Investor Presentation July 2019

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This includes, without limitation, financial guidance and projections and statements with respect to expectations of our future financial condition, results of operations, cash flows, plans, targets, goals, objectives, performance, growth potential, competitive position and business; investment opportunity in the Company; the opportunity for additional domestic and foreign locations and licensees and territories; target returns for new restaurant openings; performance of international licensed locations; the planned acquisitions of North Italia and FRC, including anticipated run-rate revenues and other metrics at the time of closing of the transactions, FRC as an incubation engine, steady-state restaurant level margins and anticipated unit growth roadmap; and the Company’s long-term financial objectives and returns to shareholders. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on our current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. These forward-looking statements also may be affected by factors outside of our control including: the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements to acquire North Italia and FRC; the possibility that various closing conditions for the acquisitions of North Italia and FRC may not be satisfied or waived; the possibility of a failure to obtain, delays in obtaining or adverse conditions contained in any required regulatory or other approvals; the failure of the acquisitions to close for any other reason; the amount of fees and expenses related to the acquisitions; the failure to realize the anticipated benefits of the acquisitions; economic and political conditions that impact consumer confidence and spending; impact of recently enacted tax reform; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of the North Italia, Flower Child, Social Monk Asian Kitchen and other concepts; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; changes in laws impacting our business; including increases in minimum wages and benefit costs the economic health of our landlords and other tenants in retail centers in which our restaurants are located; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to us; adverse weather conditions in regions in which our restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risk, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov. Safe Harbor Statement 2

Highly differentiated concepts delivering a unique guest experience Accelerated and diversified growth drivers Sustained track record of consistent financial performance Robust cash flow to support growth and maximize shareholder value A Compelling Investment Opportunity 3

Current Environment – Consumer Trends Current Environment – Consumer & Industry Trends 4

What Always Remains the Same “Consumers don't just want to eat, they want to experience something memorable.” – NPD Group “Food quality is the most important factor in selecting a restaurant to visit.” – Alix Partners 2018 Survey 5 “Superior service and ambiance grow guest counts for top performing restaurant brands.” – TDn2K

What’s Evolving More Discerning Guests Desire for Value – “Deal Economy” Need for Convenience Labor Force Trends & Availability Retail Trends Power of Social Media 6

We Are Well-Positioned 7

The Cheesecake Factory - Global Footprint 8 High quality, high profile locations worldwide Company-Owned: 202 Toronto International - Licensed Middle East: 15 China, Including Hong Kong: 3 Mexico: 4 Mexico City (2) Guadalajara Saudi Arabia (3) UAE (5) Kuwait (3) Qatar (3) Bahrain (1) Shanghai Hong Kong Beijing Monterrey

Breadth of Menu & Innovation Ambiance, Service and Hospitality The Cheesecake Factory - A Highly Differentiated Concept Best-in-Class Operational Execution Integrated Bakery 9

Breadth of Menu & Innovation are Key Competitive Advantages 250 Menu Items - Made Fresh, From Scratch 10

Dining With Us Is an Experience Ambiance, Service and Hospitality Drive Sales 11

Integrated Bakery – The “Cheesecake” Magic Produces over 70 cheesecakes and other baked desserts Enables creativity, quality control and supply chain efficiencies Industry-Leading Dessert Sales 16% 12

Cult Status & Strong Consumer Engagement 750K followers 5M+ fans 370K followers Millions of Viewers A division of Vice Media LLC 13

Broad Consumer Demographic and Appeal With a Moderate Average Check Highest Unit Volumes ($ in millions) Source: Latest SEC filings and company presentations #2 Top Large Chain #1 Food Quality 14 $10.7 $8.3 $8.3 $5.5 $5.2 $4.8 $3.6 $3.4 $3.0 $2.9 Maggianos Yard House BJ's Texas Roadhouse Olive Garden Outback LongHorn Bonefish Carrabbas $33 $28 $27 $23 $23 $23 $22 $19 $17 $16 Yard House Maggianos Bonefish Carrabbas Outback LongHorn Olive Garden Texas Roadhouse BJ's

To Go Sales (% of Total Revenue) Leveraging This Differentiation in the Off-Premise Channel ~$1.5 million per restaurant New Takeout Packaging 15 9% 12% 14% 5% 7% 9% 11% 13% 15% 2013 2017 2018

Increasing Unaided Awareness to Drive Comparable Sales Growth 16 Attain Top of Mind Status

Capitalizing on the Power of the Brand The Cheesecake Factory At Home® 17

Best-in-Class Operational Execution Has Driven Our Success Guest Experience Efficiencies Labor Productivity Retention Cost Management Forecasting 18

Supported by Our Tenured Teams Who Execute Our Complex Concept Everyday Average Tenure by Position 30 years 21 years 19 years 17 years 12 years 13 years Senior VP of Operations Regional Vice Presidents Area Directors of Operations Area Kitchen Operations Managers General Managers Executive Kitchen Managers 19 “What we found is that food and beverage innovation is table stakes; you need to do it, but it’s not sustainable,” The ironclad correlation with success? “It was GM retention.” – Wally Doolin, TDn2K

Being A Great Place to Work 20 From FORTUNE. ©2019 Fortune Media IP Limited. FORTUNE 100 Best Companies to Work For is a trademark of Fortune Media IP Limited and is used under license. FORTUNE and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Licensee.

We Raise the Bar 21 Best-in-class training Culture of fun Industry-leading benefits Drives Industry-Leading Retention Recognition Commitment to our communities, charitable giving and a sustainable future 21

Looking Ahead - Diversified Growth Drivers 22 22

An Experiential Dining Category Leader 23 Culinary forward. First class hospitality. Concepts like no other.

The Cheesecake Factory – Returns-Focused Growth Opportunity for 300 Domestic & 8 - 10 Canadian Locations Over Time Average Unit Economics* ($ millions) Sales $10.7 Restaurant-Level Margin % ~18% Cash Capex Investment $8+ Cash-on-Cash Return 20% - 25% * Illustrative example of target returns for new restaurant openings. Philadelphia 24

The Cheesecake Factory – Expanding International Licensed Presence Continued expansion within current geographies Potential for additional geographies with current licensees Opportunity to add licensees and territories +1¢ Per Restaurant in EPS, on Average $0 Capital Expenditure Shanghai 25

Turning a Modern Lens on Italian Cooking in the Upscale Casual Segment 26 All dishes handmade from scratch daily Team of passionate and dedicated people who deliver the perfect handcrafted experience Serving lunch, dinner, weekend brunch & weekday happy hour 30%+ alcohol mix Strong private dining business 20 locations in 9 states & Washington D.C.

Significant Accretive Growth Opportunity Potential for 200 Domestic Locations Over Time 27 Run-Rate Revenues ~$150 million FY18 Comparable Sales +5% # of Restaurants 20 Average Check $25 - $30 Preopening $/unit ~$0.8 - $0.9 million Maintenance capex (% of Total North Sales) ~1% Note: Run-rate revenues anticipated at the close of the transaction.

Fox Restaurant Concepts Will Serve as an Incubation Engine Innovating Concepts of the Future 28

Run-Rate Revenues ~$250 million # of Restaurants 45 Square Footage 3,500 – 15,000 Geographies 7 states & Washington D.C. Segments Fast Casual, Upscale Casual & Eatertainment Preopening % of AUV 12% Maintenance Capex (% of Total FRC Sales) 1% 29 Fox Restaurant Concepts At a Glance Note: Run-rate revenues anticipated at the close of the transaction.

30 New Unit Targets Sales ~$7 million ~$1,000/sq. ft. Restaurant-Level Margin % ~18% - 20% ~16% - 18% Cash Capex Investment $3 - $3.5 million $500/sq. ft. Cash-on-Cash Return 35%+ 25% - 30% Sales/Investment Ratio 2:1 2:1 Attractive Unit Economics Note: Steady-state restaurant-level margin typically reached by year three of operations.

The Future CAKE Multi-concept with segment, price point, occasion, real estate and labor model diversification Leveraging brand power, operational excellence, scale, supply chain and real estate development expertise Target Size (sq. ft.) 7,500 – 10,000 5,000 - 6,500 3,500 – 15,000 Average Unit Volume $10.7 million ~$7 million Avg. $5+ million Annual Unit Growth ~3% ~20%+ ~20% Top-Line Unit Growth Contribution ~3% ~2% ~2% 31 Anticipated Unit Growth Roadmap

13% - 14% Total Return to Shareholders, on Average (EPS + Dividend) 32 All Supports Our Long-Term Financial Objective Targeted Total Return to Shareholders Revenue Growth ~8% Capital Return ~5.5% Dividend ~2.5% Share Repurchases ~1.5% Debt Repayment ~1.5%

Track Record of Consistent Financial Performance 33

Continuing to Outperform the Industry 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD Knapp-Track Index Comparable Sales - Historical 2-year Stack 34 4.0% 4.2% 3.3% 2.6% 4.1% 3.8% 0.4% 0.9% 2.9% 1.0% 2.0% (0.9)% (1.6)% 0.8% (0.4)% (2.2)% 0.5% 1.2%

Leveraged Sales and Managed Costs to Support Profitability Adjusted Earnings Per Share* *Please see Appendix for GAAP to non-GAAP reconciliations. 35 $1.42 $1.64 $1.88 $2.10 $1.97 $2.37 $2.83 $2.60 $2.43 2010 2011 2012 2013 2014 2015 2016 2017 2018

Our Restaurants Generate Significant Cash Flow Free Cash Flow and Strong Balance Sheet Provide Significant Financial Flexibility Free cash flow defined as cash flow from operations less capital expenditures/investments. Please see Appendix for GAAP to non-GAAP reconciliations and for an explanation regarding an accounting reclassification for prior years. ($ millions) 36 $128 $120 $112 $107 $135 $94 $158 $100 $163 2010 2011 2012 2013 2014 2015 2016 2017 2018

Effective Capital Allocation Supports Our Financial Objectives $1+ Billion in Share Repurchases Reducing WASO 3% Per Year Committed to Supporting the Dividend ($ millions) 37 $42 $77 $86 $106 $114 $154 $158 $139 $128 $52 $172 $101 $184 $141 $109 $146 $123 $109 $13 $27 $30 $36 $42 $50 $56 60,446 46,215 2010 2011 2012 2013 2014 2015 2016 2017 2018 Capex / Investment Share Repurchases Dividend WASO

Disciplined, Returns-Focused Growth Has Paid Off Return on Invested Capital (ROIC) ROIC = NOPAT / Average invested capital NOPAT = Income from operations excluding non-recurring expenses (-) income tax provision Invested Capital = Total assets (-) current liabilities (-) cash and cash equivalents 38 *Please see Appendix for GAAP to non-GAAP reconciliations. 12% 13% 14% 15% 13% 15% 17% 15% 14% 2010 2011 2012 2013 2014 2015 2016 2017 2018

Highly differentiated concepts delivering a unique guest experience Accelerated and diversified growth drivers Sustained track record of consistent financial performance Robust cash flow to support growth and maximize shareholder value A Compelling Investment Opportunity 39

Appendix

Non-GAAP Reconciliations In addition to the results provided in accordance with the Generally Accepted Accounting Principles (“GAAP”) in this presentation, the Company is providing non-GAAP measurements which present diluted net income per share excluding the impact of certain items and free cash flow. The non-GAAP measurements are intended to supplement the presentation of the company’s financial results in accordance with GAAP. The Company believes that the presentation of these items provides additional information to facilitate the comparison of past and present financial results. 41

Non-GAAP Reconciliation (1) The pre-tax amounts associated with these items in fiscal 2011, 2012, 2013, 2014, 2015, 2016, 2017 and 2018 were $1,547, $9,536, $(561), $696, $6,011, $114, $10,343 and $17,861, respectively, and were recorded in impairment of assets and lease terminations. (2) The pre-tax amounts associated with this item were $719 and $1,075 and were recorded in interest and other (expense)/income, net and income tax provision, respectively. (3) The pre-tax amount associated with this item was $7,376 and was recorded in interest expense. (4) This item is non-taxable and is recorded in interest and other (expense)/income, net. (5) Fiscal 2017 includes a $38.5 million benefit to the income tax provision related to tax reform enacted in December 2017. (6) Adjusted diluted net income per share may not add due to rounding. 42 2010 2011 2012 2013 2014 2015 2016 2017 2018 Net Income (GAAP) 81,713 $ 95,720 $ 98,423 $ 114,356 $ 101,276 $ 116,523 $ 139,494 $ 157,392 $ 99,035 $ After-tax impact from: - Impairment of assets and lease terminations (1) - 928 5,722 (337) 418 3,607 68 6,206 13,217 - Partial IRS settlement (2) - (1,506) - - - - - - - - Unwinding of interest rate collars (3) 4,425 - - - - - - - - - Proceeds from variable life insurance contract (4) - - (419) - - - - - - - Deferred tax revaluation (5) - - - - - - - (38,525) - Adjusted net income (non-GAAP) 86,138 $ 95,142 $ 103,726 $ 114,019 $ 101,694 $ 120,130 $ 139,562 $ 125,073 $ 112,252 $ Diluted net income per share (GAAP) 1.35 $ 1.64 $ 1.78 $ 2.10 $ 1.96 $ 2.30 $ 2.83 $ 3.27 $ 2.14 $ After-tax impact from: - Impairment of assets and lease terminations - 0.02 0.11 (0.01) 0.01 0.07 0.00 0.13 0.29 - Partial IRS settlement - (0.03) - - - - - - - - Unwinding of interest rate collars 0.07 - - - - - - - - - Proceeds from variable life insurance contract - - (0.01) - - - - - - - Deferred tax revaluation - - - - - - - (0.80) - Adjusted diluted net income per share (non-GAAP) (6) 1.42 $ 1.64 $ 1.88 $ 2.10 $ 1.97 $ 2.37 $ 2.83 $ 2.60 $ 2.43 $ The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in thousands, except per share data) Fiscal Year

Non-GAAP Reconciliation (1) The excess tax benefit related to stock options exercised is no longer reclassified from cash flows from operating activities to cash flows from financing activities in the consolidated statements of cash flows. The consolidated statements of cash flows for fiscal 2016, 2015, 2014, 2013, 2012, 2011 and 2010 have been adjusted to conform to the current year presentation. 43 2010 2011 2012 2013 2014 2015 2016 2017 2018 Cash flow from operations (1) 170 $ 197 $ 198 $ 213 $ 249 $ 248 $ 316 $ 239 $ 291 $ Capital expenditures / investments 42 77 86 106 114 154 158 139 128 Free cash flow 128 $ 120 $ 112 $ 107 $ 135 $ 94 $ 158 $ 100 $ 163 $ Fiscal Year The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions)

Non-GAAP Reconciliation Effective tax rates for 2009 through 2018 were 16.5%, 26.4%, 25.9%, 26.5%, 26.9%, 26.9%, 26.9%, 27.3%, 18.8% and 7.8% respectively. The 2017 effective tax rate excludes the one-time favorable benefit of the Tax Cuts and Jobs Act on our deferred taxes. May not add due to rounding Average invested capital = average of capital invested at the end of the period and capital invested twelve months prior ROIC = NOPAT / Average invested capital 44 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Operating income 73.7 $ 128.2 $ 133.5 $ 138.7 $ 161.0 $ 144.7 $ 165.2 $ 201.0 $ 152.8 $ 118.9 $ Impairment 26.5 - 1.5 9.5 (0.6) 0.7 6.0 0.1 10.4 17.9 Less: Estimated income tax expense (1) 16.5 33.8 35.0 39.3 43.1 39.1 46.1 54.9 30.7 10.7 Net operating profit after taxes (NOPAT) (2) 83.7 $ 94.4 $ 100.0 $ 109.0 $ 117.2 $ 106.3 $ 125.2 $ 146.2 $ 132.5 $ 126.1 $ Total assets 1,046.8 $ 1,037.3 $ 1,022.6 $ 1,092.2 $ 1,124.1 $ 1,161.4 $ 1,233.3 $ 1,293.3 $ 1,333.1 $ 1,314.1 $ Less: Current liabilities 200.5 202.7 223.2 253.0 264.2 322.0 350.2 376.5 398.0 416.5 Less: Cash and cash equivalents 73.7 81.6 48.2 83.6 61.8 58.0 43.9 53.8 6.0 26.6 Capital Invested (2) 772.6 $ 753.0 $ 751.1 $ 755.5 $ 798.1 $ 781.3 $ 839.3 $ 863.0 $ 929.1 $ 871.1 $ Average invested capital (3) 762.8 $ 752.0 $ 753.3 $ 776.8 $ 789.7 $ 810.3 $ 851.1 $ 896.0 $ 900.1 $ Return on invested capital (ROIC) (4) 12% 13% 14% 15% 13% 15% 17% 15% 14% The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions) Fiscal Year

North Italia & Fox Restaurant Concepts Acquisitions July 31, 2019

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding the planned acquisitions of North Italia and FRC, reinforcing the Company’s leadership position in experiential dining, long-term profitable growth, the timing of closing of the transactions, impact on earnings per share, accelerated growth, accretive unit growth potential and economics, potential for domestic locations over time, anticipated run-rate revenues and other metrics at the time of closing of the transactions, FRC as an incubation engine, steady-state restaurant level margins, anticipated unit growth roadmap, pro forma revenues, the Company’s balance sheet and financial flexibility following the acquisitions, and plans to maintain a balanced capital allocation strategy, investing in new restaurants that are expected to meet the Company’s targeted returns, repaying borrowings under the Company’s credit facility and continuing the dividend and share repurchase program. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by factors outside of the Company’s control including: the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements to acquire North Italia and FRC; the possibility that various closing conditions for the acquisitions of North Italia and FRC may not be satisfied or waived; the possibility of a failure to obtain, delays in obtaining or adverse conditions contained in any required regulatory or other approvals; the failure of the acquisitions to close for any other reason; the amount of fees and expenses related to the acquisitions; the failure to realize the anticipated benefits of the acquisitions; economic and political conditions that impact consumer confidence and spending; impact of recently enacted tax reform; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of the North Italia, Flower Child, Social Monk Asian Kitchen and other concepts; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; changes in laws impacting the Company’s business, including increases in minimum wages and benefit costs; the economic health of the Company’s landlords and other tenants in retail centers in which its restaurants are located; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; adverse weather conditions in regions in which the Company’s restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risk, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov. Safe Harbor Statement 2

An Experiential Dining Category Leader 3 Culinary forward. First class hospitality. Concepts like no other.

The Cheesecake Factory Incorporated has entered into definitive agreements to acquire Fox Restaurant Concepts (“FRC”), including Flower Child, and the remaining interest in North Italia, reinforcing its leadership position in experiential dining Positions the Company to drive long-term profitable growth in today’s restaurant industry All cash transaction funded with an upsized $400 million revolving credit facility and cash on hand Transactions expected to close around the end of the third quarter of fiscal 2019 Expected to be approximately neutral to earnings per share, excluding integration expenses, in fiscal 2020 and accretive thereafter Transactions Summary 4 North Italia & Fox Restaurant Concepts (FRC) Acquisitions Previously invested in North Italia and Flower Child(1) $88 million Cash due at closing $308 million Cash due ratably over next four years $45 million Total Consideration(2) ~$440 million Price/Sales(3) 1.1x (1) In FY16, the Company made minority equity investments in North Italia and Flower Child and provided additional growth capital in FY17, FY18 and FY19. (2)The FRC transaction also includes an earn-out provision based on the financial performance of the FRC brands outside of North Italia and Flower Child. (3) Price/Sales multiple based on anticipated run-rate sales at the close of the transactions.

Strong Strategic Rationale 5 North Italia & Fox Restaurant Concepts Aligned cultures & philosophies Differentiated & authentic concepts deliver unique guest experiences Meaningful accretive unit growth potential Diversification Acquisitions expected to accelerate growth and are aligned with our long-term strategy

Attractive valuation for concepts with meaningful growth potential and accretive unit economics FRC will operate as a wholly-owned subsidiary, and continue to be led by Sam Fox, Founder and Chief Executive Officer of FRC Additional value derived from the depth and breadth of the FRC team, which has a track record of successful concept innovation and solid operational execution - aligns well with CAKE’s culture and operational philosophy Unique Transaction Structure Expected to Accelerate Growth Potential While Maintaining Focus on Core Business 6 North Italia Fox Restaurant Concepts (FRC) Previously invested in North Italia(1) $44 million - Previously invested in Flower Child(1) - $44 million Cash due at closing $130 million $178 million Cash due ratably over next four years - $45 million Consideration $174 million $267 million** Price/Sales(2) 1.2x 1.1x Total Consideration(3) ~$440 million (1) In FY16, the Company made minority equity investments in North Italia and Flower Child and provided additional growth capital in FY17, FY18 and FY19. (2) Price/Sales multiples based on anticipated run-rate sales at the close of the transactions. (3) The FRC transaction also includes an earn-out provision based on the financial performance of the FRC brands outside of North Italia and Flower Child.

Turning a Modern Lens on Italian Cooking in the Upscale Casual Segment 7 All dishes handmade from scratch daily Team of passionate and dedicated people who deliver the perfect handcrafted experience Serving lunch, dinner, weekend brunch & weekday happy hour 30%+ alcohol mix Strong private dining business 20 locations in 9 states & Washington D.C.

Significant Accretive Growth Opportunity Potential for 200 Domestic Locations Over Time 8 Run-Rate Revenues ~$150 million FY18 Comparable Sales +5% # of Restaurants 20 Average Check $25 - $30 Preopening $/unit ~$0.8 - $0.9 million Maintenance capex (% of Total North Sales) ~1% Note: Run-rate revenues anticipated at the close of the transaction.

Fox Restaurant Concepts Will Serve as an Incubation Engine Innovating Concepts of the Future 9

Run-Rate Revenues ~$250 million # of Restaurants 45 Square Footage 3,500 – 15,000 Geographies 7 states & Washington D.C. Segments Fast Casual, Upscale Casual & Eatertainment Preopening % of AUV 12% Maintenance Capex (% of Total FRC Sales) 1% 10 Fox Restaurant Concepts at a Glance Note: Run-rate revenues anticipated at the close of the transaction.

11 New Unit Targets Sales ~$7 million ~$1,000/sq. ft. Restaurant-Level Margin % ~18% - 20% ~16% - 18% Cash Capex Investment $3 - $3.5 million $500/sq. ft. Cash-on-Cash Return 35%+ 25% - 30% Sales/Investment Ratio 2:1 2:1 Attractive Unit Economics Note: Steady-state restaurant-level margin typically reached by year three of operations.

The Future CAKE Multi-concept with segment, price point, occasion, real estate and labor model diversification Leveraging brand power, operational excellence, scale, supply chain and real estate development expertise Target Size (sq. ft.) 7,500 – 10,000 5,000 - 6,500 3,500 – 15,000 Average Unit Volume $10.7 million ~$7 million Avg. $5+ million Annual Unit Growth ~3% ~20%+ ~20% Top-Line Unit Growth Contribution ~3% ~2% ~2% 12 Anticipated Unit Growth Roadmap

Combined company is expected to be an experiential dining category leader with nearly $3 billion in pro forma 2020 revenues and anticipated 8%-plus revenue growth Acquisitions expected to be approximately neutral to earnings per share, excluding integration expenses, in fiscal 2020 and accretive thereafter Will continue to maintain a strong balance sheet and ample financial flexibility following the acquisitions Plan to maintain a balanced capital allocation strategy, investing in new restaurants that are expected to meet the Company’s targeted returns, repaying borrowings under the Company’s credit facility and continuing the dividend and share repurchase program Meaningful Value Creation Opportunities to Complement the Power and Potential of the Core Cheesecake Factory Business 13

North Italia & Fox Restaurant Concepts Acquisitions July 31, 2019