Outback Steakhouse, Inc. and Affiliates
Consolidated Balance Sheets



(IN THOUSANDS)
                                                                          December 31,
                                                                       2000          1999   
Assets                                                           
CURRENT ASSETS                                                   
   Cash and cash equivalents                                       $  131,604      $ 92,623
   Inventories                                                         27,871        26,088
   Other current assets                                                22,572        24,500 
      Total current assets                                            182,047       143,211
PROPERTY, FIXTURES AND EQUIPMENT, NET                                 693,975       607,028
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES, NET          29,655        21,272
OTHER ASSETS                                                          116,858        80,771 
                                                                   $1,022,535      $852,282 
Liabilities and Stockholders' Equity
CURRENT LIABILITIES                                              
   Accounts payable                                                $   37,162      $ 33,974
   Sales taxes payable                                                 11,580        10,354
   Accrued expenses                                                    46,266        29,628
   Unearned revenue                                                    54,458        45,188
   Income taxes payable                                                13,621        10,166
   Current portion of long-term debt                                    4,958         1,625 
      Total current liabilities                                       168,045       130,935
DEFERRED INCOME TAXES                                                  14,382         4,659
LONG-TERM DEBT                                                         11,678         1,519
OTHER LONG-TERM LIABILITIES                                             4,000         4,500 
      Total liabilities                                               198,105       141,613 
COMMITMENTS AND CONTINGENCIES (Notes 5 and 9)                    
INTEREST OF MINORITY PARTNERS IN CONSOLIDATED PARTNERSHIPS             16,840        17,704 
STOCKHOLDERS' EQUITY                                             
   Common stock, $0.01 par value, 200,000 shares authorized;     
   78,514 and 77,519 shares issued; and 76,632 and 77,404        
   outstanding as of December 31, 2000 and 1999, respectively             785           775
   Additional paid-in capital                                         214,541       194,251
   Retained earnings                                                  638,383       501,384 
                                                                      853,709       696,410
   Less treasury stock, 1,882 shares and 115 shares              
   at December 31, 2000 and 1999, respectively, at cost               (46,119)       (3,445)
      Total stockholders' equity                                      807,590       692,965 
                                                                   $1,022,535     $ 852,282 
The accompanying notes are an integral part of these Consolidated Financial Statements.