We believe The Cheesecake Factory is positioned to grow from its current 92 locations to as many as 200. We also believe our second concept, Grand Lux Cafe, could grow from its present five locations to as many as 150. Clearly there are great opportunities for The Cheesecake Factory restaurants and Grand Lux Cafes for many years to come.

     We are also planning to add additional bakery capacity on the East Coast of the United States. As planned, this facility will provide the increased baking capacity we need to support our restaurants and outside customers, as well as provide risk diversification and freight savings to our overall operations.

     While the growth potential looks very positive, we will only grow our business at a rate that is healthy for our Company. For the next several years, that translates into 20%-plus top line and bottom line growth. Fortunately, we have the infrastructure, systems and capital in place to achieve this goal and support many more years of consistent and dependable earnings growth.