o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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•	Bloomin’ Brands, Inc. Announces Third Quarter Adjusted Diluted Earnings per Share of $0.08, an Increase of $0.06 Over The Third Quarter of 2011; GAAP Diluted Loss per Share was $0.31, a Decrease of $0.32 Compared to 2011

•	Reports Tenth Consecutive Quarter of Positive Comparable Restaurant Sales Growth for All Core Domestic Concepts and Raises Full-year Guidance for 2012

•	Third quarter Adjusted diluted earnings per share of $0.08 per share, a $0.06 increase from the same quarter in 2011. Diluted (loss) earnings per share of $(0.31), a decrease of $0.32 as compared with the third quarter of 2011, was driven primarily by costs associated with the Company’s initial public offering (“IPO”) that was completed during the third quarter.

(1)	See Reconciliations of Non-GAAP Measurements to U.S. GAAP Results included later in this release. Adjustments for the third quarter of 2012 primarily related to certain IPO related expenses as well as management fees and expenses and a loss on debt extinguishment.

•	Total revenues increased by 2.7% to $952.9 million.

•	Blended domestic comparable restaurant sales for Company-owned restaurants grew by 3.6% for the Company’s four core concepts, driven by a 2.5% traffic increase.

•	Restaurant operating margins (calculated as restaurant sales less cost of sales, labor and other related costs and other restaurant operating expenses) were 13.5%, a decrease of 0.2% from the third quarter of 2011.

•	Adjusted income from operations was $35.3 million as compared to $23.5 million in the third quarter of 2011, an increase of 50.1%. The Company generated a loss from operations of $11.5 million as compared to income from operations of $21.0 million in the same quarter in the prior year.

•	Adjusted net income attributable to Bloomin’ Brands, Inc. increased to $9.3 million as compared to $2.7 million in the same period in 2011. Net loss attributable to Bloomin’ Brands, Inc. was $35.9 million as compared to net income attributable to Bloomin’ Brands, Inc. of $0.6 million in the same period in 2011.

•	The Company continued to focus on brand investments, renovating 54 Outback Steakhouse restaurants and opening ten new locations: five Bonefish Grill restaurants, two Carrabba’s Italian Grill restaurants, two Company-owned international Outback Steakhouse restaurants and one international Outback Steakhouse franchise location.

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Total revenues increased by 2.7% to $952.9 million. This increase was primarily due to increases in customer traffic and modest menu price increases. Traffic increases were driven by menu enhancements and promotions throughout the Company’s concepts and innovations and improvements in customer service. In addition, traffic benefited from weekend lunch expansions and additional renovations at Outback Steakhouse restaurants. Restaurant sales also increased due to the addition of 23 new locations that were not included in the comparable restaurant sales base. This was partially offset by the sale (and franchise conversion) of nine Company-owned Outback Steakhouse restaurants in Japan in October 2011 and from closing six restaurants since September 30, 2011.

•	Blended domestic comparable restaurant sales for Company-owned restaurants grew by 3.6% for the Company’s four core concepts. Results for Company-owned restaurants, by concept, were as follows:

•	The number of weekdays and weekend days, as well as the timing of holidays, can impact the Company’s reported comparable restaurant sales. During the third quarter of 2012, there was no material trading day impact on blended domestic comparable restaurant sales for Company-owned restaurants.

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Restaurant operating margins were 13.5% in the current quarter as compared with 13.7% in the third quarter of 2011, or a 0.2% decrease.  This decrease was primarily attributable to higher labor costs associated with deferred compensation plans as a result of improved stock market performance. Improvements in sales leveraging and productivity initiative savings served to offset increased food costs driven by inflation and increased employee wages for training related to new day part roll-outs and new restaurant openings.

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Adjusted net income attributable to Bloomin’ Brands, Inc. increased to $9.3 million as compared to $2.7 million in the same period in 2011. The increase was driven in part by the impact of increased restaurant sales, coupled with a gain from the settlement of a lawsuit and certain expense timing favorability that will reverse in the fourth quarter of 2012. Net loss attributable to Bloomin’ Brands, Inc. was $35.9 million as compared to net income attributable to Bloomin’ Brands, Inc. of $0.6 million in the same period in 2011. The current quarter loss was primarily due to costs incurred in conjunction with the Company’s IPO as well as debt extinguishment costs resulting from the early repayment by OSI Restaurant Partners, LLC (“OSI”), the Company’s wholly-owned subsidiary, of its 10% Senior Notes (“Senior Notes”).

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•	Comparable restaurant sales growth in excess of 3%.

•	Total revenues of approximately $4 billion representing an increase of approximately 4%.

•	Adjusted income from operations of at least $239 million and Income from operations of at least $176 million, which includes significant expenses resulting from the Company’s IPO.

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Adjusted net income attributable to Bloomin’ Brands, Inc. of at least $110 million. This assumes a full year effective tax rate of between 18% and 20%. Net income attributable to Bloomin’ Brands, Inc. of approximately $45 million, including expenses described above. Both of these include approximately $2.2 million of additional interest expense, after-tax, primarily related to the new senior secured credit facilities.

•	Based on the Adjusted net income attributable to Bloomin’ Brands, Inc. expectation above, Adjusted diluted earnings per share of at least $0.95.

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•	Comparable restaurant sales growth of at least 3%.

•	Total revenues of approximately $4.2 billion representing an increase of approximately 5%.

•	Commodity inflation of approximately 3% to 5%.

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(1)	Excludes restricted cash.

(2)

The Company has, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). The Company operates successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on its current liabilities and its inventory turnover rates require relatively low investment in inventories. Additionally, ongoing cash flows from restaurant operations and gift card sales are used to service debt obligations and for capital expenditures.

(3)

On June 14, 2007, Private Restaurant Properties, LLC, an indirect wholly-owned subsidiary, entered into a commercial mortgage-backed securities loan (the “CMBS Loan”) totaling $790.0 million, which had a maturity date of June 9, 2012. Effective March 27, 2012, New Private Restaurant Properties, LLC and two of the Company’s other indirect wholly-owned subsidiaries entered into a new commercial mortgage-backed securities loan (the “2012 CMBS Loan”) totaling $500.0 million and used the proceeds, together with the proceeds from a sale-leaseback transaction and existing cash, to repay the CMBS Loan. The 2012 CMBS Loan and the repayment of the CMBS Loan are collectively referred to as the “CMBS Refinancing.” The 2012 CMBS Loan is a five-year loan maturing on April 10, 2017. As a result of the CMBS refinancing, the net amount repaid along with scheduled maturities within one year, $281.3 million, was classified as current at December 31, 2011.

(4)

During the third quarter of 2012, OSI retired the aggregate outstanding principal amount of its Senior Notes through a combination of a tender offer and early redemption call. The Senior Notes retirement was funded using a portion of the net proceeds from the Company’s IPO together with cash on hand. OSI paid an aggregate of $259.8 million to retire the Senior Notes which included $248.1 million in aggregate outstanding principal, $6.5 million of prepayment premium and early tender incentive fees and $5.2 million of accrued interest. The Senior Notes were satisfied and discharged on August 13, 2012. As a result of these transactions, the Company recorded a loss from the extinguishment of debt of $9.0 million in the third quarter of 2012, which included $2.4 million for the write-off of unamortized deferred financing fees that related to the extinguished Senior Notes.

(5)

On August 13, 2012, the Company completed an IPO in which (i) the Company issued and sold an aggregate of 14,196,845 shares of common stock (including 1,196,845 shares sold pursuant to an underwriters’ option to purchase additional shares) at a price to the public of $11.00 per share for aggregate gross offering proceeds of $156.2 million and (ii) certain of the Company’s stockholders sold 4,196,845 shares of the Company’s common stock (including 1,196,845 shares pursuant to the underwriters’ option to purchase additional shares) at a price to the public of $11.00 per share for aggregate gross offering proceeds of $46.2 million. The Company received net proceeds in the offering of approximately $142.5 million after deducting underwriting discounts and commissions of approximately $9.4 million on the Company’s sale of shares and $4.3 million of offering related expenses payable by the Company. The Company did not receive any proceeds from the sale of shares of common stock by the selling stockholders. All of the net proceeds, together with cash on hand, have been applied to the retirement of the Senior Notes.

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(1)	Transaction-related expenses primarily relate to costs incurred in association with the IPO, the refinancing of debt and other deal costs. The expenses related to the IPO primarily include certain executive compensation costs and non-cash stock compensation charges recorded upon completion of the IPO.

(2)

Represents management fees and out-of-pocket and other reimbursable expenses paid to a management company owned by the Company’s investor group comprised of funds advised by Bain Capital Partners, LLC and Catterton Management Company, LLC and Chris T. Sullivan, Robert D. Basham and J. Timothy Gannon under a management agreement with the Company. In accordance with the terms of an amendment to this agreement, it terminated immediately prior to the completion of the Company’s IPO, and a termination fee of $8.0 million was paid to the management company in the third quarter of 2012, in addition to a pro-rated periodic fee.

(3)	Loss on extinguishment of debt is related to the refinancing of the CMBS Loan completed in the first quarter of 2012 and the retirement of the Senior Notes in the third quarter of 2012.

(4)	Income tax effect of adjustments for the three and nine months ended September 30, 2012 were calculated using the Company’s expected full-year effective tax rate of 19.1%.  Income tax effect of adjustments for the three and nine months ended September 30, 2011 were calculated using the Company’s full-year 2011 effective tax rate of 16.6%.

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