INVESTOR PRESENTATION JANUARY 2018 1 LEGAL DISCLAIMER This presentation may include ''forward-looking statements.'' To the extent that the information presented in this presentation discusses financial projections, information, or expectations about FAT Brands Inc.’s business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as ''should,'' ''may,'' ''intends,'' ''anticipates,'' ''believes,'' ''estimates,'' ''projects,'' ''forecasts,'' ''expects,'' ''plans,'' and ''proposes.'' Although FAT Brands Inc. believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in the offering statement filed with the SEC, which can be found here: https://www.sec.gov/Archives/edgar/data/1705012/000149315217011171/partiiandiii.htm. Forward-looking statements speak only as of the date of the document in which they are contained, and FAT Brands Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. 2 INITIAL PUBLIC OFFERING Completed IPO in October 2017 ▪ NASDAQ: FAT ▪ Raised $24 million in gross proceeds ▪ Expects to pay $0.48 / share dividend in 2018 1 (1) Amount of dividend may be raised or lowered in the future without advance notice 3 INVESTMENT HIGHLIGHTS ▪ Highly Scalable Asset-Light Business Model ▪ Ability to Cross-Sell Concepts Globally ▪ Strong Brands with Loyal Followings ▪ Massive Consolidation Opportunity ▪ Proven Management Team 4 WHY FAT BRANDS? Diverse Global Franchisee Asset Light & Strong Brands Network Scalable with Loyal Business Following Model Proven Ability to Management Cross-Sell Team History of Concepts Profitability & SSS Growth 5 COMPANY HISTORY 1947 2003 2007-2008 2011 2017 Fatburger founded by Lovie Fatburger purchased by Fog 2007: Fatburger opens in Fatburger completes Re-organized into FAT Brands Yancey and the original Cutter Capital Group China refranchising of most Inc. Fatburger stand is opened on corporate stores 2008: Fatburger opens in Completed IPO, began trading Western Avenue in Dubai Buffalo’s Cafe acquired on NASDAQ under ticker Downtown Los Angeles “FAT” Company returns to profitability 1947 2000 2003 2006 2009 2011 2013 2015 2017 2000 2006 2009 2012 - 2015 2017 Fatburger purchased by Management restructured & Fatburger begins conversion 2012: 1st co-branded Acquired Ponderosa & Magic Johnson & group of international growth begins to a pure franchise model Fatburger & Buffalo’s location Bonanza Steakhouses celebrity investors (discontinues development of opens in LA Fatburger opens in Canada Franchise system grows to new corporate stores) 2015: 50th co-branded include ~300 units w/ 300+ location opens locations under contract Definitive agreement to acquire Hurricane brands 6 RESTAURANT CONCEPTS Type Fast Casual Casual Dining / Fast Casual Casual Menu Premium Burgers American / Chicken Wings Family Steakhouse 3,000 – 4,000 sq. ft. (Cafe) Target Unit Size 1,500 – 2,300 sq. ft. 5,000 – 6,000 sq. ft. 1,000 – 1,500 sq. ft. (Express) Company-Owned Units 0 1 1 Franchise Units (9/24/2017) 86 standalone / 72 co-branded 18 Cafe’s / 72 co-branded 115 Total Units (9/24/2017) 158 1 90 2 116 Avg. Unit Volume (2016) $750,000 standalone / $888,000 co-branded $1,500,000 Cafe’s / $138,000 co-branded $1,300,000 Avg. Check (6/25/2017) $12.00 standalone / $13.95 co-branded $21.95 Cafe’s / $13.95 co-branded $11.49 Geographies U.S. / Asia / Africa / Europe / Middle East U.S. / Middle East / Canada U.S. / Asia / Canada / Puerto Rico / Canada Middle East (1) Includes locations co-branded with Buffalo’s Express. (2) Includes Buffalo’s Café and Buffalo’s Express co-branded locations. 7 FATBURGER: THE ORIGINAL BETTER BURGER Founded in 1947 in Los Angeles, CA, Fatburger has become a global leader in the better burger category ▪ Acquired by Fog Cutter Capital Group (FCCG) in 2003, has grown from 40 locations to 158 locations across 5 states & 18 countries as of 9/24/2017 ▪ For 70+ years has maintained reputation of providing fresh, authentic, tasty meals supported by steadfast commitment to preparing fresh, made-to-order, high-quality food the same way Fatburger’s founder Lovie Yancey did in 1947 ▪ Offerings are well-priced, falling between QSR and casual dining experiences System-wide sales of approximately $105.7 million in 2016 ▪ Same-store sales (SSS)1,2 in core U.S. market increased 1.5% in 2016 ▪ SSS1,2 in core U.S. market increased 7.9% and system-wide SSS1,2 increased 1.1% for the 39 weeks ended September 24, 2017 ▪ 8.2%+ new store growth in 2016 (1) Inclusive of co-branded Fatburger / Buffalo’s Express locations. (2) Adjusted to exclude two restaurants that were subject to extraordinary adverse operating conditions related to construction blocking direct access or visibility to the restaurant in Las Vegas and political sanctions affecting the supply chain and the related local economy in Qatar. 8 FATBURGER: A PROVEN BRAND Iconic Strong Celebrity Following from LA Roots Loyal Fan Base 1,000,000+ Social Media Followers1 (1) Figures include all corporate and franchise accounts. 9 BUFFALO’S CAFE Founded in 1985 in Roswell, GA, Buffalo’s Cafe is a casual dining concept, known for its chicken wings and distinctive sauces, that was acquired by FCCG in 2011 ▪ As of 9/24/2017, 18 Buffalo’s Cafe’s located across 2 states and 3 countries ▪ Buffalo’s Cafe menu offers fresh-never-frozen chicken wings, 13 homemade sauces and classic American dinner platters including burgers, sandwiches, wraps, salads, ribs, sides and desserts System-wide sales of approximately $36.2 million in 2016 ▪ SSS1 increased 2.4% in 2016 and 1.0% for the 39 weeks ended September 24, 2017 ▪ 10.0%+ new store growth in 2016 (1) Adjusted to exclude four restaurants that were subject to extraordinary adverse operating conditions related to construction blocking direct access or visibility to the restaurant in Hamilton Mill, GA, changes in the alcohol laws in Canyon, TX, political sanctions affecting the supply chain and the related local economy in Saudi Arabia and Qatar. 10 BUFFALO’S EXPRESS Buffalo’s Express (developed by FCCG) is a fast-casual, smaller footprint variant of Buffalo’s Cafe that is co-branded with Fatburger locations ▪ As of 9/24/2017, 72 co-branded Buffalo’s Express located across 5 states and 18 countries ▪ Buffalo’s Express menu emphasizes fresh-never-frozen chicken wings, sauces and salads ▪ Cross-sell into existing Fatburger franchisees ▪ Co-branded locations have average AUV increase of ~15-30% (as compared to stand-alone Fatburgers) ▪ SSS1,2 in core U.S. market and system-wide SSS1,2 increased 7.9% and 1.1% respectively for the 39 weeks ended September 24, 2017 Success of co-branded Fatburger & Buffalo’s Express locations demonstrates scalability of FAT model! (1) Inclusive of co-branded Fatburger / Buffalo’s Express locations. (2) Adjusted to exclude two restaurants that were subject to extraordinary adverse operating conditions related to construction blocking direct access or visibility to the restaurant in Las Vegas and political sanctions affecting the supply chain and the related local economy in Qatar. 11 PONDEROSA & BONANZA STEAKHOUSES Ponderosa Steakhouse & Bonanza Steakhouse, established in 1965 and 1963 respectively, are leading American family steakhouse brands ▪ As of 9/24/2017, 116 Ponderosa & Bonanza restaurants operating in 19 states in the U.S., as well as in Canada, Puerto Rico, the U.A.E., Egypt, Qatar and Taiwan (including one company owned restaurant). ▪ The Ponderosa & Bonanza brands were acquired in October 2017 with proceeds from the IPO ▪ The plan is to scale the Ponderosa and Bonanza brands internationally via a smaller footprint, fast casual model (similar to the co-branded Buffalo’s Express) In Q3 2017 YTD, domestic 1 SSS for Ponderosa increased 0.6%, while Bonanza’s increased 5.0% ▪ In 2016 Ponderosa had system-wide gross sales of ~$152 million, AUV of $1.4 million and an average check of $11.44 across its 103 locations ▪ In 2016 Bonanza had system-wide gross sales of ~$29.5 million, AUV of $1.4 million and an average check of $11.76 across its 21 locations (1) Represents SSS for the 80 locations located inside the US (excludes 27 locations in Puerto Rico and 13 International). The locations in the US and Puerto Rico accounted for approximately 92% of system wide sales for YTD 10/10/17. 12 PROPOSED ACQUISITION Future Acquisition Target Profiles Type Casual Dining / Fast Casual Fast Casual American / Western Staples Menu American / Chicken Wings (e.g. pizza, coffee, desserts, burgers, etc.) Company-Owned Units 0 1 If company-owned, plan to re-franchise units Franchise Units (9/24/2017) 57 (w/ 60+ in contract to be developed) 2 Target brands that are primarily franchised Total Units (9/24/2017) 57 2 50+ <150 seats: ~$1,320,000 3 Avg. Unit Volume (2016) Not applicable >150 seats: ~$1,490,000 3 Avg. Sales Per Entrée Per Guest $17.38 Not applicable (YTD 11/12/2017) Geographies U.S. Global (1) At closing, the 6 company-owned locations will be sold to existing owner and re-franchised. (2) Includes 1 Hurricane BTW (Buffalo, Tacos, Wings) fast casual