Cheesecake Factory Incorporated : Corporate Presentation

Investor Presentation

November 1, 2023

Safe Harbor Statement

This presentation contains forward-looking statements within the meaning of 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, including underlying assumptions, and statements with respect to expectations of the Company's future financial condition, results of operations, cash flows, plans, targets, goals, objectives, performance, growth potential, engines and opportunities and expected growth rates; industry-leading comparable sales growth, retention and competitive position; quality control and supply chain efficiencies; operational execution and retention; annualized average unit volume; the Company's differentiation and strong foothold in the off-premise channel; statements from the Company's corporate social responsibility report; the opportunity for additional domestic and foreign locations and licensees and territories; target returns for new restaurant openings; international expansion; North Italia and Fox Restaurant Concepts ("FRC") as growth drivers and FRC as an incubation engine; anticipated unit growth roadmap; and unit growth rates.

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 various factors including: economic, public health and political conditions that impact consumer confidence and spending, including rising interest rates, periods of heightened inflation and market instability, and armed conflicts; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of our restaurants and potential reputational damage to us or any of our brands; pandemics and related containment measures, including the potential for quarantines or restriction on in-person dining; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia and the FRC 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; 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, and our ability to successfully manage our lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to us; the timing of our new unit development and related permitting; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; changes in laws impacting our business; 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 risks, 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.

2

Investment Highlights

• Experiential dining category leader with diversified growth engines
• Leveraging the Company's differentiation and strong foothold in the off-premise channel to support the business in the on-going dynamic environment
• Best-in-classoperational execution and industry-leading retention
• Significant and accelerating growth opportunities driving one of the highest expected growth rates in the casual dining industry

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The Cheesecake Factory - Global Footprint

Opportunity for 300 Domestic Locations Over Time &

Continued International Expansion

Toronto

Company-Owned: 213

(Including Toronto, Canada)

Monterrey

Guadalajara

Mexico

City

(5)

	Kuwait
	(3)
	Bahrain
Saudi	(1) Qatar
(3)
Arabia
UAE
(4)
(6)

Beijing

Shanghai (3)

Chengdu

Hong Kong

Macau

International - Licensed: 31

High quality, high profile locations worldwide

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Filling White Space for an On-Trend,

Contemporary Italian Offering

• Potential for 200 domestic locations over time
• • 33 locations in 13 states & Washington D.C.
• All dishes handmade from scratch daily
• Unique menu items tailored to local markets
• Serving lunch, dinner, weekend brunch & weekday happy hour
• Average check: ~$30-$40
• ~25% alcohol mix

3Q23 Comp Sales (vs. 3Q22): 8%

3Q23 Comp Sales (vs. 3Q19): 28%

5

Fox Restaurant Concepts (FRC) Expected to Serve as an Incubation Engine Innovating Concepts of the Future

Potential Growth

Boutique Brands

70 Total FRC Locations Across the U.S.

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Accelerating Unit Growth Across Concepts

AS MANY AS 16 NEW UNITS PLANNED FOR 2023

New Restaurants Opened in 2023

The Cheesecake Factory	The Cheesecake Factory	The Cheesecake Factory
South Beach, FL	Birkdale, NC	Estero, FL

Culinary Dropout

Charlotte, NC

Flower Child	Doughbird	Doughbird	Doughbird	The Henry
Tucson, AZ	Nashville, TN	Tucson, AZ	Phoenix, AZ	Miami, FL

14 RESTAURANTS OPENED IN 2021 13 RESTAURANTS OPENED IN 2022

An Experiential Dining Category Leader

Food		Integrated Bakery		Service & Ambiance

Breadth of Menu & Innovation		Innovative, High-Quality		Best-in-Class Service, Hospitality
235 Items Made Fresh, From Scratch		Cheesecakes and Other Baked
		and Operational Execution
Integrated Bakery		Dessert Items

Integrated Bakery - The "Cheesecake" Magic

Industry-Leading Dessert Sales

FY 2022*

17%

FY 2019*

16%

• Produces over 60 cheesecakes and other baked desserts
• Enables creativity, quality control and supply chain efficiencies

* Percent of total sales	10