#1THE WING WING STOP EXPERTS Investor Presentation WING STOP HE WING WING STOP PERTS MAY 2017#2WING STOP Forward-Looking Statements FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this presentation are forward-looking statements. Forward-looking statements give Wingstop Inc.'s (the "Company") current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives" "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions,” “projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will" and similar expressions and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. The forward-looking statements contained in this presentation are based on assumptions that the Company has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. The Company believes these factors include, but are not limited to, those described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in its Form 10-K filed with the SEC. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, the Company's actual operating and financial performance may vary in material respects from the performance projected in these forward- looking statements. Any forward-looking statement made by the Company in this presentation speaks only as of the date on which it is made. Factors or events that could cause the Company's actual operating and financial performance to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. The Company has provided a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income in the Appendix to this presentation. Adjusted EBITDA is presented because management believes that such financial measure, when viewed with the Company's results of operations in accordance with GAAP and the reconciliation of Adjusted EBITDA to net income (loss), provides additional information to investors about certain material non-cash items and about unusual items that the Company does not expect to continue at the same level in the future. Adjusted EBITDA is used by investors as a supplemental measure to evaluate the overall operating performance of companies in the Company's industry, you should not consider it in isolation, or as a substitute for analysis of results as reported under GAAP. Our calculation of Adjusted EBITDA may not be comparable to that reported by other companies. For additional information about our non-GAAP financial measures, see our filings with the Securities and Exchange Commission. JOBS Act The Company is an "emerging growth company" within the meaning of the Jumpstart Our Business Startups Act. As a result, the Company will be subject to reduced public company reporting requirements. 1#3A CATEGORY OF ONE#4WING STOP 2016 - ANOTHER STRONG YEAR EM, FLAVORS GET AT IT. NG-STOP WING ST WINGSTOP.COM WING STOP 153 New Openings (Net) (1) 18% Unit Growth Rate (1) 3.2% Domestic (1) SSS Growth $2.90/share Special Dividend (2) 10% Return of Market Cap (2) 2016 was the 13th Consecutive Year of SSS Growth Note: (1) Fiscal year ended December 31, 2016 (2) Special dividend paid in July 2016 3#5WING STOP CONTINUES A LONG TRACK RECORD OF DELIVERING OUTSTANDING RESULTS 3 Year CAGR (1) Coca-Cola Unit Development 18% System-Wide Sales 20% Revenue 14% EWING STOPS Adjusted EBITDA (2) 21% Note: (1) Three year period ended December 31, 2016 (2) Refer to Adjusted EBITDA reconciliation in Appendix SECURE GLAZE HOT WINES 943-566 0007 1012 OPEN#6INDUSTRY LEADING DEVELOPMENT... WING STOP 59% Unit Growth since 2013 (Domestic) 58.9% 17.3% 48.3% 34.5% 17.1% 13.2% 11.3% (1) HIP 29.1% 21.3% 21.2% 19.4% (1) (1) (1) Botangles FETCHER Source: Company filings Notes: (1) Domestic system-wide (2) Dunkin U.S. segment only (1) (2) Panera DUNKIN' DONUTS DREAD 2016 2015 2014 2013 11.8% 9.6% 8.7% Papa Murphyys TAKEN BAKE PIZZA (1) PIZZA PAPA JOHNS (1) (1) Domino's 5#7WING STOP AND INDUSTRY LEADING SSS 2012-2016 Stacked Same Store Sales 47.3% 3.2% 7.9% 38.5% 37.3% 34.6% 12.5% 9.9% 13.8% (1) (1) WING zoës Domino's KITCHEN Source: Company filings Notes: (1) Domestic system-wide (2) Domestic company-owned (3) Global company-owned (4) Franchised (5) System-wide (6) Dunkin U.S. segment only (2) SHAKE SHACK (2) 2016 2015 2014 2013 2012 26.1% 24.5% 22.8% 18.8% 13.4% 12.1% 7.8% 6.9% Häbit BURGER GRILL (2) (1) BIAN * Pollo fropical (3) (4) (5) Panera BREAD G (6) (2) (1) Papa Murphys DUNKIN' NOODLES COMPANY DONUTS 00#8WING STOP SHAREHOLDER FRIENDLY MODEL EBITDA Growth and Cash Generation Support Return of Capital and Deleveraging % LTM Q1 2017 Cash Conversion (1) Net Debt/ LTM Adjusted EBITDA (3) $38M Dividend $48M Dividend 96.9 96.9 94.1 5.2x 5.1x $83M Dividend 5.0x 88.2 87.7 dineEquity (2) dunkin' brands.. Source: Public company filings Notes: 1. 2. WING STOP (2) Defined as (EBITDA - CapEx) / EBITDA Calculations use Adj. EBITDA Domino's 3.4x G 2.4x 3.9x POPEYES (4) Q4 2013 Q4 2014 Q1 2015 Post Recap. Q2 2016 Q2 2016 Pro-Forma Q1 2017 Notes: 3. 4. Leverage = Net Debt / LTM Adjusted EBITDA (Refer to appendix for reconciliation) Primary proceeds were used to pay a $2.90 per share special cash dividend. Refer to appendix for Pro-Forma reconciliation. 7#9WING STOP WITH SIGNIFICANT GROWTH OPPORTUNITY • . • • DOMESTIC 948 Restaurants in 41 states (1) 16% Unit Growth Rate Compelling Economic Model Strong Pipeline 2,500 unit potential MATTRESS EWING STOPE SU FIRM H&R BLOCK Note: (1) Restaurant count as of 4/01/17 • • • • • INTERNATIONAL 83 Restaurants in 5 countries (1) Growing brand awareness Accelerating Sales / Investment Ratio Recent territory agreements Significant franchisee interest WING STOP WING STOP C WING: STOP#10WING STOP WING STOP Domestic Development TERI ING EXPERTS OPEN Waste GLAZE 882-5200 The Wing Experts BYG OPEN til midnight The Wing Experts#11. . WING STOP DIFFERENTIATED BRAND Simple concept Efficient operating model Coveted consumer Compelling economic model ORDER ONLINE GADEE ONLINE> CLASSIC ESS AG?1 IKU GET AT IT. 10#12WING STOP Brand Sentiment (% Positive Social Comments) 115% 90% 65% PASSIONATE & ENGAGED FANS Brand Sentiment & Conversation Volume Top 20 US Restaurant Brands HIGH Panera Cheesecake Factory. BREAD DQ Applebee's FIVE GUYS BURGERS and FRIES W NATABURGER LOW DUNKIN DONUTS Pizza Hut Olive Ganden 40% 0 1,000 Source: Netbase 2016 Industry Report: US Restaurants Jamba Juice. WING STOP Krispy Kreme DOUGHNUT - Domino's Tim Hortons CHIPOTLE MEXICAN GRILL KFC TALKI TACO BELL LOW 2,000 Brand Conversation Volume (Mentions per $1MM in Revenue) BEK&JERRY'S HIGH 3,000 4,000 11#13WING STOP FRANCHISEES LOVE OUR MODEL Franchisee Year 2 Domestic System Target (1) Average (4) Unit Economics AUV Investment Cost (2) $890k $1.1M $370k Unlevered Year 2 COC Return (3) 35%-40% 50% + Notes: (1) AUV based on year 2 sales volumes for the 2014 vintage years (2) Investment cost based on last 2 fiscal years actual costs; excludes pre-opening and working capital (3) Average store economics are internal Company estimates based on unaudited results reported by franchise owners (4) As of April 1, 2017 12#14WING STOP ... AND CONTINUE TO INVEST Domestic Gross New Unit Openings Rapid Unit Development 29 64 53 82 62 118 139 • Domestic Restaurant Opening Commitments Healthy Franchisee Base 79% of current domestic pipeline is from existing franchisees as of 12/31/16 Mix of small and large franchisees 274 363 530 518 503 2011 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 13#15WING STOP PROVEN PORTABILITY 41 State Footprint with Room to Grow in All Markets (1) Total Domestic Store Count - 948 11 Averaging 3 Domestic Closures Per Year Since 2013 F 3 2 3 1 11 2 6 2 13 15 57 8 2 220 22 22 12 3 17 4 14 12 28 8 8 7 11 3 24 304 20 1 Note: (1) Restaurant count as of 4/01/17 43 14#16LONG-TERM DOMESTIC ROADMAP WING STOP 2,500 Unit Domestic Potential Note: Existing Markets New Markets 948 Q1 2017 (1) 781 Existing Market Potential (1) Includes 864 restaurants in existing markets and 84 restaurants in new markets as of 4/01/17. 2,500 771 855 1,645 New Market Potential Long-Term Domestic Potential 15#17THE WING WING STOP EXPERTS Strengthening the Model#18WING STOP ONLINE SALES GROWTH Poised for Continued Growth 75% Take-Out 350 ~50% of orders come in 300 over the phone 250 $4 Higher Online Average Ticket POS conversion completed in 24 months Q1 online sales of 20% vs. fast casual average of 6% (1) Sources: (1) Olo (2) As of quarter ended 04/01/2017 Store Count 200 150 100 50 Q2 2016 50% Restaurants > 20% Online Sales (2) Less than 10% Between 20-25% Q3 2016 20.5% 20.0% 19.5% 19.0% 18.5% 18.0% 17.5% 17.0% 16.5% 16.0% 15.5% 15.0% Q4 2016 Q1 2017 Between 10-15% Between 15-20% Greater than 25% Total Online Sales % 17 Total Online Sales %#19WING STOP 2017 NATIONAL ADVERTISING LAUNCH 2016 2017 10 Markets Television -60% of system sales) All Markets (100% of system sales) 22 Weeks of TV Digital & Social Ad Fund ✓ TV Reach National digital delivering high ROI & driving online orders 1% National / 3% Local Co-op Markets ~ 70% Non Co-op Markets - 0% More national digital delivering high ROI & driving online orders 3% National / 1% Local ✓ Average market ~ 85% 18#20WING STOP INTRODUCTORY MESSAGE FOCUS: KEY BRAND ATTRIBUTES FLAVOR CRAVER AUDIENCE Young Adult (18-34 Skew) Male & Female (50/50) Multicultural (Hispanic & AA Skew) WINGSTOP 19#21WING STOP TARGETED MEDIA PROPERTIES TELEVISION [adult swim] BET⭑*** VICELAND VH1 ☑XX Spike FX NBCSN ට USA. ESPM 2 COMEDY network ט MLS UNIMÁS COLLEGE tbs FOOTBALL NBA UFC nick@nite aMC truⓇ Flavor Craver Cable Mix HTS HOME TEAM SPORTS TURNER SPORTS FS1 Diverse Sports Universe 6 Univision DEPORTES Galavisión UNIVISION Univision Partnership DIGITAL hulu You Tube vevo Online Video f = Social Activation YOUR AD The Responsar Baty YOUR AD YOU T AD The Response Dail YOUR AD NOW HERE AND HERE AND HERE Performance Digital 20#22WWDS BCHELESS CHICKEN SATES THE WING STOP WING TEXAS-BU STO PUSH NODE International Development Tab EXPERTS OPEN ING#23WING STOP STRONG BUSINESS PERFORMANCE Current Footprint Market/Date open Mexico (11/09) Indonesia (6/14) Philippines (7/14) Singapore (12/13) UAE (4/15) Saudi Arabia (2017) Colombia (2017) Panama (2017) Totals Note: 1. Unit data as of Q1'17 Restaurant (1) 50 16 . 11 4 +21 Business Performance Accelerating sales to investment ratio Improving unit economics Aligned and supportive franchise community Recent Territory Agreements ☐ Saudi Arabia 100 restaurants over 10 years ☐ 83 Colombia/Panama 30 restaurants over 5 years ■ Malaysia 30 restaurants over 6 years United Kingdom 100 restaurants over 12 years Total pipeline in excess of 400 restaurant commitments 22#24WING STOP ADAPTIVE FORMAT TO MEET LOCAL MARKET NEEDS Fast Casual YOU'VE GOT OUR WORD. OUR FLAVOR IS ALWAYS BOLD, NEVER FLAT. YOU'LL NEVER WAIT. ONLY ANTICIPATE. FLAVOR WE PUSH BEYOND THE EXPECTED. EVERY TIME. THIS EXPERIENCE DEMANDS TO RESID YOU'LL CRAVE IT EVEN MORE THAN YOU DID LAST TIME THIS FLAVOR DESTINATION WILL ALWAYS BE WORTH THE TRIP Made Ale order WINGS Sports - Casual Dining EWING TOPE SALIDA The Wing Expert The Wings • Contemporary design • Order at counter • Table delivery and beer (optional) • Digital menu boards • 50-70 seats Sports theme design • Table service • Full bar • 20+ TV monitors & audio • 150-200 seats 23 23#25WING STOP INTERNATIONAL POTENTIAL Strong Interest from Potential Franchisees North America U.S. Consumption: 44kg Europe Market European Union Consumption 21kg Europe Asia Market South Africa Africa Consumption 31kg Africa Middle East Asia South America Market Malaysia Consumption 41kg Americas Middle East Australia 39kg Market Consumption Market Latin America 30kg and Caribbean Kuwait Bahrain Consumption 32kg 24kg New Zealand 35kg China 12kg India 2kg Brazil 39kg Canada 32kg Note: (1) Poultry consumption in estimated average kilograms per capita from 2012 to 2014 Source: OECD-FAO Agricultural Outlook 2015 24 224#26WING STOP UNIQUELY POSITIONED FRANCHISE MODEL LONG-TERM FINANCIAL TARGETS* Attractive Business Model Disciplined Unit Growth Long-Term Growth Targets 10%+ annual unit growth • ~2,500 domestic unit potential Growing international opportunity + Strong Same Store Sales Growth Low single digit annual growth Online ordering National advertising Steady, Reliable Profit Growth 13% - 15% Adjusted EBITDA growth 18%-20% Net Income / EPS growth • Strong free cash flow and conversion *These are not projections; they are goals and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section in our Form 10-K and other filings with the SEC. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals. 25#27#Appendix THE WING WING STOP#28WING STOP In $000s HISTORICAL ADJUSTED EBITDA RECONCILIATION Year Ended Year Ended December 28, Year Ended December 26, Year Ended December 31, QTD QTD December 27, 2014 2013 2015 2016 Net income 7,530 8,986 10,106 15,434 March 26, 2016 4,290 April 1, 2017 6,530 Interest expense, net 2,863 3,684 3,477 4,396 761 1,299 Income tax expense 4,493 5,312 5,739 9,119 2,549 1,123 Depreciation and 3,030 2,904 2,682 3,008 714 755 amortization EBITDA 17,916 20,886 22,004 31,957 8,314 9,707 Adjustments Management agreement 3,297 termination fee (1) Management fees (2) 436 449 237 Transaction costs (3) 395 2,169 2,186 2,388 450 Gains and losses on disposal of assets (4) (86) Stock-based compensation expense (5) 748 960 1,155 1,231 153 255 Adjusted EBITDA 19,495 24,378 28,879 35,576 8,917 9,962 One-time fee of approx. $3.3 million paid in consideration of termination of management agreement with Roark Capital Management, LLC Includes management fees and other out-of-pocket expenses paid to Roark Capital Management, LLC Represents costs and expenses related to refinancings of our credit agreement and our public offerings Represents non-cash gains and losses resulting from the sale of company-owned restaurants to a franchisee and associated goodwill impairment Includes non-cash, stock-based compensation Notes: 1. 2345 27 27#29WING STOP NET DEBT RECONCILIATION In $000s June 25, 2016 Adjustments for Refinance and Dividend (1) Q2 Pro-Forma Total debt 85,500 79,500 Ending Balance 165,000 April 1, 2017 145,375 Cash and cash equivalents 10,014 (3,684) 6,330 Net debt 75,486 83,184 158,670 3,436 141,939 Notes: 1. Adjusted for proceeds from the new senior secured debt facility and available cash used to fund the special cash dividend. 28