Investor Presentation JANUARY 2016 FORWARD-LOOKING STATEMENTS

Forward-Looking Statements This presentation contains 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 Wingstop Inc.’s (the “Company”) current expectations and projections relating to its 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 “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.

The forward-looking statements contained in this presentation are based on assumptions that the Company has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. The Company believes these factors include, but are not limited to, those described under the sections “Risk Factors” in the prospectus for the Company’s initial public offering and in its other filings with the SEC, which can be found at the SEC’s website www.sec.gov. Further, the Company has not yet completed closing procedures for fiscal fourth quarter or full year 2015, and our independent registered public accounting firm has not yet reviewed or audited the results. Accordingly, these preliminary results are subject to change pending finalization, and actual results could differ materially as we finalize such results. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, the Company’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.

Any forward-looking statement made by the Company in this presentation speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual operating and financial performance to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes 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.

Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. The Company has provided reconciliations of each non-GAAP financial measure presented to the most directly comparable GAAP measure in the Appendix to this presentation. You should not consider it in isolation, or as a substitute for analysis of results as reported under GAAP. Our calculation of Adjusted EBITDA may not be comparable to that reported by other companies. For additional information about our non-GAAP financial measures, see our filings with the Securities and Exchange Commission. 1 A CATEGORY OF ONE WHAT MAKES WINGSTOP UNIQUE?

SIMPLE CONCEPT EFFICIENT OPERATING MODEL

• Pioneered Wings as center of the plate • $1.1M Average Unit Volume • Fast Casual; 98% franchised • 35-40% Year 2 Cash-on-cash return • 11 Flavors spanning spicy, savory, sweet • 75% Take-Out

COVETED CONSUMER TECH FORWARD

• 49% of guests are Millennials (1) • 15% of sales from online in Q4 2015 • 53% female skew; strong family appeal (2) • Social at the core; engagement over 30% (3) • Best in class social sentiment • Digital-first advertising strategy with high ROI

Sources: (1) MRI Data (2) Burke Research (3) Forbes, November 2014 3 NO DIRECT NATIONAL COMPETITORS

Fast Casual, National Footprint & Focused Menu Sets Wingstop Apart

Bar Centric Pizza Delivery

QSR Chicken Small Regional

4 2015 – ANOTHER TERRIFIC YEAR!

INSERT NEW PIC

845 Locations 133 New Openings (Net) 7.9% Domestic SSS Growth 39 states 19% Unit Growth Rate

7 countries

12 Consecutive Years of SSS Growth

5 INDUSTRY LEADING SSS

2012 – 2015 Q3 YTD Stacked Same Store Sales

% 2015 Q3 YTD 2014 2013 2012 Cumulative SSS

(1) (2) (3) (3) (1) (2) (3) (1) (4) (1) (5) (6) (3)

Source: Company filings

Notes: (1) Domestic system-wide (2) Global company-owned (3) Domestic company-owned (4) Franchised (5) Dunkin U.S. segment only (6) System-wide 6 7 Confidential Information - Do Not Distribute We strive to deliver on  Intensely loyal fan base To our commitments to our  Best in class franchisee returns guests, team members, Serve franchisees &  High growth, asset light model; shareholders. best of both worlds for investors

 59 int’l locations in 6 countries, Our brand knows no and we're just getting started boundaries due to our The unique product,  Portable concept; <1% domestic complex flavors and closure rate in 2015 World commitment to  Ubiquitous flavor profile works quality. just about everywhere

 Always cooked to order The Craft, the  Scratch made sides and dips Crave and Flavor  Hand-cut seasoned fries the Culture.  Menu appeal for individuals, groups, families and events 8 COVETED GUEST BASE

MILLENNIALS  18-24 year old Millennial males  African American and Hispanic skew  Group-centered occasions

FAMILIES  24-34 year old Millennial females  Hispanic mom skew  Orders for the whole family

FLAVOR CRAVERS  Broad, loyal and diverse guest base attracted by unique flavor experience, product quality, brand personality and convivial nature of eating wings 9 PASSIONATE & ENGAGED FANS

Engagement Ratio – %

Engagement Ratio: A weighted 69% of positive social media composite of the total number of (1) engagements (likes, comments, favorites, retweets) that followers have comments are about the CRAVE! with a brand relative to total engagements

Source: (1) Infegy Followers—MM

McDonald’s KFC Applebee’s Coffee Domino’s Wendy’s Dunkin’ Donuts 7-Eleven Buffalo Olive Garden Wild Wings Outback Wingstop Steakhouse Baskin-Robbins Chick-fil-A Morton’s Hard Rock Steakhouse

Source: Forbes, November 2014 10 FUELING DEMAND THROUGH TECHNOLOGY

Online % of Sales Average Ticket Poised for Continued Growth ~ 15% ~ $20 • Doubled Sales Mix ~ $16 in 2015

~ 3-6% • Millennial ~ 1-3% customer base

(1) (1) QSR Fast Casual Wingstop In-RestaurantAll Orders OnlineOnline Ordering • Simple menu

• 75% Take-Out Conversion Rate (2) App Ratings (3)

29% • 60% of orders still come in over the 3.0 phone 10% 4.5 4.5 • Creates 23 24 efficiencies at Food & Beverage Wingstop store level Industry 4.5 4.5

Sources: (1) Olo (2) MarketingSherpa Ecommerce Benchmark Study 2014 (3) App Store Current Versions Jan 5, 2016 11 AMPLIFIED BY HIGH ROI DIGITAL-FIRST MARKETING APPROACH

Illustrative Ad Spend Growth (1)

Scaling to National Media Current Potential for the Future  13 advertising cooperatives and growing

 Future potential to expand into traditional media and national sponsorships

 1000 in US is target for converting to national

 Transitioning first through national digital buys Ad Budget National Illustrative

23 24

Local National

Note: (1) Current reflects markets that have shared comprehensive media plans with Wingstop 12 RESULT: COMPELLING UNIT ECONOMICS

Franchisee Franchise Awards In $000s Year 2 Target

Unit Economics “2015 Franchisee “Top 10 Fastest Satisfaction - Best Growing Chains” AUV (1) 890 Franchise”

Investment Cost (2) 370 “Top 40, Best “The Best Franchises for Franchise Deal Unlevered Year 2 COC Return 35% - 40% African Americans” in North America”

“#1 in System Sales Growth”  78% of current commitments from existing “#24, Top Movers franchisees and Shakers List”

 Whitespace opportunity to grow

“Most Effective Use of “2015 Golden Social Media” Chain Winner”

Notes: (1) AUV based on 2013 vintage year 1 performance of approximately $820,000 and year 2 growth rate for all new stores since 2006 of approximately 8.5% (2) Investment cost based on last 2 fiscal years actual costs; excludes pre-opening and working capital 13 VALIDATED BY STRONG COMPANY STORE PERFORMANCE 19 Company-Owned Restaurants in Dallas (12), Houston (2), and Las Vegas (5)

Same Store Sales(1) Average Unit Volume(2) Profit(2)(3)

% $MM $MM

Margin  ‘12–’14 +881 bps 7.9 7.8

5.9

4.7

2012 2013 2014 LTM Sep. 2015 Total % Units: 23 24 19 19 Margin: 17.6% 20.4% 26.4% 25.8%

Notes: (1) For 19 company-owned restaurants as of 9/26/15; excludes re-franchised restaurants (2) Includes all company-owned restaurants. 1 was re-franchised in October of 2012 and 5 were re-franchised in February 2014 (3) Sales less Cost of Goods Sold, Labor and Other Operating Expenses 14 PROVEN CONCEPT ACROSS A VARIETY OF MARKETS 39 State Footprint with Room to Grow in All Markets (1) Total Domestic Store Count – Q3: 756 Averaging 3 Domestic Closures Per Year Since 2013

Note: (1) Restaurant count as of 09/26/15 15 ACCELERATING PACE OF DEVELOPMENT

Gross New Unit Openings by Year Domestic Restaurant Opening Commitments

Rapid Unit Development Healthy Franchisee Base

 78% of current domestic pipeline is from existing franchisees as of 12/26/15 142  Mix of small and large franchisees 24

530 503 102

20

74 363 10 57 2741 118 4

35 82 6 64 53

29

2011 2012 2013 2014 2015 2012 2013 2014 2015

Domestic International Development Commitments

16 LONG-TERM STORE POTENTIAL ROADMAP

Domestic Bridge to Long-Term Goal

Remaining Opportunity

Domestic Commitments 814 2,500 Existing Markets New Markets

618 855

900 196

566

786 334 1,645

786

20152014 (actual) (actual)(1)(1) Existing Market Potential New Market Potential Long-Term Domestic Potential

Note: (1) Includes 745 restaurants in existing markets and 41 restaurants in new markets as of 12/26/15. 17 INTERNATIONAL POTENTIAL

Current Units and Per Capita Poultry Consumption(1)

A Europe Europe Market Consumption European Union 21kg AsiaAsia North America

Africa Middle U.S. Consumption: 44kg East

Africa Asia Market Consumption Market Consumption Americas South South Africa 31kg Asia and Pacific 8kg Market Consumption America 41kg Latin America and 30kg 39kg Caribbean New Zealand 35kg Brazil 39kg Middle East Canada 32kg Existing Footprint (1) China 12kg Market Consumption Mexico 25kg Market Units 6kg 44kg Mexico 30 India 2kg Philippines 8 Indonesia 7 Russia 3 2 UAE 1 Source: OECD-FAO Agricultural Outlook 2015 Total 51 Note: (1) Unit data as of Q3’15; Poultry consumption in estimated average kilograms per capita from 2012 to 2014 18 LONG TRACK RECORD OF DELIVERING OUTSTANDING RESULTS

Total Units System-Wide Sales

$MM 845 ~821 821 712

614 679 546 550 457

2012 2013 2014 20152015 est (2) (2) Growth %: 9.4% 12.5% 16.0% 18.7% 2012 2013 2014 20152015 est

Total Revenue Adjusted EBITDA(1)

$MM $MM 77.6 – 77.9

2015 est (2)

High Growth + Franchisor Cash Flow Notes: (1) Refer to Appendix for reconciliation (2) 2015 estimates represent updated guidance issued on 01/11/16. 19 THE BEST OF BOTH WORLDS

Rapid Expansion Robust Cash Conversion

LTM Q3 Gross Unit Openings % FY 2014 Cash Conversion and Unit Growth (1)

15

(2) (2)

(2)

Unit Growth: 2.4% 16.0% 3.9% 6.8% 3.0% 6.9%

Notes: Source: Public company filings 1. Defined as (EBITDA – CapEx) / EBITDA 2. Calculations use Adj. EBITDA 20 SIMPLE AND STRONG BALANCE SHEET

EBITDA Growth and Cash Generation Support Balance Sheet Deleveraging(1)

($MM) Capitalization Capitalization Capitalization as of Q1 2015 as of Q2 2015 as of Q3 2015 (Inclusive of (Post-IPO) Recap)

Cash 2.9 4.9 5.7

Revolving Credit 0.0 0.0 0.0 Facility

Term Loan 132.5 100.5 95.5

Total Debt 132.5 100.5 95.5

Total Debt / LTM 5.3x 3.9x 3.6x Adjusted EBITDA

(2)

Notes: (1) Leverage = Gross Debt / LTM Adjusted EBITDA (2) Primary proceeds at IPO used to achieve leverage of ~3.9x LTM Adj. EBITDA 21 LONG-TERM FINANCIAL TARGETS*

Attractive Business Model Long-Term Growth Targets

 10%+ annual unit growth Disciplined Unit Growth  ~2,500 domestic unit potential +

 Low single digit annual growth Strong Same Store Sales Growth  Consistent new store ramp =  13% - 15% Adjusted EBITDA growth Steady, Reliable Profit Growth  18% - 20% Net Income / EPS growth  Strong free cash flow and conversion

*These are not projections; they are goals and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section in the prospectus for the Company’s initial public offering and in it’s other filings with the SEC. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals. 22 #Appendix

23 YTD HISTORICAL ADJUSTED EBITDA RECONCILIATION In $000s (1) (1) Year Ended Year Ended Year Ended YTD YTD December 29, 2012 December 28, 2013 December 27, 2014 September 27, 2014 September 26, 2015 Net income 3,580 7,530 8,986 7,485 6,311

Interest expense, net 2,431 2,863 3,684 2,871 2,764

Income tax expense 3,000 4,493 5,312 4,426 3,753 Depreciation and 2,930 3,030 2,904 2,232 1,944 amortization EBITDA 11,941 17,916 20,886 17,014 14,772 Adjustments Management agreement – – – – 3,297 termination fee(2) Management fees(3) 422 436 449 338 237 Transaction costs(4) 308 395 2,169 976 2,186 Gains and losses on (20) – (86) (86) – disposal of assets(5) Stock-based 464 748 960 322 492 compensation expense(6) Earn-out obligation(7) 2,500 – – – –

Adjusted EBITDA 15,615 19,495 24,378 18,564 20,984

Notes: 1. LTM Adjusted EBITDA calculated as “YTD September 26, 2015” + “Year Ended December 27, 2014” – “YTD September 27, 2014” 2. One-time fee of approx. $3.3 million paid in consideration of termination of management agreement with Roark Capital Management, LLC 3. Includes management fees and other out-of-pocket expenses paid to Roark Capital Management, LLC 4. Represents costs and expenses related to refinancings of our credit agreement and our initial public offering 5. Represents non-cash gains and losses resulting from the sale of company-owned restaurants to a franchisee and associated goodwill impairment 6. Includes non-cash, stock-based compensation 7. Represents an earn-out payment made to our prior owner based on us achieving revenue benchmarks specified in the acquisition agreement governing our purchase. There are no further obligations related to the earn-out remaining under the acquisition agreement 24 QUARTERLY HISTORICAL ADJUSTED EBITDA RECONCILIATION In $000s Year Ended Year Ended Year Ended Quarter Ended Quarter Ended December 29, 2012 December 28, 2013 December 27, 2014 September 27, 2014 September 26, 2015 Net income 3,580 7,530 8,986 1,993 3,173

Interest expense, net 2,431 2,863 3,684 876 800

Income tax expense 3,000 4,493 5,312 1,178 1,784 Depreciation and 2,930 3,030 2,904 690 636 amortization EBITDA 11,941 17,916 20,886 4,737 6,393 Adjustments Management agreement – – – – – termination fee(1) Management fees(2) 422 436 449 111 –

Transaction costs(3) 308 395 2,169 776 – Gains and losses on (20) – (86) – – disposal of assets(4) Stock-based 464 748 960 112 150 compensation expense(5) Earn-out obligation(6) 2,500 – – – –

Adjusted EBITDA 15,615 19,495 24,378 5,736 6,543

Notes: 1. One-time fee of approx. $3.3 million paid in consideration of termination of management agreement with Roark Capital Management, LLC 2. Includes management fees and other out-of-pocket expenses paid to Roark Capital Management, LLC 3. Represents costs and expenses related to refinancings of our credit agreement and our initial public offering 4. Represents non-cash gains and losses resulting from the sale of company-owned restaurants to a franchisee and associated goodwill impairment 5. Includes non-cash, stock-based compensation 6. Represents an earn-out payment made to our prior owner based on us achieving revenue benchmarks specified in the acquisition agreement governing our purchase. There are no further obligations related to the earn-out remaining under the acquisition agreement 25