Why BFI? - A Compelling Turnaround Opportunity

Why BFI ? - A Compelling Turnaround Opportunity Improved Topline and comp store sales, driven by: New unit franchise growth at both BurgerFi and Anthony's ○ Enhanced product offering at both brands, to expand customer awareness and frequency Better pricing matrix at both concepts Refranchising of Anthony's & BurgerFi locations to improve liquidity and accelerate unit growth: О FDD already complete for ACFP, with new POS at ACFP and improved industry multiples the only thing holding us back. First franchise location opened in Orlando, in late 2023 о Focus BF refranchise on established and experienced operators and primary MSA markets (NYC, Miami, Orlando..) Improved Cost of Goods performance to drive margins: Both brands have fully implemented inventory management systems. Believe there is an opportunity to improve COG's by several hundred bps. See this yielding continued improvement for several years, with significant operating leverage opportunity once we return to positive same store sales, as early as 2024. New POS in ACFP to drive topline and productivity: ○ Although the improvement in customer service from the KDS is worth it alone, we believe that once fully ramped the system should yield a minimum 2%-3% in topline, driven by better attachment and faster turnaround on the restaurant floor. Continued focus on aggressively managing Corp G&A dollars and restaurant labor margin % • Believe BFI is poised for a considerable improvement in overall profitability as the company starts to return to positive topline line trends Restricted Do not distribute 12

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