1. Company Review 2015

2. Restaurant Industry Segments ( Quick Service Restaurants)

4. Restaurants in Operation 151 “150 x 2015”

5. Shareholder Returns 5 Year Chart MHGU NASDAQ XLY (Consumer Discretionary) Source: Barron's 300%

6. Chef-Casual Restaurants Our Brands

7. Fresh Food Just Taste Better… Twisted Rooster House Salad

8. Featuring Fresh Local Ingredients Prepared On-site Made from Scratch Local Craft Microbrew Beer on Tap +136% Grand Rapids

9. First Year Sales: $4.3 million Net Income: $500,000

10. Quick Service Restaurants Wendy’s

11. The Brand Transformation Journey 45 Year old brand 6,500 Restaurants 300 Franchisees Average Franchisee; 65 years old Owns 6 restaurants 1/3 of all Franchise Agreements expire next Three years

12. How We Add-Value IT Platform back-of-house Operating & Accounting systems In-house Restaurant Development & Brand Creation Unique Employee Proposition Asset Management Same Store Sales Growth

13. Fostering a work environment that represents Meritage’s performance based values and compensation structure Cultivate Culture Accelerate and support individual and organizational performance tools Enable High Performance Increase leadership capability and identify, evaluate and prepare talent for key positions Develop Leadership

14. In Store Profit & Loss Food Cost Management Point of Sales Data Cash Management Labor Management Web-Based Scalable Operating Platform Meritage Hospitality Visionary Investments Shaped Todays Innovative IT Platform Technology Platform Back-of-House Operating & Accounting Systems

15. Tuck-In Acquisitions - Technology Platform “Value-Added” Tuck-In Acquisitions - Bridging the Data Gap +78% Atlanta 7 Wendy’s

16. Retooling Generation for the next Generation “60% by 2020”

17. (Construction week - 1) Before After During

18. Loganville-IA Mt. Zion-IA Knapp's Corner-IA AIA-New Argyle-New Bartram-NewAirport-New Nocatee New Spout Springs New Lilburn-IA Michigan St. New.

19. FINANCIAL STATISTICS Valuation Benchmarks

20. 2015 Guidance Revenue: $205M + 28% EBITDA: $14.0M +62% Net Income: $5.4M +96%

21. Revenue EBITDA Net Income ($ in millions ) Estimate Historical Perspective 12.8% CAGR - 6 Yrs. 11.9% 15.9%

22. Valuation Multiples EV/EBITDA QSR Median LTM EBITDA Multiple 15.7x EBITDA Multiple (4/30/2015)

23. Consolidated EBITDA Historical & Estimate (in millions) Estimate +62% 4 Year CAGR 7.9% Step Change +58.5% Step Change

24. $0.01 $0.02 $0.03 Estimate

25. Q1 Actual Results 2015 Vs 2014 (For the Quarter Ended March 29) +123%EBITDA +32%Sales +446% +446% Net Income

26. Key Achievements  Delivering Double-Digit Sales and Earnings Growth : Six years of double digit sales, EBITDA and earnings growth. Forecasting continued sales and Earnings growth rates with corresponding share appreciation and dividend growth.  “Tuck-in, Roll-out” Strategy Works Proven Executive Management team with multiple tuck-in acquisitions, proactive asset and operational enhancements with a steady drumbeat of efficiency through better practices, updated IT solutions, store-level management and scale.  Major Growth Opportunities: Both Market Segments Wendy’s: Generational Transition – major consolidation opportunity with Wendy’s, aging franchisees, accelerated by ‘image activation” development complexities, costs, and long term financial commitments Twisted Rooster: Millennial Generation favors food made from scratch, craft beers, energetic irreverent brands – our sweet spot. New restaurants coming on-line 2015 and 2016  Shareholder-Oriented Management; Board of Directors own substantial common shares, Future cash dividend increases based on operating performance

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