Presentation of Cowen and Company dated June 2, 2008

Valuation Discussion Materials –

June 2, 2008

Meeting with Financial Advisors to Tilman

J. Fertitta

Project Lasso

Exhibit 99.1(c)(5)

PROJECT LASSO

Pre-opening is typically an ongoing expense for a growth company. However, it is not a $4.0 million ongoing expense for Lasso, given

the limited expected future new unit openings. The projection model has $750,000 of pre-opening expense annually in future years,

and it is agreed that this is an ongoing expense.

Two recent transactions, OSI Restaurant Partners and RARE Hospitality International, are not comparable and did not have declining

unit openings and pre-opening expense in the relevant projection periods. Both situations had projected continued new unit growth and

pre-opening expense consistent with historical levels.

For both of these companies, it is agreed that pre-opening is a recurring operating expense.

With Lasso’s pre-opening falling from $4.0 million in 2007 to a run-rate of $750,000 going forward, the correct ongoing pre-opening

expense to reflect the Company’s growth rate is $750,000. It does not seem appropriate to penalize EBITDA with a level of pre-opening

expense that clearly does not reflect the current growth expectations. As a result, $2.9 million of pre-opening for the March 31, 2008

LTM period should be added back to EBITDA.

Determination of EBITDA

Pre-opening

Expense

OSI Restaurant Partners New Unit Growth

RARE Hospitality Projected Pre-opening

(a)

Per OSI Restaurant Partners DEFM14A SEC filing dated April 3, 2007.

(b)

Per Wall Street research as of February 29, 2008.

(c)

Per RARE Hospitality International SC-TO-C SEC filing dated August 17, 2007.

Projected Fiscal Year Ending December 31,

2006

2007

2008

2009

2010

OSI Restaurant Partners New Unit Growth

(a)

122

100

2005A

2006A

2007E

2008E

RARE Hospitality Projected Pre-opening

(b)

$7.5

$8.9

$10.2

$12.5

Darden

Post-integration

Outlook

(c)

Plan on "accelerating new restaurant growth

at both concepts"

PROJECT LASSO

It is agreed that the $4.5 million of non-recurring legal and litigation costs related to the stock-based compensation review should be

added

back

EBITDA.

After

further

discussions

with

management,

our

view

that

minimum

additional

$1.0

million

non-

recurring/unusual

legal

and

litigation

costs

for

2007

should

added

back

EBITDA,

which

conservative

assumption

for

the

excess

legal costs that Lasso incurred in 2007.

Determination of EBITDA and Enterprise Value

Non-recurring Legal Expense

Treatment of Cash in Enterprise Value

Enterprise value should be calculated using net debt, not total debt. Adjusted cash is therefore $35.6 million as of March 31, 2008,

which excludes $10.0 million in mandatory cash that is physically held on premises at the Golden Nugget properties. As a result, net

debt would be $849.0 million and enterprise value would be $1,195.0 million.

PROJECT LASSO

EBITDA Reconciliation and Transaction Summary

LTM EBITDA Reconciliation

(US$ in millions)

Equity and Enterprise Value Calculation

(US$ in millions, shares in thousands)

(a)

Includes

775,000

restricted

stock

held

Tilman

Fertitta

that

have

not

vested.

(b)

Excludes

$10.0

million

mandatory

cash

that

physically

held

premises

the

Golden

Nugget

properties

per

discussions with

Lasso

management.

As of

12/31/07

03/31/08

Basic

Equity

Value:

Basic Shares Outstanding

(a)

16,145

Assumed Offer Price

21.00

Basic Equity Value

339.0

Fully-Diluted

Equity

Value:

Basic Equity Value

339.0

Value of Options

7.0

Fully-Diluted Equity Value

346.0

Enterprise

Value:

Fully-Diluted Equity Value

346.0

Plus: Debt Outstanding

888.7

884.6

Less: Cash

(b)

(29.6)

(35.6)

Net Debt

859.1

849.0

Fully-Diluted Enterprise Value

1,205.1

1,195.0

Multiple of EBITDA

6.3x

LTM as of

12/31/07

03/31/08

Operating Income

111.4

110.7

Depreciation and Amortization

65.7

67.3

Pre-opening Expense

3.2

2.9

Stock-based Compensation Expense

4.8

4.4

Leap Year

(1.0)

Non-recurring Litigation

5.5

Adjusted EBITDA

190.6

189.9

PROJECT LASSO

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

5/08

9/06

1/05

5/03

9/01

1/00

5/98

Lasso

Comparable Restaurants

Comparable Casino and Gaming

(Multiple)

10-year Casino Average (8.3x)

10-year Restaurant Average (7.6x)

10-year Lasso Average (6.5x)

Historical EBITDA Multiples

Analysis of 10-Year Historical LTM EBITDA Trading Multiples

Lasso has traded at an

average of 6.5x EBITDA

over the past 10 years

Note: Factset as of May 29, 2008.

Comparable Restaurants include: Benihana, Bob Evans, Brinker, California Pizza Kitchen, CBRL Group, CEC Entertainment, Denny’s Corp., Luby’s, McCormick & Schmick’s,

O’Charley’s, Ruby Tuesday and Steak N Shake.

Comparable Casino and Gaming includes: Ameristar Casinos, Boyd Gaming, Isle of Capri Casinos, Monarch Casino and Resort, Pinnacle Entertainment, Riviera Holdings

and Trump Entertainment Resorts.

PROJECT LASSO

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

5/08

9/06

1/05

5/03

Lasso

Comparable Restaurants

Comparable Casino and Gaming

(Multiple)

5-year Casino Average (9.9x)

5-year Restaurant Average (7.6x)

5-year Lasso Average (7.5x)

Historical EBITDA Multiples

Analysis of Five-Year Historical LTM EBITDA Trading Multiples

Lasso has traded at an

average of 7.5x EBITDA

over the past five years

Note: Factset as of May 29, 2008.

Comparable Restaurants include: Benihana, Bob Evans, Brinker, California Pizza Kitchen, CBRL Group, CEC Entertainment, Denny’s Corp., Luby’s, McCormick & Schmick’s,

O’Charley’s, Ruby Tuesday and Steak N Shake.

Comparable Casino and Gaming includes: Ameristar Casinos, Boyd Gaming, Isle of Capri Casinos, Monarch Casino and Resort, Pinnacle Entertainment, Riviera Holdings

and

Trump Entertainment Resorts.

PROJECT LASSO

Price

52 Week

Enterprise

Enterprise Value

(a)

/ LTM

PE Ratios

(b)

5-Year

PE % of SGR

(b)

2008 - 2009

Company Name

5/29/2008

Low

High

Mkt Cap

Value

(a)

Rev

EBITDA

2008E

2009E

SGR

(b)

2008E

2009E

Rev Growth

Benihana

$9.23

$8.79

$25.11

$140.8

$165.2

0.6x

4.2x

11.4x

10.6x

15.0%

76.0%

70.7%

6.4%

Bob Evans

29.52

23.93

39.83

921.3

1,209.6

0.7x

6.8x

15.5x

14.4x

14.0%

110.4%

102.9%

3.7%

Brinker

21.63

14.65

33.59

2,192.3

3,015.3

0.7x

5.7x

12.8x

11.2x

15.0%

85.6%

74.4%

1.8%

California Pizza Kitchen

14.20

9.32

24.71

359.8

417.3

0.6x

5.9x

22.5x

17.8x

12.0%

187.8%

147.9%

7.7%

CBRL Group

30.75

24.00

46.36

681.6

1,457.2

0.6x

6.3x

9.4x

8.4x

11.0%

85.5%

76.2%

5.1%

CEC Entertainment

35.72

19.81

39.55

898.7

1,205.6

1.5x

6.4x

15.1x

13.5x

12.0%

125.6%

112.1%

3.2%

Denny's Corp.

4.01

2.50

4.99

392.5

726.9

0.8x

7.6x

25.1x

20.1x

30.0%

83.5%

66.8%

Luby's

7.06

6.81

11.83

200.6

164.9

0.5x

5.3x

18.7x

16.7x

12.0%

155.6%

139.0%

5.6%

McCormick & Schmick's

9.69

9.56

30.98

143.7

163.7

0.4x

6.7x

14.9x

12.1x

15.0%

99.4%

80.8%

11.7%

O'Charley's

11.36

9.88

23.45

249.1

386.9

0.4x

4.9x

14.6x

12.5x

14.0%

104.0%

89.2%

3.9%

Ruby Tuesday

7.71

5.70

27.90

398.7

1,003.9

0.7x

5.8x

16.2x

14.1x

15.0%

108.2%

94.1%

Steak N Shake

6.66

6.42

17.92

191.2

378.4

0.6x

12.6x

13.0%

7.1%

Mean

0.7x

6.5x

16.0x

13.7x

14.8%

111.1%

95.8%

5.6%

Median

0.6x

6.1x

15.1x

13.5x

14.0%

104.0%

89.2%

5.4%

Lasso

(c)

$21.00

$14.18

$32.30

$346.0

$1,195.0

1.0x

6.3x

16.0x

11.5x

12.0%

133.6%

95.9%

5.0%

Comparable Restaurant Analysis —

Market Statistics

Market Analysis of Select Restaurant Companies

(US$

millions,

except

per

data)

(a)

Market Value plus net debt plus minority interest.

(b)

EPS estimates and Secular Growth Rates (SGR) per Wall Street Research.

(c)

EPS

estimates for Lasso are per management projections and assume pro forma interest from the refinancing of the $395.7 million, 9.5% interest rate restaurant debt on

December 31, 2008 at 11.0% per discussions with Lasso management.

PROJECT LASSO

Market Analysis of Select Casino and Gaming Companies

(US$

millions,

except

per

data)

Comparable Casino and Gaming Analysis —

Market Statistics

(a)

Market Value plus net debt plus minority interest.

(b)

EPS estimates and Secular Growth Rates (SGR) per Wall Street Research.

(c)

EPS

estimates

for

Lasso

are

per

management

projections

and

assume

pro

forma

interest

from

the

refinancing

the

$395.7

million,

9.5%

interest

rate

restaurant

debt on December 31, 2008 at 11.0% per discussions with Lasso management.

Price

52 Week

Enterprise

Value

(a)

/ LTM

Ratios

(b)

5-Year

SGR

(b)

Company Name

5/29/2008

Low

High

Mkt

Cap

Value

(a)

Rev

EBITDA

2008E

2009E

SGR

(b)

2008E

2009E

Ameristar Casinos

$18.00

$15.29

$38.00

$1,029.9

$2,570.7

2.2x

9.3x

14.2x

12.3x

10.0%

141.7%

123.3%

Boyd Gaming Corp.

16.42

14.97

54.22

1,441.4

3,645.6

1.9x

7.2x

12.4x

11.5x

17.0%

73.2%

67.5%

Isle of Capri Casinos

6.87

5.93

25.79

241.9

1,694.4

1.6x

9.5x

27.5x

13.0%

211.4%

Monarch Casino and Resort

13.97

12.53

31.41

247.5

231.7

1.5x

6.0x

18.4x

13.7x

15.0%

122.5%

91.3%

Pinnacle Entertainment

14.24

12.12

31.34

853.7

1,592.0

1.7x

18.2x

33.1x

15.0%

220.8%

Riviera Holdings

16.24

14.24

39.12

204.7

405.2

2.0x

9.8x

Trump Entertainment Resorts

3.56

2.29

16.41

146.3

1,727.5

1.8x

13.1x

15.0%

Mean

1.8x

10.4x

15.0x

19.6x

14.2%

112.5%

142.9%

Median

1.8x

9.5x

14.2x

13.7x

15.0%

122.5%

123.3%

Lasso

(c)

$21.00

$14.18

$32.30

$346.0

$1,195.0

1.0x

6.3x

16.0x

11.5x

12.0%

133.6%

95.9%

PROJECT LASSO

Comparable Casual Dining M&A Transactions

(a)

Represents total consideration including the assumption of liabilities and residual cash (enterprise value) when available.

2005 –

2008 YTD Comparable Casual Dining M&A Transactions

(US$ in millions)

Enterprise Value/

Date

Ent.

LTM

Announced

Closed

Target

Acquirer

Val.

(a)

Revenue

EBITDA

5/21/2008

TBD

American Restaurant Group (Black Angus Steakhouse)

Versa Capital

3/11/2008

TBD

Hooters Inc.

Chanticleer Holdings

55.1

12/4/2007

1/3/2008

Smokey Bones Barbeque & Grill

Sun Capital

80.0

11/6/2007

2/20/2008

Cameron Mitchell Restaurants

Ruth's Chris Steak House

92.0

0.9x

7.0x

8/23/2007

Yard House

TSG Consumer Partners

190.0

1.7x

9.5x

8/16/2007

10/1/2007

RARE Hospitality

Darden Restaurants

1,368.3

1.3x

11.4x

7/16/2007

11/29/2007

Applebee's

IHOP

2,071.0

1.5x

9.2x

7/5/2007

10/22/2007

Champps

Entertainment

F&H Acquisition Corp. (Fox & Hound)

70.9

0.3x

5.8x

6/18/2007

9/4/2007

Friendly Ice Cream Corp.

Freeze Operations (Sun Capital)

337.2

0.6x

8.1x

11/6/2006

6/14/2007

OSI Restaurant Partners (Outback)

Bain Capital, Catterton, Company Founders

3,432.2

0.9x

9.3x

5/7/2007

8/20/2007

Smith & Wollensky

Patina Restaurant Group

97.4

0.8x

13.2x

12/7/2006

3/5/2007

Hard Rock Café

(sub of Rank Group PLC)

Seminole Tribe of Florida

965.0

1.9x

9.9x

10/30/2006

12/6/2006

Logan's Roadhouse

Bruckman, Rosser, Sherrill & Co.

486.0

1.2x

10.4x

10/10/2006

10/16/2006

Joe's Crab Shack

J.H. Whitney Capital Partners

192.0

0.6x

6.4x

8/18/2006

1/12/2007

Lone Star Steakhouse

Lone Star Funds

556.3

0.8x

12.3x

8/8/2006

8/10/2006

Real Mex

Restaurants

Sun Capital

350.0

0.6x

6.2x

6/5/2006

7/5/2006

Bravo Development

Bruckman, Rosser, Sherrill and Castle Harlan

5/22/2006

6/29/2006

Main Street Restaurant Group

The Briad

Group

150.3

0.6x

8.2x

12/9/2005

3/8/2006

Dave & Buster's (DAB)

Wellspring Capital Management

383.0

0.8x

6.1x

10/4/2005

2/27/2006

Fox & Hound Restaurant Group (FOXX)

Newcastle Partners and Steel Partners

179.6

1.1x

8.2x

4/29/2005

9/22/2005

Worldwide Restaurant Concepts (SZ)

Pacific Equity Partners

220.2

0.6x

8.8x

1/20/2005

3/7/2005

Charlie Brown's

Trimaran

Partners

140.0

0.9x

7.0x

1/11/2005

2/23/2005

Uno Restaurant Holdings

Centre Partners

191.6

0.6x

5.6x

Mean

0.9x

8.6x

Median

0.8x

8.2x

PROJECT LASSO

Comparable Casino and Gaming M&A Transactions

(a)

Represents total consideration including the assumption of liabilities and residual cash (enterprise value) when available.

2005 –

2008 YTD Comparable Casino and Gaming M&A Transactions

(US$ in millions)

Enterprise Value/

Date

Ent.

LTM

Announced

Closed

Target

Acquirer

Val.

(a)

Revenue

EBITDA

5/29/2008

TBD

Trump Marina Hotel Casino

Coastal Marina

316.0

1.4x

12.0x

12/11/2007

TBD

Cannery Casino Resorts

Crown Limited

1,750.0

11/13/2007

1/25/2008

Isle of Capri Casinos (Black Hawk)

Isle of Capri Casinos

150.2

9/4/2007

Jalou

Fox

Jacobs Entertainment

13.7

6/27/2007

3/10/2008

Binions

Gambling Hall

TLC Casino Enterprises

32.0

6/15/2007

TBD

Penn National Gaming

Fortress

Investment

Group

and

Centerbridge

Partners

8,717.1

3.8x

14.3x

6/4/2007

Green Acres Casino Management

Gaming Entertainment

10.0

4/23/2007

2/20/2008

Icahn Enterprises (American Casino, Stratosphere)

Whitehall Street Fund (Goldman)

1,200.0

3.1x

13.9x

4/3/2007

11/6/2007

Gateway Casinos Income Fund

New World Gaming Partners

854.4

18.8x

3/19/2007

6/11/2007

Casino Aztar

Isle of Capri Casinos

45.0

1/19/2007

TBD

155 East Tropicana (Hooters Casino)

NTH

Advisory

Group

and

Silverleaf

Real

Estate

95.0

1.4x

12/4/2006

11/7/2007

Station Casinos

Fertitta

Colony

Partners

8,675.9

19.3x

12/19/2006

1/28/2008

Harrah's Entertainment

Apollo Management and TPG

27,753.3

2.9x

11.9x

12/7/2006

3/5/2007

Hard Rock Café

Seminole Tribe of Florida

965.0

2.0x

9/11/2006

Stanley Leisure

Genting

International

1,265.9

3.0x

16.4x

9/5/2006

11/17/2006

Sands Casino

Pinnacle Entertainment

250.0

8/31/2006

11/2/2006

London Clubs International

Dagger Holdings (Harrah's)

592.0

2.5x

19.1x

5/31/2006

3/1/2007

Dania Jai Alai

Boyd Gaming

152.5

5/17/2006

1/3/2007

Sands Regent

Herbst

Gaming

138.1

1.6x

9.2x

5/11/2006

2/5/2007

Hard Rock Casino (Las Vegas)

Morgans

Hotel Group

770.0

4.2x

4/13/2006

1/3/2007

Aztar Corp (Tropicana Casino)

Wimar

Tahoe

Corp.

(Blackstone)

2,735.4

3.0x

12.8x

4/10/2006

2/1/2007

Stockman's Casino

Full House Resorts

25.5

2.3x

10.0x

2/14/2006

7/31/2006

Isle of Capri Casinos (Two Casinos)

Legends Gaming

240.0

1.5x

6.8x

11/29/2005

5/19/2006

Harrah's (Flamingo Casino, Laughlin)

American Real Estate Partners

170.0

8/22/2005

12/23/2005

Imperial Palace

Harrah's Entertainment

370.0

6/20/2005

10/25/2005

Argosy Casino (Baton Rouge)

Columbia Sussex Corp.

150.0

1.7x

7.4x

3/23/2005

4/25/2005

MotorCity

Casino

Ilitch

Holdings

Inc

981.3

2.3x

2/28/2005

9/1/2005

Depot Casino

Sands Regent

10.2

1.9x

2/4/2005

9/27/2005

Golden Nugget Casino

Landry's Restaurants

316.1

1.6x

13.4x

1/20/2005

7/22/2005

Galaxy Casino SA

Canton Treasure Group Ltd

2,359.5

Mean

2.4x

13.2x

Median

2.3x

13.1x

PROJECT LASSO

Discounted Cash Flow Overview

For the DCF analysis, the CAPM formula and a set of comparable companies for each division/Lasso's projected beta according to

Barra's

Beta were used

General CAPM assumptions:

•

Risk-free rate of 3.5%

(a)

•

Equity risk premium of 7.1%

(b)

•

Size

premium

4.4%

(b)

for

the

restaurant

division

and

size

premium

9.7%

(b)

for

the

gaming

division

•

Target capital structure (debt/equity) of 60%/40% for restaurants and 70%/30% for gaming

The following assumptions were used for the restaurant division:

•

Cost of capital of approximately 13.0%

–

Pre-tax

cost

debt

11.0%

(c)

–

Re-levered comparable company beta of 1.93

•

Exit multiples of 5.5x -

6.5x EBITDA

•

We also ran sensitivities for same-store sales between (1.0%) and 1.0%

The following assumptions were used for the gaming division

•

Cost of capital of approximately 12.5%

–

Pre-tax cost of debt of 9.0%

(c)

–

Re-levered comparable company beta of 1.99

•

Exit multiples of 7.5x -

9.5x EBITDA

•

The impact of building the new tower was also taken into consideration

The sum of the parts of the DCF by division results in a share price range of $21.00 to $37.00

(a)

U.S. 10-year Treasury Yield as of April 18, 2008.

(b)

Per Ibbotson Associates data.

(c)

Represents a blended interest rate of facilities by division.

PROJECT LASSO

Valuation at Various Share Prices

(a)

Except

where

noted,

prices

relative

initial

bid

announcement

date.

(b)

Current

price

May

29,

2008.

(c)

Basic

from

10-Q

for

the

period

ended

March

31,

2008.

Options

outstanding

per

Lasso

management

April

2008.

(d)

Assumes

net

debt

$849.0

million,

which

excludes

$10.0

million

mandatory

cash

that

physically

held

premises

the

Golden

Nugget

properties

per

discussions

with

Lasso

management.

(e)

EPS

estimates

per

Lasso

management.

(f)

Assumes

pro

forma

interest

from

the

refinancing

the

$395.7

million,

9.5%

interest

rate

restaurant

debt

December

31,

2008

11.0%

per

discussions

with

Lasso

management.

Multiples at Various Share Prices

(US$ and shares in millions, except per share data)

Share Price

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

Premium/(Discount)

(a)

1-Day Prior Price of $16.67

26.0%

29.0%

32.0%

35.0%

38.0%

41.0%

44.0%

30-Day Average Price of $16.31

28.8%

31.8%

34.9%

38.0%

41.0%

44.1%

47.1%

3-Month Average Price of $21.29

(1.4%)

1.0%

3.3%

5.7%

8.0%

10.4%

12.7%

52-Week High of $32.30

(35.0%)

(33.4%)

(31.9%)

(30.3%)

(28.8%)

(27.2%)

(25.7%)

52-Week Low of $14.18

48.1%

51.6%

55.1%

58.7%

62.2%

65.7%

69.3%

Current Price of $16.07

(b)

30.7%

33.8%

36.9%

40.0%

43.1%

46.2%

49.3%

Implied Equity Value

(c)

$346.0

$354.5

$363.0

$371.5

$380.1

$388.6

$397.1

Implied Enterprise Value

(d)

$1,195.0

$1,203.5

$1,212.0

$1,220.5

$1,229.0

$1,237.5

$1,246.0

Fully Diluted Shares (Basic + CSEs)

16.477

16.490

16.502

16.513

16.524

16.534

16.544

Enterprise Value/:

LTM Revenue

$1,183.1

1.0x

1.1x

LTM Adjusted EBITDA

189.9

6.3x

6.4x

6.5x

6.6x

Implied Equity Value/:

2008E EPS (Mgmt.)

(e)

$1.31

16.0x

16.4x

16.7x

17.1x

17.5x

17.9x

18.3x

2009E EPS (Mgmt. with Refinancing)

(f)

1.83

11.5x

11.8x

12.0x

12.3x

12.6x

12.9x

13.1x

PROJECT LASSO

Projected

Shareholder

Returns

Adjusted

EBITDA

Multiples

(US$

millions,

except

per

data)

Projected Shareholder Returns

(a)

Projections

per

Lasso

management.

Excludes

non-recurring

pre-opening,

leap

year

adjustments

and

stock

compensation

expense

for

2008.

Excludes

stock

compensation

expense for

2009

–

2011.

(b)

Stock

price

May

29,

2008.

(c)

Future

stock

prices

discounted

June

30,

2008.

2008E

2009E

2010E

2011E

Adjusted EBITDA

(a)

190.3

204.3

221.0

239.3

% growth

(0.1%)

7.4%

8.2%

8.3%

Current Enterprise Value

(b)

1,111.9

Current Equity Value

(b)

262.9

Current Stock Price

(b)

16.07

Current LTM Adjusted EBITDA Multiple

5.9x

Future Enterprise Values at Various EBITDA Multiples

5.5x

1,046.7

1,123.7

1,215.4

1,316.3

6.0x

1,141.9

1,225.8

1,325.9

1,436.0

6.5x

1,237.1

1,328.0

1,436.4

1,555.7

7.0x

1,332.2

1,430.1

1,546.9

1,675.3

7.5x

1,427.4

1,532.3

1,657.4

1,795.0

Future Stock Prices at Various EBITDA Multiples

5.5x

9.86

14.16

23.52

35.48

6.0x

15.61

20.26

29.95

42.34

6.5x

21.25

26.26

36.29

49.21

7.0x

26.85

32.15

42.63

56.07

7.5x

32.32

38.01

48.97

62.94

Annualized Return at Various EBITDA Multiples

Discounted to Current Market Price

(c)

5.5x

(62.3%)

(8.1%)

16.4%

25.4%

6.0x

(5.7%)

16.7%

28.3%

31.9%

6.5x

74.9%

38.7%

38.5%

37.7%

7.0x

179.1%

58.8%

47.7%

42.9%

7.5x

304.6%

77.5%

56.2%

47.7%

PROJECT LASSO

As of January 28, 2008

As of April 4, 2008

Change from 1/28/08 to 4/4/08

EV/LTM

2008E

(a)

EV/LTM

2008E

(a)

EV/LTM

2008E

(a)

Company Name

Price

EBITDA

P/E

Price

EBITDA

P/E

Price

EBITDA

P/E

CEC Entertainment

$22.73

4.6x

10.6x

$31.44

4.7x

14.4x

38.3%

0.1x

3.8x

Darden

27.47

7.9x

9.3x

34.41

8.6x

12.2x

25.3%

0.7x

2.8x

Panera Bread

36.20

8.0x

17.7x

44.00

9.2x

21.9x

21.5%

1.2x

4.2x

Krispy Kreme

2.73

10.4x

3.29

12.0x

20.5%

1.6x

CBRL Group

30.17

6.5x

9.5x

35.77

6.9x

11.0x

18.6%

0.4x

1.5x

Red Robin Gourmet Burgers

33.09

7.3x

15.2x

38.59

8.1x

17.8x

16.6%

0.7x

2.6x

Burger King

23.94

9.8x

17.1x

27.65

10.5x

19.9x

15.5%

0.7x

2.8x

California Pizza Kitchen

12.95

5.6x

14.6x

14.45

5.4x

24.5x

11.6%

(0.2x)

9.9x

Buffalo Wild Wings

23.01

7.4x

17.7x

25.58

9.3x

20.4x

11.2%

1.9x

2.7x

Cosi

2.60

2.88

10.8%

Cheesecake Factory

20.75

9.2x

15.6x

22.77

9.8x

19.8x

9.7%

0.6x

4.2x

Caribou Coffee

2.79

4.2x

3.05

5.7x

9.3%

1.6x

McDonald's

51.07

10.4x

16.2x

55.72

10.9x

17.6x

9.1%

0.5x

1.4x

Yum Brands

35.65

10.8x

19.5x

38.88

11.3x

20.4x

9.1%

0.5x

0.9x

Morton's

7.10

5.9x

9.5x

7.67

6.1x

13.5x

8.0%

0.2x

4.0x

Papa John's

23.51

6.4x

13.8x

25.15

7.4x

15.0x

7.0%

1.0x

1.1x

P.F. Chang's

27.86

8.6x

21.4x

29.80

8.6x

22.3x

7.0%

0.0x

0.9x

Sonic

21.33

10.3x

18.4x

22.74

10.8x

19.7x

6.6%

0.5x

1.3x

Domino's Pizza

13.30

10.0x

12.5x

14.13

11.4x

13.3x

6.2%

1.4x

0.8x

Jack In The Box

26.45

6.9x

13.1x

27.91

7.2x

13.4x

5.5%

0.4x

0.3x

Brinker

18.13

5.0x

10.0x

19.01

5.1x

10.5x

4.9%

0.1x

0.5x

Peets Coffee & Tea

23.34

16.4x

29.5x

24.45

15.2x

31.5x

4.8%

(1.2x)

2.0x

Carrols Restaurant Group

7.97

5.8x

9.4x

8.31

6.1x

11.5x

4.3%

0.3x

2.2x

Bob Evans

27.49

6.6x

14.1x

28.53

6.6x

14.6x

3.8%

0.0x

0.5x

Change in Restaurant Valuations Since January 28, 2008

Note:

Per

Factset

May

29,

2008.

(a)

Estimates

per

Wall

Street

research.

PROJECT LASSO

Change in Restaurant Valuations Since January 28, 2008

Note:

Per

Factset

May

29,

2008.

(a)

Estimates

per

Wall

Street

research.

Change in Restaurant Valuations Since January 28, 2008 (Cont.)

As of January 28, 2008

As of April 4, 2008

Change from 1/28/08 to 4/4/08

EV/LTM

2008E

(a)

EV/LTM

2008E

(a)

EV/LTM

2008E

(a)

Company Name

Price

EBITDA

P/E

Price

EBITDA

P/E

Price

EBITDA

P/E

Ruby Tuesday

$7.69

4.9x

12.8x

$7.96

5.9x

16.8x

3.5%

1.0x

3.9x

Tim Hortons

34.86

14.3x

22.2x

35.31

13.4x

21.6x

1.3%

(0.9x)

(0.6x)

AFC Enterprises

9.05

7.1x

10.1x

9.12

7.8x

14.0x

0.8%

0.7x

4.0x

Benihana

10.24

4.5x

10.8x

10.31

4.7x

12.7x

0.7%

0.2x

1.9x

Wendy's

23.92

8.7x

15.0x

23.58

7.8x

16.8x

(1.4%)

(0.9x)

1.9x

Texas Roadhouse

11.11

9.9x

17.1x

10.54

9.2x

19.3x

(5.1%)

(0.7x)

2.2x

McCormick & Schmick's

12.87

6.6x

12.3x

12.18

6.7x

17.4x

(5.4%)

0.1x

5.1x

BJ's Restaurants

15.49

13.3x

25.8x

14.65

11.5x

27.2x

(5.4%)

(1.8x)

1.4x

Starbucks

19.66

10.0x

20.1x

18.50

8.9x

18.7x

(5.9%)

(1.1x)

(1.4x)

CKE Restaurants

13.00

7.2x

15.1x

12.10

6.5x

14.4x

(6.9%)

(0.8x)

(0.7x)

Chipotle Mexican Grill

125.37

28.3x

47.3x

116.66

24.4x

44.9x

(6.9%)

(3.9x)

(2.4x)

Denny's Corp.

3.32

6.8x

14.4x

3.01

6.3x

16.7x

(9.3%)

(0.5x)

2.3x

Ruth's Chris

7.89

5.9x

9.9x

7.10

6.2x

12.9x

(10.0%)

0.3x

3.0x

Rubio's Restaurants

6.49

5.4x

17.5x

5.80

4.9x

(10.6%)

(0.4x)

O'Charley's

13.08

4.7x

14.2x

11.57

4.6x

26.3x

(11.5%)

(0.1x)

12.1x

Steak N Shake

8.79

8.7x

23.8x

7.76

9.5x

(11.7%)

0.7x

Luby's

9.37

6.8x

23.5x

7.25

5.5x

19.2x

(22.6%)

(1.3x)

(4.4x)

Kona Grill

12.30

15.2x

7.98

7.4x

(35.1%)

(7.8x)

Einstein Noah Restaurant Group

18.96

9.7x

19.0x

9.76

7.3x

9.8x

(48.5%)

(2.4x)

(9.2x)

Number of Decreased

Number of Increased

Average (Decrease)/Increase

2.2%

(0.2x)

1.9x

Median (Decrease)/Increase

4.8%

0.2x

1.9x