Exhibit 99.(c)(iii)

J effe r i e s LL C Member SIPC The information provided in this document, including valuation discussions, represents the views of Jefferies Investment Banking. There is no assurance that the views expressed herein will be consistent with the views expressed by Jefferies Research or its Analysts. Nothing in this document should be understood as a promise or offer of favorable research coverage. Pr o jec t FLAME Presentation to the Special Committee January 15, 2024 / Confidential

Confidential Disclaimer i The following pages contain material provided to the Special Committee (the “Special Committee”) of the Board of Directors of Carrols (the “Company” or “Carrols”) by Jefferies LLC (“Jefferies”) in connection with Project FLAME. The information contained in this document was based solely on publicly available information and information made available to Jefferies LLC (“Jefferies”) by the Company. Jefferies has relied, without independent investigation or verification, on the accuracy, completeness and fair presentation of all such information. None of Jefferies, its affiliates or its or their respective employees, directors, officers, contractors, advisors, members, successors, representatives or agents makes any representation or warranty in respect of the accuracy, completeness or fair presentation of any information or any conclusion contained herein. Jefferies, affiliates and its and their respective employees, directors, officers, contractors, advisors, members, successors and agents shall have no liability with respect to any information or matter contained herein. Neither Jefferies nor any of its affiliates is an advisor as to legal, tax, accounting or regulatory matters in any jurisdiction. Any recipient of the information contained herein should seek advice from its own independent tax advisor, legal counsel and/or other advisor with respect to such matters. This presentation is confidential and may not be distributed to any other person or replicated in any form without the prior written consent of Jefferies. This document is not an offer, nor a solicitation of an offer, of the sale or purchase of securities, nor shall any securities of the Company be offered or sold, in any jurisdiction in which such an offer, solicitation or sale would be unlawful. Member SIPC • © 2024 Jefferies LLC.

Confidential Ta b le of Contents ii Transaction Overview FLAME Overview Financial Analyses Appendix 1 4 10 18

Confidential T r ansac t ion Over view 1

Confidential T ransaction O v erv iew  On January 15, 2024, FLAME’s Special Committee is expected to consider the sale of the Company (the “Proposed Transaction”) to RBI for a purchase price of $9.55 per share in cash (the “Proposed Purchase Price”) — Represents an implied premium of 13.4% based on FLAME’s stock price of $8.42 as of January 12, 2024  The Proposed Transaction will be financed by RBI with cash on hand Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. 1) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs including dividend (1.598 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.075 million), 2021 bonus RSUs (0.018 million) and stock options (0.925 million @ $7.12 strike price) per FLAME Management. 2) Debt and cash based on Q4 2023 figures provided by FLAME Management. Debt includes $290.1 million senior notes, $133.4 million term loan and $10.0 million capital leases. 3) VWAP calculated using price and volume data for the last 30 and 90 calendar days. 4) Public company EBITDA burdened by stock - based compensation and pre - opening costs. $9.55 P r o p o s e d P ur c h a se P r ic e 66.642 Diluted Shares Outstanding (1) $636.4 Implied Equity Value Plus: Debt (12/31/2023) (2) Less: Cash (12/31/2023) (2) 433.5 ( 4 4 . 5 ) P r o p o s e d Tr a ns a c t i o n V a l ue $1 , 025 .4 I m p l i e d P r e m i u m s FLAME Stock Price 13.4% $8.42 Premium to Current Stock Price (01/12/24) 11.3% $8.58 (D i s co unt) / P r e m i um to 52 - W ee k H ig h 23.1% $7.76 (D i s co unt) / P r e m i um to 30 - D a y V WA P (3) 28.2% $7.45 (D i s co unt) / P r e m i um to 90 - D a y V WA P (3) T E V / E BITDA FLAME Statistic A d j . E BITD A (4) 7.1x $145.4 FY2023E 6.5x $157.4 FY2024P 2

Confidential Pr o p o s e d Tr a ns ac ti o n Su m m a ry  $9.55 per share in cash Pr o p o s e d Pur c h a se Pri c e  Reverse Triangular Merger; RBI will cause its subsidiary (“Merger Sub”) to merge with and into the Company, with the Company surviving as an indirect subsidiary of RBI (the “Merger”) Structure:  Concurrent with the signing of the Merger Agreement, Cambridge Franchise Holdings, LLC, Cambridge Franchise Partners, LLC, Alexander Sloane and Matthew Perelman would enter into a voting agreement with RBI in support of the transactions and would terminate any 10b5 - 1 sales plan in effect V o ting A g r ee m e nt:  Combination of RBI cash on hand and committed credit facilities. Obtaining debt financing will not be a condition to closing Financing:  Approval of Majority of the Unaffiliated Shareholders  HSR Clearance  No termination of the merger agreement  No financing condition Certain Closing Conditions:  30 - day go - shop that allows FLAME to solicit proposals Go - Shop:  Termination date of November 30, 2024 O utside D a t e :  Company termination fee of 3.0% of fully diluted equity value using the $9.55 per share price (~$19.1M) (1) T e rmi n a ti o n F ee s:  RBI and Company shall jointly file schedule 13E - 3 Other: 3 Key T erms of the Merger A greement Source: Draft Merger Agreement dated January 15, 2024. 1) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs including dividend (1.598 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.075 million), 2021 bonus RSUs (0.018 million) and stock options (0.925 million @ $7.12 strike price) per FLAME Management.

Confidential FL A ME O verview 4

Confidential $8 .42 52 - Week High $8 . 58 52 - Week Low $1 . 85 Diluted Shares Outstanding 68 . 22 Implied Equity Value (+) Total Debt ( - ) Cash & Equivalents ( 45) Implied Enterprise Value $963 2023E Management Adj. EBITDA 2024P Management Adj. EBITDA 2023E Consensus Adj. EBITDA $143 2024P Consensus Adj. EBITDA EV / 2023 E M a n a g e me n t Adj. EB I T D A 6 . 6 x EV / 2024 P M a n a g e me n t Adj. EB I T D A 6 . 1 x EV / 2023 E C o n s e n s u s Adj. EB I T D A 6 . 7 x T radi n g Su mm ary Current Share Price (1/12/2024) $ 0 . 0 0 $ 2 . 0 0 $ 4 . 0 0 $ 6 . 0 0 $ 8 . 0 0 $ 1 0. 00 $ 1 2. 00 J an - 19 J u l - 19 J an - 20 J u l - 20 J an - 21 J u l - 21 J an - 22 J u l - 22 J an - 23 J u l - 23 J an - 24 P rice Sources: Company filings, S&P Capital IQ as of January 12, 2024. F iv e - Y ear S t ock P r ice Pe r fo r m an ce ($Millions, except per share data) F L AME P u b l i c Market O v erv iew ( 1) EV / 2024 P C o n s e n s u s Adj. EB I T D A 6 . 3x 3) Reflects management estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). 1) Fully diluted shares outstanding include basic shares outstanding (54.496 million), convertible preferred stock (9.415 million), non - vested common 4) Reflects consensus estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). shares (2.744 million), performance - based restricted shares (0.600 million), performance based RSUs (0.798), time - based RSUs (0.017 million) and stock options (0.976 million @ $7.12 strike price). 2) Total debt includes $290.1M of Senior Notes, $133.4M of Term Loan B and $10.0M of Capital Leases. $145 (3) $157 (3) ( 4) $153 (4) $574 43 3 ( 2) 1/14/2024 Proposed Purchase Price: $9.55 $ 8.42 5

Confidential Indexed Share Price Performance (Last Two Years) FLAME has Outperformed Peer Indices Over the Last Two Years ( 50 %) 6 ( 25 %) 0% 100% 75% 50% 25% 125% 175% 150% 200% 225% (75%) J an - 22 Apr - 2 2 J u l - 22 Sources: Company filings, S&P Capital IQ and Wall Street research as of January 12, 2024. 1) Small - Cap FSR Index includes BJRI, CHUY, RRGB, STKS. 2) Small - Cap LSR Index includes LOCO, NDLS, PBPB. O ct - 22 J an - 23 Apr - 2 3 J u l - 23 O ct - 23 J an - 24 A r c o s D o r a d o s: 112% F L A ME: 194% S m a ll - C a p FS R ( 1 ) : (11%) S m a ll - C a p LS R ( 2 ) : (26%)

Confidential 5 . 0 x 10 . 0 x 15 . 0 x 20 . 0 x 25 . 0 x 30 . 0 x 35 . 0 x 40 . 0 x 0.0x J a n - 19 J u l - 19 J a n - 20 J u l - 20 J a n - 21 J u l - 21 J a n - 22 J u l - 22 J a n - 23 J u l - 23 Small - C a p L S R Small - C a p F S R RBI Arcos D o ra do s FLAME 6.1x 7.6x 14.2x 6.0x 6.5x Current 6.2x 8.3x 14.0x 6.2x 6.3x L a st 3 0 D a ys 6.1x 7.6x 13.5x 5.8x 6.5x L a st 18 0 D a ys 6.7x 7.9x 13.8x 5.6x 7.1x 1 - Year 8.4x 8.5x 13.6x 6.5x 7.3x 3 - Year 8.3x 7.8x 13.5x 6.6x 7.4x 5 - Year 8.3x 6.6x 13.2x 7.0x 7.5x Pre - COVID (be for e Mar - 20) 8.3x 8.2x 13.6x 6.4x 7.3x Post - COVID ( a f t e r F e b - 21) S m a ll - C a p FS R ( 1 ) S m a ll - C a p LS R ( 2 ) F L A ME 7.6x 6.5x 6.1x 6.0x RBI 7 Note: NTM EBITDA figures unburdened by stock - based compensation and pre - opening expenses. Source: S&P Capital IQ as of January 12, 2024 and Wall Street equity research. 1) Small - Cap FSR Index includes BJRI, CHUY, RRGB, STKS. 2) Small - Cap LSR Index includes LOCO, NDLS, PBPB. Public Market Views: FLAME EV / NTM EBITDA Multiple Over Time vs. Peers 14.2x A r c o s D o r a d o s EV / NT M EBIT D A Sin ce J an u ary 2019 COVID (Mar - 20 – Feb - 21) 45.0x

Confidential FY2024P FY2023E Price Target Recommendation Firm Date EPS Adj. EBITDA Revenue EPS Adj. EBITDA Revenue 01/10/ 24 Firm A $10 . 00 01/11/ 24 Frim B $13 . 00 $1 , 877 $1 , 930 Consensus Mean: $11 . 50 $1 , 875 $0 . 48 $1 , 937 $0 . 58 Management Estimates: N / A $1 , 871 $145 N / A $1 , 964 N / A Selected A n aly s t E s ti m ates Evolution of Analyst Recommendations Selected Wall Street Research Perspectives (Post Q4 Pre - Release) Buy 80% 80% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 20% 20% $2 . 00 $0 . 00 $4 . 00 $6 . 00 $8 . 00 $1 0 . 0 0 10 0 % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% J a n - 23 F e b - 2 3 M a r - 2 3 A p r - 2 3 M a y - 2 3 J u n - 23 J u l - 23 A u g - 2 3 S e p - 2 3 O ct - 23 No v - 2 3 D e c - 2 3 J a n - 24 4 5 5 5 4 4 4 4 4 4 4 4 4 Consensus P r ic e T a r g e t $12.00 Price Target Buy/Overweight Hold/Neutral # Number of Analysts Sources: Wall Street research and Capital IQ as of January 12, 2024. 1) Reflects Pre Q4 Pre - Release estimates. 2) Reflects Analysts Estimates. EBITDA Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). 3) Reflects consensus estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). 4) Reflects management estimates. Burdened by stock - based compensation ($5.6 million in ’23, $5.0 million in ’24) and pre - opening costs ($0.03 million in ’23, $0.075 million in ’24). Selected A n aly s t Co m m en ta r y “FLAME’S slightly positive BK traffic, with drivers ahead (marketing, operations, kiosk rollout and remodels) gives us increased confidence in the Burger King turnaround . FLAME is also benefiting from rapidly expanding margins , due to operating efficiency efforts, tamed cost inflation and Burger King's focus on being profitable. FLAME initiated a quarterly dividend, which signals confidence in its balance sheet and the BK tu rn a r o un d , i n o u r vi e w . ” - Firm A, November 2023 “We believe there are still several areas of opportunity for the Burger King brand (and [FLAME]) to benefit from cost optimization (via vendor agreements or supply chain savings as examples) over time. Looking forward, we believe there is room for additional margin accretion although would expect the improvements to be somewhat muted vs. the 610 bps upside seen 1Q23 - 3Q23 relative to the prior year… We expect benefits to materialize more so in the second half of the year with an opportunity to continue unfolding over the next two years.” - Firm B, January 2024 8 ( 4) (3) $143 (3) $153 $157 (4) $1,874 (1) $154 (2) $0.47 (1) $1,944 (1) $0.56 (1) $144 (2) Buy (2) $143 $152 (2) $0.49 (2) $0.59 (2)

Confidential F L AME T radi n g A cti v ity & L TM Summary LTM Cumulative Volume Below Price (%) M arket Sn ap s h ot ( 1) Current $8.42 20 - Day VWAP $7.94 30 - Day VWAP $7.76 60 - Day VWAP $7.68 90 - Day VWAP $7.45 180 - Day VWAP $6.95 LTM VWAP $5.88 52 - Week High $8.58 52 - Week Low $1.85 5 . 3 % 9 . 2 % 22.3% 13.6% 36 . 6 % 57 . 1 % 68 . 8 % 88 . 9 % 100 . 0 % <$2 . 50 <$3 . 25 <$4 . 00 <$4 . 75 <$5 . 50 <$6 . 25 <$7 . 00 <$7 . 75 <$8 . 50 Volume Traded as a % of Float ( Source: S&P Capital IQ as of January 12, 2024. 1) VWAPs account for all calendar days for the LTM period ended January 12, 2024. 2) Float excludes shares owned by corporate insiders and activist investors. 449% 400% 309% 256% 164% 100% 61% 41% 2) : 24% Cu rr e n t: $8 .4 2 RBI P r o p o s a l: $9.55 9

Confidential Finan c ial Analys e s 10

Confidential Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. 11 F L AME Ma n agem e n t Pro j ectio n s At the direction of the FLAME Special Committee, Jefferies based its financial analysis on these financial projections per FLAME Management as of December 2023 Y ea r En d ing D ece m b e r 31, ($Millions) 2028P 2027P 2026P 2025P 2024P 2023E 2022A $2,328.8 $2,228.0 $2,133.2 $2,045.2 $1,963.9 $1,871.2 $1,730.4 Revenues 4.5% 4.4% 4.3% 4.1% 5.0% 8.1% - % Growth 692.5 656.9 623.4 592.3 564.8 521.1 534.2 Cost of Food & Paper 29.7% 29.5% 29.2% 29.0% 28.8% 27.9% 30.9% % of Revenue 731.7 702.0 674.2 648.6 625.3 606.0 585.2 Restaurant Labor 31.4% 31.5% 31.6% 31.7% 31.8% 32.4% 33.8% % of Revenue 449.3 433.0 417.7 403.6 381.2 368.4 343.9 Operating Expenses 19.3% 19.4% 19.6% 19.7% 19.4% 19.7% 19.9% % of Revenue 146.1 141.9 137.9 134.3 131.2 128.5 125.5 Rent Expense 6.3% 6.4% 6.5% 6.6% 6.7% 6.9% 7.3% % of Revenue $309.2 $294.3 $280.0 $266.4 $261.4 $247.1 $141.6 R e st a ur a nt EBIT D A 13.3% 13.2% 13.1% 13.0% 13.3% 13.2% 8.2% Restaurant Margin % 107.3 105.0 102.7 98.9 96.8 96.1 79.1 G&A Expenses 4.6% 4.7% 4.8% 4.8% 4.9% 5.1% 4.6% % of Revenue Adjustments 0.8 0.8 0.8 0.8 0.8 Triage Store Closures 2.3 2.2 2.2 2.1 2.0 Local Marketing (3.0) (3.0) (3.0) (3.0) (4.9) Remodel Downtime $202.0 $189.3 $177.3 $167.4 $162.5 $151.1 $62.5 Adjusted EBITDA 8.7% 8.5% 8.3% 8.2% 8.3% 8.1% 3.6% Margin % (5.0) (5.0) (5.0) (5.0) (5.0) (5.6) (4.9) Less: Stock - Based Compensation (0.5) (0.5) (0.4) (0.3) (0.1) (0.0) (0.3) Less: Pre - Opening Expenses $196.5 $183.9 $171.9 $162.1 $157.4 $145.4 $57.3 Adjusted EBITDA (net of SBC and pre - opening) 8.4% 8.3% 8.1% 7.9% 8.0% 7.8% 3.3% Margin % (77.1) (77.0) (72.3) (81.2) (85.0) (52.0) (37.2) Less: Capex 2.0 2.0 2.0 (3.0) (10.0) 6.2 (10.2) L e ss: (In c ) / D e c in NWC $121.4 $108.9 $101.6 $77.9 $62.4 $99.6 $9.8 Fr e e C a sh Fl o w

Confidential  Reviewed 8 U.S. listed public restaurant companies with similar business model or financial attributes the factors considered, without considering all analyses and factors, could create a misleading or incomplete view of the process undertaken by Jefferies. 12 An a lysis o f Se l e c t e d Pub l i c ly T r a d e d C o m p a n i e s  Estimates current market value of FLAME shares based on trading multiples of selected publicly traded companies generally considered relevant for comparative purposes Methodology G e ne ra l D e s c r ipti o n Comments Discounted Cash Flow Analysis  Estimates the value of FLAME share price based on the present value of the Company’s risk - adjusted cash flow  Terminal value calculated using perpetuity growth method  Discount rate range based on weighted average cost of capital methodology was applied to FLAME’s projected unlevered cash flows Note: Jefferies did not attribute any particular weight to any analysis, methodology or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor; accordingly, Jefferies’ analyses must be considered as a whole. Considering any portion of the analyses or Methodologies and Additional Information A dditi on a l I nf or m a t i o n ( F o r R e f ere n c e O nly) P r e mi u ms P a id  A review, as an additional reference point for informational purposes, of premiums paid in selected M&A transactions involving public companies  Reviewed 19 acquisitions of franchisee companies with publicly disclosed and undisclosed transaction valuation data  Excluded non - franchisee restaurant companies with brand ownership (e.g., franchisor or company - operated stores)  Included for informational purposes only because of a lack of publicly available information regarding the selected transactions Analysis of Selected Transactions  Estimates value of FLAME share price based on a review of selected merger and acquisition transactions generally considered relevant for comparative purposes  Reviewed 294 all - cash transactions across all industries, excluding financial targets, with transaction equity values between $500M and $2.0B and 20 all - cash restaurant transactions involving U.S. domiciled and listed publicly traded targets closed since January 1, 2012

Confidential Metrics Methodology Fi n ancial A naly s es Summary 2024 Adjusted EBITDA Multiple (1) Fo r I n f o rm a ti ona l P u r po s e s O n ly D i s c o un t e d C a s h F l o w A n a l y s i s Perpetuity Growth Method ▪ 6.0x – 7.0x 2024 Adjusted EBITDA of $157.4M (2) ▪ Discount rate of 11.0% - 13.0% and perpetuity growth rate of 2.5% - 3.5% Selected Public Companies Analysis 2023 Adjusted EBITDA Multiple (1) Note: Share prices on chart rounded to the nearest 5 cents. Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. 1) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs including dividend (1.598 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.075 million), 2021 bonus RSUs (0.018 million) and stock options (0.925 million @ $7.12 strike price) per FLAME Management. 2) Adjusted EBITDA is net of stock - based compensation and pre - opening costs. ▪ 6.25x – 7.25x 2023 Adjusted EBITDA of $145.4M (2) 2023 Adjusted EBITDA of $145.4M (2) 2024 Adjusted EBITDA of $157.4M (2) Implied Enterprise Value / 9.1x 8.2x 7.3x 6.3x 5.4x 8.4x 7.6x 6.7x 5.9x 5.0x P r o p o s e d P ur c h a s e P r i c e : $9.55 $6.10 $8.35 $7.80 5.5x – 7.75x 2023 Adjusted EBITDA of $145.4M (2) Based on disclosed and undisclosed ▪ ▪ $11.05 $6.20 Selected Transactions Analysis Selected LSR Franchisee Transactions transaction multiples Historical Premiums Paid Analysis 25 th - 75 th Percentile 1 - day premiums of all industries @ 18 . 8 % - 53 . 0 % to share price as of 1 / 12 / 24 ▪ $12.90 $10.00 All Industries (1 - Day) 25 th - 75 th Percentile 30 - day premiums of all industries @ 23.7% - 59.1% to share price as of 12/14/23 ▪ $12.45 $9.70 All Industries (30 - Day) 25 th - 75 th Percentile 1 - day premiums of restaurants @ 17.2% - 35.3% to share price as of 1/12/24 ▪ $11.40 $9.85 Restaurants (1 - Day) 25 th - 75 th Percentile 30 - day premiums of restaurants @ 16.1% - 35.0% to ▪ $10.60 $9.10 Restaurants (30 - Day) share price as of 12/14/23 $10.35 $10.70 $10.00 $4 . 0 0 $6 . 0 0 $8 . 0 0 $1 0 . 00 $1 2 . 00 $1 4 . 00 $1 6 . 00 13

Confidential EV / 2024P Ad j. EBIT D A 6. 7 x 6. 6x 6. 5 x 1 5 . 5 x 6. 6 x 5 . 3 x 8. 9 x 8 . 5 x 6. 4 x 4. 4 x 1 6 . 5 x 4. 4 x 1 5 . 7 x 31.7x Analysis of Selected Public Companies – Forward EBITDA Valuation 6. 3 x 6. 1 x 5. 8 x 1 4 . 0 x 6 . 7 x 8. 7 x 7. 3 x 1 4 . 7 x 1 4 . 7 x 23.7x Sm a l l - C a p L SR M e d i a n : 6 . 7x Sm a l l - C a p FSR M e d i a n : 6 . 0x Pu b lic F r a n c h i s ee s (U.S. Listed) ‘2 4P Ad j. EBITDA: ’23E – ’2 4P Ad j. EBIT DA Gr o wth : R e f e r en c e ( N o n - U . S. Li s t e d ) M e d i a n : 14 . 7x R e f e r en c e : R B I 4.0x 4.2x 4.7x 4.5x (ASX:DMP) FLAME Management FLA M E C o n se n s u s $2,67 4 $1,016 $276 $175 $77 $48 $113 $60 $40 $53 $27 $512 $157 $153 7.3% 11.0% 12.0% 33.6% 4.9% 34.5% 17.6% 2.3% 17.9% (1.5%) 10.8% 12.4% 8.3% 6.9% Sm a l l - C a p L SR M e d i a n : 6 . 6x Sm a l l - C a p FSR Median: 7.5x Pu b lic F r a n c h i s ee s (U.S. Listed) R e f e r en c e ( N o n - U . S. Li s t e d ) M e d i a n : 16 . 5x R e f e r en c e : R B I ($Millions) EV / 2 023E Ad j. EBIT D A Sources: Company filings, Wall Street research and S&P Capital IQ as of January 12, 2024. Note: Adjusted EBITDA figures reflects consensus estimates. Burdened by stock - based compensation and pre - opening costs. 14 (ASX:DMP) Management Consensus $39,244 $4,052 $4,059 $4,157 $322 $229 $817 $518 $180 $354 $381 $2,955 $963 $963 Ent e rprise V a lu e : $2,494 $915 $247 $131 $73 $36 $96 $58 $34 $54 $25 $455 $145 $143 ’23E Adj. EBITDA: FLA M E FLA M E

Confidential ’2 3 E – ’2 4 P P rojected G ro w th 2 0 2 3 E Size and Scale Adj. EBITDA Gr o wth RL EBITDA Gr o wth R e v e nue Gr o wth Unit Gr o wth Adj. EBITDA Ma r g in RL EBITDA Ma r g in Adj. EBITDA RL EBITDA T o t a l R e v e nue S ys t em wide U nits (% Fr a n c his e d) Analysis of Selected Public Companies – Scale and Growth Benchmarking ($Millions) 2,350 50 $4,350 $300 $250 $50 $475 $20 20.0% 10.0% 15.0% 5.0% 15.0% 0.0% 25.0% (5. 0 % ) 40.0% 0.0% 35.0% (5. 0 % ) (0 % ) 2,322 (100 % ) FLAME 1,079 (100 % ) 514 (18%) 490 (38%) 474 (20%) 431 (13%) 217 (0%) 101 (0%) 68 $4,311 FLAME $1,875 $1,339 $1,301 $505 $490 $467 $462 $340 FLAME $242 $171 $145 $81 $74 $66 $63 $52 NA $455 FLAME $143 $96 $73 $58 $54 $36 $34 $25 12.6% 11.6% 10.6% 10.6% FLAME 7.6% 7.1% 6.8% 5.6% 5.0% 21.4% 6.2% 5.3% 4.5% 4.3% FLAME 3.0% 0.6% (1.6%) (2.7%) 19.5% 16.0% 16.0% 15.7% 13.8% 13.4% 13.2% FLAME 12.9% NA 14.7% 8.4% 6.9% 3.4% 2.0% 1.8% 1.0% FLAME 0.6% 0.6% 16.4% 12.9% 12.4% 6.2% 3.2% 2.8% 1.1% FLAME 0.8% NA 34.5% 17.9% 17.6% 12.4% 10.8% FLAME 6.9% 4.9% 2.3% (1.5%) Sources: Company filings, Wall Street research and S&P Capital IQ as of January 12, 2024. Note: Adjusted EBITDA figures reflects consensus estimates. Burdened by stock - based compensation and pre - opening costs. 15

Confidential Implied Price Per Share @ 3.0% Perpetuity Growth Dis co unt R a te Annu a l Outp e rf o r m a n c e / 13.0% 12.0% 11.0% I m pli e d Adj. 2024P EBITDA $6.55 $7.90 $9.60 0.0% / $162.5 ( Bas e C ase ) $7.10 $8.45 $10.15 +7.7% / $175.0 $7.90 $9.30 $11.00 +18.7% / $192.9 16 Di s cou n ted Ca s h F low Analy s i s Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. Note: Share prices in sensitivity table are rounded to nearest $0.05. DCF assumes valuation as of December 31, 2023. 1) Depreciation & amortization is equal to capex in the terminal year. 2) Based on effective tax rate of 25.5% per Company Management. This does not reflect benefit from NOLs. 3) Based on illustrative perpetuity growth rate of 3%. Based on illustrative discount rate of 12%. Assumes mid - year convention. 4) Fully diluted shares outstanding includes basic shares outstanding (51.602 million), convertible preferred stock (9.415 million), non - vested common shares (2.885 million), 2023 PSUs including dividend (1.598 million), 2024 executive grants (0.488 million), 2024 employee awards (0.326 million), 2024 director awards (0.075 million), 2021 bonus RSUs (0.018 million) and stock options (0.925 million @ $7.12 strike price) per FLAME Management. 5) Based on EBITDA net of SBC and pre - opening expenses. Normalized Terminal Year Y e a r E nding D e ce mb e r 31 , ($Millions) 2028P 2027P 2026P 2025P 2024P $2,328.8 $2,328.8 $2,228.0 $2,133.2 $2,045.2 $1,963.9 Revenue $202.0 $202.0 $189.3 $177.3 $167.4 $162.5 A djust e d E B I TDA (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) Less: Stock - based Compensation (0.5) (0.5) (0.5) (0.4) (0.3) (0.1) Less: Pre - Opening Expenses $196.5 $196.5 $183.9 $171.9 $162.1 $157.4 Adjusted EBITDA (net of SBC) (77.1) (88.9) (85.4) (82.2) (79.0) (75.0) Less: D&A (1) $119.4 $107.6 $98.5 $89.7 $83.1 $82.4 EBIT (30.4) (27.4) (25.1) (22.9) (21.2) (21.0) Less: Taxes (2) $88.9 $80.2 $73.4 $66.9 $61.9 $61.4 Net Operating Profit After Tax (NOPAT) 77.1 88.9 85.4 82.2 79.0 75.0 Plus: D&A 2.0 2.0 2.0 2.0 (3.0) (10.0) L e ss: NWC (I n cr ea s e ) / D e c r ea se $168.1 $171.1 $160.8 $151.1 $137.9 $126.4 Unl e v e r e d C FO (77.1) (77.1) (77.0) (72.3) (81.2) (85.0) Less: Capex $90.9 $93.9 $83.8 $78.8 $56.7 $41.4 Unl e v e r e d FCF $56.4 $56.3 $59.3 $47.8 $39.1 Present Value of Unlevered FCF $1,101 T er min a l V a lue a t 3 . 0 % G r o w t h R a t e $625 Present Value of Terminal Value (3) $259 Sum of PV of Unlevered FCF $30 Sum of PV of NOLs $914 Total Enterprise Value (389) Less: Net Debt (Q4, 2023) $525 Equity Value 66.498 FDSO (4) $7.90 Implied Price Per Share (rounded to the nearest 5 cents) I m pli e d Pri c e P e r Sh a re Dis co unt R a te Perpetuity 13.0% 12.0% 11.0% Growth $6.10 $7.35 $8.90 2.5% $6.55 $7.90 $9.60 3.0% $7.00 $8.50 $10.35 3.5% I m pli e d T e r m in a l EBITDA M ultipl e (5) Dis co unt R a te Perpetuity 13.0% 12.0% 11.0% Growth 4.8x 5.3x 5.9x 2.5% 5.1x 5.6x 6.3x 3.0% 5.4x 6.0x 6.7x 3.5%

Confidential Source: FLAME financial projections provided by FLAME Management, as approved for Jefferies’ use by the Special Committee. Federal and state tax rates per FLAME Management. (1) WOTC credit usage in any given year can not exceed the excess of the tax liability less 25% of the tax liability in excess of $25,000. (2) Reflects expiry of all unused state NOLs in final year of carryforward period for all states. (3) Cost of equity calculated using FLAME unlevered beta and the size premium of FLAME per Duff & Phelps Cost of Capital Navigator. Key Poin t s  Financial data per FLAME Management as of December 2023  Il l u st r a ti ve 3. 0% lon g - te rm gr o w th r a te applied to 2029P – 2042P pre - tax income  Star ti n g N O L s ( a s of 1 2/ 3 1 / 2 0 2 2 ) p er FLA M E M a n a g e m e n t: — $ 125 . 9 million in federal NOLs subject to a m a xim u m u sa g e of 8 0 % o f ta x a b l e incom e f r om 2 0 24 onw a rd — $43.9 million in WOTC credits subject to a m a xim u m u sa g e of ~ 7 5% o f the tax liability (1) — $550.5 million in state NOLs in 22 states with operations  2 1 . 0% fe d er a l tax r a te  State tax rate of 5.35% based on aggregate state taxes in 2022 Ill u strati v e N O L Analys is ($ in millions, except per share data) Y ea r Ending D e ce m b e r 31, '29P - '42P 2028P 2027P 2026P 2025P 2024P 2023E $1,580.7 $89.8 $80.7 $71.3 $61.5 $59.8 $43.7 FLAME Pre - Tax Income - - - - $34.4 $82.2 $125.9 Beg. Federal NOL Balance - - - - (34.4) (47.8) (43.7) F e d e r a l NOL G a in / (U s e d) - - - - - 34.4 82.2 End Federal NOL Balance - - - - $34.4 $47.8 $43.7 Federal NOLs Used 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% Tax Rate $0.0 $0.0 $0.0 $0.0 $7.2 $10.0 $9.2 CF I m p ac t o f F e d e r a l NOLs $1,580.7 $89.8 $80.7 $71.3 $27.1 $12.0 - Remaining Taxable Income after Federal NOLs Used - - - $14.5 $34.9 $43.9 $43.9 Beg. WOTC Credit Balance - - - (14.5) (20.4) (9.0) - W OTC Cr e dit G a in / (U s e d) - - - - 14.5 34.9 43.9 End WOTC Credit Balance - - - $14.5 $20.4 $9.0 - WOTC Credits Used 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% Tax Rate $0.0 $0.0 $0.0 $3.0 $4.3 $1.9 - CF I m p ac t o f W OTC Cr e dits $268.6 $275.3 $388.7 $421.5 $463.6 $512.0 $550.5 Beg. State NOL Balance (106.1) (6.7) (25.6) (32.8) (42.0) (48.4) (38.5) St a te NOL G a in / (U s e d) (162.5) - (87.9) - - - - State NOL Expiration (2) - 268.6 275.3 388.7 421.5 463.6 512.0 End State NOL Balance $5.7 $0.4 $1.4 $1.8 $2.2 $2.6 $2.1 CF I m p ac t o f St a te NOLs $5.7 $0.4 $1.4 $4.8 $13.8 $14.5 T o t a l C as h Fl o w I m p ac t 4.5 3.5 2.5 1.5 0.5 Discount Period 52.3% 60.4% 69.8% 80.6% 93.0% Discount Rate $1.1 $0.2 $0.8 $3.4 $11.1 $13.5 PV o f T o t a l NOLs Co s t o f E q uity ( 3 ) Present Value of Total NOLs 15.5% $30.1 17

Confidential Appendix 18

Confidential E V / LTM A d j . E BITDA Date Target Acquiror Undisclosed Nov - 23 Far West Services Brentwood & Sixth Street Undisclosed Jun - 23 Taco Bell Franchisee Southpaw Undisclosed Feb - 23 Leading LSR Franchisee Undisclosed Undisclosed Jul - 22 Caspers Company McDonald's Undisclosed Mar - 22 Auntie Anne's Fresh Dining Concepts Undisclosed Sep - 21 Pacific Bells Orangewood Undisclosed Jun - 21 K - MAC Enterprises Mubadala Undisclosed Mar - 21 NPC Flynn Restaurant Group Undisclosed Dec - 20 PJ United The Halifax Group Undisclosed Sep - 20 Great American Chicken Corp Restaurant Brands New Zealand Undisclosed Dec - 19 Tasty Restaurant Group Tr i t o n P aci f i c Undisclosed Sep - 19 Kormex Foods Bessemer Investors Undisclosed Feb - 19 Cambridge Franchise Holdings (Popeyes and Burger King Franchisee) Carrols Restaurant Group Undisclosed Dec - 18 U.S. Beef Corp. (Arby's Franchisee) Flynn Restaurant Group 7.3x Nov - 18 Diversified Restaurant Holdings ICV Partners Undisclosed Mar - 18 KBP Foods Pritzker Group Undisclosed Jan - 18 NPC International (Olympus Partners) DRG Southeast Undisclosed Dec - 16 Strategic Restaurants Acquisition Corp GPS Hospitality Undisclosed Dec - 16 Taco Bell & KFC Franchisee (K - MAC Enterprises) Lee Equity R e sta ura nt Br a nds Inte rna t i o n a l FL A M E J a n - 2 4 7 . 1 x ( 1) Sources: Company filings, MergerMarket, Moody’s, S&P Capital IQ, online news estimates. Note: “Undisclosed” multiples includes known multiples not publicly disclosed. 1) Represents a purchase price of $1,025M and 2023 management Adj. EBITDA of $145.4M. Analy s i s of S elected Fra n chisee Restaurant M&A T ransactions (For Reference O n l y ) Franchisee transaction multiples have generally ranged from 5x to 10x – based on scale, brands and performance metrics (e.g., restaurant level economics) 19

Confidential Ill u strati v e M&A Premiums Paid Analy s is ( F or Refere n ce O n l y ) U.S. M&A All - Cash Transactions, Closed Since January 1, 2013 S o urc e : Re f initiv as o f J anua r y 12, 2024. N ot e : Share p r ic e s are r o und e d to n ear e s t $0.05. 1) Data represents 294 all - cash transactions with Implied Equity Values of $500M to $2.0B involving U.S. domiciled and publicly listed traded targets. Excludes financial firms. 2) Data represents 20 all - cash restaurant transactions involving U.S. domiciled and publicly listed traded targets. 3) 1 - Day implied price based on premiums applied to share price as of close on January 12, 2024. 30 - Day implied price based on premiums applied to share price as of close on December 14, 2023. 30 - Day 1 - Day 30 - Day 1 - Day $10.60 $11.40 $12.45 $12.90 $ 9 . 8 5 $10.55 $10.75 $11.00 $9.10 $9.85 $9.70 $10.00 M edi a n – Al l I n d u s t r i e s ( 1 ) M edi a n – Res t au r an t T r an s ac t i o n s ( 2 ) 75 th P erce n til e Implied F LAME p rice p er s h are ( 3) 25 th P erce n til e 1 - D ay P rem i u m 30 - D ay P rem i u m 25% 26% 30% 20 37%

Confidential Selected Restaurant Premiums Paid (For Reference Only) 21 U.S. Restaurant M&A All - Cash Transactions, Closed Since January 1, 2013 Source: Refinitiv as of January 12, 2024. Represents all - cash transactions with Implied Equity Values of $200M to $2.0B involving restaurant U.S. domiciled and publicly listed traded targets 30 Day Premium 1 Day Premium TEV ($M) Acquiror Name Target Name Date Announced 21.8% 13.4% $1,025 Proposed Transaction FLAME 1/14/2024 7.2% 8.1% 231 Authentic Restaurant Brands Fiesta Restaurant Group 8/7/2023 33.6% 34.1% 700 Darden Restaurants Ruth's Hospitality Group 5/3/2023 45.8% 66.1% 575 Jack in the Box Del Taco Restaurants 12/6/2021 24.0% 32.0% 211 SPB Hospitality J Alexanders Holdings 7/2/2021 29.0% 33.2% 371 Yum! Brands Habit Restaurants 1/6/2020 15.3% 18.9% 650 Harlan Parent Del Frisco's Restaurant Group 6/24/2019 28.7% 18.8% 1,588 Inspire Brands Sonic Corp 9/25/2018 23.1% 33.4% 250 Cava Group Zoe's Kitchen 8/17/2018 17.5% 17.2% 203 Focus Brands Jamba 8/2/2018 12.5% 25.5% 456 Rhone Capital Fogo De Chao 2/20/2018 15.1% 5.6% 1,541 Post Holdings Bob Evans Farms 9/19/2017 27.7% 19.6% 1,651 Restaurant Brands International Popeyes Louisiana Kitchen 2/21/2017 33.3% 24.6% 1,309 JAB Beech Krispy Kreme Doughnuts 5/9/2016 20.1% 17.3% 1,341 Apollo Global Management Fresh Market 3/14/2016 15.6% 13.6% 242 Lion Fund II Biglari Holdings 6/4/2015 42.3% 51.2% 376 Investor Group Einstein Noah Restaurant Group 9/29/2014 59.1% 35.7% 816 General Mills Annies 9/8/2014 35.5% 44.1% 681 Investor Group Chiquita Brands International 8/11/2014 61.8% 62.7% 832 Coca - Cola Green Mountain Coffee Roasters 2/5/2014 23.7% 11.5% 948 Apollo Global Management CEC Entertainment 1/16/2014 35.0% 35.3% 75th Percentile 25.8% 25.0% Median 16.1% 17.2% 25th Percentile

Confidential FLAME Weighted Average Cost of Capital Source: Public filings, Wall Street equity research, Kroll, Bloomberg. N ot e : M ar k e t dat a as o f J anua r y 12, 2023. 1) 5 - year weekly adjusted betas sourced from Bloomberg as of January 12, 2024. 2) Spot rate for 20 - Year US Treasury Yield as of January 12, 2024. 3) Adjusted for FLAME debt / capital ratio and median debt / capital ratio for selected comparable companies. 4) Represents long - horizon expected equity risk premium per Kroll Cost of Capital Navigator. 5) Size premium based on 8 th decile for market capitalizations from Kroll Cost of Capital Navigator. 6) FLAME tax rate (calculated as the sum of US Federal and State statutory tax rates). Median marginal tax rate used for selected comparative companies. 7) Based on current weighted average yield of FLAME’s existing debt per 2023 Q3 10 - Q. 8) FLAME debt / capital ratio and median debt / capital ratio for selected comparative companies. W A CC Ass u m p t i o ns WACC C alc u la t i o n Illustrative Ra n ge Selected P eers Flame 1.15 0.95 0.92 1.13 Unlevered Beta 1.36 1.40 1.04 1.67 Adj. Levered Beta 7.2% 7.2% 7.2% 7.2% Multiplied by: Market Risk Premium (Rm) 9.7% 10.1% 7.5% 12.0% Adjusted Equity Risk Premium 4.3% 4.3% 4.3% 4.3% Plus: Risk - Free Rate (Rf) 1.2% 1.2% 1.2% 1.2% Plus: Size Premium (Rs) 15.2% 15.6% 13.0% 17.5% Cost of Equity (Ke) 80.0% 60.0% 84.5% 59.6% M u lti p li ed by: E / (D+E) 12.2% 9.3% 10.9% 10.4% Cost of Equity Portion 4.1% 4.1% 4.0% 4.1% After - Tax Cost of Debt 20.0% 40.0% 15.5% 40.4% M u lti p li ed by: D / (D + E) 0.8% 1.6% 0.6% 1.7% Cost of Debt Portion 13.0% 11.0% 11.6% 12.1% WACC S elect ed C o mpan i es Adjusted L e v . B e ta Unlevered Beta Beta (1) T a x R a te N e t D e bt / T o t a l C a p. D / E Ratio Total Cap. Total N e t D e bt C om p a ny N a m e 1.10 0.97 1.10 25.0% 15.5% 18.4% $2,955 $458 Arcos Dorados Holdings Inc. 0.94 0.83 0.83 30.0% (0.6%) (0.6%) 4,157 (24) Jubilant FoodWorks Limited 1.04 0.92 1.15 30.0% 25.7% 35.2% 4,063 1,042 Alsea, S.A.B. de C.V. 1.00 0.88 0.98 30.0% 13.5% 15.7% 4,059 550 Domino's Pizza Enterprises Limited 1.02 0.90 1.02 28.8% 13.5% 17.1% $3,809 $506 M ea n - Public Fr a n c his e s 1.02 0.90 1.04 30.0% 14.5% 17.0% $4,061 $504 M e di a n - Public Fr a n c his e s 1.03 0.92 1.07 29.8% 19.1% 23.7% $354 $68 El Pollo Loco Holdings, Inc. 1.47 1.31 1.29 30.5% (1.8%) (1.8%) 381 (7) Potbelly Corporation 1.26 1.10 1.55 25.4% 34.9% 53.6% 180 63 Noodles & Company 1.25 1.26 1.11 1.10 1.30 1.29 28.6% 29.8% 17.4% 19.1% 25.2% 23.7% $305 $354 $41 $63 M ea n - S m a ll C a p LSR M e di a n - S m a ll C a p LSR 1.12 0.99 1.14 28.7% 15.2% 20.6% $2,307 $307 M ea n - All C o m ps 1.04 0.92 1.10 30.0% 15.5% 18.4% $2,955 $68 M e di a n - All C o m ps 1.69 1.13 1.69 25.5% 40.4% 67.7% $963 $389 FLAME Flame Selec t ed P ee r s I ll us t ra t i ve R ange Risk - Free Rate (Rf) (2) Unlevered Beta 4.3% 1.13 4.3% 4.3% 4.3% 0.92 0.95 1.15 25.0% 66.7% 18.3% 67.7% Debt / Equ it y Ra ti o 1.36 1.40 1.04 1.67 Adj. Levered Beta (3) 7.2% 7.2% 7.2% 7.2% Market Risk Premium (Rm) (4) 1.2% 1.2% 1.2% 1.2% Size Premium (Rs) (5) 28.3% 28.3% 30.0% 28.3% Tax Ra t e (6) 5.7% 5.7% 5.7% 5.7% Pre - Tax Cost of Debt (Kd) (7) 4.1% 4.1% 4.0% 4.1% Illustrative After - tax Cost of Debt I ll us t r a t i ve N et D ebt / Total C ap i t a l ( 8) 40.4% 15.5 % 40.0 % 20.0% 22

Confidential S u mmary C h anges Topic  Increase in fully diluted shares outstanding of ~808k per FLAME Management S h are Co u nt  Decrease in Q4 2023 cash by $0.5 million per FLAME Management Q 4 Cash Selected Changes Since Special Committee Presentation on January 11, 2024 (“Prior Presentation”) 23