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. Holdings and subsidiary guarantees are joint and several, full and unconditional. The following summarizes the Company’s condensed consolidating information as of March 26, 2013 and December 25, 2012, and for each of the 13-week periods ended March 26, 2013 and March 27, 2012 (in thousands):

Condensed Consolidating Statements of Income



	13 Weeks Ended March 26, 2013
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPC Op Co A		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	278,969	$	—	$	—	$	—		$	278,969
Total costs and expenses	—		253,118		—		—		—			253,118
Operating income	—		25,851		—		—		—			25,851
Interest expense	—		10,240		—		—		—			10,240
Equity in net income of subsidiary	13,244		—		—		—		(13,244		)	—
Income before income taxes	13,244		15,611		—		—		(13,244		)	15,611
Income tax expense	—		2,367		—		—		—			2,367
Net income	$	13,244	$	13,244	$	—	$	—	$	(13,244	)	$	13,244



	13 Weeks Ended March 27, 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	$	—	$	270,414	$	—	$	—	$	—		$	270,414
Total costs and expenses	—		245,538		—		—		—			245,538
Operating income	—		24,876		—		—		—			24,876
Interest expense	—		12,914		—		—		—			12,914
Equity in net income of subsidiary	9,005		—		—		—		(9,005		)	—
Income before income taxes	9,005		11,962		—		—		(9,005		)	11,962
Income tax expense	—		2,957		—		—		—			2,957
Net income	$	9,005	9,005		$	—	$	—	$	(9,005	)	9,005

Condensed Consolidating Balance Sheet



	March 26, 2013
	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	$	—	$	88,779	$	—	$	—	$	—		$	88,779
Facilities and equipment, net	—		143,588		—		—		—			143,588
Franchise rights, net	—		618,992		—		—		—			618,992
Goodwill	—		290,502		—		—		—			290,502
Investment in subsidiary	248,715		—						(248,715		)	—
Other assets, net	—		45,792		—		—		—			45,792
Total assets	$	248,715	$	1,187,653	$	—	$	—	$	(248,715	)	$	1,187,653
Liabilities and member’s equity:
Current liabilities	$	—	$	92,028	$	—	$	—	$	—		$	92,028
Long-term debt	—		558,125		—		—		—			558,125
Other liabilities and deferred items	—		69,989		—		—		—			69,989
Deferred income taxes	—		218,796		—		—		—			218,796
Member’s equity	248,715		248,715						(248,715		)	248,715
Total liabilities and member’s equity	$	248,715	$	1,187,653	$	—	$	—	$	(248,715	)	$	1,187,653



	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	$	—	$	89,743	$	—	$	—	$	—		$	89,743
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		$0		$0		$	(235,471	)	$1,169,782

Condensed Consolidating Statements of Cash Flows



	13 Weeks Ended March 26, 2013
	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	$	—	$	36,798		$	—	$	—	$	—	$	36,798
Investing activities:
Capital expenditures	—		(9,630		)	—		—		—		(9,630		)
Proceeds from sale or disposition of assets	—		40			—		—		—		40
Net cash flows used in investing activities	—		(9,590		)	—		—		—		(9,590		)
Financing activities:
Net cash flows used in financing activities	—		(640		)	—		—		—		(640		)
Net change in cash and cash equivalents	—		26,568			—		—		—		26,568
Beginning cash and cash equivalents	—		25,493			—		—		—		25,493
Ending cash and cash equivalents	$	—	$	52,061		$	—	$	—	$	—	$	52,061



	13 Weeks Ended March 27, 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	$	—		$	24,220		$	—	$	—	$	—		$	24,220
Investing activities:
Capital expenditures	—			(8,496		)	—		—		—			(8,496		)
Purchase of the stock of the Company	(216,635		)	(431,589		)	—		—		216,635			(431,589		)
Purchase of business assets, net of cash acquired	—			(19,322		)	—		—		—			(19,322		)
Proceeds from sale or disposition of assets	—			21			—		—		—			21
Net cash flows used in investing activities	(216,635		)	(459,386		)	—		—		216,635			(459,386		)
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
Debt issue costs	—			(27,794		)	—		—		—			(27,794		)
Interest rate derivative	—			(636		)	—		—		—			(636		)
Net cash provided by financing activities	216,635			380,505			—		—		(216,635		)	380,505
Net change in cash and cash equivalents	—			(54,661		)	—		—		—			(54,661		)
Beginning cash and cash equivalents	—			78,394			—		—		—			78,394
Ending cash and cash equivalents	$	—		$	23,733		$	—	$	—	$	—		$	23,733