Fiesta Restaurant Group 2013 Investor Presentation

The following excerpt is from the company's SEC filing.

Wide variety of fresh, grilled proteins, including bone-in chicken marinated for 24 hours in our proprietary blend of tropical fruit juices and spices

For people hungry for an easy, affordable experience, Taco Cabana is the casual, convenient restaurant that serves the flavors of Mexico made fresh, by hand

Note: Figures as of Q3 FY 2013 unless otherwise noted. Potbelly AUV LTM as of June 30, 2013. Qdoba AUV is as of September 30, 2012. Sources: Company filings and Wall Street research.

Note: Where two numbers appear, the first represents 2/0 company-operated restaurants and the second represents franchised restaurants. 4/0 Note: Figures as of September 29, 2013.

Bahamas . 1 Costa Rica. 3 Dominican Republic . 1 Ecuador. 1 Honduras . 2 India . 1 Panama. 2 Puerto Rico . 18 Trinidad and Tobago . 2 Venezuela . 3

Experimenting with new elevated concept in development Strategic development beyond Texas First elevated test concept to open in the Southeast in Q1 2014

Sources: Company filings, Wall Street research, and company websites. Domestic systemwide unit counts as of the most recent filings. El Pollo Loco and Moe’s locations as of 10/23/13 and 11/10/13, respectively. Note: Number of Taco Cabana and Pollo Tropical restaurants as of September 29, 2013.

Plan to cluster three to four restaurants within 24 months of entering a new market, timing of media efficiency will vary by market

1. Pre-opening expense not included in investment cost. Assumes land lease with cash investment for building and FF&E. Company targets free-standing locations due to drive-thru.

Note: Post-spin profitability metrics are being impacted by the establishment of the Fiesta management team and infrastructure implementation costs. Source: Company filings.

2. Total restaurant-level adjusted EBITDA does not include franchise royalty revenues and fees or the allocation of corporate G&A expenses and brand G&A expenses. Total restaurant-level adjusted EBITDA represents the sum of restaurant-level adjusted EBITDA for both brands and includes pre-opening expenses in LTM 9/29/13, FY 2012, FY 2011, and FY 2010 of $2.1 million, $1.1 million, $0.5 million, and $0.5 million, respectively, for Pollo Tropical. Includes pre-opening expenses in LTM 9/29/13, FY 2012, FY 2011, and FY 2010 of $0.9 million, $0.6 million, $0.2 million, and $0.1 million, respectively, for Taco Cabana. Pre-opening expenses include costs incurred prior to opening a restaurant, including restaurant employee wages and related expenses, travel expenditures, recruiting, training, and rent, in addition to promotional costs associated with the restaurant opening.

3. Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined as earnings attributable to the applicable segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense, and other income and expense. Adjusted EBITDA is used because it is a measure of segment profit or loss reported to our chief operating decision maker along with earnings before taxes for purposes of allocating resources to the segments and assessing each segment’s performance. This may not be necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.

Repurchase $200 million, 8.875% Senior Secured Second Lien Notes through $124 million equity offering completed in November New $150 million revolving credit facility (fully committed, subject to closing)

New credit facility provides flexible borrowing with large capacity and low interest rate Current credit facility with capacity of $25 million and current rate of LIBOR + 3.00% New credit facility with $150 million capacity and initial rate of LIBOR + 1.75 – 2.00%

2. Senior secured second lien notes may be redeemed at 104.438 on or after February 15, 2014, 102.219 on or after February 15, 2015, and 100.000 on February 15, 2016, and thereafter. Notes may be redeemed at any time prior to February 15, 2014, at the principal amount plus a make-whole premium.

Basic and Diluted EPS as Reported $ 0.35 $ 0.63 Pro Forma Basic and Diluted EPS 0.73 0.85 EPS Accretion $ 0.38 $ 0.22

Pollo Tropical $ 44.8 $ 51.7 $ 57.1 $ 61.6 Taco Cabana 42.9 44.7 46.6 47.6 Consolidated $ 87.8 $ 96.4 $ 103.7 $ 109.2

Pollo Tropical 30.1 35.6 38.6 40.3 Taco Cabana 27.3 26.8 25.6 26.4 Consolidated $ 57.4 $ 62.4 $ 64.2 $ 66.8

Provision for Income Taxes 3.8 4.6 4.3 8.2 Stock-Based Compensation 1.0 1.7 2.0 2.1 Other Expense (Income) — 0.1 (0.1) (0.6)

1. Adjusted EBITDA for each of our Pollo Tropical and Taco Cabana segments includes an allocation of general and administrative expenses associated with administrative support for executive management; information systems; and certain accounting, legal, and other administrative functions.

Restaurant Wage and Related Expenses 45.9 49.0 53.6 57.3 Restaurant Rent Expense 6.0 5.9 7.7 9.5 Other Restaurant Operating Expenses 23.9 25.8 26.8 29.4 Advertising Expense 5.0 5.6 5.7 6.2 Pre-Opening Costs 0.5 0.5 1.1 2.1

1. Restaurant-level adjusted EBITDA does not include franchise royalty revenues and fees or the allocation of corporate G&A expenses and brand G&A expenses for the applicable segment. Pre-opening expenses include costs incurred prior to opening a restaurant, including restaurant employee wages and related expenses, travel expenditures, recruiting, training and rent, in addition to promotional costs associated with the restaurant opening.

2. Adjusted EBITDA is defined as earnings attributable to the applicable segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense, other income and expense, and gains and losses on extinguishment of debt. It includes an allocation of corporate G&A expenses and brand G&A expenses (each excluding stock-based compensation).

1. Restaurant-level adjusted EBITDA does not include franchise royalty revenues and fees or the allocation of corporate G&A expenses and brand G&A expenses for the applicable segment. Pre-opening expenses include costs incurred prior to opening a restaurant, including restaurant employee wages and related expenses, travel expenditures, recruiting, training, and rent, in addition to promotional costs associated with the restaurant opening.

2. Adjusted EBITDA is defined as earnings attributable to the applicable segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense, other income and expense, and gains and losses on extinguishment of debt. It includes an allocation of corporate G&A expense and brand G&A expenses.

Adjusted EBITDA, adjusted EBITDA margin, restaurant-level adjusted EBITDA, and restaurant-level adjusted EBITDA margin for both of our brands and total adjusted EBITDA, total adjusted EBITDA margin total restaurant-level adjusted EBITDA, and total restaurant-level adjusted EBITDA margin are all non-GAAP financial measures.

Management believes that such financial measures, when viewed with our results of operations calculated in accordance with GAAP and our reconciliation of total restaurant-level adjusted EBITDA (and restaurant-level adjusted EBITDA for each of our Pollo Tropical and Taco Cabana segments) and total adjusted EBITDA (and adjusted EBITDA for each of our Pollo Tropical and Taco Cabana segments) to net income (i) provide useful information about our operating performance and period-over-period growth (including at the restaurant level), (ii) provide additional information that is useful for evaluating the operating performance of our business, and (iii) permit investors to gain an understanding of the factors and trends affecting our ongoing earnings, from which capital investments are made and debt is serviced. However, such measures are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as alternatives to net income or cash flow from operating activities as indicators of operating performance or liquidity. Also these measures may not be comparable to similarly titled captions of other companies.

The unaudited financial data for the 12 months ended September 29, 2013, has been derived by adding our statement of operations and other financial data for our fiscal year ended December 30, 2012, and for the nine months ended September 29, 2013, and deducts such statement of operations data and other financial data for the nine months ended September 30, 2012.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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