投资者演示文稿 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 ， 经 修订， and Section 21 E of the Securities Exchange Act of 1934 ， AS 修订了 。 此 包括 无 限制的 financial guidance and projections， including 2022 underlying assumptions， and statements with respect to expectations of the Company’s future financial condition， 运营结果 、 现金流、 计划、 目标、 目标、 业绩、 增长潜力、 引擎 和 机会、 预期的增长率 , 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”、“ ”计划、“ ”将 可能 结果、“ ”预期、“ ”打算、“ ”将继续、“ ”预期、“ ”估计“ ”项目，“ ”可能，“ ”可能，“ ”将, “ “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， 政治动乱， potential damage to or closure of the Company’s restaurants and potential reputational damage to the Company or any of its brands ； 经济， 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 约束， 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， 被许可人, 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 转发 - 查看 声明， whether as a result of new information， 未来 事件 或 否则, 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 .

· 体验式餐饮品类领导者，拥有多样化的增长引擎 · 利用公司的差异化和在场外的强大立足点 渠道，在持续的动态环境中支持业务 - 正在进行的动态环境中的最佳 - 在 - 级别的运营执行和行业 - 领先的保留率 · 显著且加速的增长机会推动着最高的增长机会之一 休闲餐饮行业的预期增长率 投资亮点 3

芝士蛋糕工厂 - 全球足迹 4 全球高质量、高知名度的 地点 公司 - 拥有：210 (包括多伦多，加拿大) 多伦多 国际 - 许可：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 澳门 随着时间的推移，300个国内分店的机会& 继续进行国际扩张

填补空白 - 趋势， 当代意大利产品 5 · 随着时间的推移，潜在的200个国内分店 · 13个州和华盛顿特区的32个分店目前 · 所有菜肴每天都是从头开始制作的 · 为当地市场量身定做的独特菜单项目 · 供应午餐、晚餐，周末早午餐和工作日欢乐时光 · 平均支票：约30美元 - $40 · ~25%酒精混合 21财年 薪酬销售额(与2019财年相比)：8% 22季度薪酬销售额(与21财年第三季度相比)：10%

Fox Restaurant Concept(FRC)预计将成为创新未来概念的孵化引擎 6 潜在增长 精品品牌 全美共62家FRC门店

我们恢复了强劲的单位增长，取得了令人印象深刻的早期业绩 2021年开业的14家新餐厅 计划在2022年开业的总数多达13家 2022家新餐厅开业 花童 沃斯堡，德克萨斯州 北意大利 巴克黑德，GA Fly Bye 凤凰城，AZ 7 北意大利 周长，GA 芝士蛋糕工厂 凯蒂，德克萨斯州 北意大利伍德兰兹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，德克萨斯州迈阿密，佛罗里达州富兰克林，田纳西州吉尔伯特，亚利桑那州奥兰多，佛罗里达州纳什维尔，田纳西州橡树溪，伊利诺伊州丹佛市，科罗拉多州华盛顿特区亨茨维尔，AL

体验式餐饮品类负责人 服务和环境 食品 综合面包房 菜单和创新的广度 235项新鲜制作，从头开始 综合面包房 最佳 - 在 - 一流的服务、招待和运营执行 创新、高品质的 - 优质的 奶酪蛋糕和其他烘焙的 甜品

集成烘焙 - “芝士蛋糕”魔术 · 生产60多个芝士蛋糕 和其他烘焙甜点 · 创意，质量控制 和供应链efficiencies FY19 * 16% 10 FY20 * 21% Differentiated定位一直是COVID期间的关键销售推动力 - 19 行业 - 领先的甜品销售 21财年 * 19% *占总销售额的百分比

最佳 - 最佳 - 类运营执行和 行业 领先保留 职位平均任职时间 33年 24年 20年 20年 15年 14年 运营高级副总裁 区域副总裁 区域运营总监 区域厨房运营经理 总经理 执行厨房经理 我们 }found is that food and beverage innovation is table stakes ； 您 需要 做 它，但 它是不可持续的，” The ironclad correlation with success？ “它 是 GM 保留 。 ” - 杜林， Black Box Intelligence* *Restaurant业务，2018年5月 关爱印章的人公司是梅雷迪思的注册商标，并在获得许可的情况下使用。 来自财富©2022财富媒体知识产权有限公司。版权所有。根据许可证使用。Fortune和Fortune 100 Best Companies 至 是Fortune Media IP Limited的注册商标， 在许可下使用。Fortune和Fortune Media IP Limited不隶属于也不支持 芝士蛋糕厂有限公司的产品或服务。 11 还被评为 多元化 、 千禧一代 和 女性 连续9年 的最佳工作场所

主题过滤器 达到500万+ 用户 邪教状态和强大的消费者参与度 1M+ 粉丝 500万粉丝 360K 粉丝 百万 观看者 12 注意：截至2022年10月24日的统计数据 140K 粉丝

广泛的消费者结构和吸引力 中等平均检查 最高单位销量 (以百万美元为单位) 来源：最新美国证券交易委员会10 - K备案和公司演示 定义为 - FY 2021 13 $11.1 $8.1 $6.4 $5.1 $5.1 $4.4 $3.8{br的芝士蛋糕厂平均检查 - 内部平均检查}$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餐饮 被评为#1完整 - 服务链 食品质量 #1质量#2服务#3 环境

9% 12% 14% 16% 43% 43% 31% 28% 27% 28% 25% 23% Off - Premise销售额 (占总收入的百分比) 在 关闭 - 内部渠道 升级的外卖包装中利用这种差异化 14 *年化单位数量当量基于全系统餐厅每周平均销售额 ~每家餐厅270万美元 (根据反映COVID的 第三季度22 *) 折合成年率 - 19 用餐限制

进一步 向方便的方向倾斜 15

CSR - 为员工、当地社区和我们共同享有的环境做出贡献 - 请参阅《2021年芝士蛋糕厂企业社会责任报告》。

销售领导 增长机会 财务弹性 17

厨艺前锋。一流的热情好客。独一无二的概念。 通过体验式实现多样化 通过体验式 实现产品组合多样化以实现增长 18

推动产品组合销售强劲增长 +1.1% 3Q22组件销售额 ~222900美元 相当于1160万美元的年化单位销量 平均单位销量 3Q22 AWS 注意：基于3Q22 AWS的年化单位销量。 19 ~137,000美元 相当于710万美元的年化单位销量 ~12.64万美元 相当于670万美元的年化单位销量 与321季度的平均单位销量 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 - 面条 商店， diners and that charming urban restaurant that always had a line out the door - 可能 无法存活 。 “ - 纽约时报，3月20日，2020 ~$4 ~ $1.6 ~ $2.7 2019 Early COVID 第四季度21 ~$1.7 持续 - 门店销售实力 4 (AUV百万美元) 我们相信稳定，敏捷品牌将成为 经得起波动性和蓬勃发展的最佳装备 - COVID 20 行业合理化：市场份额机会 休闲用餐 1 来源： 1 摩根士丹利2020年4月6日报告；美国劳工统计局；3美国人口普查； 4 根据每个时期的每周平均销售额计算的年化平均单位销量。 *对于在2020年5月20日至2020年7月21日期间采用仅店外模式的芝士蛋糕厂餐厅。 提高了消费者对店外 - “ Off - premise will likely continue its rise in importance，的重视程度 even after the pandemic” - Technomic，4月24日，仅2020 86% 14% Independents Chains Off - Premise 2 截至2021年5月，全国步枪协会估计15% (~90, 000)的餐厅 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餐厅单位增长 美国人口增长 离开 - 仅限营业场所

2022基本关键假设 (1) 21 (1)考虑到最新的COVID - 19病毒死灰复燃的影响；假设没有 额外的COVID - 19次激增或其他材料中断 (2)包括2022财年53 RD 周的影响 (3)餐厅级别利润率 总销售额约为33.3亿美元 (2) 目标是在2019年CCF RLM (3) 13个新餐厅开业 约1200万CCF AUV (2) 资本支出约1.3亿美元 季度股息0.27美元 股票回购计划

多样化的增长引擎预计将推动单位年增长7% 目标规模(生产性平方FT) 7,000 – 10,000 6,000 - 7,000 3,500 - 15,000 目标平均Unit Volume $11M - $12M $7M - $7.5M Avg.$500万 - $550万 目标销售额/生产平价。Ft. ~$1,100 ~$1,200 ~$1,000 Target Long - 长期单位Growth ~3% ~20%+ ~15% - 20% Top - Line Unit增长贡献 ~3% ~2% ~2% 目标餐厅 - 级别 利润率% ~18% ~18% -{Br}20% ~16% - 18% 现金资本支出投资 $800万+ $350万+ $500/sq。FT 目标Cash - on - Cash Return 20% - 25% 35%+ 25% - 30% Sales/Investment Ratio Varies 2:1 2:1 22 Diversified跨 细分市场的多个 - 概念、 价位、 场合、 房地产和 劳动力 利用品牌 实力、运营 卓越、规模、供应链和 Real estate development expertise Anticipated单位 增长路线图 新开餐厅的目标回报示例性示例|？平均单位销量和稳定的 - 州立餐厅 - 水平标志 通常在运营3年后达到

(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)超越行业的% (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 - 跟踪指数 可比销售额 - 历史2 - 年份堆栈 23 经济低迷期间行业表现优异 餐饮限制和重新开放时间线方面的地理差异 *2020年业绩反映COVID的影响 - 19大流行。 **2021年的数据与2019年因COVID - 19大流行而产生的数据进行比较。

$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 ？自由现金流定义为来自运营的现金流(包括对2008年股票期权执行的超额税收优惠进行调整以符合本年度的列报)减去在收购North Italia和Fox Restaurant Concepts之前对未合并的附属公司的资本支出和投资 ²2019年资本支出/投资不包括收购North Italia和Fox Restaurant Concepts 注：2020年的业绩反映了COVID - 19大流行的影响，以及发行了200,000股A系列可转换优先股 红色股票。请参考美国证券交易委员会关于公认会计原则向非公认会计原则对账的备案文件，以及有关之前years $85 $37 $42 $77 $86 $106 $114 $154 $158 $139 $128 $99 $50 $67 $173 $52 $172 $101 $184 $141 $109 $146的会计重新分类的说明 $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 资本支出/投资 股票回购 普通股分红 加权平均未偿还股份 经久耐用的股票 自由现金流≈ 调整后每股收益/(亏损) (百万美元) (百万美元) ‘20 ’20

附录

非 - 公认会计准则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计量旨在根据GAAP对公司财务业绩的列报进行补充。公司 认为，这些项目的列报提供了额外的信息，以便 比较过去和现在的财务结果。 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)