TOP CUISINES THE BURGER SEGMENT ACCOUNTS FOR ALMOST 30% OF SALES. BAKERY CAFE AND COFFEE SEGMENT CLIMBS TO 3 RD LARGEST.

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2 2017 TOP 300 THE RESTAURANTDATA.COM 2017 TOP 300 RANKS RESTAURANT CHAINS BY THE NUMBER OF US LOCATIONS. WE DO NOT INCLUDE INTERNATIONAL STORES IN OUR ANALYSIS. OUR TOP 300 CHAINS GENERATE OVER $265 BILLION IN ANNUAL VOLUME. THE 211K LOCATIONS HAVE AN AVERAGE SALES OVER $1.25 MILLION. WE LOOKED AT MAJOR CUISINE CATEGORIES AND FOUND MENUS FOCUSED ON BURGERS REPRESENT ALMOST 30% OF THE TOP 300 VOLUME. 30 CHAINS GENERATED ALMOST $79 BILLION IN ANNUAL SALES. THREE BURGER CONCEPTS WERE IN THE TOP 10: MCDONALD'S, BURGER AND WENDY'S. SONIC, JACK IN THE BOX AND HARDEE'S MADE THE TOP 25. FAST GROWING FIVE GUY'S CLIMBED TO NUMBER 31.

3 TOP CUISINES [START AT 12 O CLOCK; GO CLOCKWISE; CUISINES ARE IN ALPHA ORDER.] THE BURGER SEGMENT ACCOUNTS FOR ALMOST 30% OF SALES. BAKERY CAFE AND COFFEE SEGMENT CLIMBS TO 3 RD LARGEST. AMERICAN SLICE SHRINKS SLIGHTLY SHOWING SLOWER GROWTH. ONLY THE FROZEN DESSERT AND SMOOTHIE SEGMENT DECLINED. AMERICAN BAKERY/COFFEE BURGER CHICKEN ETHNIC FROZEN/SMOOTHIE MEXICAN/LATIN PIZZA SANDWICH

4 TOP 300 BURGER SEGMENT THE BURGER SEGMENT HAS MORE UNITS AND ANNUAL SALES THAN ANY OTHER CUISINE. THIS SEGMENT IS ANCHORED BY INDUSTRY TITANS: MCDONALD S. BURGER KING AND WENDY S. 3 FAST GROWING CONCEPTS MADE THE TOP 300: FIVE GUYS, FREDDY S AND SHAKE SHACK. WE TRACKED UNIT GROWTH FROM 2012 TO THESE FAST GROWING CONCEPTS GREW 69% IN 5 YEARS.

5 GROWING CONCEPTS - PROFILES Five Guys Opened 1 st store in 1986; 7 locations by Five Guys Operations owns over 400 stores today. Over 900 franchised locations in Freddy s Opened 1 st store in 2002; affiliate FFC owns 16 stores in Began franchising in 2004; no franchisees have left the system. Franchised locations have doubled since Shake Shack Began as a hot dog cart in Madison Square Park in Shack opened IPO in February Stock trades at a 60 multiple. No domestic franchises. Over 90 company owned US locations.

6 FIVE GUYS FIVE YEARS FIVE GUYS HAS GROWN FROM 949 LOCATIONS IN 2012 TO 1,408 IN STORES CLOSED AND 540 STORES OPENED. 868 OF THE LOCATIONS REMAIN OPEN. ALTHOUGH THEIR GROWTH RATE IS SLOWING, THEY GREW BY ALMOST 50% IN THE 5 YEARS.

7 FIVE GUYS LOCATIONS IN 2012 FIVE GUY S HAD 949 STORES IN MOST UNITS LOCATED IN MAJOR METRO AREAS. SLOWER GROWTH IN TEXAS AND SURROUNDING STATES. USED METRO WASHINGTON, DC BASE TO ENTER NYC METRO, MAJOR FLORIDA METROS, NEW ENGLAND, GREAT LAKES, AND NEARBY SOUTHERN STATES.

8 FIVE GUYS CLOSED SINCE 2012 FIVE GUYS CLOSED 81 LOCATIONS IN 5 YEARS. ONE THIRD OF THE 5 YEAR CLOSURES WERE IN VIRGINIA AND FLORIDA. THE DC METRO AREA, NYC METRO AREA AND FLORIDA METRO AREA ACCOUNTED FOR HALF THE CLOSURES.

9 FIVE GUYS OPENED SINCE 2012 FIVE GUYS OPENED AGGRESSIVELY IN SEVERAL STATES: CA 77, FL 33, MA 23, NY 30, OH 20, PA 22, TX 27 AND VA 20. THEY NOW HAVE STORES IN EVERY STATE EXCEPT ALASKA. THEY ARE NOW NUMBER 31 IN OUR TOP 300.

10 FIVE GUYS LOCATIONS IN 2017 CALIFORNIA IS THE FASTEST GROWING STATE IN THE 5 YEAR PERIOD. ONLY 2 CA STORES CLOSED; 77 NEW STORES BROUGHT THE TOTAL IN CA TO 134. NEW ENGLAND LOCATIONS MORE THAN DOUBLED IN 5 YEARS TO 94. ONLY 1 NEW ENGLAND STORE CLOSED AND 50 STORES OPENED. MOST FIVE GUYS GROWTH WAS CONCENTRATED IN AREAS WHERE THEY WERE STRONG IN 2012.

11 FREDDY S 5 YEAR GROWTH OVER 200% FREDDY S HAS GROWN FROM 74 LOCATIONS IN 2012 TO 249 LOCATIONS IN ONLY 2 OF THE 74 LOCATIONS OPEN IN 2012 CLOSED IN THE 5 YEAR PERIOD. SINCE 2012, FREDDY S OPENED 177 NEW STORES. FREDDY S 5 YEAR GROWTH RATE OF 236% WAS TOPPED BY ONLY ONE OTHER BURGER CONCEPT.

12 FREDDY S LOCATIONS IN 2012 FREDDY S 2012 STORES TENDED TO REVOLVE AROUND THEIR KANSAS HEADQUARTERS. 57% OF 2012 LOCATIONS WERE IN KANSAS, OKLAHOMA AND TEXAS. THEY OPENED MARKETS IN THE SOUTHWEST, MOUNTAIN STATES, MID-ATLANTIC AND FLORIDA.

13 FREDDY S CLOSED SINCE 2012 ONLY TWO STORES CLOSED FROM 2012 TO BOTH STORES WERE LOCATED IN TEXAS. IN THE SAME 5 YEAR PERIOD, THEY OPENED 14 TEXAS LOCATIONS FOR EVERY CLOSURE.

14 FREDDY S OPENED SINCE 2012 MAJOR GROWTH TOOK PLACE THROUGH OPENINGS IN 6 KEY STATES: TEXAS, COLORADO, MISSOURI, OKLAHOMA, ARIZONA AND KANSAS. 94 NEW STORES IN THESE 6 STATES ACCOUNTED FOR OVER HALF OF THE 177 NEW US LOCATIONS. FREDDY S EXPANDED INTO 16 NEW STATES BRINGING THE TOTAL TO 30 STATES.

15 FREDDY S LOCATIONS IN 2017 FREDDY S HAS ENJOYED SOLID CONTINUITY WITH VERY FEW CLOSURES. MOST OF THEIR GROWTH HAS BEEN IN THE HEARTLAND WITH A SMALLER NUMBER OF COASTAL LOCATIONS. 37% OF THEIR 2017 LOCATIONS (VS. 57% IN 2012) WERE IN THE KANSAS, OKLAHOMA AND TEXAS ZONE.

16 SHAKE SHACK TOPS 5 YEAR GROWTH SHAKE SHACK ENJOYED THE HIGHEST % GROWTH OF ALL BURGER CONCEPTS IN OUR 5 YEAR REVIEW. THE COUNT OF DOMESTIC STORES CLIMBED FROM 14 TO 92 (557% 5 YEAR GROWTH). SHAKE SHACK DOES NOT CURRENTLY FRANCHISE IN THE US. THEY EXPECT FUTURE NEW STORES TO ATTAIN AUV OF $3 MILLION AS THEY EXPAND OUTSIDE OF THE SUPER DENSE, HIGH INCOME NEW YORK METRO AREA. EARLY OPENINGS HAVE A HIGHER AUV. [SOURCE: SEC 10K REPORT].

17 SHAKE SHACK LOCATIONS IN 2012 THE 2ND SHACK WAS OPENED NEARLY 5 YEARS AFTER THE 1ST MADISON SQUARE PARK SHACK. EARLY GROWTH WAS RESTRICTED TO NEW YORK METRO AREA AND LAS VEGAS. THE 14 LOCATIONS OPEN IN 2012 PRE-DATED THE IPO. GROWTH ACCELERATED AFTER THE IPO.

18 SHAKE SHACK CLOSED SINCE 2012 WE FOUND ONE CLOSED UNIT IN LAS VEGAS. COMPARISONS OF LOCATION LISTS OVER TIME SHOW MINOR STREET NUMBER CHANGES FOR A FEW UNITS. MOST SHAKE SHACKS ENJOY HIGH ANNUAL SALES AND REMAIN OPEN.

19 SHAKE SHACK OPENED SINCE 2012 SHAKE SHACK HAS AN IMPRESSIVE 5 YEAR GROWTH RATE OF 271% IN NEW YORK STATE. THEIR OVERALL 5 YEAR GROWTH RATE OF 557% WAS ACHIEVED THROUGH OPENINGS IN 13 NEW STATES.

20 SHAKE SHACK LOCATIONS IN 2017 SHAKE SHACK MENTIONS THEIR KEY METRO AREAS IN THEIR PUBLIC FILINGS: NEW YORK, BOSTON, PHILADELPHIA, WASHINGTON, D.C., ATLANTA, CHICAGO AND SOUTH FLORIDA. THEY HAVE LOCATIONS IN 18 STATES AND DC. ALL LOCATIONS ARE LEASED. SHAKE SHACK DOES NOT OWN ANY REAL ESTATE. THE 6 CLASS A SHAREHOLDERS RETAIN SIGNIFICANT CONTROL OVER FUTURE GROWTH STRATEGY.