First Watch IPO Presentation Deck

...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

View entire presentation