Condensed Consolidating Financial Statements

NPC’s obligations under the Senior Notes and Senior Secured Credit Facilities are fully guaranteed by Holdings. As of the date hereof, Holdings’ only material asset is 100% of the stock of NPC. The remaining co-issuers with NPC, NPC Operating Company A, Inc. (“NPC Op Co A”) and NPC Operating Company B, Inc. (“NPC Op Co B”) do not have any assets, operations or cash flows and are 100% owned by NPC. The subsidiary guarantees are joint and several, full and unconditional. The following summarizes the Company’s condensed consolidating information as of December 25, 2012 and December 27, 2011, and for each of the 52-week periods ended December 25, 2012, December 27, 2011 and December 28, 2010 (in thousands):

Condensed Consolidating Statements of Income



	Successor
	52 Weeks Ended December 25, 2012
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	1,048,923	$	—	$	—	$	—		$	1,048,923
Total costs and expenses	—		970,698		—		—		—			970,698
Operating income	—		78,225		—		—		—			78,225
Interest expense	—		46,691		—		—		—			46,691
Loss on debt extinguishment	—		14,227						—			14,227
Equity in net income of subsidiary	15,020		—		—		—		(15,020		)	—
Income before income taxes	15,020		17,307		—		—		(15,020		)	17,307
Income tax expense	—		2,287		—		—		—			2,287
Net income	$	15,020	$	15,020	$	—	$	—	$	(15,020	)	$	15,020



	Predecessor
	52 Weeks Ended December 27, 2011
	Parent		Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	980,973		$	—	$	—	$	—		$	980,973
Total costs and expenses	—		954,569			—		—		—			954,569
Operating income	—		26,404			—		—		—			26,404
Interest expense	—		25,201			—		—		—			25,201
Equity in net income of subsidiary	4,706		—			—		—		(4,706		)	—
Income before income taxes	4,706		1,203			—		—		(4,706		)	1,203
Income tax benefit	—		(3,503		)	—		—		—			(3,503		)
Net income	$	4,706	$	4,706		$	—	$	—	$	(4,706	)	$	4,706



	Predecessor
	52 Weeks Ended December 28, 2010
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	978,284	$	—	$	—	$	—		$	978,284
Total costs and expenses	—		921,872		—		—		—			921,872
Operating income	—		56,412		—		—		—			56,412
Interest expense	—		29,283		—		—		—			29,283
Equity in net income of subsidiary	21,464		—		—		—		(21,464		)	—
Income before income taxes	21,464		27,129		—		—		(21,464		)	27,129
Income tax benefit	—		5,665		—		—		—			5,665
Net income	21,464		21,464		$	—	$	—	(21,464		)	21,464

Condensed Consolidating Balance Sheet



	Successor
	December 25, 2012
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Assets:
Current assets	$	—	$	68,786	$	—	$	—	$	—		$	68,786
Facilities and equipment, net	—		143,625		—		—		—			143,625
Franchise rights, net	—		622,634		—		—		—			622,634
Goodwill	—		290,502		—		—		—			290,502
Investment in subsidiary	235,471		—		—		—		(235,471		)	—
Other assets, net	—		44,235		—		—		—			44,235
Total assets	$	235,471	$	1,169,782	$	—	$	—	$	(235,471	)	$	1,169,782
Liabilities and member’s equity:
Current liabilities, excluding debt	$	—	$	89,743	$	—	$	—	$	—		$	89,743
Current portion of long-term debt	—		—		—		—		—			—
Long-term debt	—		558,125		—		—		—			558,125
Other liabilities and deferred items	—		68,153		—		—		—			68,153
Deferred income taxes	—		218,290		—		—		—			218,290
Member’s equity	235,471		235,471		—		—		(235,471		)	235,471
Total liabilities and member’s equity	$	235,471	$	1,169,782	$	—	$	—	$	(235,471	)	$	1,169,782



	Predecessor
	December 27, 2011
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Assets:
Current assets	$	—	$	113,499	$	—	$	—	$	—		$	113,499
Facilities and equipment, net	—		131,744		—		—		—			131,744
Franchise rights, net	—		390,110		—		—		—			390,110
Goodwill	—		191,701		—		—		—			191,701
Investment in subsidiary	201,460		—		—		—		(201,460		)	—
Other assets, net	—		21,674		—		—		—			21,674
Total assets	$	201,460	$	848,728	$	—	$	—	$	(201,460	)	$	848,728
Liabilities and member’s equity:
Current liabilities, excluding debt	$	—	$	102,852	$	—	$	—	$	—		$	102,852
Current portion of long-term debt	—		13,540		—		—		—			13,540
Long-term debt	—		359,160		—		—		—			359,160
Other liabilities and deferred items	—		47,982		—		—		—			47,982
Member’s equity subject to redemption	3,250		—		—		—		—			3,250
Deferred income taxes	—		123,734		—		—		—			123,734
Member’s equity	198,210		201,460		—		—		(201,460		)	198,210
Total liabilities and member’s equity	$	201,460	$	848,728	$	—	$	—	$	(201,460	)	$	848,728

Condensed Consolidating Statements of Cash Flows



	Successor
	52 Weeks Ended December 25, 2012
	Parent			Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings			Issuer: NPC			Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Operating activities:
Net cash flows provided by operating activities	$	—		$	70,418		$	—	$	—	$	—		$	70,418
Investing activities:
Capital expenditures	—			(40,464		)	—		—		—			(40,464		)
Purchase of the stock of the Company	(216,635		)	(431,540		)	—		—		216,635			(431,540		)
Purchase of business assets, net of cash acquired	—			(19,371		)	—		—		—			(19,371		)
Proceeds from disposition of assets	—			240			—		—		—			240
Net cash flows used in investing activities	(216,635		)	(491,135		)	—		—		216,635			(491,135		)
Financing activities:
Retirement of predecessor entity debt and other obligations	—			(372,700		)	—		—		—			(372,700		)
Proceeds from equity contributions, net	216,635			216,635			—		—		(216,635		)	216,635
Issuance of debt	—			565,000			—		—		—			565,000
Payments on term bank facilities	—			(6,875		)								(6,875		)
Debt issue costs	—			(34,614		)	—		—		—			(34,614		)
Proceeds from sale-leaseback transactions	—			1,006										1,006
Interest rate derivative	—			(636		)	—		—		—			(636		)
Net cash provided by financing activities	216,635			367,816			—		—		(216,635		)	367,816
Net change in cash and cash equivalents	—			(52,901		)	—		—		—			(52,901		)
Beginning cash and cash equivalents	—			78,394			—		—		—			78,394
Ending cash and cash equivalents	$	—		$	25,493		$	—	$	—	$	—		$	25,493



	Predecessor
	52 Weeks Ended December 27, 2011
	Parent		Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations		Consolidated
Operating activities:
Net cash flows provided by operating activities	$	—	$	86,201		$	—	$	—	$	—	$	86,201
Investing activities:
Capital expenditures	—		(23,775		)	—		—		—		(23,775		)
Proceeds from disposition of assets	—		993			—		—		—		993
Net cash flows used in investing activities	—		(22,782		)	—		—		—		(22,782		)
Financing activities:
Payments on term bank facilities	—		(29,670		)	—		—		—		(29,670		)
Proceeds from sale-leaseback transactions	—		486			—		—		—		486
Net cash provided by financing activities	—		(29,184		)	—		—		—		(29,184		)
Net change in cash and cash equivalents	—		34,235			—		—		—		34,235
Beginning cash and cash equivalents	—		44,159			—		—		—		44,159
Ending cash and cash equivalents	$	—	$	78,394		$	—	$	—	$	—	$	78,394



	Predecessor
	52 Weeks Ended December 28, 2010
	Parent		Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations		Consolidated
Operating activities:
Net cash flows provided by operating activities	$	—	$	76,178		$	—	$	—	$	—	$	76,178
Investing activities:
Capital expenditures	—		(18,331		)	—		—		—		(18,331		)
Proceeds from disposition of assets	—		2,118			—		—		—		2,118
Net cash flows used in investing activities	—		(16,213		)	—		—		—		(16,213		)
Financing activities:
Payments on term bank facilities	—		(31,340		)	—		—		—		(31,340		)
Proceeds from sale-leaseback transactions	—		865			—		—		—		865
Net cash provided by financing activities	—		(30,475		)	—		—		—		(30,475		)
Net change in cash and cash equivalents	—		29,490			—		—		—		29,490
Beginning cash and cash equivalents	—		14,669			—		—		—		14,669
Ending cash and cash equivalents	$	—	$	44,159		$	—	$	—	$	—	$	44,159