Real Restaurants: A Sausalito, CA Based Restaurant Group Tiburon Research November 12, 2018

Real Restaurants Comments 1 Founded in 1985 Founded by Bill Higgins, Bill Upson, & Cindy Pawlcyn Based in Sausalito, CA CEO: XXXX Web site: www.realrestaurants.com Source: 10/16/18 Bungalow 44 Web Site; 10/16/18 Marin Magazine Web Site; Tiburon Research & Analysis 1

Real Restaurants History Real Restaurants was Founded in 1985 and Has Subsequently Evolved through its Early, Middle, & Recent Phases Real Restaurants History Real Restaurants Founded Real Restaurants Today Early Phase Middle Phase Recent Phase Approximate Dates: 1985 1986 - 1995 1996 - 2010 2011 - 2019 2019 Key Steps: 1985: Real Restaurants founded XXXX: -- XXXX: -- XXXX: -- Source: 10/16/18 Bungalow 44 Web Site; 10/16/18 Marin Magazine Web Site; Tiburon Research & Analysis 2

Real Restaurants was Founded in 1985 Comments Founded in 1985 Founded by Bill Higgins, Bill Upson, & Cindy Pawlcyn Based in Sausalito, CA CEO: XXXX Web site: www.realrestaurants.com Source: 10/16/18 Bungalow 44 Web Site; 10/16/18 Enjoy Mill Valley Web Site; Tiburon Research & Analysis 3

Real Restaurants is Not a Frequent Advertiser Advertising Comments -- Source: Tiburon Research & Analysis 4

Check Gift Card Balance Real Restaurants Has a Web Site with Four Core Sections, Including Home, About Us, Client List, & Check Gift Card Balance Real Restaurants Web Site Real Restaurants Web Site Home About Us Client List Check Gift Card Balance Source: 11/12/18 Real Restaurants Web Site; Tiburon Research & Analysis 5

Real Restaurants is Not a Frequent Acquirer Acquisitions Comments -- Source: Tiburon Research & Analysis 6

Real Restaurants Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 7

Real Restaurants Has Offices Needs data Real Restaurants Offices Source: Tiburon Research & Analysis 8 8 8

Real Restaurants Has Employees Needs data Real Restaurants Employees Source: Tiburon Research & Analysis 9 9 9

Real Restaurants Serves Clients Needs data Real Restaurants Clients Source: Tiburon Research & Analysis 10 10 10

Real Restaurants Generates Revenues Needs data Real Restaurants Revenues ($ Millions) Source: Tiburon Research & Analysis 11 11 11

Real Restaurants Earns $___ Million Needs data Real Restaurants Net Profits ($ Millions) Source: Tiburon Research & Analysis 12 12 12

Real Restaurants Businesses Real Restaurants Has a Number of Businesses, Including Bar Bocce, Bix, Bungalow 44, Buckeye Roadhouse, FOG CITY, PANoRAMA, Picco, Pizzeria Picco, & Zero Zero Real Restaurants Businesses Real Restaurants Businesses Bar Bocce Bix Bungalow 44 Buckeye Roadhouse FOG CITY PANoRAMA Picco Pizzeria Picco Zero Zero Source: 11/12/18 Real Restaurants Web Site; Tiburon Research & Analysis 13

Real Restaurants’ First Business is Bar Bocce Comments -- Source: Tiburon Research & Analysis 14

Real Restaurants’ Second Business is Bix Comments -- Source: Tiburon Research & Analysis 15

Real Restaurants’ Third Business is Bungalow 44 Comments Founded in 2005 Founded by Bill Higgins, Vanessa Higgins, & Peter Schumacher Based in Mill Valley, CA CEO: XXXX Web site: www.bungalow44.com Source: Tiburon Research & Analysis 16

Real Restaurants’ Bungalow 44 was Founded in 2005 Comments Founded in 2005 Founded by Bill Higgins, Vanessa Higgins, & Peter Schumacher Based in Mill Valley, CA CEO: XXXX Web site: www.bungalow44.com Source: 10/16/18 Bungalow 44 Web Site; 10/16/18 Enjoy Mill Valley Web Site; Tiburon Research & Analysis 17

Real Restaurants’ Bungalow 44 is Not a Frequent Advertiser Advertising Comments -- Source: Tiburon Research & Analysis 18

Real Restaurants’ Bungalow 44 Has a Web Site with Seven Core Sections, Including About, Menus, Private Events, Gift Cards, News, Contact, & Reservations Bungalow 44 Web Site Bungalow 44 Web Site About Menus Private Events Gift Cards News Contact Reservations Source: 11/12/18 Bungalow 44 Web Site; 10/16/18 Bungalow 44 Web Site; Tiburon Research & Analysis 19

Real Restaurants’ Bungalow 44 is Not a Frequent Acquirer Acquisitions Comments -- Source: Tiburon Research & Analysis 20

Real Restaurants’ Bungalow 44 Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 21

Real Restaurants’ Bungalow 44 Has Offices Needs data Bungalow 44 Offices Source: Tiburon Research & Analysis 22 22 22

Real Restaurants’ Bungalow 44 Has Employees Needs data Bungalow 44 Employees Source: Tiburon Research & Analysis 23 23 23

Real Restaurants’ Bungalow 44 Serves Clients Needs data Bungalow 44 Clients Source: Tiburon Research & Analysis 24 24 24

Real Restaurants’ Bungalow 44 Generates Revenues Needs data Bungalow 44 Revenues ($ Millions) Source: Tiburon Research & Analysis 25 25 25

Real Restaurants’ Bungalow 44 Earns $___ Million Needs data Bungalow 44 Net Profits ($ Millions) Source: Tiburon Research & Analysis 26 26 26

Real Restaurants’ Fourth Business is Buckeye Roadhouse Comments -- Source: Tiburon Research & Analysis 27

Real Restaurants’ Fifth Business is FOG CITY Comments -- Source: Tiburon Research & Analysis 28

Real Restaurants’ Sixth Business is PANoRAMA Comments -- Source: Tiburon Research & Analysis 29

Real Restaurants’ Seventh Business is Picco Comments -- Source: Tiburon Research & Analysis 30

Real Restaurants’ Eighth Business is Pizzeria Picco Comments -- Source: Tiburon Research & Analysis 31

Real Restaurants’ Ninth Business is Zero Zero Comments -- Source: Tiburon Research & Analysis 32

Real Restaurants is Led by its CEO… Organizational Chart -- -- -- -- -- -- Source: Tiburon Research & Analysis 33

Real Restaurants Has a Board of Directors Led by its Chairman… -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Real Restaurants is Privately Owned Comments -- Source: Tiburon Research & Analysis 35

Real Restaurants is Owned by …. Needs data Real Restaurants Ownership By Owner Source: Tiburon Research & Analysis 36 36 36

Tiburon Strategic Advisors Comments Focus on corporate-level strategy Serve senior executives only at financial services companies Key services: market seminars, market research, & strategy consulting Served over 450 corporate clients and completed over 2,100 projects since 1998 Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors Chip Roame background McKinsey & Company Charles Schwab & Company Tiburon since 1998 Source: Tiburon Research & Analysis