First Watch IPO Presentation Deck

16 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

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