投資者演示文稿 2022年11月1日

安全港Statement 2 This presentation contains forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 ， 經 修訂， and Section 21 E of the Securities Exchange Act of 1934 ， AS 修訂了 。 此 包括 無 限制的 financial guidance and projections， including 2022 underlying assumptions， and statements with respect to expectations of the Company’s future financial condition， 運營結果 、 現金流、 計劃、 目標、 目標、 業績、 增長潛力、 引擎 和 機會、 預期的增長率 , industry - leading comparable sales growth 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 ； recovery from the COVID - 19 pandemic ； 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 ； performance of international licensed locations ； North Italia and Fox Restaurant Concepts (“FRC”) as growth drivers and FRC as an incubation engine ； anticipated unit growth roadmap ； and resumption of strong unit growth . 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 “相信”、“ ”計劃、“ ”將 可能 結果、“ ”預期、“ ”打算、“ ”將繼續、“ ”預期、“ ”估計“ ”項目，“ ”可能，“ ”可能，“ ”將, “ “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 ： the rapidly evolving nature of the COVID - 19 pandemic and related containment measures， including the potential for a complete shutdown of the Company’s restaurants， international licensee restaurants and the Company’s bakery operations ； supply chain disruptions and inflation ； the geopolitical environment ； 示威， 政治動亂， potential damage to or closure of the Company’s restaurants and potential reputational damage to the Company or any of its brands ； 經濟， public health and political conditions that impact consumer confidence and spending， including the impact of COVID - 19 and other health epidemics or pandemics on the global economy ； acceptance and success of The Cheesecake Factory in international markets ； acceptance and success of North Italia and the Fox Restaurant Concepts restaurants, 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 laws and regulations related to COVID - 19 impacting restaurant operations and customer access to off - and on - premise dining ； 人工 約束， changes in unemployment rates and 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， and the Company’s ability to successfully manage its lease arrangements with landlords ； unanticipated costs that may arise in connection with a return to normal course of business ； the economic health of suppliers， 被許可人, vendors and other third parties providing goods or services to the Company ； the timing of new unit development ； compliance with debt covenants ； strategic capital allocation decisions including any 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 ； 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 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 轉發 - 查看 聲明， whether as a result of new information， 未來 事件 或 否則, 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 .

· 體驗式餐飲品類領導者，擁有多樣化的增長引擎 · 利用公司的差異化和在場外的強大立足點 渠道，在持續的動態環境中支持業務 - 正在進行的動態環境中的最佳 - 在 - 級別的運營執行和行業 - 領先的保留率 · 顯著且加速的增長機會推動着最高的增長機會之一 休閒餐飲行業的預期增長率 投資亮點 3

芝士蛋糕工廠 - 全球足跡 4 全球高質量、高知名度的 地點 公司 - 擁有：210 (包括多倫多，加拿大) 多倫多 國際 - 許可：29 Mexico City (4) Guadalajara Saudi Arabia (4) UAE (6) Kuwait (3) Qatar (3) Bahrain (1) Shanghai(3) 香港 北京 蒙特雷 澳門 隨着時間的推移，300個國內分店的機會& 繼續進行國際擴張

填補空白 - 趨勢， 當代意大利產品 5 · 隨着時間的推移，潛在的200個國內分店 · 13個州和華盛頓特區的32個分店目前 · 所有菜餚每天都是從頭開始製作的 · 為當地市場量身定做的獨特菜單項目 · 供應午餐、晚餐，週末早午餐和工作日歡樂時光 · 平均支票：約30美元 - $40 · ~25%酒精混合 21財年 薪酬銷售額(與2019財年相比)：8% 22季度薪酬銷售額(與21財年第三季度相比)：10%

Fox Restaurant Concept(FRC)預計將成為創新未來概念的孵化引擎 6 潛在增長 精品品牌 全美共62家FRC門店

我們恢復了強勁的單位增長，取得了令人印象深刻的早期業績 2021年開業的14家新餐廳 計劃在2022年開業的總數多達13家 2022家新餐廳開業 花童 沃斯堡，德克薩斯州 北意大利 巴克黑德，GA Fly Bye 鳳凰城，AZ 7 北意大利 周長，GA 芝士蛋糕工廠 凱蒂，德克薩斯州 北意大利伍德蘭茲TX The Cheesecake Factory Opry Mills Nashville，TN Flowed Child Austin Westlake，TX The Cuary Dropout Flowing Child The Flower Child North Italia Blanco The Cheesecake Factory the Cheesecake Factory，CO Atlanta，GA Gilbert，AZ Birmingham，AL San Antonio，德克薩斯州邁阿密，佛羅裏達州富蘭克林，田納西州吉爾伯特，亞利桑那州奧蘭多，佛羅裏達州納什維爾，田納西州橡樹溪，伊利諾伊州丹佛市，科羅拉多州華盛頓特區亨茨維爾，AL

體驗式餐飲品類負責人 服務和環境 食品 綜合麪包房 菜單和創新的廣度 235項新鮮製作，從頭開始 綜合麪包房 最佳 - 在 - 一流的服務、招待和運營執行 創新、高品質的 - 優質的 奶酪蛋糕和其他烘焙的 甜品

集成烘焙 - “芝士蛋糕”魔術 · 生產60多個芝士蛋糕 和其他烘焙甜點 · 創意，質量控制 和供應鏈efficiencies FY19 * 16% 10 FY20 * 21% Differentiated定位一直是COVID期間的關鍵銷售推動力 - 19 行業 - 領先的甜品銷售 21財年 * 19% *佔總銷售額的百分比

最佳 - 最佳 - 類運營執行和 行業 領先保留 職位平均任職時間 33年 24年 20年 20年 15年 14年 運營高級副總裁 區域副總裁 區域運營總監 區域廚房運營經理 總經理 執行廚房經理 我們 }found is that food and beverage innovation is table stakes ； 您 需要 做 它，但 它是不可持續的，” The ironclad correlation with success？ “它 是 GM 保留 。 ” - 杜林， Black Box Intelligence* *Restaurant業務，2018年5月 關愛印章的人公司是梅雷迪思的註冊商標，並在獲得許可的情況下使用。 來自財富©2022財富媒體知識產權有限公司。版權所有。根據許可證使用。Fortune和Fortune 100 Best Companies 至 是Fortune Media IP Limited的註冊商標， 在許可下使用。Fortune和Fortune Media IP Limited不隸屬於也不支持 芝士蛋糕廠有限公司的產品或服務。 11 還被評為 多元化 、 千禧一代 和 女性 連續9年 的最佳工作場所

主題過濾器 達到500萬+ 用户 邪教狀態和強大的消費者參與度 1M+ 粉絲 500萬粉絲 360K 粉絲 百萬 觀看者 12 注意：截至2022年10月24日的統計數據 140K 粉絲

廣泛的消費者結構和吸引力 中等平均檢查 最高單位銷量 (以百萬美元為單位) 來源：最新美國證券交易委員會10 - K備案和公司演示 定義為 - FY 2021 13 $11.1 $8.1 $6.4 $5.1 $5.1 $4.4 $3.8{br的芝士蛋糕廠平均檢查 - 內部平均檢查}$3.3 $3.2 $3.0 Maggiano‘s Texas Roadhouse BJ’s Olive Garden LongHorn Outback Carrabba‘s Chili’s Bonefish $34 $30 $29 $27 $24 $24 $23 $21 $20 $19 $16 Yard House Bonefish Maggiano‘s Outback LongHorn Carraba’s Olive Garden Texas Roadhouse BJ‘s Chili’s Casual餐飲 被評為#1完整 - 服務鏈 食品質量 #1質量#2服務#3 環境

9% 12% 14% 16% 43% 43% 31% 28% 27% 28% 25% 23% Off - Premise銷售額 (佔總收入的百分比) 在 關閉 - 內部渠道 升級的外賣包裝中利用這種差異化 14 *年化單位數量當量基於全系統餐廳每週平均銷售額 ~每家餐廳270萬美元 (根據反映COVID的 第三季度22 *) 摺合成年率 - 19 用餐限制

進一步 向方便的方向傾斜 15

CSR - 為員工、當地社區和我們共同享有的環境做出貢獻 - 請參閲《2021年芝士蛋糕廠企業社會責任報告》。

銷售領導 增長機會 財務彈性 17

廚藝前鋒。一流的熱情好客。獨一無二的概念。 通過體驗式實現多樣化 通過體驗式 實現產品組合多樣化以實現增長 18

推動產品組合銷售強勁增長 +1.1% 3Q22組件銷售額 ~222900美元 相當於1160萬美元的年化單位銷量 平均單位銷量 3Q22 AWS 注意：基於3Q22 AWS的年化單位銷量。 19 ~137,000美元 相當於710萬美元的年化單位銷量 ~12.64萬美元 相當於670萬美元的年化單位銷量 與321季度的平均單位銷量 Vs.3Q19 1.1% 9.5% vs.3Q21 vs.3Q19 10% 18% vs.3Q21 vs.3Q19 7% 19%

“ Large chains and well - funded restaurants have the resources to ride out a protracted shutdown ， but the independent restaurants that make up two - thirds of the American dining landscape - 麪條 商店， diners and that charming urban restaurant that always had a line out the door - 可能 無法存活 。 “ - 紐約時報，3月20日，2020 ~$4 ~ $1.6 ~ $2.7 2019 Early COVID 第四季度21 ~$1.7 持續 - 門店銷售實力 4 (AUV百萬美元) 我們相信穩定，敏捷品牌將成為 經得起波動性和蓬勃發展的最佳裝備 - COVID 20 行業合理化：市場份額機會 休閒用餐 1 來源： 1 摩根士丹利2020年4月6日報告；美國勞工統計局；3美國人口普查； 4 根據每個時期的每週平均銷售額計算的年化平均單位銷量。 *對於在2020年5月20日至2020年7月21日期間採用僅店外模式的芝士蛋糕廠餐廳。 提高了消費者對店外 - “ Off - premise will likely continue its rise in importance，的重視程度 even after the pandemic” - Technomic，4月24日，僅2020 86% 14% Independents Chains Off - Premise 2 截至2021年5月，全國步槍協會估計15% (~90, 000)的餐廳 有closed. 3 2019 Early - COVID * 3Q19 3Q22 1.4% 1.8% 2.1% 1.3% 1.5% 1.5% 1.8% 2.5% 2.2% 1.9% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.5% 0.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Annual餐廳單位增長 美國人口增長 離開 - 僅限營業場所

2022基本關鍵假設 (1) 21 (1)考慮到最新的COVID - 19病毒死灰復燃的影響；假設沒有 額外的COVID - 19次激增或其他材料中斷 (2)包括2022財年53 RD 周的影響 (3)餐廳級別利潤率 總銷售額約為33.3億美元 (2) 目標是在2019年CCF RLM (3) 13個新餐廳開業 約1200萬CCF AUV (2) 資本支出約1.3億美元 季度股息0.27美元 股票回購計劃

多樣化的增長引擎預計將推動單位年增長7% 目標規模(生產性平方FT) 7,000 – 10,000 6,000 - 7,000 3,500 - 15,000 目標平均Unit Volume $11M - $12M $7M - $7.5M Avg.$500萬 - $550萬 目標銷售額/生產平價。Ft. ~$1,100 ~$1,200 ~$1,000 Target Long - 長期單位Growth ~3% ~20%+ ~15% - 20% Top - Line Unit增長貢獻 ~3% ~2% ~2% 目標餐廳 - 級別 利潤率% ~18% ~18% -{Br}20% ~16% - 18% 現金資本支出投資 $800萬+ $350萬+ $500/sq。FT 目標Cash - on - Cash Return 20% - 25% 35%+ 25% - 30% Sales/Investment Ratio Varies 2:1 2:1 22 Diversified跨 細分市場的多個 - 概念、 價位、 場合、 房地產和 勞動力 利用品牌 實力、運營 卓越、規模、供應鏈和 Real estate development expertise Anticipated單位 增長路線圖 新開餐廳的目標回報示例性示例|？平均單位銷量和穩定的 - 州立餐廳 - 水平標誌 通常在運營3年後達到

(4.2)% (6.8)% (0.3)% 4.0% 4.2% 3.3% 2.6% 4.1% 3.8% 0.4% 0.9% 2.5% (27.4)% 3.3% (4.3)% (8.7)超越行業的% (6.1)% 1.0% 2.0% (0.9)% (1.6)% 0.8% (0.4)% (2.2)% 0.5% 1.4% (24.0)% (0.9)% History 2008年2009年2010年2011 2012 2013 2014 2015 2016 2017 2018 2019 2020*2021** Knapp - 跟蹤指數 可比銷售額 - 歷史2 - 年份堆棧 23 經濟低迷期間行業表現優異 餐飲限制和重新開放時間線方面的地理差異 *2020年業績反映COVID的影響 - 19大流行。 **2021年的數據與2019年因COVID - 19大流行而產生的數據進行比較。

$0.84 $1.07 $1.42 $1.64 $1.88 $2.10 $1.97 $2.37 $2.83 $2.60 $2.51 $2.61 $(1.49) $2.13 ‘08 ’09 ‘10 ’11 ‘12 ’13 ‘14{Br}‘15 ’16 ‘17 ’18 ‘19 ’20 ‘21 Capital分配Detail $85 $163 $128 $120 $112 $107 $135 $94 $158 $100 $163 $120 $(47) $146 ’08 ‘09 ’10 ‘11{Br}‘12 ’13 ‘14 ’15 ‘16 ’17 ‘18 ’19 ‘20 ’21 ？自由現金流定義為來自運營的現金流(包括對2008年股票期權執行的超額税收優惠進行調整以符合本年度的列報)減去在收購North Italia和Fox Restaurant Concepts之前對未合併的附屬公司的資本支出和投資 ²2019年資本支出/投資不包括收購North Italia和Fox Restaurant Concepts 注：2020年的業績反映了COVID - 19大流行的影響，以及發行了200,000股A系列可轉換優先股 紅色股票。請參考美國證券交易委員會關於公認會計原則向非公認會計原則對賬的備案文件，以及有關之前years $85 $37 $42 $77 $86 $106 $114 $154 $158 $139 $128 $99 $50 $67 $173 $52 $172 $101 $184 $141 $109 $146的會計重新分類的説明 $123 $109 $51 $4 $6 $13 $27 $30 $36 $42 $50 $56 $61 $16 64,009 44,545 52,941 ‘08 ’09 ‘10 ’11 ‘12 ’13 ‘14 ’15 ‘16 ’17 ‘18 ’19 ‘20 ’21 資本支出/投資 股票回購 普通股分紅 加權平均未償還股份 經久耐用的股票 自由現金流≈ 調整後每股收益/(虧損) (百萬美元) (百萬美元) ‘20 ’20

附錄

非 - 公認會計準則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 adjusted diluted net income/(loss) per share excluding the impact of certain items and free cash flow . The非 - GAAP計量旨在根據GAAP對公司財務業績的列報進行補充。公司 認為，這些項目的列報提供了額外的信息，以便 比較過去和現在的財務結果。 26

Non - GAAP Reconciliation (1) Represents incremental costs associated with COVID - 19 such as sick and vaccination pay, healthcare and meal benefits for fur loughed staff members, additional sanitation and personal protective equipment. (2) The tax effect assumes a tax rate based on the federal statutory rate and an estimated blended state tax rate. (3) Fiscal 2017 includes a $38.5 million benefit to the income tax provision related to tax reform enacted in December 2017. (4) Adjusted diluted net income/(loss) per share may not add due to rounding. 27 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Net income/(loss) (GAAP) 52,293 $ 42,833 $ 81,713 $ 95,720 $ 98,423 $ 114,356 $ 101,276 $ 116,523 $ 139,494 $ 157,392 $ 99,035 $ 127,293 $ (277,107) $ 49,131 $ - Impairment of assets and lease termination expenses 2,952 26,541 - 1,547 9,536 (561) 696 6,011 114 10,343 17,861 18,247 219,333 18,139 - Partial IRS settlement - - - (1,794) - - - - - - - - - - - Termination of Interest rate swap - 7,421 7,376 - - - - - - - - - - 2,354 - Chairman and CEO employment agreement - 2,550 - - - - - - - - - - - - Proceeds from variable life insurance contract - (668) - - (419) - - - - - - - - - - Loss on investment in unconsolidated affiliates - - - - - - - - - 479 4,754 13,439 - - - Gain on investment in unconsolidated affiliates - - - - - - - - - - - (52,672) - - - Acquisition-related costs - - - - - - - - - - - 5,270 2,699 - - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit) - - - - - - - - - - - 1,033 (3,872) 19,510 - Dividends on Series A preferred stock - - - - - - - - - - - - 13,485 18,661 - Net income attributable to Series A preferred stock to apply if-converted method - - - - - - - - - - - - - 4,581 - Direct and incremental Series A preferred stock issuance costs - - - - - - - - - - - - 10,257 - - Assumed impact of potential conversion of Series A preferred stock into common stock - - - - - - - - - - - - - - - COVID-19 related costs (1) - - - - - - - - - - - - 22,963 4,917 - Uncertain tax positions - - - - - - - - - - - - - 7,139 - Tax effect of adjustments (2) (1,181) (14,605) (2,951) (331) (3,814) 224 (278) (2,404) (46) (4,329) (5,880) 3,818 (62,692) (11,679) - One-time tax items (3) - - - - - - - - - (38,525) - - - - Adjusted net income/(loss) (non-GAAP) 54,064 $ 64,072 $ 86,138 $ 95,142 $ 103,726 $ 114,019 $ 101,694 $ 120,130 $ 139,562 $ 125,360 $ 115,770 $ 116,428 $ (74,934) $ 112,753 $ Diluted net income/(loss) per share (GAAP) 0.82 $ 0.71 $ 1.35 $ 1.64 $ 1.78 $ 2.10 $ 1.96 $ 2.30 $ 2.83 $ 3.27 $ 2.14 $ 2.86 $ (6.32) $ 1.01 $ - Impairment of assets and lease termination expenses 0.05 0.44 - 0.03 0.17 (0.01) 0.01 0.12 0.00 0.21 0.39 0.41 4.36 0.34 - Partial IRS settlement - - - (0.03) - - - - - - - - - - - Termination of Interest rate swap - 0.12 0.12 - - - - - - - - - - 0.04 - Chairman and CEO employment agreement - 0.04 - - - - - - - - - - - - - Proceeds from variable life insurance contract - (0.01) - - (0.01) - - - - - - - - - - Loss on investment in unconsolidated affiliates - - - - - - - - - 0.01 0.10 0.30 - - - Gain on investment in unconsolidated affiliates - - - - - - - - - - - (1.18) - - - Acquisition-related costs - - - - - - - - - - - 0.12 0.05 - - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit) - - - - - - - - - - - 0.02 (0.08) 0.37 - Dividends on Series A preferred stock - - - - - - - - - - - - 0.27 0.35 - Net income attributable to Series A preferred stock to apply if-converted method - - - - - - - - - - - - - 0.09 - Direct and incremental Series A preferred stock issuance costs - - - - - - - - - - - - 0.20 - - Assumed impact of potential conversion of Series A preferred stock into common stock - - - - - - - - - - - - 0.80 (0.08) - COVID-19 related costs - - - - - - - - - - - - 0.46 0.09 - Uncertain tax positions - - - - - - - - - - - - - 0.13 - Tax effect of adjustments (0.03) (0.23) (0.05) - (0.06) 0.01 - (0.05) 0.00 (0.09) (0.12) 0.09 (1.25) (0.22) - One-time tax items - - - - - - - - - (0.80) - - - - Adjusted diluted net income/(loss) per share (non-GAAP) (4) 0.84 $ 1.07 $ 1.42 $ 1.64 $ 1.88 $ 2.10 $ 1.97 $ 2.37 $ 2.83 $ 2.60 $ 2.51 $ 2.61 $ (1.49) $ 2.13 $ Fiscal Year The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in thousands, except per share data)

Non - GAAP Reconciliation (1) The excess tax benefit related to stock options exercised is no longer reclassified from cash flows from operating activi tie s 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, 2010, 2009 and 2008 have been adjust ed to conform to the current year presentation. 28 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Cash flow from operations (1) 170 $ 200 $ 170 $ 197 $ 198 $ 213 $ 249 $ 248 $ 316 $ 239 $ 291 $ 219 $ 3 $ 213 $ Capital expenditures / investments 85 37 42 77 86 106 114 154 158 139 128 99 50 67 Free cash flow 85 $ 163 $ 128 $ 120 $ 112 $ 107 $ 135 $ 94 $ 158 $ 100 $ 163 $ 120 $ (47) $ 146 $ Fiscal Year The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions)