows:
Payment of debt	(1.2		)	(2.7		)	—			—		(3.9		)
Repurchase of common stock	(15.0		)	—			—			—		(15.0		)
Dividends paid on common stock	(14.3		)	—			—			—		(14.3		)
Restricted cash	—			(3.7		)	—			—		(3.7		)
Other	9.2			0.1			—			—		9.2
Intercompany transfers	60.9			(60.5		)	(0.4		)	—		—
Cash flows provided by (used in) financing activities	39.6			(66.9		)	(0.4		)	—		(27.6		)
Net change	15.5			12.1			(0.4		)	—		27.2
Beginning cash and equivalents	50.3			54.7			1.0			—		106.0
Ending cash and equivalents	$	65.8		$	66.8		$	0.6		$	—	$	133.2

⁽¹⁾ Supplemental condensed statements presented in millions may not foot/crossfoot due to rounding from Consolidated Statements presented in thousands.

Supplemental Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2013

(In millions⁽¹⁾)



	Parent			Combined Guarantor Subsidiaries			Combined Non-guarantor Subsidiaries		Eliminations and Reclassification		Consolidated
Cash flows provided by (used in) operating activities	$	(14.5	)	$	85.5		$	0.2	$	—	$	71.2
Investing cash flows:
Additions to property and equipment	(0.9		)	(0.6		)	—		—		(1.5		)
Principal receipts from long-term receivables	—			3.8			—		—		3.8
Other	—			0.1			—		—		0.1
Cash flows provided by (used in) investing activities	(0.9		)	3.3			—		—		2.4
Financing cash flows:
Payment of debt	(1.2		)	(2.5		)	—		—		(3.7		)
Payment of debt modification costs	(1.3		)	—			—		—		(1.3		)
Dividends paid on common stock	(14.5		)	—			—		—		(14.5		)
Restricted cash	—			(2.7		)	—		—		(2.7		)
Other	1.3			0.1			—		—		1.4
Intercompany transfers	74.0			(74.0		)	—		—		—
Cash flows provided by (used in) financing activities	58.2			(79.0		)	—		—		(20.8		)
Net change	42.9			9.7			0.2		—		52.8
Beginning cash and equivalents	9.9			54.0			0.6		—		64.5
Ending cash and equivalents	$	52.8		$	63.7		$	0.9	$	—	$	117.4

⁽¹⁾ Supplemental condensed statements presented in millions may not foot/crossfoot due to rounding from Consolidated Statements presented in thousands.