2016 - ANOTHER STRONG YEAR

WING 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

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