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 Pizza Hut Applebee’s Burger King Starbucks Coffee Subway Domino’s Wendy’s Dunkin’ Donuts 7-Eleven Buffalo Taco Bell Dairy Queen Olive Garden Wild Wings Outback Wingstop Steakhouse Krispy Kreme Baskin-Robbins Chick-fil-A Morton’s Hooters Red Lobster Whataburger 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 restaurants 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) Restaurant Profit(2)(3) %