FAT Brands Inc at Noble Capital Markets Virtual Road Show Series Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Joe Gomes - Noble Capital Markets - Analyst : Here are the questions I've selected from the audience as well as a few of my own. So congratulations on the Fog Cutter announcement. Maybe you could talk a little bit about, briefly, what will the new FAT Brands ownership look like following the Fog Cutter merger?

Question: Joe Gomes - Noble Capital Markets - Analyst : Okay, great. And with the acquisition, are there going to be any adjustments made to the outstanding warrants? Are they just going to flow as they are? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 15, 2020 / 6:00PM, FAT.OQ - FAT Brands Inc at Noble Capital Markets Virtual Road Show Series

Question: Joe Gomes - Noble Capital Markets - Analyst : Great. And let's talk a little bit about Johnny Rockets. You mentioned it. Fantastic acquisition. How is the integration going? Can you talk a little bit about synergies? And how many of the locations of Johnny Rockets are still shut down or operating at a very reduced capacity because of COVID?

Question: Joe Gomes - Noble Capital Markets - Analyst : And kind of a follow-up on that, do you have any -- I know it's difficult to assess this, but timeframe with the vaccine being rolled out here as to when it -- you might be able to reopen some of the temporary closed restaurants? Or is it just too difficult to answer at this point?

Question: Joe Gomes - Noble Capital Markets - Analyst : Okay. And you touched on it, but maybe you could give a little bit deeper or more color on some of the programs that you're working on to increase sales, such as ghost kitchens and the third-party delivery services and co-locations. Maybe you could touch a little bit on that.

Question: Joe Gomes - Noble Capital Markets - Analyst : Interesting. I wanted to go back for a second. You touched on it briefly with the Johnny Rockets acquisition, how it increases the number of franchisees, and you also talked about the number of new locations that are being opened. So are you seeing interest, let's say, from a Johnny Rockets franchisees for the existing FAT Brands concepts? And similarly from the FAT Brands franchisees, interest in the Johnny Rockets concept?

Question: Joe Gomes - Noble Capital Markets - Analyst : That should be great for the growth prospects here. And could you --

Question: Joe Gomes - Noble Capital Markets - Analyst : Great. And you touched briefly on the adjusted EBITDA margin, how it grew 2018 to 2019, and you think it will be, with the Johnny Rockets, over 50%. Do you think this number can get higher? What's your goal for adjusted EBITDA margin?

Question: Joe Gomes - Noble Capital Markets - Analyst : So as you brought up acquisitions, let's talk a little bit about that. What's the pipeline looking at these days? What kind of size? Are we talking more Johnny Rockets or some -- are we talking smaller are you focused on? And what areas? It seems that you might have the burger area covered. So what areas would you -- concepts would you be looking at? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 15, 2020 / 6:00PM, FAT.OQ - FAT Brands Inc at Noble Capital Markets Virtual Road Show Series

Question: Joe Gomes - Noble Capital Markets - Analyst : Maybe let's just touch briefly on the steakhouses. They seem to have been obviously the most impacted by COVID. What size of the business are they today? And how do you see those units coming back in a post-COVID world? They seem to be the ones that might have the most difficulty in rebounding.

Question: Joe Gomes - Noble Capital Markets - Analyst : Okay. Thanks for the insight on that. And maybe we can just touch, I know this is something that is often asked, cash burn. Where are you guys on that right now today? And how comfortable are you with that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 15, 2020 / 6:00PM, FAT.OQ - FAT Brands Inc at Noble Capital Markets Virtual Road Show Series