#1FIRST WATCH BREAKFAST BRUNCH - LUNCH Investor Presentation September 2021 BREAKFAST BRUNCH LUNCH FIRST WATCH FIRST WELCH JOITE 300#2Disclaimer This presentation is the confidential Information of First Watch Restaurant Group, Inc. ("we," "our," "us" or the "Company and is subject to the confidentiality, use and other limitations and restrictions set forth in the related NetRoadshow click-through agreement. This Information does not purport to contain all of the information that may be required or desired by a recipient to evaluate the Company or the securities offered hereby. In all cases, interested parties should conduct their own independent investigation and analysis of the Company and its business, assets, financial condition and prospects, as well as the terms of the securities offered by the Company. The information contained herein speaks only as of the date identified on the cover page of this presentation. The Company has filed a registration statement on Form 5-1 (No. 333-259360) (the "Registration Statement"), Including a prospectus, with the Securities and Exchange Commission (the "SEC") for the initial public offering of the Company's common stock ("Common Stock") to which this communication relates. The Registration Statement has not yet become effective. The Common Stock may not be sold, nor may offers be accepted, prior to the time the Registration Statement becomes effective. Before you invest, you should read the prospectus in the Registration Statement, including the "Risk Factors" set forth therein, and the other documents that the Company has filed with the SEC for more complete information about the Company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC's web site at www.sec.gov.Copies of the preliminary prospectus may also be obtained, when available, from BofA Securities, Inc. at BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28555, Attention: Prospectus Department or by email at [email protected], Goldman Sachs & Co. LLC at Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected] and Jefferies LLC at Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, by telephone at (877) 821-7388 or by email at [email protected]. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This presentation and accompanying statements contain 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 our current expectations and projections relating to our 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 "anticipate," "estimate," "expect." "project," "seek," "plan," "intend," "believe," "will, "may," "could," "continue." "likely." "should." "would." "aim," "target," "objectives." "outlook," "guidance," and other words and terms of similar meaning in connection with our plans, strategies, objectives, targets and any discussion of the timing or nature of future operating or financial performance or other events but not all forward-looking statements contain these identifying words. The forward looking statements contained in this presentation are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of performance or results. These assumptions and our future performance or results involve risks and uncertainties (many of which are beyond our control). These risks and uncertainties include, but are not limited to, the following: continued adverse effects of the COVID-19 pandemic or other infectious disease on our financial condition, results of operations, and supply chain; our vulnerability to changes in consumer preferences and economic conditions; our inability to open new restaurants in new and existing markets: our inability to generate same-restaurant sales growth; the number of visitors to areas where our restaurants are located may decline; our marketing programs and limited-time menu offerings may fail to generate profits; shortages or disruptions in the supply or delivery of frequently used food items or increases in the cost of our frequently used food items; our inability to prevent instances of food borne illness in our restaurants; our inability to compete successfully with other breakfast and lunch restaurants; issues with our existing franchisees, including their financial performance, our lack of control over their operations and conflicting business interests; our vulnerability to adverse demographic, unemployment, economic, regulatory and weather conditions; damage to our reputation and negative publicity, even if unwarranted; our reliance on a small number of suppliers for a substantial amount of our food and coffee; our inability to effectively manage our internal controls over financial reporting; our failure to adequately protect our network security: compliance with federal and local environmental, labor, employment and food safety laws and regulations; our level of indebtedness and our duty to comply with covenants under our credit agreement; the interests of Advent International may differ from those of our public stockholders; and general economic, political and market forces beyond our control. Additional factors or events that could cause our actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual financial condition, results of operations, future performance and business may vary in material respects from the performance projected in these forward-looking statements. Any forward-looking statement made by us in this presentation speaks only as of the date on which it is made. We undertake 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. The underwriters and their affiliates (collectively, the "Underwriters") have not conducted any investigation with respect to the information in this presentation, and the Underwriters and the Company expressly disclaim any and all liability for representations, expressed or implied, contained in, or for omissions from, this presentation or any other written or oral communication transmitted to any interested party in the course of its evaluation of the Company. Only those particular representations and warranties that may be made by the Company in a definitive written agreement, when and if one is executed, and subject to such limitations and restrictions as may be specified in such agreement, shall have any legal effect. Certain Information contained in this presentation has been obtained from sources outside of the Company. While such information is believed to be reliable for the purposes used herein, neither the Company nor any of its affiliates, directors, officers, members, employees, agents or advisors assume any responsibility for the accuracy of such information. Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third party sources. All of the market data and Industry Information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. While we believe the estimated market position, market opportunity and market size information included in this presentation are generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and Imprecise. Projections, assumptions and estimates of our future performance and the future performance of the Industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent partles. We present Adjusted EBITDA, Adjusted EBITDA Margin, Restaurant Level Operating Profit and Restaurant Level Operating Profit Margin to help us describe our operating performance. Our presentation of Adjusted EBITDA, Adjusted EBITDA Margin, Restaurant Level Operating Profit and Rest ant Level Operating Profit Margin are intended as supplemental measures of our performance that are not required by, or presented in accordance with, U.S. generally accepted accounting principles ("GAAP). Adjusted EBITDA, Adjusted EBITDA Margin, Restaurant Level Operating Profit and Restaurant Level Operating Profit Margin should not be considered as alternatives to net loss and total comprehensive loss, Income (loss) from operations or any other performance measures derived in accordance with U.S. GAAP, or as alternatives to cash flow from operating activities as measures of liquidity. Our presentation of Adjusted EBITDA. Adjusted EBITDA Margin, Restaurant Level Operating Profit and Restaurant Level Operating Profit Margin should not be construed to imply that our future results will be unaffected by items that are excluded from these metrics. See the appendix to this presentation for a reconciliation of net loss and total comprehensive loss, the most directly comparable GAAP measure, to Adjusted EBITDA and income (loss) from operations, the most directly comparable GAAP measure, to Restaurant Level Operating Profit. The Company is an "emerging growth company within the meaning of the Jumpstart Our Business Startups Act. No securities will be offered or sold and no offers to buy will be accepted prior to the time our registration statement becomes effective. The trademarks included herein are the 2 property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or the proposed offering.#33 Today's Speakers Chris Tomasso President, CEO and Director Years at First Watch: 15 Years of Industry Experience: 25 Mel Hope CFO and Treasurer Years at First Watch: 3 Years of Industry Experience: 36 FIRST WATCH BEBASERET BRUNCH MENCE#44 Offering Summary Issuer Ticker/Exchange Base Shares Offered Filing Range Base Offer Size Over-Allotment Option Use of Primary Proceeds Expected Pricing Active Bookrunners First Watch Restaurant Group, Inc. FWRG/ Nasdaq 9,459,000 primary shares. $17.00 - $20.00 $175 million 15% (100% primary) Debt repayment September 30, 2021 BofA Securities, Goldman Sachs & Co. LLC, Jefferies FIRST WATCH BENEFART-BERNCHMENGE#55 We Are First Watch SW FIRST WATCH Leader in Daytime Dining with a single operating shift: 7:00am - 2:30pm Proven record of sustained growth in new units, Same-Restaurant Sales (SRS) and traffic Serving made-to-order breakfast, brunch and lunch using fresh ingredients "You First" culture since 1983 Elevated offering capitalizing on long-term consumer trends: Growing morning meal occasion Increasing demand for fresh, healthy food Heightened importance of on-demand dining Broad mix of customers from millennials to baby boomers of diverse backgrounds FIRST WATCH BREAKFAST HETKER-LE#66 Compelling Financial Performance 1983 38 Years in Operation 423 Total Restaurants Across 28 States as of Q2'21 28 Consecutive Quarters of SRS Growth 2013-2019 20.4% 3-year stacked SRS Growth 2017-2019 +6.3% +1.4% Avg. Annual SRS & Traffic Growth 2014-2019 42 18 2020 NROS & YTD Q2'21 NROS System-Wide $490MM $41MM LTM Total Revenue & Adj. EBITDA(1) 79% Company-Owned Restaurants as of Q2'21 6 Years of Positive Annual Traffic Growth 2014-2019 $1.6MM 2019 AUV (One Shift) 0.5% 16.3% Q1'21 & Q2'21 SRS Growth compared to Q1'19 & Q2'19 50.8% Cash-on-Cash Return on New Restaurants (1) is not adjusted to reflect the moact of pre-opening expenses of $3.9mmard deferred rent (income) expense of ($0.5)mm for the LTM period. For a reconciliation of Net loss and total comprehensive loss to Adjusted EBITDA, please refer to the appendix to this presentation. $14.69 Q2'21 Per Person Average (PPA) FIRST WATCH BREAKFART BELINE - LONEN#77 One Shift, One Menu, One Focus Driving Operational Excellence OPERATIONAL One Focus One Shift 7 am - 2:30 pm FIRST WATCH THE DAYTIME CAFE EXCELLENCE One Menu FIRST WATCH BREAKINE? -RAUNEN LUNCH#88 Our Mission: "You First" HABANS FIRST WATCH THE DAYTIME CAFE WE PUT EMPLOYEES FIRST Single shift from 7:00am to 2:30pm No night shifts ever Significant investment in employees' personal and professional growth WHO IN TURN PUT CUSTOMERS FIRST Employees empowered to make customers happy Culture of service Superior restaurant execution WE LOVE YOU MORE T THAN BACON BACON ON THE COMPA Пол элот эм FIRST WATCH BREAKFART HUBUNLENCE#9Urban Farm Positioning COUN MILK 80 VIKAN to Us MALIEN DOLLAR FIRST WATCH ME NTN PRENEM TOAST ws INNE UP Y 3560 BUTE FERUAN CRITION MOR DOLLAR BIEN TIE Our brand showcases our creative, farm fresh menu in a rustic yet contemporary atmosphere and creates an energizing Daytime Dining experience Chrungen Com SUNRISE MILLION DOLLAR BUCODY MARY FIRST WATCH BREAKFAST HÄSTMAN-LEMES#1010 Our Promise YEAH, ★ IT'S FRESH Creative, on-trend menu and seasonal offerings with a commitment to freshness "Instagrammable" Appeals to consumers who lead healthier lifestyles and who value quality ingredients thoughtfully prepared FIRST WATCH#11We Don't Fit Neatly in Any Existing Categories - And Are Leaders In Daytime Dining Legacy Family Dining QSR Breakfast Daytime Dining Leadership (Unit Count) 11 Expert at Breakfast Classics Farm Fresh Food On-Trend Ingredients Innovative Menu Platforms High Quality Service Contemporary atmosphere Deep community engagement FIRST WATCH THE DAYTIME CAFE ✓ ✓ ✓ ✓ ✓ Fast Casual Coffee/Cafes X ? ? X X ? ? X X X X X X Note: The information on this page reflects management's assessment of how First Watch is positioned within its competitive landscape and is not associated with any third party report or survey. (1) Next closest player in terms of number of restaurants is Another Broken Egg. X X X ? X X ? 423 € FIRST WATCH BREAKFAST REUNCH LUNCH 6x 75 Next Closest Player(¹) FIRST WATCH HERALFERT BERNEHMENS#1212 Our Journey With a Long Track-Record of Growth 1st First Watch restaurant opens in Pacific Grove, California First Watch 1983 1995 Complete merger of 4 operating companies into FWRI First Watch BREAKFAST + BRUNCH LUNCH Ken Pendery becomes CEO 1999 2006 Chris Tomasso joins as Chief Marketing Officer 100th Restaurant Opened 2012 Urban Farm Rollout $$$ 2014 Rebranding to our current logo FIRST WATCH THE DAYTIME CAFE 2015 200th Restaurant Opened Investment by Advent International Advent International GLOBAL PRIVATE EQUITY 2017 300th Restaurant Opened Mel Hope joins as Chief Financial Officer 2018 Chris Tomasso becomes CEO Alcohol and Off-Premises Rollout 2020 400th Restaurant Opened Today we have over 420 restaurants and a seasoned management team with 345+ combined years of industry experience FIRST WATCH BERAEFENT- BRUNCH MENC#13Numerous Local and National Accolades Hundreds of National and Local Accolades Prove Our Customer Satisfaction 13 National Recognition 2021 2021 Best Menu Best Food Allergy Innovation ESR Aller Train 2020 Top Rated in Customer Safety and Sanitation Technomic. 2020 America's Favorite Restaurant Brand marketforce INFORMATION 2020 Industry Finalist for Best Practices Award BLACK BOX INTELLIGENCE 2019 Fastest-Growing Full Service Restaurant Nation's Restaurant News Omaha, NE Best Breakfast Omaha celorld-Herald Omaha, Ni Healthiest Mens Omaha celorld-Herald Arizona Best Breidast Arizona Foothills St. Louis, Ma Best Omelet RFT St. Louis, MO Best Pencakes RFT Kansas City, KS Most Fabolous Breakfast Branch 435 SOUTH Lawrence, KS Best Breakfast Brunch Burant LAWRENCE JOURNAL-WORLD. Independence, MD Honorable Mention in Best Breakfast Category Springwild, MO Best Day Starter 417 MAGALING Cincinnati, OH Best Sunday Brunch CityBeat BEST OF HOOVER Sun Columbus, OH Power Breakfast Hoover, AL Best Breakfast Brunch Best PUDICTORS Columbus, OH Dispatch Columbus, OH Best Breakfast Winner columbus Best of Columbus O Sarascts, FL Best Breakfast Sarasola Magazine Franklin, TN Best Breakfast Cleveland, OH Breakfast Brunch Category Winner BEST OF THE WEST Cleveland, OH Bast Sunday Brunch Cleveland williamson source Pittsburgh, PA Best Breakfast and Best Brinch Patch Washington DC Best Breakfast and Brunch Spots WASHINGTONIAN Orlando, FL Reader's Choice Amard ORLANDO BUSINESS JOURNAL Orlando, FL BestFreakfast Orlando The Chie Megacine Dava, FL Favorite Breakfast Place Winner FIRST WATCH BEGASFRIT BRUNCH SEISIE#1414 Specific Long-Term Consumer Trends in First Watch's Favor Fresh, Healthy Ingredients Drive Demand ~Two-thirds of consumers consider a healthy menu important 60% of consumers want more protein in their diet Morning Meal Occasions are Increasing ● ● 120 100 80 60 40 20 0 Jul-15 Massive opportunity with 102 billion breakfast occasions and 50 billion morning snack occasions in 2019(1) Breakfast is the only daypart with consistent year-over-year growth 78% of breakfasts were still being prepared at home during 2019 Source: RKMA and NPD market research. (1) NPD Breakfast Insights report, January 2020. (2) Google Trends analyzes actual search trends and indexes search volume based on identified time frame and terms. Google Search Trend Index (2) Jul-16 Jul-17 Breakfast near me Jul-18 Jul-19 Lunch near me 100 پسند Jul-20 13 Dinner near me 12 Jul-21 Consumers Want On-Demand Dining Consumers want the ability to order what they want and when they want it Demand for fast and flexible Daytime Dining offerings powered by: ✓ Increasingly busy schedules ✓ The rise of the "gig" economy ✓ Growth of remote workers FIRST WATCH BEGASFRIT BEUNGH SEISIE#15We've Rapidly Grown Units Throughout the U.S. System-Wide Restaurants Since 2014 Company-Owned Franchised Total: 15 (1) 19 129 2014 148 91 (2] 186 2015 277 103 194 2016 297 +18% CAGR (¹) 105 213 2017 318 103 248 2018 351 ((3) 69 299 2019 368 88 321 2020 409 2,220+ We have the potential for more than 2,200 locations in the U.S. Represents total system-wide restaurants including franchises. Increase in franchise restaurants reflects acquisition of The Egg and L Decrease in franchised restaurants represents completion of conversion of acquired restaurants to the First Watch brand Restaurant Count by State as of Q2'21(1) 25 1 Fastest-Growing Full Service Restaurant in 2019 according to Nation's Restaurant News and in 2020 by FSR Magazine 18 6 10 55 21 3 3 5 20 4 12 35 15 5 15 18 23 102 Proven portability with restaurants in our top decile spanning 9 states and 14 DMAS FIRST WATCH HESALFAST BEGREH MENGE#1616 Positive SRS and Traffic Drive Growth... Annual Company-Owned Same-Restaurant Sales Growth 4.1% 0.9% 3.3% 2014 $140 6.5% 2014 1.2% 5.3% Annual Company-Owned Restaurant Sales ($mm) 2015 $192 2015 6.9% 0.5% 6.4% 2016 $234 2016 Price/Mix 25% CAGR Traffic 7.9% 1.6% 6.3% 2017 $278 2017 6.9% 2.7% 4.2% 2018 $342 2018 5.6% 1.6% 4.0% 2019 $429 2019 FIRST WATCH HEMENT C#17...Leading to Rapid Profitability Growth Restaurant Level Operating Profit(¹) ($mm) 17 $22 15.8% Adjusted EBITDA (2) (Smm) 2014 Items not added back to Restaurant Level Operating Profit: Pre-Opening Expenses Deferred Rent Expense $1.2 $1.5 $11 7.9% 2014 Items not added back to Adjusted EBITDA: Pre-Opening Expenses Deferred Rent Expense 2015 $1.2 $1.5 2015 2016 2017 Restaurant Level Operating Profit Margin 2016 2017 2018 2018 $75 17.4% 2019 $5.8 $4.3 $38 8.7% 2019 $5.8 $4.3 Adj. EBITDA Margin Restaurant Level Operating Profit represents restaurant sales less restaurant operating expenses, which include cost of salles, labor and other related expenses, other restaurant operating expenses and occupancy expenses. In addition, Restaurant Level Operating Profit excludes corporate-level expenses and items that we do not consider in our evaluation of ongoing core operating performance. For a reconciliation of Income (Loss) from operations to Restaurant Level Operating Profit, please refer to the appendix to this presentation. For a reconciliation of Net loss and total comprehensive loss to Adjusted EBITDA, please refer to the appendix to this presentation. FIRST WATCH HESALFEET BENEH MENGE#18We Are a Company with Heart 18 ● ● We leaned into our people and strong culture during COVID-19, and we emerged stronger Deployed communication strategy to stay connected with employees at all levels Proactively closed dining rooms at height of pandemic Established a 501c3 "You First Fund" providing over $800k in tax-free grants since May 2020 Provided free telemedicine to all employees and their families and paid insurance premiums during closure Provided "make whole" payments to managers and corporate employees after their return ~90% of general managers returned Provided relief payments to tenured hourly employees for immediate needs upon furlough and issued an additional bonus when they returned 75% of employees with 3+ years of service returned Introduced numerous safety protocols upon reopening ● #1 WILLIAM BLAIR GLASSDOOR SURVEY #1 Work / Life Balance and Overall Employee Satisfaction MARKET FORCE SURVEY #1 Composite Loyalty Index Metric (January 2020) TECHNOMIC SURVEY #1 Among Peer Group in Customer Safety and Sanitation (Q3'20) FIRST WATCH#1919 Strong Recovery From COVID-19 Monthly Same-Restaurant Sales Growth Since January 2020 7.4% 4.7% Jan-20 Feb-20 (36.3%) Mar-20 (92.0%) (98.7%) Initial Shutdown (44.7%) (26.0%) (18.3%) Apr-20 May-20 Jun-20 Jul-20 Aug-20 (8.8%) Sep-20 (6.1%) (7.4%) (18.6%) Second COVID Wave Oct-20 Nov-20 Dec-20 (0.9%) Same-Restaurant Sales Growth (Compared to 2019) (5.1%) 5.9% Jan-21 Feb-21 Mar-21 13.4% 14.8% 19.7% 20.2% 17.0% Positive Traffic starting in Q2'21 and continuing QTD in July and August Apr-21 May-21 Jun-21 Jul-21 Aug-21 FIRST WATCH HERALFERT BERNEHMENS#20$ FIRST WATCH BREAKFAST-BRUNCH - LUNCH Our Growth Drivers#2121 For 38 Years, First Watch Has Been A Word-Of-Mouth Concept 38 Years in Operation 28 States in Operation 11% Aided Awareness (1) 2021 Advent Survey. Aided Awareness - National Brands (1) 91% Olive Garden ITALIEN CENCHICH 90% 89% RED LOBSTER 84% freel Panera BREAD 83% *** 79% rocker BOMB JUICES 49% SHAKE SHACK 15% BLAZE PIZZA 11% FIRST WATCH BREAKFAST BUNCH-LENCH 7% sweetgreen FIRST WATCH HESALFAST BESTEH MENGE#2222 Confidence in Our Brand Empowered Us to Grow During COVID M. FULL-SERVICE RESTAURANTS SETTING AMERICA'S TABLE FSR From the Headlines FRANCHISING AFTER COVID FEWER TAPS, BIGGER BUSINESS Still Growing Strong DESPITE SETBACKS, THESE 23 CASUAL DINING CHAINS MANAGED TO OPEN NEW UNITS IN 2020 ALSO HOW ONE BRAND IS MAKING A DIFFERENCE EMPOWERING PEOPLE WITH DISABILITIES Source: FSR Magazine, August 2021, GETTING IN ON GAME MEATS 54TH STREET'S PROVEN STRATEGY ONE TO WATCH WITH & NEWN OPENINGS LAST YEAR, FIRST WATCH CEO CHRIS TOMASSO SAYS THE BREAKFAST LEADER IS JUST GETTING STARTED Rank 1 2 3 4 Chain ETEXAS ROADHOUSE FIRST WATCH 42 11.4% THE DAYTIME CAFE WALK-ON'S SPORTE STREA 2020 Unit Change (additional stores) LONGHORN STEAKHOUSE 19 12 2020 Unit Change (percentage) 8 3.4% 36.4% 1.5% FIRST WATCH GREW MORE UNITS IN 2020 THAN THE NEXT 3 NAMES COMBINED! FIRST WATCH BEGASFRIT BEUNGH SEISIE#23Off-Premises Has Unlocked Accessibility Maintaining Off-Premises Volume as In-Restaurant Sales Ramp Average Weekly Off-Premises Sales 23 $1,897 Q4'19 $8,082 Q4'20 $8,079 Q2'21 ● ● ● ● ● EGION ● OF Off-premises available in all restaurants New 2021 locations to have dedicated off premises infrastructure elements such as dedicated make lines and to-go rooms, separate entrances and dedicated parking spots where feasible Off-premises sales were 23% of total restaurant sales in Q2'21 Direct takeout accounted for 53% of off-premises sales Third-Party Delivery accounted for 47% of off-premises sales Relatively margin neutral with pricing surcharge BOOM TAWRZEN FIRST WATCH BEGASFRIT BEUNGH SEISIE#24Culinary Innovation Creates Ongoing Platforms for Growth 24 2012 Seasonal Menu Program 2013 Ingredient Improvement 2014 Fresh Juice Program Me Chef Shane Joins 2015 2016 Million Dollar Bacon Urban Farm Menu & New Plateware 2017 2018 DAY PAIK PROJECT SUNRISE Project Sunrise Shareables 2019 Core Menu Evolution. 2020 2021 Alcohol Program Expansion FIRST WATCH BEGASFRIT BEUNGH SEISIE#25Alcohol is Just the Latest Example 25 ● ● ● ● Enhancing the Brunch occasion, creating a further opportunity to attract a younger demographic Highly incremental new sales platform Margin accretive to all other beverages including Fresh Juices Program can be launched with or without a physical bar In Q2'21, alcohol accounted for 3.8% of sales and 7.1% of guests at serving restaurants Increased overall beverage attachment by approximately 230 basis points in Q2'21 compared to non-alcohol locations Opportunity for further extensions and innovations around Bloody Marys and Mimosas FIRST WATCH BREAKFARY HOUBEK LEMIS#2626 Additional Initiatives to Continue Our Journey of Growth Weekday Lunch Create demand through increased occasion relevancy Optimize core menu offerings More relevant lunch items like bowls and handhelds . ● Reduce complexity to increase speed Utilize historical seasonal items. Avocado Toast $11.49 QUICK ADD VIEW ITEM ● Customer Technology Increase accessibility and reduce friction ● CHECKOUT $10.6 Enhance customer experience and customize communication and personalization 3 Customer Relationship Management App based waitlist and ordering Pay-at-the-table Restaurant Technology Increase capacity and serve more demand at peak ● Increase ability to serve demand by reducing wait times during peak hours • Dining room seating optimization Kitchen display systems FIRST WATCH BEGASFRIT BRUNCH SEISIE#27FIRST WATCH BREAKFAST BRUNCH-LUNCH Historical Financial Overview with Mel Hope#2828 Financial Highlights 28 Consecutive Quarters of Positive SRS ● Rapid System Growth at Scale High Volume NROS Operating Excellence = AUV Growth • Cost Stability Due to Supply Chain Management and Menu Diversity ● Consistent Traffic Growth ● Significant Investment in Public Company Readiness Behind Us FIRST WATCH BREAKFANT-BRUNCH LENCE