AFC Enterprises, Inc. 2007 Annual Report

Popeyes Leadership Team

Left to Right (Back Row)
Dave Smith, Chief Operating Officer, International; Stan Stout, Chief People and Technology Officer; Mel Hope, Chief Financial Officer; Ron Whitt, Director, Strategic Management; Ralph Bower, Chief Operations Officer

Left to Right (Front Row)
Dick Lynch, Chief Marketing Officer; Alicia Thompson, Vice President, Communications; Cheryl Bachelder, President & CEO; Sonny Cohen, Chief Administrstive Officer, General Council

Shareholder Information

Principal Office

5555 Glenridge Connector NE
Suite 300
Atlanta, GA 30342
404-459-4450

Stock Transfer Agent

Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
800-568-3476
www.computershare.com

Other Information

The Company’s press releases, annual reports
and other information can be accessed through the Company's website:
www.afce.com

Annual Meeting

AFC’s 2008 Annual Meeting will be held at:
Hilton Garden Inn - Atlanta
Perimeter Center
1501 Lake Hearn Drive
Atlanta, GA 30319
8:30 AM ET, May 21, 2008
404-459-0500

Form 10-K

The Company’s 2007 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, is being delivered with this Letter to Our Stakeholders.

Copies of the Annual Report on Form 10-K are also available without charge upon written request to:

AFC Enterprises, Inc.
5555 Glenridge Connector NE
Suite 300
Atlanta, GA 30342
Attn: Investor Relations
www.investor.afce.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this Annual Report contain “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties. Examples of such statements in this Annual Report include discussions regarding the Company’s planned implementation of its new strategic plan and the future growth of the Popeyes system including unit growth potential. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: competition from other restaurant concepts and food retailers, the loss of franchisees and other business partners, labor shortages or increased labor costs, increased costs of our principal food products, changes in consumer preferences and demographic trends, as well as concerns about health or food quality, instances of avian flu or other food-borne illnesses, the loss of senior management and the inability to attract and retain additional qualified management personnel, limitations on our business under our 2005 Credit Facility, failure of our franchisees, a decline in the number of franchised units, a decline in our ability to franchise new units, slowed expansion into new markets, unexpected and adverse fluctuations in quarterly results, increased government regulation, adverse effects of regulatory actions arising in connection with the restatement of our previously issued financial statements, effects of increased gasoline prices, general economic conditions, supply and delivery shortages or interruptions, currency, economic and political factors that affect our international operations, inadequate protection of our intellectual property and liabilities for environmental contamination and the other risk factors detailed in our 2007 Annual Report on Form 10-K and other documents we file with the Securities and Exchange Commission. Therefore, you should not place undue reliance on any forward-looking statements.

AFC Enterprises, Inc. • 5555 Glenridge Connector NE • Suite 300 • Atlanta, GA 30342 • www.afce.com