Breeden Capital Management LLC Files Initial Proxy Materials To Elect Four Nominees to the Board of Directors of Applebee's International, Inc.

    GREENWICH, Conn., March 29 /PRNewswire/ -- Breeden Capital Management
 LLC, a Greenwich, CT., based investment fund manager, announced today that
 Breeden Partners LP has filed with the SEC preliminary proxy materials in
 connection with its nomination of four candidates for election to the Board
 of Directors of Applebee's International, Inc. ("Applebee's") (
 APPB) at the company's 2007 annual meeting. Applebee's current board of
 directors consists of twelve members, only four of whom will be elected in
 2007 due to Applebee's staggered board. Breeden Partners and affiliated
 investment funds managed by Breeden Capital Management (all collectively,
 "Breeden Partners") own over four million shares of Applebee's.
     "Applebee's period of deteriorating operating performance has now
 entered its fourth year, and as major shareholders we believe it is time
 for change in the Company's direction and in its governance. We believe
 that change must start in the Applebee's boardroom. While the Company has
 belatedly adopted a few of our ideas, the Board has yet to take significant
 actions to cut bloated expenses, to deploy capital only where it will
 generate the highest return, and to restructure the business to meet
 today's market conditions such as by re-franchising hundreds of restaurants
 currently owned by the company. As directors on a reconstituted Board, our
 nominees will press the Company to focus urgently on increasing returns for
 investors significantly. Our nominees will provide fresh thinking, and they
 are completely independent from the mistakes of the past. With changes in
 both personnel and policies, we believe that Applebee's can be a
 competitive success, not a study in stagnation," said Richard C. Breeden,
 Chairman and CEO of Breeden Capital Management.
     SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER
 DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY BREEDEN CAPITAL
 MANAGEMENT LLC, BREEDEN PARTNERS L.P., BREEDEN PARTNERS (CALIFORNIA) L.P.,
 BREEDEN PARTNERS HOLDCO LTD., RICHARD C. BREEDEN, STEVEN J. QUAMME, RAYMOND
 G.H. SEITZ, LAURENCE E. HARRIS AND CERTAIN OF THEIR AFFILIATES FROM THE
 SHAREHOLDERS OF APPLEBEE'S FOR USE AT THE 2007 ANNUAL MEETING OF
 SHAREHOLDERS OF APPLEBEE'S WHEN THEY ARE AVAILABLE BECAUSE THEY WILL
 CONTAIN IMPORTANT INFORMATION. A DEFINITIVE PROXY STATEMENT AND FORM OF
 PROXY WILL BE MAILED TO SHAREHOLDERS OF APPLEBEE'S AND WILL, ALONG WITH
 OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND
 EXCHANGE COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV OR BY CONTACTING MORROW
 & CO., INC. BY TELEPHONE AT (203)- 658-9400 OR BY E-MAIL AT
 APPLEBEESINFO@MORROWCO.COM. INFORMATION RELATING TO THE PARTICIPANTS IN
 SUCH PROXY SOLICITATION IS CONTAINED IN EXHIBIT 1 TO THE SCHEDULE 14A FILED
 WITH THE SECURITIES AND EXCHANGE COMMISSION BY BREEDEN PARTNERS ON DECEMBER
 11, 2006.
     Contacts:
     For Media:                          For Investors:
     Kekst and Company                   Morrow & Co.
     Victoria Weld                       Eric Olson/Mike Verrechia
     212-521-4800                        203-658-9400
 
 

SOURCE Breeden Capital Management LLC