During the last year, these people brought out the best in us despite some difficult times. They stood by us. They encouraged us. They believed in us and in the strength of our brands.

These people are our stakeholders—our customers, our franchise partners, our employees and our shareholders.

They were there for us. Now, we’re working harder than ever for them to increase the value of our brands and our company.

Last year, we took a hard look at everything we’ve ever done. We evaluated and assessed everything about AFC. Our people. Our systems. Our brands. Our portfolio.

Everything.

Then we created and invented and improved and fixed.

The result will be an AFC Enterprises that is as strong and valuable as we can make it.

A year of assessment

2003 was a year of people dealing with challenges. And all the while, not losing their focus. Not losing their capacity to do their job. Not giving in. Not giving up.

Now, well into 2004, we are seeing how this assessment and rebuilding will benefit our customers, our franchise partners, our employees and our shareholders. I’d like to share a few thoughts with you about each group.