Investor Presentation

June 2015

Forward-Looking Statements
Forward-Looking Statements
Some of the statements contained in this presentation constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts, such as statements regarding the Companys future financial condition or results of operations, its prospects and strategies for future growth, the development and introduction of
new products, and the implementation of its marketing and branding strategies. In many cases, you can identify forward-looking statements by terms such as may, will, should, expects, plans, anticipates, believes, estimates,
predicts, potential, seeks, intends, targets or the negative of these terms or other comparable terminology.
The forward-looking statements contained in this presentation reflect the Companys current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or its actual
activities or results to differ significantly from those expressed in any forward-looking statement. Although the Company believes that its assumptions are reasonable, it cannot guarantee future events, results, actions, levels of activity,
performance or achievements. You are accordingly cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by the forwardlooking statements, including, but not limited to, those factors described in Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations in its prospectus. These factors include without limitation:
changes in general economic or market conditions, both in the United States and Brazil; increased competition in the Companys industry; risk associated with its Brazilian operations and any other future international operations; its ability to
manage operations at its current size or manage growth effectively; its ability to successfully expand in the United States and other new markets; its ability to locate suitable locations to open new restaurants and to attract guests to its
restaurants; the fact that it will rely on its operating subsidiaries to provide it with distributions to fund its operating activities, which could be limited by law, regulation or otherwise; its ability to continually innovate and provide its consumers
with innovative dining experiences; its ability to maintain recent levels of comparable revenue or average revenue per square foot; the ability of its suppliers to deliver beef in a timely or cost-effective manner; its lack of long-term supplier
contracts, its concentration of suppliers and distributors and potential increases in the price of beef; its ability to raise money and maintain sufficient levels of cash flow; conflicts of interest with the THL Funds; the fact that upon listing of its
common stock, the Company will be considered a controlled company and exempt from certain corporate governance rules primarily relating to board independence, and its intention to use some or all of these exemptions; its ability to
effectively market and maintain a positive brand image; changes in government regulation; the Companys ability to attract and maintain the services of its senior management and key employees; the availability and effective operation of
management information systems and other technology; changes in consumer preferences or changes in demand for upscale dining experiences; the Companys ability to accurately anticipate and respond to seasonal or quarterly fluctuations
in its operating results; its ability to maintain effective internal controls or the identification of additional material weaknesses; the Companys expectations regarding the time during which it will be an emerging growth company under the
JOBS Act; changes in accounting standards; and other risks described in the Risk Factors section of the prospectus.
Although the Company believes that the assumptions inherent in the forward-looking statements contained in this presentation are reasonable, undue reliance should not be placed on these statements, which only apply as of the date hereof.
Except as required by applicable securities law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of
unanticipated events.
Non-GAAP Financial Measures
This presentation contains certain non-GAAP financial measures. A non-GAAP financial measure is defined as a numerical measure of a companys financial performance that excludes or includes amounts so as to be different than the most
directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. The Company has provided a reconciliation of Adjusted EBITDA, a nonGAAP financial measure, to net income in the Appendix to this presentation. Adjusted EBITDA is presented because management believes that such financial measure, when viewed with the Companys results of operations in accordance with
GAAP and the reconciliation of Adjusted EBITDA to net income (loss), provides additional information to investors about certain material non-cash items and about unusual items that the Company does not expect to continue at the same level
in the future. Adjusted EBITDA is used by investors as a supplemental measure to evaluate the overall operating performance of companies in the Companys industry, you should not consider it in isolation, or as a substitute for analysis of
results as reported under GAAP. Our calculation of Adjusted EBITDA may not be comparable to that reported by other companies. For additional information about our non-GAAP financial measures, see our filings with the Securities and
Exchange Commission.
Availability of Prospectus
The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents
the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any
underwriter, or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting: (1) Jefferies LLC, by calling toll-free (877) 547-6340 or by email to prospectus_department@jefferies.com, or (2) J.P.
Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling toll-free at 1-866-803-9204.
The registration statement relating to the Companys securities has not yet become effective and the securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This
presentation shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
JOBS Act
The Company is an emerging growth company within the meaning of the Jumpstart Our Business Startups Act. As a result, the Company will be subject to reduced public company reporting requirements. No securities will be offered or sold
and no offers to buy will be accepted prior to the time the Companys registration statement becomes effective.

Senior Leadership with Extensive Industry Experience

Larry Johnson
Chief Executive Officer
Years at Fogo: 8 yrs
Experience: 35+ yrs
Associated with Fogo: 19 yrs

Michael Prentiss
Chief Accounting Officer
Years at Fogo: 7 yrs
Experience: 15+ yrs

Barry McGowan
President

Tony Laday
Chief Financial Officer

Selma Oliveira
Chief Operating Officer

Years at Fogo: 2 yrs

Experience: 30+ yrs

Years at Fogo: 1 yr
Experience: 20+ yrs

Years at Fogo: 17 yrs

Experience: 25+ yrs

Jandir Dalberto
President, Brazil

Andrew Feldmann
Senior Vice President of
Marketing and Sales

Gerry McGrath
General Counsel
Years at Fogo: < 1 yr
Experience: 30+ yrs
Associated with Fogo: 10 yrs

Years at Fogo: 28 yrs

Experience: 28+ yrs

Years at Fogo: 12 yrs

Experience: 15+ yrs

Average of Over 25 Years of Industry Experience

Note: Shading indicates members of management in attendance.

Brazilian Born Churrascaria with Authenticity at Our Core

Our Concept

Founded in Porto Alegre, Brazil in 1979

37 restaurants including one JV in Mexico
City

Fire-roasted Brazilian cuisine

Utilize churrasco, a traditional Southern
Brazilian cooking method

Differentiated dining experience

Approachable fine-dining
Highly-trained gaucho chefs
Drives ~2/3 the labor costs of full-service
peers
5

Our Gaucho Chefs Are a Key Point of Differentiation

Skilled Artisans

Trained in the cooking technique of

churrasco
12-15 gauchos per restaurant
Butcher, prepare, cook and serve
Provide a tailored and interactive
dining experience

Guests control variety, quantity

and pace
Import talent to ensure brand
consistency and authenticity

Drives financial benefits for our

model

A High-Energy, Differentiated Dining Experience

High-Quality

Authentic

Interactive

Continuous
Service

Control

Customization

Award Winning Concept

Fogo de Cho is the recipient of numerous awards and accolades from critics and
reviewers in Brazil and the United States

Silver Spoon Award

Americas Best Restaurants

Nations Restaurant News

Best Steakhouse in So Paulo

Best Steakhouse

Best Churrascaria
Multiple Best Of Awards

Five Skewers

Best Service

Delivering Leading Financial Results

FullService(1)
Average

Advantage

Average Unit Volume

$8.0M

$4.4M

$3.6M higher

Labor Costs(2)

20.8%

32.3%

1,150bps lower

Restaurant Contribution Margin

32.5%

20.2%

1,230bps higher

Net Income Margin

9.9%(3)

4.7%

520bps higher

Cash-on-Cash Returns

57.7%

32.5%

2,520bps higher

Note: Represents FY 2014.

(1) Includes BBRG, BJRI, BLMN, CAKE, CHUY, DFRG, DRI, RUTH and TXRH.
(2) Excludes DFRG and RUTH labor costs as they are not reported separately.
(3) Pro forma for the IPO and concurrent refinancing of the existing Senior Credit Facilities.

A Brand Poised for Global Growth

26 Restaurants
in the U.S.
2

10 Restaurants
in Brazil

Significant U.S. Opportunity with 100+ Additional Units Identified

Focus on Top 50 DMAs

Company-owned restaurant
Joint venture restaurant (Mexico City)

10

Investment Highlights
Differentiated, Award Winning
Concept with Broad Appeal
Unique Model Drives Long-Term
Operating Advantages

Industry-Leading Restaurant-Level
Financials
Proven Portability with Significant
Whitespace

Unique Operating Model Drives Long-Term Advantages

Our Menu
Streamlined prix-fixe menu

Up to 20 cuts of meat
Our Kitchen
Simple, space efficient cooking technique
Our Service Model
Self-service Market Table
Dual role gaucho chefs
Continuous table-side service

10

Driving Significant Labor Efficiency and Allowing Us To

Food & Beverage Costs as % of Revenue

Labor as % of Revenue

Food costs in-line with peers

Dual role of gauchos both chef and server

Flexible food sourcing model

Simple cooking technique and food offering

Self-service Market Table

35.0%

35.0%
32.3%
29.9%

29.4%

1,150 bps
25.0%

25.0%
20.8%

15.0%

15.0%
Full-Service Average (1)

Source: Company filings and Wall Street research.

Note: Represents FY 2014 results.
(1) Includes BBRG, BJRI, BLMN, CAKE, CHUY, DFRG, DRI, RUTH and TXRH.
(2) Includes BBRG, BJRI, BLMN, CAKE, CHUY, DRI and TXRH. Excludes DFRG and RUTH as they do not report labor costs separately.

Full-Service Average (2)

13

Deliver a Compelling Value Proposition

Average check of fine-dining peers is approximately 25% more

Average Check
$120

$110
Median: $74

$100

$90
$76

$80
$60

$72

$71
$62

$59

$40
$20
$0

Source: Company filings and Wall Street research.

Note: Represents FY 2014.

12

A Dining Experience With Broad Guest Appeal

Purpose of Visit
33%

35%

Guests come to Fogo for a

wide array of occasions

30%

Demonstrated appeal to
both men and women

15%

Over 40% of our guests are

26%
23%

25%
20%

16%

10%
5%

2%

0%

female

Business
meal

A majority of our guests visit

two or more times per year

Family
meal

Significant
Other/
Date

Friends

Other

Household Income
50%
40%

45%
33%

30%
16%

20%

7%

10%
0%
Less than $75k

$75k - $150k

Source: Company commissioned email survey and credit card data.

Notes: Represents U.S. data. Gender mix represents average of commissioned email survey data and credit card data.

$150k - $250k

$250k+

13

AUV

Industry-Leading Financial Metrics

(1)

C-o-C Return(3)

Net Income %

Restaurant
Contribution %

Food and Labor

Costs(2)

$2.9

$3.1

64.5%

16.1%

2.1%

$3.1

62.2%

17.9%

2.9%

$3.4

$3.3

61.9%

18.0%

3.2%

$4.2

61.7%

18.6%

4.6%

20.2%

4.7%

$4.3

$4.4

60.5%

20.3%

4.8%

$4.4

60.1%

20.5%

5.1%

$4.7

$4.9

$5.2

$5.7

$5.7

$7.1

57.5%

20.6%

5.5%

$8.0

$10.5

$12.1

50.7%

24.2%

32.5%

9.9%(4)

5.5%

(1)

24.4%

26.7%

27.0%

30.7%

32.0%

33.0%

35.1%

36.6%

44.2%

Note: $ in millions. Represents FY 2014.

(1)
Excludes NY Location.
(2)
Excludes DFRG and RUTH as they do not report labor costs separately.
(3)
Excludes BLMN and DRI as they do not report financial results by concept.
(4)
Pro forma for the IPO and concurrent refinancing of the existing Senior Credit Facilities.

50.4%

57.7%

16

Our Growth Strategies

Expand Our Restaurant Base

Increase Our Comparable

Restaurant Sales
Improve Margins by Leveraging
Our Infrastructure and
Investments in Human Capital
to Support Growth

15

Our Global Growth Plan

At Least 10% Annual Company-owned Restaurant Growth plus Accelerating JV Development

U.S. Development

Brazil Development

Other International
Development

Primary market for new restaurant growth

Potential for 100+ new restaurants
Mix of large and mid-size markets across urban and suburban locations
Focus on the top 50 DMAs
Over 25 markets we believe are multi-unit markets
Plan to open 3-4 U.S. restaurants in 2015 including San Juan (opened in Q1)

Continue to opportunistically open restaurants in Brazil

Maintains authentic and distinctive heritage and supports global growth
Opened one restaurant in 2015 (Rio De Janeiro)

Targeting growth in large Capital Cities

Grow utilizing a combination of asset-light joint ventures and companyowned development
First JV restaurant opened in Mexico City in May 2015

18

Demonstrated Track Record of Successful New Restaurant Growth

2012 Openings
Orlando, FL (Q1)

Annual Restaurant Growth

Boston, MA (Q4)

Restaurants Beginning of Year

Center Norte, BR (Q4)

Restaurant Openings

45

2013 Openings
San Diego, CA (Q3)

Jardins, BR (Q4)

Rosemont, IL (Q3)

New York, NY (Q4)

39 - 40
34
31

2014 Openings
San Jose, CA (Q1)

30

Los Angeles, CA (Q4)

27

5-6

Portland, OR (Q2)

2015 Openings YTD

San Juan, PR (Q1)

Mexico City, MX (JV Q2)

15

Rio De Janeiro, BR (Q2)

Under Construction
Houston, TX (Woodlands) Chicago, IL (Naperville)
2nd Houston Location

San Francisco, CA

3rd Chicago Location

Las Vegas, NV (Summerlin)

2nd Las Vegas Location

% Unit Growth

2016 sites leased; working on 2017 pipeline

2012

2013

2014

13%

15%

10%

2015E
15% - 18%
(Including 1 JV)

19

Highly Attractive New Unit Economic Model

Recent Openings Outperforming Target
New restaurants opened since 2007 have generated
cash-on-cash returns of greater than 50%(1)

Year 3 Target
Average Unit Volume
Restaurant Contribution Margin

$7.0
27.0%

Net investment Cost(2)

$4.5

Cash-on-Cash Return

40.0%+

Payback Period

Note: $ in millions.
(1) Calculated as of FYE 2014 and includes only restaurants open for at least three years.
(2) Includes cash impact of tenant allowance and excludes pre-opening costs.

~2.5 years

18

Highly Attractive Concept For Real Estate Developers

Smaller Format Drives Flexible Real Estate Model

Addison, TX

Washington, D.C.

San Jose, CA

San Juan, PR

Free-Standing

In-Line

Lifestyle

Mall

Annual Traffic Per Restaurant(1)

(in 000s)

Median: 69K

137
112

110
87

69

69

68

59

(2)

Source: Company filings and Wall Street research.

(1) Calculated by dividing AUV by average check.
(2) Excludes New York location.

19

Disciplined Approach to Site Selection

Development process is led by our CEO
Internal real estate team has over 93 years of combined experience
Sites are identified and prioritized by internal real estate team
Tour and evaluate potential sites for construction criteria, visibility,
and accessibility to primary customers

Utilize a national real estate broker to assist with search

Deploy third party site selection tools to validate internally generated
analysis

Development committee recommends new locations to our board of

directors for approval

20

Increase Comparable Restaurant Sales

Comparable restaurant sales initiatives are designed to drive trial and frequency while increasing average check
Increase Customer Engagement

Grow Group Dining

Menu Strategy and Innovation

Shrimp Cocktail Appetizer

Seafood Entre

Enhanced Bar Experience Bar Fogo

Small Plates

Beverage Innovation

Bar Design

21

Financials

Financials

22

Proven Track Record of Growth

Restaurant Growth

Revenue

40

$300
$262

34
31
30

$250

27

$219
$202

$200
20
$150
$100

10
2012

2013

2012

2014
SSS:

Restaurant Contribution
$90

(1.3%)

2013
1.3%

2014
5.0%

Adjusted EBITDA
$85

$70
$63
$60

$80
$69

$70

$50

$49

$50

2012

2013

2014

24.3%

23.0%

24.1%

$61

$60

$40

$50
Margin %:

$30
2012

2013

2014

30.4%

31.3%

32.5%

Margin %:

Note: $ in millions.
(1) Figures shown on a constant currency basis of R$2.84 per USD, which represents the derived exchange rate for the first quarter of Fiscal 2015.

23

Investing to Support Our Growth

Substantially completed investment in

Functional Areas Supplemented By Investment

corporate and restaurant key functions to

support future growth

Executive Team
New Store Development
Marketing

Invested approximately $5.5M in incremental

annualized fixed personnel costs since the
beginning of 2012

Finance/Accounting
Operations

18 corporate positions, 16 local sales

managers and five assistant managers

Incremental Personnel Costs

$6.0

$1.3

G&A % of Sales
$5.5

12.0%

$2.3

$4.0

8.0%

8.3%

8.2%

2013

2014

6.4%

$1.5

$2.0

4.0%

$0.4
$0.0
2012

2013

2014

Full Year
Impact of
2014
Investment

Annualized
0.0%

Note: $ in millions
(1) Excludes $5.5 million in equity compensation related to the 2012 acquisition.

2012

(1)

24

Momentum Continues in Q115

Restaurant Growth

Revenue

40

$75
35

$70

32

$65

$65

$61

30
$60
$55

$50

20
Q1'14

Q1'15
SSS

Restaurant Contribution

Q1'14

Q1'15

(0.1%)

0.6%

Adjusted EBITDA
$20

$25

$21

$15

$15
$13

$20
$18

$10

$15
Margin:

$5
Q1`14

Q1'15

29.5%

31.6%

Q1'14
Margin:

20.6%

Note: $ in millions.
(1) Figures shown on a constant currency basis of R$2.84 per USD, which represents the derived exchange rate for the first quarter of Fiscal 2015.

Q1'15
23.0%

25

Flexible Platform and Disciplined Food Cost Management

USDA Beef Index(1)

COGS % of Sales
33.0%

650.0

32.5%
560.1
550.0

32.0%
31.6%
31.5%

493.7

31.0%
30.6%

469.3
30.5%

450.0

29.9%

30.0%
29.5%

29.0%

350.0
2012

2013

2014

2012

2013

2014

Despite increasing beef costs, COGS margin has decreased as a percent of sales driven by
innovative, margin accretive product launches, mix shift and waste reduction initiatives

(1) Data sources: USDA Economic Research Service calculations based on Bureau of Labor Statistics and USDA Agricultural Marketing Service Data; represents all fresh beef retail value,
cents/lb.

26

Capitalization

As of March 29, 2015

Actual

As
Adjusted(1)

Cash & Cash Equivalents

$17.3

$17.3

Total Debt

$247.9

$164.9

Net Debt

$230.6

$147.6

Net Debt / LTM 3/29/15 Adjusted EBITDA

3.5x

2.3x

LTM 3/29/15 Adjusted EBITDA

$65.4

$65.4

Note: $ in millions.
(1) Reflects $20 IPO price and full exercise of the over-allotment option.

29

Long-Term Financial Goals

10%+ Company-owned Restaurant Unit Growth plus Joint Venture Development

Low Single Digit Annual Consolidated Comparable Restaurant Sales Growth

G&A and Operating Leverage

13-15%+ Annual EBITDA Growth

18-20% Annual EPS Growth

Note: These targets are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond control
of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and these variations may
be material. For discussion of some of the important factors that could cause these variations, please consult the Risk Factors section of the preliminary prospectus. Nothing in this
presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals.

28