JANUARY 2016

InvestorPresentation

1

Forward-Looking StatementsThis presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical factor relating to present facts or current conditions included in this presentation are forward-looking statements. Forward-looking statements giveWingstop Inc.’s (the “Company”) current expectations and projections relating to its financial condition, results of operations, plans, objectives, futureperformance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Thesestatements 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 operatingor 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 experienceand perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under thecircumstances. 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-lookingstatements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performanceand cause its performance to differ materially from the performance anticipated in the forward-looking statements. The Company believes these factorsinclude, but are not limited to, those described under the sections “Risk Factors” in the prospectus for the Company’s initial public offering and in itsother 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 forfiscal 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 ormore of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, the Company’s actual operating and financialperformance 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 couldcause the Company’s actual operating and financial performance to differ may emerge from time to time, and it is not possible for the Company topredict 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 MeasuresThis presentation contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’sfinancial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented inaccordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. The Company has providedreconciliations 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 notbe comparable to that reported by other companies. For additional information about our non-GAAP financial measures, see our filings with theSecurities and Exchange Commission.

FORWARD-LOOKING STATEMENTS

A CATEGORY OF ONEA CATEGORY OF ONE

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WHAT MAKES WINGSTOP UNIQUE?

• Pioneered Wings as center of the plate• Fast Casual; 98% franchised• 11 Flavors spanning spicy, savory, sweet

• 49% of guests are Millennials (1)

• 53% female skew; strong family appeal (2)

• Best in class social sentiment

• 15% of sales from online in Q4 2015• Social at the core; engagement over 30% (3)

• Digital-first advertising strategy with high ROI

• $1.1M Average Unit Volume• 35-40% Year 2 Cash-on-cash return• 75% Take-Out

SIMPLE CONCEPT EFFICIENT OPERATING MODEL

TECH FORWARDCOVETED CONSUMER

(1) MRI Data(2) Burke Research(3) Forbes, November 2014

Sources:

4

Bar Centric Pizza Delivery

QSR Chicken Small Regional

Fast Casual, National Footprint & Focused Menu Sets Wingstop Apart

NO DIRECT NATIONAL COMPETITORS

5

2015 – ANOTHER TERRIFIC YEAR!

845 Locations

39 states

7 countries

133 New Openings (Net)

19% Unit Growth Rate

7.9% DomesticSSS Growth

12 Consecutive Years of SSS Growth

INSERT NEW PIC

6

Source: Company filings

20142013

2012

Cumulative SSS

%

2012 – 2015 Q3 YTD Stacked Same Store Sales

INDUSTRY LEADING SSS

Notes:

(1) (2) (3) (2) (6)(1) (3)(3) (1) (3) (4) (5)

2015 Q3 YTD

(1)

(1) Domestic system-wide(2) Global company-owned(3) Domestic company-owned(4) Franchised(5) Dunkin U.S. segment only(6) System-wide

77Confidential Information - Do Not Distribute

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ToServe

TheWorld

Flavor

We strive to deliver onour commitments to ourguests, team members,

franchisees &shareholders.

Intensely loyal fan base

Best in class franchisee returns

High growth, asset light model;best of both worlds for investors

Our brand knows noboundaries due to our

unique product,complex flavors and

commitment toquality.

59 int’l locations in 6 countries,and we're just getting started

Portable concept; <1% domesticclosure rate in 2015

Ubiquitous flavor profile worksjust about everywhere

The Craft, theCrave and

the Culture.

Always cooked to order

Scratch made sides and dips

Hand-cut seasoned fries

Menu appeal for individuals,groups, families and events

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COVETED GUEST BASE

MILLENNIALS 18-24 year old Millennial

males African American and

Hispanic skew Group-centered

occasions

24-34 year old Millennialfemales

Hispanic mom skew Orders for the whole

family

Broad, loyal and diverseguest base attracted byunique flavor experience,product quality, brandpersonality and convivialnature of eating wings

FAMILIES

FLAVOR CRAVERS

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PASSIONATE & ENGAGED FANS

Engagement Ratio – %

Followers—MM

Source: Forbes, November 2014

Engagement Ratio: A weightedcomposite of the total number ofengagements (likes, comments,favorites, retweets) that followers havewith a brand relative to totalengagements

McDonald’sStarbucks Coffee7-ElevenOutbackSteakhouseHooters

Applebee’s

Wendy’s

Dairy Queen

Baskin-Robbins

Whataburger

Burger King

Dunkin’ Donuts

Olive Garden

Chick-fil-A

Hard Rock

KFCSubway

Krispy KremeRed Lobster

BuffaloWild Wings

Pizza Hut

Domino’s

Taco Bell

Wingstop

Morton’sSteakhouse

69% of positive social mediacomments are about theCRAVE!

(1)

(1) InfegySource:

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FUELING DEMAND THROUGH TECHNOLOGY

23 24

Online % of Sales

QSR Fast Casual Wingstop

~ 1-3%~ 3-6%

~ 15%

Average Ticket

~ $16

~ $20

In-Restaurant Online Ordering

Conversion Rate (2)

10%

29%

Food & BeverageIndustry

Wingstop

4.5

4.54.5

App Ratings (3)

4.53.0

Poised forContinued Growth

• Doubled Sales Mixin 2015

• Millennialcustomer base

• Simple menu

• 75% Take-Out

• 60% of orders stillcome in over thephone

• Createsefficiencies atstore level

All Orders Online(1) (1)

(1) Olo(2) MarketingSherpa Ecommerce Benchmark Study 2014(3) App Store Current Versions Jan 5, 2016

Sources:

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Scaling to National Media Current Potential for the Future

AMPLIFIED BY HIGH ROI DIGITAL-FIRSTMARKETING APPROACH

Illustrative Ad Spend Growth (1)

23 24

Local National

13 advertising cooperativesand growing

Future potential to expandinto traditional media andnational sponsorships

1000 restaurants in US istarget for converting tonational

Transitioning first throughnational digital buys Ill

ustra

tive

Natio

nal A

d Bu

dget

Note:(1) Current reflects markets that have shared comprehensive media plans with Wingstop

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In $000sFranchisee

Year 2Target

Unit Economics

AUV (1) 890

Investment Cost (2) 370

Unlevered Year 2 COC Return 35% - 40%

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

RESULT: COMPELLING UNIT ECONOMICS

78% of current commitments from existingfranchisees

Whitespace opportunity to grow

“2015 GoldenChain Winner”

Franchise Awards

“Top 40, BestFranchises for

African Americans”

“The BestFranchise Deal

in North America”

“#24, Top Moversand Shakers List”

“#1 in SystemSales Growth”

“Most Effective Use ofSocial Media”

“2015 FranchiseeSatisfaction - Best

Franchise”

“Top 10 FastestGrowing Chains”

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4.7

5.9

7.8 7.9

2012 2013 2014 LTM Sep.2015

$MM $MM

Margin ‘12–’14+881 bps

Same Store Sales(1) Average Unit Volume(2) Restaurant Profit(2)(3)

VALIDATED BY STRONG COMPANY STOREPERFORMANCE

%Margin:

19 Company-Owned Restaurants in Dallas (12), Houston (2), and Las Vegas (5)

%

Notes:(1) For 19 company-owned restaurants as of 9/26/15; excludes re-franchised restaurants(2) Includes all company-owned restaurants. 1 was re-franchised in October of 2012 and 5 were re-franchised in February 2014(3) Sales less Cost of Goods Sold, Labor and Other Operating Expenses

TotalUnits: 23 24 19 19 17.6% 20.4% 26.4% 25.8%

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PROVEN CONCEPT ACROSS A VARIETY OFMARKETS

39 State Footprint with Room to Grow in All Markets (1)

Note:(1) Restaurant count as of 09/26/15

Total Domestic Store Count – Q3: 756 Averaging 3 Domestic Closures Per Year Since 2013

16

1

2012 2013 2014 2015

29

5364

82

118

6

4

10

20

24

35

57

74

102

2011 2012 2013 2014 2015

Gross New Unit Openings by Year

Domestic International

Domestic Restaurant Opening Commitments

78% of current domestic pipeline is from existingfranchisees as of 12/26/15

Mix of small and large franchisees

Healthy Franchisee Base

Development Commitments

ACCELERATING PACE OF DEVELOPMENT

Rapid Unit Development

142

274

363

503530

17

786

1,645334

196

855

566

618

2014 (actual) Existing Market Potential New Market Potential Long-Term Domestic Potential

786

2,500

Domestic Bridge to Long-Term Goal

Existing Markets

New Markets

Remaining Opportunity

Domestic Commitments

900

814

(1)

Note:(1) Includes 745 restaurants in existing markets and 41 restaurants in new markets as of 12/26/15.

LONG-TERM STORE POTENTIAL ROADMAP

2015 (actual) (1)

18

Asia

A

NorthAmerica

MiddleEast

SouthAmerica

Current Units and Per Capita Poultry Consumption(1)

INTERNATIONAL POTENTIAL

U.S. Consumption: 44kg

EuropeMarket ConsumptionEuropean Union 21kg

AfricaMarket ConsumptionSouth Africa 31kg

AmericasMarket ConsumptionLatin America andCaribbean 30kg

Brazil 39kgCanada 32kgMexico 25kg

Middle EastMarket ConsumptionSaudi Arabia 44kg

AsiaMarket ConsumptionAsia and Pacific 8kgMalaysia 41kgAustralia 39kgNew Zealand 35kgChina 12kgIndonesia 6kgIndia 2kg

Note:(1) Unit data as of Q3’15; Poultry consumption in estimated average kilograms per capita from 2012 to 2014

Europe

Africa

Asia

Source: OECD-FAO Agricultural Outlook 2015

Existing Footprint (1)

Market UnitsMexico 30Philippines 8Indonesia 7Russia 3Singapore 2UAE 1Total 51

19

546614

712

845

2012 2013 2014 2015

LONG TRACK RECORD OF DELIVERINGOUTSTANDING RESULTS

Total Revenue$MM

Total Units

Growth %: 9.4% 12.5% 16.0%

$MM

457550

679

821

2012 2013 2014 2015

$MM

System-Wide Sales

High Growth + Franchisor Cash Flow

Adjusted EBITDA(1)

Notes:(1) Refer to Appendix for reconciliation(2) 2015 estimates represent updated guidance issued on 01/11/16.

18.7%

77.6 – 77.9

2015 est (2)

~ 821

2015 est (2)

2015 est (2)

20

Robust Cash ConversionRapid Expansion% FY 2014 Cash Conversion and Unit Growth (1)LTM Q3 Gross Unit Openings

Notes:1. Defined as (EBITDA – CapEx) / EBITDA2. Calculations use Adj. EBITDA

Source: Public company filings

THE BEST OF BOTH WORLDS

(2)

(2) (2)

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3.9% 6.8% 3.0% 6.9%2.4% 16.0%Unit Growth:

21

($MM) Capitalizationas of Q1 2015

(Inclusive ofRecap)

Capitalizationas of Q2 2015

(Post-IPO)

Capitalizationas of Q3 2015

Cash 2.9 4.9 5.7

RevolvingCreditFacility

0.0 0.0 0.0

Term Loan 132.5 100.5 95.5

Total Debt 132.5 100.5 95.5

Total Debt /LTMAdjustedEBITDA

5.3x 3.9x 3.6x

Balance Sheet

SIMPLE AND STRONG BALANCE SHEET

(2)

Notes:(1) Leverage = Gross Debt / LTM Adjusted EBITDA(2) Primary proceeds at IPO used to achieve leverage of ~3.9x LTM Adj. EBITDA

EBITDA Growth and Cash Generation SupportDeleveraging(1)

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LONG-TERM FINANCIAL TARGETS*

10%+ annual unit growth ~2,500 domestic unit potential

Disciplined Unit Growth

Attractive Business Model Long-Term Growth Targets

*These are not projections; they are goals and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies,many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject tochange. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the“Risk Factors” section in the prospectus for the Company’s initial public offering and in it’s other filings with the SEC. Nothing in this presentation should be regarded as arepresentation by any person that these goals will be achieved and the Company undertakes no duty to update its goals.

Strong Same Store Sales Growth

Steady, Reliable Profit Growth

Low single digit annual growth Consistent new store ramp

+

= 13% - 15% Adjusted EBITDA growth 18% - 20% Net Income / EPS growth Strong free cash flow and conversion

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#Appendix#Appendix

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YTD HISTORICAL ADJUSTED EBITDARECONCILIATION

In $000sYear Ended

December 29, 2012Year Ended

December 28, 2013Year Ended

December 27, 2014YTD

September 27, 2014YTD

September 26, 2015

Net income 3,580 7,530 8,986 7,485 6,311

Interest expense, net 2,431 2,863 3,684 2,871 2,764

Income tax expense 3,000 4,493 5,312 4,426 3,753

Depreciation andamortization 2,930 3,030 2,904 2,232 1,944

EBITDA 11,941 17,916 20,886 17,014 14,772

AdjustmentsManagement agreementtermination fee(2) – – – – 3,297

Management fees(3) 422 436 449 338 237

Transaction costs(4) 308 395 2,169 976 2,186

Gains and losses ondisposal of assets(5) (20) – (86) (86) –

Stock-basedcompensation expense(6) 464 748 960 322 492

Earn-out obligation(7) 2,500 – – – –

Adjusted EBITDA 15,615 19,495 24,378 18,564 20,984Notes:1. LTM Adjusted EBITDA calculated as “YTD September 26, 2015” + “Year Ended December 27, 2014” – “YTD September 27, 2014”2. One-time fee of approx. $3.3 million paid in consideration of termination of management agreement with Roark Capital Management, LLC3. Includes management fees and other out-of-pocket expenses paid to Roark Capital Management, LLC4. Represents costs and expenses related to refinancings of our credit agreement and our initial public offering5. Represents non-cash gains and losses resulting from the sale of company-owned restaurants to a franchisee and associated goodwill impairment6. Includes non-cash, stock-based compensation7. Represents an earn-out payment made to our prior owner based on us achieving revenue benchmarks specified in the acquisition agreement governing our purchase.

There are no further obligations related to the earn-out remaining under the acquisition agreement

(1) (1)

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QUARTERLY HISTORICAL ADJUSTEDEBITDA RECONCILIATION

In $000sYear Ended

December 29, 2012Year Ended

December 28, 2013Year Ended

December 27, 2014Quarter Ended

September 27, 2014Quarter Ended

September 26, 2015

Net income 3,580 7,530 8,986 1,993 3,173

Interest expense, net 2,431 2,863 3,684 876 800

Income tax expense 3,000 4,493 5,312 1,178 1,784

Depreciation andamortization 2,930 3,030 2,904 690 636

EBITDA 11,941 17,916 20,886 4,737 6,393

AdjustmentsManagement agreementtermination fee(1) – – – – –

Management fees(2) 422 436 449 111 –

Transaction costs(3) 308 395 2,169 776 –

Gains and losses ondisposal of assets(4) (20) – (86) – –

Stock-basedcompensation expense(5) 464 748 960 112 150

Earn-out obligation(6) 2,500 – – – –

Adjusted EBITDA 15,615 19,495 24,378 5,736 6,543Notes:1. One-time fee of approx. $3.3 million paid in consideration of termination of management agreement with Roark Capital Management, LLC2. Includes management fees and other out-of-pocket expenses paid to Roark Capital Management, LLC3. Represents costs and expenses related to refinancings of our credit agreement and our initial public offering4. Represents non-cash gains and losses resulting from the sale of company-owned restaurants to a franchisee and associated goodwill impairment5. Includes non-cash, stock-based compensation6. Represents an earn-out payment made to our prior owner based on us achieving revenue benchmarks specified in the acquisition agreement governing our purchase.

There are no further obligations related to the earn-out remaining under the acquisition agreement