The document provides an economic and industry overview for Q3 2017. Key points include: - Restaurant traffic grew for the first time in over a year, driven by quick service restaurants. Other segments saw declines. - Morning meals drove overall industry growth, while other dayparts were stable. Deals and quick service visits increased traffic. - Hurricanes Harvey and Irma impacted the restaurant industry through closures, job losses in affected areas, and temporary food and gas price increases. - Delivery continues to be the fastest growing service mode for restaurants, though it remains a small percentage of total traffic. Convenience is the primary driver of delivery usage.

1. Economic & Industry Overview
Q3 2017

2. The NPD Group, Inc. | Proprietary and confidential 2
Q3 News Overview
Amazon
Increased Labor Cost & Labor ShortageU.S. Weather Events
Politics

3. The NPD Group, Inc. | Proprietary and confidential 3
Key Economic Metrics
PCYA = percent change vs. year ago
Source: Bureau of Economic Analysis/Bureau of Labor Statistics/Confidence Board/Consensus Forecast
1.5 1.4
-1.9
2.7
4.9
103.5
2.3
1.2 0.4
2.2
4.3
119.82016 2017
Food at home
inflation increased
for the first time
since 2015.
Food away from
home inflation
continues at a
steady pace.
GDP, DPI & Inflation PCYA
Real GDP/DPI shown
Unemployment & CCI: Monthly Rates
September 2017
Unemployment
remains at a healthy
rate between 4%
and 5%.
Consumers are more
confident in the
present situation
and expectations
than a year ago.
DPI growth
slowed vs. prior
year.
GDP growth rate
picked up after last
year’s slump.
Q3 2017
Underemployment
Sep’17: 8.3%
Sep’16: 9.7%
GDP DPI
Inflation
at home (AH)
Inflation away
from home (AFH)
Unemployment
Consumer
Confidence
Gap has been a drag
on AFH visits

4. The NPD Group, Inc. | Proprietary and confidential 4
Food Inflation – Quarterly
The inflation gap between at home and away from home is shrinking, but has been a
strong driver of traffic declines the last 2 years. At home inflation increases in 2017
have helped drive restaurant industry traffic increases for the first time since Q4 2015.
Source: Bureau of Labor Statistics; Data through Q2 2017; Graph shows quarterly % change versus year ago
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Q3 ‘17
Away from Home: 2.2%
At Home: 0.4%
Away from Home
At Home

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Food Inflation & Restaurant Traffic
Since 2010, restaurant traffic has turned negative during periods of large gaps between in-home and away-
from-home inflation
Source: Bureau of Labor Statistics; Data through Q1 2017; Graph shows quarterly % change versus year ago
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
2010 2011 2012 2013 2014 2015 2016 2017
Gap AH vs. AFH Restaurant Traffic PCYA
Q3 ‘17
Away from Home: 2.2%
At Home: 0.4%
Restaurant Traffic: 0.5%
How to Read: In Q4’16, the AH inflation
rate was 4-points lower than AFH inflation;
restaurant traffic declined slightly

6. The NPD Group, Inc. | Proprietary and confidential 6
Hurricanes Harvey and Irma
Restaurant
Closures Employment Agriculture/
Food Prices Gas Prices
Houston has about
13K restaurant units
and the state of
Florida has about 36K.
In days following
Harvey, shares of
brands with multiple
units in TX fell:
Wingstop -4%, Zoe's
Kitchen -2%, and
Chuy's -1%.
Source: ReCount® & CNBC
The foodservice
industry lost a net
decline of 105K
jobs in September.
The Bureau of
Labor Statistics
reported the
storms as a cause
for loss of jobs.
Source: Bureau of Labor Statistics
“Florida crops took
80-90% losses in parts
of the state” Florida
Agriculture
Commissioner
“Shoppers should
expect some
temporary price
spikes at the grocery
store” Ron Rice,
University of Florida
Source: Sun Sentinel
The national
average for regular
increased 18 cents
in the week after
Hurricane Harvey.
Long-term effects
will depend on
when large
refineries reopen.
Source: Time/GasBuddy
Economic Impact

7. The NPD Group, Inc. | Proprietary and confidential
Source: The NPD Group/CREST®
Grey shading indicates NPD Forecast
Total Restaurant Annual Forecast
7
Components of Spending - % Change vs. Year Ago
Dollars 2% 3% 2% 3% 3% 2% 2% 2%
Check Size: $6.65 $6.78 $6.92 $7.08 $7.22 $7.37 $7.52 $7.70
FORECAST
0%
1%
0%
0%
1%
0% 0%
0%
1%
2%
2%
2%
2%
2% 2% 2%
YE Dec'11 YE Dec'12 YE Dec'13 YE Dec'14 YE Dec'15 YE Dec'16 F YE Dec'17 F YE Dec'18
Check
Traffic

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Source: The NPD Group/CREST®
Grey shading indicates NPD Forecast
Total Restaurant Annual Traffic (000)
Forecast
8
FORECAST
61,525,779 61,269,712 61,346,414 61,675,405 61,646,061 61,792,481 62,155,896 61,912,280 61,678,007 61,698,136
YE Dec'09 YE Dec'10 YE Dec'11 YE Dec'12 YE Dec'13 YE Dec'14 YE Dec'15 YE Dec'16 F YE
Dec'17
F YE
Dec'18

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0.4 0.3
-0.2
0.6
0.1
-0.7 -0.4 -0.2
0.4
1.3
0.4 0.5 0.8 0.6
-0.1 -0.3
-0.8 -0.4 -0.2 -0.5
0.5
JAS'12
OND'12
JFM'13
AMJ'13
JAS'13
OND'13
JFM'14
AMJ'14
JAS'14
OND'14
JFM'15
AMJ'15
JAS'15
OND'15
JFM'16
AMJ'16
JAS'16
OND'16
JFM'17
AMJ'17
JAS'17
Source: NPD CREST®
Industry traffic grew for the first quarter in over a year.
9
Industry traffic trends
% Change Vs. Year Ago

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9%
80%
8%
JAS'15 OND'15 JFM'16 AMJ'16 JAS'16 OND'16 JFM'17 AMJ'17 JAS'17
-3% -6% -3% -2% -2% -2% -3% -4% -4%
Source: NPD CREST®
QSR was the driver of industry traffic growth in JAS and the only
major segment posting any growth over the last several years
10
Segments traffic trends
% Change Vs. Year Ago
QSR
( )
Midscale
( )
Casual Dining
( )
Fine Dining/
Upscale Hotel
( )1%
2% 2% 1% 0% 0% 0% 1% 0% 1%
-2% -4% -4% 0% 1% 2% -1% 1% -3%
-4% -3% -4%
-2% -3% -2%
-4% -3% -3%
(Share of Traffic JAS'17)

11. The NPD Group, Inc. | Proprietary and confidential
1% 1% 3%
0% 2% 0% 1% 1% 2%
33%
30%
15%
22%
Source: NPD CREST®
Morning meal was the daypart driving industry growth on the
quarter, while all other dayparts were stable.
11
Industry daypart trends
Traffic % Change Vs. Year Ago
(Share of Traffic JAS'17)
Morning Meal
( )
Lunch
( )
Dinner
( )
PM Snack
( )
1%
-3% -2% -3% -2% -1%
0%
-1%
0%
-2%
1%
-2%
0%
-1% -1% -2% -1%
0%
6% 8% 4% 3%
-1%
2% 0%
-1%
0%
JAS'15 OND'15 JFM'16 AMJ'16 JAS'16 OND'16 JFM'17 AMJ'17 JAS'17

12. The NPD Group, Inc. | Proprietary and confidential
25%
75%
Source: NPD CREST®
Over the last year, deal visits have driven growth in the industry
on a quarter to quarter basis.
12
Industry dealing traffic trends
Deal
( )
$6.73
$7.60
(Share of Traffic JAS'17)
% Change vs. Year Ago
Non-Deal
( )
Check
Check
JAS'15 OND'15 JFM'16 AMJ'16 JAS'16 OND'16 JFM'17 AMJ'17 JAS'17
1% 0%
3%
1%
-2%
4%
2% 1%
3%
1% 1%
-1% -1%
0%
-2% -1% -1%
0%

13. The NPD Group, Inc. | Proprietary and confidential
26%
20% 21%
74%
80% 79%
QSR Midscale Casual Dining
Source: NPD CREST®
QSR deal growth driven by deal visits, while Midscale and
Casual Dining declined across deal and non-deal occasions.
13
Dealing distribution by segment
5%
PCYA = % Change vs. Year Ago
Deal
Non-Deal
PCYA PCYA PCYA
-4%
-3%0%
-8%
-3%
Distribution of Traffic – JAS'17

14. Topline Industry Trends
2017-2018

15. 15
Healthy foods are important
The NPD Group/CREST® Total Restaurant YE Dec’16
Despite the indulgent factor, “healthy” is the top characteristic
consumers would like to see offered at restaurants.
* includes lodging and recreation

16. There’s always a new fad or trend around the corner, waiting to grab consumers’ attention. In recent years
we saw consumers avoid gluten in increasing numbers; simultaneously, more adults tried to get protein in
their diets. In the last year we’ve not only seen a decline in both of those trends, we’re also seeing fewer
consumers interested in avoiding fat. Even the push for more probiotics has slowed. Right now conditions
seem ripe for something else to take center stage.
16
What’s the next opportunity?
Source: The NPD Group/National Eating Trends® Nutrition Survey
Sodium and fat
continue to decline in
importance on the
nutrition facts label
Interest in adding
beneficial ingredients
to our diets appears to
have peaked
The trend toward
checking for protein
looks to have peaked
The trend toward adding
more probiotics and
prebiotics to our diets looks
to have stabilized
The trend toward
avoiding gluten looks
to have peaked
+

17. Source: The NPD Group/National Eating Trends®Nutrition Survey, years ending Feb. ‘17
17
Clean / Purity is the new mantra
Consumers increasingly seek purity in their foods and beverages and are employing different tactics to
achieve this goal. It’s important to understand which tactic is most applicable to our portfolio. Examples
include GMO-free, “clean” labels, natural/organic, and preservative-free. We tend to look at these in
vacuums, but they’re all strategic levers consumers pull to achieve their goal of purity.
ORGANIC
GMO-free
0
5
10
15
20
25
30
35
40
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Additives Preservatives
% Who Completely Agree With “A Person Should
Be Very Cautious In Serving Foods With ...”

18. Key Trend – HOME DELIVERY

19. Traffic Trends by Service Mode
39%
38%
20%
3%
Total Restaurants*:
Distribution of Traffic
Delivery has the smallest share but the highest growth rate across all service modes; it’s
estimated to grow at a double-digit rate in the next five years
The NPD Group/CREST® YE Dec’16*includes lodging and recreation ** compounded annual growth rate (2012 – 2016)
12 Months End Dec 2016
On Premise
Carry Out
Drive Thru
Delivery
1.7%
0.1%
0.0%
0.1%
0.1%
Delivery
Drive Thru
Carry Out
On Premises
Total On/Off Premises
Traffic % Change: 5-Year CAGR**
Restaurant
Delivered
Meals
Excluding
Pizza
Traffic
Forecast
2022 vs.
2016
+20%

20. 20
Delivery Traffic Trends
QSR categories where delivery presence is still minimal posted strong growth in the
service mode; delivery orders placed on mobile apps increased dramatically
* total restaurants incl lodging and recreation
-7% -8%
-1%
1% 1%
5%
++ ++
++
Total Restaurants* QSR FSR
Telephone for Delivery Internet for Pickup/Delivery Mobile App Pickup/Delivery
3-Year CAGR: Delivery by Where Ordered Type
Source: The NPD Group/CREST® YE Dec’16; CAGR Calendar Year 2014-2016, ++ > 20% Traffic Growth

21. 21
Third Party Delivery Providers
There is a plethora of 3rd party delivery providers which help make operators’ entry into the delivery
service mode an easier one

22. 22
Reasons for Delivery Use and Revisit Intent
Convenience is the top reason for delivery; those who visited QSR because delivery is
available or ordered via internet/mobile app show a higher revisit intent.
The NPD Group/Delivery Custom Survey June 2016 and CREST® YE Dec’16
15%
18%
20%
24%
28%
28%
28%
38%
50%
Everyone I'm with can have what
they want
Delivers from restaurants I prefer
The delivery charge is reasonable
I don't have to leave where I'm at
I don't have to go out in bad weather
They are quick to deliver
It's quicker than cooking
It's easier than cooking
I don't have to leave home
Percent Reasons - Users
Q: Why do you choose to use delivery?
36%
48%
% Definitely Will Choose
2015 2016
Delivery* Users Revisit Intent:
QSR excluding Pizza
+12
* Primary reason of visit “Has Take Out/Drive
Thru/Delivery” and Delivery service mode visited
43%
58%
% Definitely Will Choose
2015 2016
Digital Delivery** Users Revisit
Intent: QSR excluding Pizza
** Delivery service mode visited and
ordered via internet/mobile app
+14

23. Satisfaction with Quality of Delivered Products
fries
pancakes
soup
pizza
wings
fried rice
tenders
garlic bread
Fries have below average delivery satisfaction, leading to an opportunity for our
offerings with improved hold times (seasoned/coated); opportunity for a 2nd fry, and
longer term innovation in products and delivery packaging
Source: Datassentials – IFMA Research 2017