RESTAURANTS INDUSTRY UPDATE JUNE

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1 Investment banking services are provided by Harris Williams LLC and Solebury Capital LLC, registered broker-dealers and members of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number ). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

2 OVERVIEW WHAT WE VE BEEN UP TO On May 22, 2017, Cleveland Avenue acquired PizzaRev, adding to the continued momentum of HW&Co. s food and beverage group. Company Description: PizzaRev franchises and operates over 45 fast casual build-your-own pizza restaurants in the United States and Mexico, offering highly-customizable and high-quality pizzas cooked in under three minutes. The concept, which also offers salads, desserts, and alcoholic and non-alcoholic beverages, differentiates itself from fast casual competitors through customization, atmosphere, food quality, and innovation. Key Value Drivers for PizzaRev: Strong franchise system with base of experienced, enthusiastic, and wellcapitalized franchise partners. Significant white space for growth both domestically and internationally. Differentiated concept offering a fully customizable, better-for-you offering, and an attractive, stay and enjoy atmosphere. Category innovator with industry-leading offerings, menu enhancements, and technology integration. WHAT WE RE READING a partnership of Bacon Up More than 20 Percent Since January as Wholesale Pork Belly Prices Soar Pork belly prices are up over 70% since the start of the year reflecting low supply and rising demand. American consumers continue to be drawn to all things bacon, ranging from bacon cheeseburgers to bacon ice cream. Restaurants are expected to at least partially absorb the cost increase as they seek to drive store traffic. (Link to Article) Sense360 Proves Restaurant Delivery Apps Do Not Cannibalize In-Store Visits Recent analysis on consumer behavior indicates that delivery applications are not detrimental to in-store traffic. The study was comprised of over 20 million visits to full service and quick service restaurants, over one million of which were from consumers with delivery applications installed on their mobile devices. The study did note, however, that consumers with delivery applications have different consumption patterns than those who do not. (Link to Article) The Paradox of American Restaurants Restaurant quality and variety have never been better in America. However, consumer demand has struggled to keep pace with the increase in restaurant supply. This imbalance has caused many restaurants to struggle, particularly those concepts in the middle of the value spectrum. Competition not only comes from other restaurant options, but also convenience stores, meal delivery services, and grocery stores. (Link to Article) & has been acquired by CONTENTS Economic Trends Public Company Summary Limited Service Full Service Debt Markets M&A Activity OUR PRACTICE Harris Williams & Co. is a leading advisor to middle market companies. Our restaurant experience covers a broad range of concepts and business models. This particular report focuses on trends and metrics in the following areas: Quick Service Fast Casual Pizza Beverage Differentiated Casual Casual Family Dining Fine Dining CONTACTS Glenn Gurtcheff Managing Director ggurtcheff@harriswilliams.com +1 (612) Tim Alexander Managing Director talexander@harriswilliams.com +1 (612) Ed Arkus Managing Director earkus@harriswilliams.com Ryan Budlong Managing Director rbudlong@harriswilliams.com +1 (415) Will Bain Director wbain@harriswilliams.com Brant Cash Director bcash@harriswilliams.com +1 (612) Ryan Freeman Director rfreeman@harriswilliams.com +1 (612) Andy Warczak Vice President awarczak@harriswilliams.com +1 (612) PAGE 1

3 % of Total Spend Indexed Value Labor Participation Rate YoY Growth Rate Unemployment Rate Indexed Value RESTAURANTS ECONOMIC TRENDS EMPLOYMENT 1 CONSUMER CONFIDENCE 2 (in millions) 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% Total Employment % 120 Jun-07 Jun-09 Jun-11 Jun-13 Jun-15 Jun Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Total Employment Unemployment Rate LABOR PARTICIPATION RATE 1 WAGE GROWTH VS CONSUMER PRICE INDEX % 63.5% 63.0% 62.5% 62.0% 61.5% Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun % 3.0% 2.0% 1.0% 0.0% Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun % -2.0% Consumer Price Index Wage Growth AT HOME AND RESTAURANT SPENDING 3 COMMODITY PRICE INDICES 1,4 60.0% 55.0% 50.0% 45.0% 40.0% Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Food Away from Home Food at Home Corn Wheat Beef Crude Chicken Pork Milk PAGE 2

4 PUBLIC COMPANY PERFORMANCE 5,6 SUMMARY INFORMATION Segment # of Companies Median P/E Median EV/LTM EBITDA Median TEV/'17E EBITDA Median SSS Growth Quick Service x 16.0x 15.3x (0.1%) Fast Casual x 13.8x 11.6x (1.1%) Pizza x 15.1x 14.1x 2.0% Beverage/Snack Retail x 16.3x 15.1x (0.4%) Limited Service x 15.9x 14.6x (0.4%) Differentiated Casual x 8.8x 8.6x 0.3% Casual Dining x 8.4x 8.0x (1.2%) Family Dining x 10.8x 10.7x (1.1%) Fine Dining x 9.6x 8.5x 0.3% Full Service x 9.1x 8.6x (0.3%) SOLEBURY S Q RESTAURANT EARNINGS RECAP Solebury s quarterly restaurant industry earnings recap tracks the performance of select public restaurant concepts relative to industry research analysts expectations. Solebury Capital is a leading independent capital markets advisory firm, providing clients with independent advice, highly-informed judgment, and transaction management services. Harris Williams & Co. and Solebury Capital are subsidiaries of PNC. Report SSS Revenue EBITDA EPS FY 2017 Price Chg. Issuer Date Below In-line Above Below In-line Above Below In-line Above Below In-line Above Guidance 1-Day 5/4/2017 P 40bps P 9.8% P 1.9% P 37.5% 11.3% 5/4/2017 P 110bps P -0.2% P 5.0% P 14.3% Reiterated 11.2% 5/4/2017 P -270bps P 2.7% P 3.4% P 25.0% Mixed 9.2% 4/27/2017 P -22bps P 1.4% N/P P 8.6% N/A 2.5% 4/25/2017 P 234bps P 1.5% N/P P 24.0% Reiterated 2.4% 5/3/2017 P 48bps P 0.0% P 12.7% P 12.5% Reiterated 1.6% 5/4/2017 P 37bps P -0.9% N/P P 12.5% Reiterated 0.8% 4/25/2017 P 0bps P 1.5% N/P P -0.5% N/A -0.1% 5/4/2017 P -60bps N/A P 0.0% Mixed -3.2% 4/26/2017 P 34bps P -0.3% P -14.3% P -14.8% -3.7% 5/9/2017 P -70bps P 1.2% P -4.6% P -14.3% -5.2% 5/8/2017 P 160bps P 1.4% P 9.1% P 0.0% Reiterated -6.6% 5/8/2017 N/A P -1.5% P -15.8% P -10.7% N/A -7.4% 5/10/2017 P -70bps P -10.1% P % P % Mixed -8.0% 5/2/2017 P 2bps P -0.9% P 1.5% P 17.6% Reiterated -11.6% 5/2/2017 P -220bps P -1.6% P 16.7% P 0.0% -16.4% 5/25/2017 P -150bps P -2.2% P 14.4% P 0.0% -12.5% Mean -123bps 1bps 95bps -3.9% -0.4% 2.8% -59.3% - 8.1% % -0.1% 19.0% -2.1% Median -70bps 1bps 48bps -1.9% -0.3% 1.5% -15.0% - 7.1% -14.5% 0.0% 16.0% -3.2% N/A: Not Applicable N/P: Not Provided Guidance Relative to Expectations: Above In-line Below PAGE 3

5 PUBLIC COMPANY PERFORMANCE LIMITED SERVICE 5,6 MEDIAN SAME-STORE SALES GROWTH QSR Fast Casual Pizza Beverage/Snack Retail 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% (1.0%) (2.0%) Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q % (0.1%) (0.4%) (1.1%) LTM SAME-STORE SALES GROWTH (QUARTERLY AVERAGE) 0.4% 0.7% 3.3% 1.2% 1.3% 1.2% 0.6% 6.6% 1.7% 1.8% 1.6% 1.8% 1.0% 9.7% 4.0% 0.2% 0.0% 0.3% 3.5% (2.4%) (8.1%) (3.4%) (1.3%) (0.2%) (5.7%) UNIT COUNT GROWTH (YOY) 57.6% 44.3% 8.5% 1.5% 1.2% 1.0% 1.1% 7.6% 10.9% 7.1% 6.3% 22.8% 2.3% 11.8% 18.1% 20.9% 10.3% 3.7% 0.7% 17.2% 3.3% 0.0% 9.4% (5.9%) (4.9%) LTM EBITDA MARGIN 53.0% 38.7% 44.0% 29.7% 28.8% 30.0% 35.0% 15.5% 22.0% 8.0% 15.4% 12.0% 8.5% 10.1% 2.3% 14.8% 9.8% 15.4% 8.0% 20.0% 11.3% 9.6% 4.0% 23.0% (8.1%) PAGE 4

6 06 '12 09 '12 12 '12 03 '13 06 '13 09 '13 12 '13 03 '14 06 '14 09 '14 12 '14 03 '15 06 '15 09 '15 12 '15 03 '16 06 '16 09 '16 12 '16 03 '17 06 '17 RESTAURANTS PUBLIC COMPANY VALUATION LIMITED SERVICE 5,6 MEDIAN EV/LTM EBITDA TREND* QSR Fast Casual Pizza Beverage/Snack Retail S&P x 13.2x 10.7x 8.3x 8.2x 20.1x 18.8x 13.4x 10.4x 9.2x 20.2x 17.9x 17.4x 16.1x 15.7x 15.8x 15.9x 16.3x 16.7x 16.3x 14.2x 14.6x 13.2x 11.7x 12.3x 13.2x 13.9x 10.2x 10.9x 11.6x YTD EV/LTM EBITDA 34.7x 22.6x 16.0x 16.0x 18.5x 9.6x 11.9x 11.1x 10.7x 7.3x 12.4x 15.2x 17.7x 6.7x 31.1x 27.1x 24.4x 15.1x 15.1x 15.9x 16.3x 17.2x 11.5x NM N/A INDEXED SHARE PRICE CHANGE QSR Fast Casual Pizza Beverage/Snack Retail S&P YEAR OVER YEAR SHARE PRICE CHANGE 50.3% 61.2% 48.5% 61.0% 27.3% 14.6% 3.3% 6.5% N/A 13.4% 5.5% 26.4% 2.1% (4.1%) (2.1%) (11.0%) (5.3%) (3.5%) (8.3%) (4.3%) (34.1%) (24.3%) (60.1%) (67.2%) (57.1%) * Median of the Component Companies Median EV/LTM EBITDA Multiple. PAGE 5

7 PUBLIC COMPANY PERFORMANCE FULL SERVICE 5,6 MEDIAN SAME-STORE SALES GROWTH Differentiated Casual Casual Dining Family Dining Fine Dining 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% (1.0%) (2.0%) (3.0%) (4.0%) Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q % 0.3% (1.1%) (1.2%) LTM SAME-STORE SALES GROWTH (QUARTERLY AVERAGE) 3.1% 3.1% 0.9% 1.4% 1.2% 1.1% (1.8%) (1.9%) (0.1%) (1.7%) (2.1%) (3.3%) (3.1%) (3.6%) (0.1%) (1.7%) (0.8%) (0.7%) UNIT COUNT GROWTH (YOY) 9.2% 5.0% 15.5% 14.3% 0.8% 0.6% 0.7% 3.0% 6.9% 1.9% 1.1% 6.0% 11.9% 4.1% (3.5%) (1.1%) (7.6%) (2.8%) LTM EBITDA MARGIN 38.5% 24.3% 12.6% 14.2% 12.5% 12.3% 9.8% 14.2% 13.1% 10.1% 13.3% 13.4% 18.3% 12.0% 18.3% 15.7% 3.8% 3.3% PAGE 6

8 06 '12 09 '12 12 '12 03 '13 06 '13 09 '13 12 '13 03 '14 06 '14 09 '14 12 '14 03 '15 06 '15 09 '15 12 '15 03 '16 06 '16 09 '16 12 '16 03 '17 06 '17 RESTAURANTS PUBLIC COMPANY VALUATION FULL SERVICE 5,6 MEDIAN EV/LTM EBITDA TREND* Differentiated Casual Casual Dining Family Dining Fine Dining S&P x 8.2x 7.5x 7.9x 8.2x 11.1x 9.0x 10.8x 9.7x 9.2x 13.9x 12.3x 12.2x 12.0x 11.4x 11.6x 10.4x 10.4x 10.9x 11.0x 10.2x 10.5x 10.6x 9.7x 9.8x 9.9x 9.6x 9.6x 8.5x 8.3x YTD EV/LTM EBITDA 7.8x 8.7x 8.8x 9.2x 12.2x 7.6x 7.0x 12.8x 8.4x 8.5x 8.2x 13.1x 10.8x 12.0x 9.1x 9.1x 9.6x 11.3x INDEXED SHARE PRICE CHANGE Differentiated Casual Casual Dining Family Dining Fine Dining S&P YEAR OVER YEAR SHARE PRICE CHANGE 42.1% 42.8% 37.6% 36.4% 4.5% 18.8% 11.7% 9.7% 12.4% 6.4% (15.0%) (8.8%) (16.3%) (2.5%) (32.4%) (48.0%) (44.3%) (44.0%) * Median of the Component Companies Median EV/LTM EBITDA Multiple. PAGE 7

9 PUBLIC COMPANY PERFORMANCE 5,6 SUMMARY * Price at As a % of Market Enterprise % LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2017E ($ in millions, except per share data) Ticker 6/30/17 52-wk High Cap Value Franchised Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Quick Service Restaurant Bojangles, Inc. BOJA $ % $595 $796 57% $536 $83 6.9% NA 19.7% 15.5% 16.4x 1.49x 9.6x 1.42x 9.8x Jack in the Box Inc. JACK % 2,898 4,251 73% 1, % 3.6% 27.8% 22.0% 24.4x 2.62x 11.9x 2.76x 11.9x McDonald's Corporation MCD % 124, ,183 85% 24,394 9,451 (3.8%) (4.7%) 42.3% 38.7% 27.0x 6.20x 16.0x 6.74x 15.3x Restaurant Brands International Inc QSR % 14,721 42, % 4,228 1,862 (20.1%) NA 46.9% 44.0% 43.1x 9.94x 22.6x 9.17x 20.1x Sonic Corp. SONC % 1,108 1,699 93% (16.7%) (2.0%) 37.1% 29.7% 17.9x 3.29x 11.1x 3.59x 11.3x Wendy's Company WEN % 3,807 6,178 95% 1, (24.7%) (17.7%) 37.6% 28.8% 31.9x 4.60x 16.0x 5.14x 15.3x Yum! Brands, Inc. YUM % 25,685 35,230 93% 6,340 1, % (21.8%) 42.5% 30.0% 18.7x 5.56x 18.5x 6.10x 17.7x Mean (4.7%) (8.5%) 36.3% 29.8% 25.6x 4.81x 15.1x 4.99x 14.5x Median (3.8%) (4.7%) 37.6% 29.7% 24.4x 4.60x 16.0x 5.14x 15.3x Fast Casual Chipotle Mexican Grill, Inc. CMG $ % $11,927 $11,427 0% $4,139 $330 (2.5%) 6.9% 11.6% 8.0% NM 2.76x 34.7x 2.47x 21.2x El Pollo Loco Holdings Inc LOCO % % % NA 20.2% 15.4% 30.8x 1.65x 10.7x 1.54x 9.6x Fiesta Restaurant Group, Inc. FRGI % % % 8.1% 19.2% 12.0% NA 0.87x 7.3x 0.90x 6.9x Freshii, Inc. FRII-CA % % 17 1 NA NA 83.6% 8.5% NM 15.33x NM 9.38x 18.3x Habit Restaurants, Inc. HABT % % % 29.1% 15.7% 10.1% NM 1.26x 12.4x 1.09x 11.0x Noodles & Co. NDLS % % % 10.9% 7.5% 2.3% NA 0.35x 15.2x 0.37x 5.8x Panera Bread Company PNRA % 6,713 7,452 56% 2, % 5.3% 15.8% 14.8% 47.6x 2.63x 17.7x 2.51x 16.7x Potbelly Corp. PBPB % % % NA 14.4% 9.8% 38.3x 0.66x 6.7x 0.62x 6.8x Shake Shack, Inc. SHAK % 1,276 1,219 44% % NA 24.3% 15.4% NM 4.19x 27.1x 3.42x 22.7x Wingstop, Inc. WING % 895 1,043 98% % 17.6% 69.9% 35.0% 51.5x 10.88x 31.1x 10.17x 26.5x Zoe's Kitchen, Inc. ZOES % % % 29.7% 13.5% 8.0% NM 0.92x 11.5x 0.83x 11.6x Mean 12.2% 15.4% 26.9% 12.7% 42.1x 3.77x 17.4x 3.03x 14.3x Median 7.6% 10.9% 15.8% 10.1% 43.0x 1.65x 13.8x 1.54x 11.6x Pizza Domino's Pizza, Inc. DPZ $ % $10,173 $12,476 97% $2,558 $ % 11.6% 31.1% 20.0% 45.3x 4.88x 24.4x 4.55x 22.3x Papa John's International, Inc. PZZA % 2,638 2,974 85% 1, % 5.3% 18.3% 11.3% 25.4x 1.71x 15.1x 1.64x 14.1x Papa Murphy's Holdings, Inc. FRSH % % % NA 28.4% 9.6% NA 1.45x 15.1x 1.48x 7.9x Mean 7.1% 8.5% 25.9% 13.6% 35.4x 2.68x 18.2x 2.56x 14.8x Median 6.2% 8.5% 28.4% 11.3% 35.4x 1.71x 15.1x 1.64x 14.1x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $ % $151 $107 0% $167 $7 15.9% NA 45.5% 4.0% NA 0.64x 15.9x 0.60x 8.5x Dunkin' Brands Group, Inc. DNKN % 5,080 7, % % 4.7% 77.7% 53.0% 24.8x 8.64x 16.3x 8.50x 15.2x Jamba, Inc. JMBA % % 82 (7) (56.0%) (28.9%) 33.1% NM NA 1.28x NM NA NA Starbucks Corporation SBUX % 84,439 86,991 50% 21,974 5, % 12.0% 24.6% 23.0% 28.9x 3.96x 17.2x 3.74x 15.1x Mean (7.3%) (4.1%) 45.2% 26.7% 26.8x 3.63x 16.5x 4.28x 12.9x Median 5.4% 4.7% 39.3% 23.0% 26.8x 2.62x 16.3x 3.74x 15.1x Differentiated Casual BJ's Restaurants, Inc. BJRI $ % $803 $990 0% $1,007 $ % 8.3% 12.2% 12.6% 20.4x 0.98x 7.8x 0.94x 7.8x Buffalo Wild Wings, Inc. BWLD % 2,045 2,499 49% 2, % 14.8% 13.1% 14.2% 27.3x 1.24x 8.7x 1.18x 8.6x Cheesecake Factory Incorporated CAKE % 2,413 2,517 7% 2, % 6.4% 15.6% 12.5% 17.6x 1.10x 8.8x 1.09x 9.0x Chuy's Holdings, Inc. CHUY % % % 16.7% 15.1% 12.3% 22.9x 1.13x 9.2x 1.01x 8.6x Dave & Buster's Entertainment, Inc. PLAY % 2,798 3,119 0% 1, % 16.5% 22.6% 24.3% 28.2x 2.98x 12.2x 2.68x 11.2x Mean 10.2% 12.6% 15.7% 15.2% 23.3x 1.49x 9.4x 1.38x 9.1x Median 7.4% 14.8% 15.1% 12.6% 22.9x 1.13x 8.8x 1.09x 8.6x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $ % $2,128 $3,175 16% $4,232 $416 (2.5%) 0.3% 11.4% 9.8% 43.3x 0.75x 7.6x 0.75x 7.4x Brinker International, Inc. EAT % 1,864 3,207 40% 3, % 3.8% 13.5% 14.2% 12.6x 1.00x 7.0x 1.01x 7.5x Darden Restaurants, Inc. DRI % 11,245 12,099 3% 7, % 4.5% 18.1% 13.1% 23.8x 1.69x 12.8x 1.58x 11.4x DineEquity, Inc. DIN % 792 2, % (6.3%) (0.9%) 57.8% 38.5% 9.3x 3.24x 8.4x 3.27x 8.5x Red Robin Gourmet Burgers, Inc. RRGB % 840 1,134 16% 1, % 7.7% 13.9% 10.1% NM 0.86x 8.5x 0.83x 7.5x Ruby Tuesday, Inc. RT % % (11.9%) (6.1%) 10.8% 3.8% NA 0.31x 8.2x NA NA Texas Roadhouse, Inc. TXRH % 3,614 3,562 17% 2, % 11.8% 15.1% 13.3% 31.6x 1.74x 13.1x 1.62x 12.1x Mean (0.2%) 3.0% 20.1% 14.7% 24.1x 1.37x 9.4x 1.51x 9.1x Median 2.6% 3.8% 13.9% 13.1% 23.8x 1.00x 8.4x 1.29x 8.0x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $ % $4,021 $4,251 0% $2, % 3.2% NM 13.4% 20.3x 1.45x 10.8x 1.43x 10.5x Denny's Corporation DENN % 822 1,118 90% % 3.5% 27.7% 18.3% 51.2x 2.19x 12.0x 2.12x 11.0x Luby's, Inc. LUB % % (9.0%) (0.8%) 8.9% 3.3% NA 0.30x 9.1x NA NA Mean (1.5%) 2.0% 18.3% 11.7% 35.7x 1.32x 10.6x 1.77x 10.7x Median 1.5% 3.2% 18.3% 13.4% 35.7x 1.45x 10.8x 1.77x 10.7x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $ % $351 $388 0% $354 $43 4.9% 8.3% 18.0% 12.0% 24.0x 1.09x 9.1x 1.06x 8.1x Fogo de Chao, Inc. FOGO % % % NA 23.5% 18.3% 17.2x 1.75x 9.6x 1.62x 8.5x Ruth's Hospitality Group, Inc. RUTH % % % (1.6%) 24.1% 15.7% 22.4x 1.77x 11.3x 1.66x 10.3x Mean 5.1% 3.4% 21.9% 15.3% 21.2x 1.54x 10.0x 1.45x 9.0x Median 4.9% 3.4% 23.5% 15.7% 22.4x 1.75x 9.6x 1.62x 8.5x * Percentage Franchised is Based on 2016 YE Units. PAGE 8

10 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 RESTAURANTS FINANCING MARKET OVERVIEW RESTAURANTS AND RETAIL 7 AVERAGE PRIMARY SPREADS AVERAGE SECONDARY SPREAD L+600 L+500 L+400 L+300 L+200 L+100 L+700 L+600 L+500 L+400 L+300 L+200 L+100 L Q L+0 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 Revolving CREDIT STATISTICS 1Q 2017: 5.6x 6.0x 4.0x 2.0x Weighted Avg. Institutional 5.6x 3.7x 3.7x LOAN VOLUME (in billions) $14 $12 $10 $8 $6 $4 $2 0.0x Debt/ EBITDA Senior Debt/ EBITDA EBITDA/ Cash Interest Q EBITDA - Capex/ Cash Interest $0 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 Institutional Pro Rata SUMMARY M&A STATS 5 QUARTERLY RESTAURANT TRANSACTIONS (U.S. & CANADA) Private Equity Non-Private Equity PAGE 9

11 M&A TRANSACTION INFORMATION 5,6 NOTABLE ANNOUNCED TRANSACTIONS ISS A/S, a leading global facility services provider, acquired Guckenheimer Enterprises, Inc. for $223 million in April Guckenheimer Enterprises, Inc. provides on-site preparation of appealing and freshly prepared food at offices across North America. RECENT TRANSACTIONS (140 Locations) NPC International Inc. has acquired DavCo, a 140 Wendy s franchise, through a refranchising transaction with The Wendy s Company in June DavCo is comprised of 140 Wendy s locations throughout Maryland and Virginia. New Water Capital has acquired Custom Made Meals, a provider of oven-ready meals in April Custom Made Meals is a leading manufacturer of fresh, oven-ready, value-added entrees and appetizers sold in more than 6,000 retail grocery locations nationwide. Franchise Private Enterprise Location Equity Value EV / LTM Closed Target Seller Buyer Sale Involvement ($ in Millions) Sales EBITDA 6/22/2017 MHD LLC - Freshii, Inc. P $ /19/2017 Houston Canada, Inc. - MTY Food Group, Inc /15/2017 Arby's Restaurant Group, Inc. (8 Restaurants) Arby's Restaurant Group, Inc. Irish Beef, Inc. P P /12/2017 Republic Foods, Inc. - Carrols Restaurant Group, Inc /9/2017 The Works Gourmet Burger Bistro Fresh Brands, Inc. (Canada) MTY Food Group, Inc /1/2017 Dav Co Restaurants LLC (140 Wendy's Restaurants) The Wendy's Co. NPC Quality Burgers, Inc. P /22/2017 Pizza Rev - Clev eland Av enue LLC P /15/2017 Roasting Plant, Inc. (Michigan) - Roasting Plant Inc (Detroit; Harper) P /9/2017 JW Lee, Inc. - RCI Hospitality Holdings, Inc /8/2017 Pizza Hut, Inc. (16 Pizza Hut Restaurants) Yum! Brands, Inc. PCF Restaurant Group, LLC P /8/2017 Les Restaurants Giorgio Amérique Ltée - MTY Food Group, Inc /28/2017 Bloomin' Brands, Inc. (45 Outback Steakhouses) Bloomin' Brands, Inc. H.I.G. Capital LLC (Priv ate Equity) P P /28/2017 Guckenheimer Enterprises, Inc. - ISS A/S x - 4/28/2017 MOOYAH Franchise LLC - Balmoral Funds LLC; Gala Capital Partners P P /24/2017 Premiere Food Serv ice, Inc. - Creativ e Dining Serv ices, Inc /23/2017 Pegasus Coffee House, Inc. - Pegasus Coffee Roaster, Inc /13/2017 The Wendys Co. (4 Restaurants) The Wendy's Co. Meritage Hospitality Group, Inc. P /4/2017 Custom Made Meals LLC - New Water Capital LP P /29/2017 Little Caesar Enterprises Inc (48 Restaurants in AL & GA) Little Caesar Enterprises, Inc. Four Foods Group Holdings LLC P /28/2017 Wendy's Co. (8 Restaurants in MI) The Wendy's Co. Meritage Hospitality Group, Inc. P /27/2017 Popeyes Louisiana Kitchen, Inc. Restaurant Brands International, Inc. 1, x 19.6x 3/23/2017 The Rancher's Grill Steakhouse Star Buffet, Inc /8/2017 Pacific Island Restaurants, Inc. Nimes Capital LLC Restaurant Brands New Zealand Ltd. P P /27/2017 Ben & Florentine Restaurants, Inc. Imv escor Restaurant Group, Inc /20/2017 The Wendys Co. (30 Restaurants In Virginia Beach) The Wendy's Co. Delight Restaurant Group P /31/2017 TAO Group Operating LLC TAO Group Holdings Corp. The Madison Square Garden Co /19/2017 Burger King Restaurants (46 Locations in FL) Goldco, LLC Seven Hospitality LLC P P /18/2017 Michel's Watabe Wedding Corp /12/2017 Angelo's Pizzeria, Inc. Greenfield Farms Food, Inc /31/2016 K-MAC Holdings Corp. Brentwood Associates Lee Equity Partners LLC P P /30/2016 Uptown Subs (Jwadmarlatt LLC) Deco Pizzeria LLC /19/2016 Dick's Wings Restaurants (2 Locations ) DWG Acquisitions LLC ARC Group, Inc. P /19/2016 Strategic Restaurants Acquisition Co. LLC (194 Burger King) Strategic Restaurants Acquisition Co. LLGPS Hospitality LLC P /8/2016 DNC Parks & Resorts At Yellowstone LLC Delaware North Cos., Inc /7/2016 Main Line Deliv ery.com LLC Square, Inc.; Cav iar, Inc /30/2016 Burger King Corp. (7 Restaurants) 3G Capital Partners LP (New York) Carrols Restaurant Group, Inc. P /16/2016 Burger King Corp. (17 Restaurants) 3G Capital Partners LP (New York) Carrols Restaurant Group, Inc. P /9/2016 The Grand Central Oyster Bar, Inc. The Best Restaurant Group LLC /8/2016 Greer Co's Inc (44 Restaurants) Greer Cos., Inc. Cheddar's Casual Cafe, Inc. P P /1/2016 Brinker International, Inc. (11 Chili's Restaurants) Brinker International, Inc. Paradigm Restaurants LLC P /26/2016 STONEFIRE Grill, Inc. Goode Partners LLC P /20/2016 OCI Enterprises, Inc. (7 Restaurants) OCI Enterprises, Inc. (Indiana) CraftWorks Restaurants & Brewery, Inc. P /11/2016 Ruggles Green Texas LLC Hargett Hunter Capital Partners LLC P /29/2016 EBC Public House, Inc. Ev ans Brewing Co., Inc /21/2016 The Malnati Organization LLC BDT Capital Partners LLC P /8/2016 Jimmy John's Franchise LLC Weston Presidio Roark Capital Group, Inc. P /8/2016 M.H. Enterprises, Inc. Teriyaki Madness /6/2016 CiCi Enterprises LP ONCAP Arlon Capital Partners Management Co. LLC. P /2/2016 Wetzel's Pretzels LLC Lev ine Leichtman Capital Partners CenterOak Partners LLC P /2/2016 Groupe St-Hubert, Inc. Fairfax Financial Holdings Ltd x 8/23/2016 Burger King Corp. (7 Restaurants in Maine) 3G Capital Partners LP (New York) Carrols Restaurant Group, Inc. P /22/2016 Concession Management Services, Inc. Concession Management Services, Inc.HMSHost Corp /17/2016 The Red Sails Inn The Brigantine, Inc. P /10/2016 The Wendy's Co. (10 Restaurants) The Wendy's Co. Meritage Hospitality Group, Inc. P /26/2016 Kahala Brands Ltd. MTY Food Group, Inc x 7/25/2016 The Original ChopShop Co Hargett Hunter Capital Partners LLC P /25/2016 Wendy's International LLC (35 Restuarants) The Wendy's Co. NPC Quality Burgers, Inc. P x - 7/15/2016 Burger King Corp. (4 Restaurants) 3G Capital Partners LP (New York) Carrols Restaurant Group, Inc. P PAGE 10

12 OUR FIRM Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy & Power Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom Transportation & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston One International Place Suite 2620 Boston, Massachusetts Phone: +1 (617) Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio Phone: +1 (216) UNITED STATES Richmond (U.S. Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California Phone: +1 (415) EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) Washington, D.C th St. NW 2nd Floor Washington, D.C Phone: +1 (202) NETWORK OFFICES Beijing New Delhi Hong Kong Shanghai Mumbai PAGE 11

13 HARRIS WILLIAMS & CO. RESTAURANTS SOURCES 1. Bureau of Labor Statistics. 2. University of Michigan. 3. USDA Economic Research Service: Food Expenditures. 4. IMF. 5. Factset. 6. Company Filings & Press Releases. 7. S&P. DISCLOSURES Harris Williams & Co. ( is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Investment banking services are provided by Harris Williams LLC and Solebury Capital LLC, registered broker-dealers and members of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number ). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US. The information and views contained in this report were prepared by Harris Williams & Co. ( Harris Williams ). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams judgment and are subject to change without notice. Any financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams prior written consent. Copyright 2017 Harris Williams & Co., all rights reserved. PAGE 12