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AGENDA

MONDAY, NOVEMBER 8, 2021

11:00 am¨C7:00 pm

Michelangelo

Restaurant Finance & Development Conference Registration

11:00 am¨C7:00 pm

Grand Ballroom

RFDC Networking Lounge

The networking lounge is a great place to talk business and make deals and is open the entire conference.

Caribou Coffee served in the lounge throughout the conference.

Sponsored by Caribou Coffee, 7shifts, Leasecake

12:15 pm¨C1:45 pm

Monet 1-2

PRE-CONFERENCE WORKSHOPS (choose from 1 of 2)

How to Build a Real Estate-Driven Restaurant Company

Moderator: Lew Gelmon, President, LG Enterprises

Stephen Cohen, Attorney, Stephen Cohen, ESQ.; Dusty Profumo, EVP/CFO, Church¡¯s Chicken;

Houston Striggow, Co-Founder/CDO, SusieCakes

Is your real estate team fully focused and aligned on increasing your company¡¯s bottom line? Do you have real estate

policies which align with your company¡¯s strategic objectives and priorities? Is your leadership team aware of the ¡°good

leasing guidelines for restaurants¡± and why they are the cornerstone for success? This 90-minute pre-conference

workshop will provide restaurant executives with a robust discussion of the key elements necessary to become a real

estate driven restaurant company and provide immediate takeaways and action points which they will want to implement

immediately upon return. Too many companies miss targets, and suffer from unnecessary delays, mistakes, and costs that

can be traced back to disjointed and conflicting efforts in acquisitions, site selection, lease negotiations, renewals, rent

deferrals and terminations. The solution is to truly become a real estate driven restaurant company, leading to more

efficient overall decision-making and effective real estate practices that are critical to increasing your bottom line.

12:15 pm¨C1:45 pm

Monet 3-4

Redesigning the Restaurant of the Future: Hospitality Student Competition

Florida International University, Michigan State University, Northern Arizona University, The

University of Texas Rio Grande Valley

Sponsored by BKD CPAs & Advisors, Ecotrak Facility Management Software, PJ Solomon

Faculty members from leading university hospitality programs have assembled four student teams to compete at this

year¡¯s Restaurant Finance & Development Conference. After months of student research and input from university

faculty, the teams will present their best ideas for redesigning the restaurant of the future. Teams will present to the

conference audience and questions will be asked from a panel of expert judges. Find out what the next generation of

restaurants will look like.

2:00 pm¨C2:05 pm

Bellagio 6

2:05 pm¨C2:45 pm

OPENING GENERAL SESSIONS

General Session Opening Remarks

Mary Jo Larson and John Hamburger, Restaurant Finance Monitor

Audio Visual Sponsored by Wray Executive Search, Merchant Centric, BPAC

How COVID-19 and its Variants Trounced America¡¯s Pandemic Preparations and What Steps

Must Be Taken to Protect Against the Next Outbreak

Scott Gottlieb, M.D., Former Commissioner of the U.S. Food and Drug Administration

Dr. Gottlieb is an American physician, a former commissioner of the U.S. Food and Drug Administration and a regular

contributor to CNBC and CBS News. As the pandemic unfolded, he was in regular contact with all the key players in

Congress, the Trump administration, and the drug and diagnostic industries. During this important general session for

RFDC attendees, Dr. Gottlieb will provide an inside account of how level after level of American government crumbled

as the COVID-19 crisis advanced and show how the coronavirus and its variants were able to trounce America¡¯s

pandemic preparations. Looking forward, he outlines the steps that must be taken to protect against the next outbreak.

2:45 pm¨C3:15 pm

The Kaleidoscope of Culture, Human Capital and Building an Iconic Brand

G.J. Hart, CEO, Torchy¡¯s Tacos and Alice Elliot, CEO, The Elliot Group

The toughest operating environment ever" is the way many experienced operators are describing the current staffing

problems impacting the restaurant industry. Join Torchy's Tacos CEO, G.J. Hart, and the Elliot Group's, Alice Elliot as

they discuss the human capital challenges and explore how executive leadership and corporate culture can overcome many

of these challenges¡­..and provide a springboard for growth.

3:15 pm¨C4:00 pm

Get Ready for a 2022 Restaurant and Bar Boom!

Jon Taffer, Star of Paramount Network¡¯s Bar Rescue; Founder of Taffer¡¯s Tavern

Jon Taffer, Star of Paramount Network¡¯s Bar Rescue and founder of Taffer¡¯s Tavern wants you to know that he is bullish

on the restaurant and bar business. During this special RFDC keynote, Taffer will talk about the hospitality business post

Covid and how restaurant and bar owners can reach their full potential.

4:00 pm¨C7:00 pm

Grand Ballroom

The Finance & Development Mall is Open!

5:30 pm¨C7:00 pm Evening Reception Sponsored by Rosnet and RSM US

TUESDAY, NOVEMBER 9, 2021

7:00 am¨C8:00 am

Bellagio 6

8:00 am¨C8:10 am

8:10 am¨C9:00 am

Breakfast and Cup of Joe

Join us for a coffee and light breakfast to kick off Tuesday¡¯s General Session.

Sponsored by BoeFly, Marks Paneth, Restaurant365

General Session Opening Remarks

Mary Jo Larson, Restaurant Finance Monitor

Real-Time Insights on the U.S. and Global Economy, the Biden Administration and Business

Trends Emerging from COVID-19

Rich Karlgaard, Publisher and Futurist, Forbes Media

Sponsored by Altametrics

Drawing from his roles as a Silicon Valley-based publisher for Forbes, a columnist for Forbes Asia, host of the annual

Forbes Global CEO Conference and semi-annual Forbes investor cruises, Rich Karlgaard¡¯s business-consultant-like

approach helps audiences gain a practical understanding of the events that are rapidly changing their world and the

impacts on business, industry, and markets. Karlgaard will analyze the U.S. economy and business landscape in the next

three months to three years. He¡¯ll connect today¡¯s economic and political realities to the accelerating changes in

technology and global markets, then make an intelligent forecast about where value will be created and destroyed.

9:00 am¨C9:30 am

A Conversation with Inspire Brands CEO Paul Brown

Paul Brown, CEO, Inspire Brands

Inspire Brands has rapidly become one of the largest and most successful restaurant companies in the industry by

assembling five unique brands: Arby¡¯s, Buffalo Wild Wings, Sonic, Jimmy John¡¯s and Dunkin Brands. CEO Paul Brown

is the architect of the company¡¯s strategy. During this conference general session, attendees will learn more about Brown,

his vision for Inspire Brands and where he sees the opportunities and challenges in the restaurant business.

9:30 am¨C10:30 am

Business, Economics, Stocks Cryptocurrencies, Politics and More!

Anthony Scaramucci, Founder, SkyBridge Capital

Skybridge Capital founder, Anthony Scaramucci, a former Goldman Sachs banker and President Trump¡¯s

White House Communications Director for just 11 days, is widely followed and one of the leading financial advisors on

Wall Street. He¡¯ll discuss the markets and state of the U.S. economy, politics, cryptocurrencies and his brief time in the

Trump White House.

10:30 am¨C11:10 am

Foyer

Refreshment Break

Sponsored by BciCapital Franchise Finance, City National Bank, Revel Systems

11:10 am¨C12:00 pm

Bellagio 6

BREAKOUT SESSIONS (choose from 1 of 4)

Capital Markets Update¨CSenior Debt

Moderator: Mary Jo Larson, VP, Publisher, Franchise Times

Cristin O'Hara, MD & Group Head of the Restaurant Group, Bank of America

Meghan Hinds, Division Executive, Wells Fargo Restaurant Finance

Armando Pedroza, Managing Director, Citizens Bank

Thomas Hung, Managing Director, First Horizon Bank, Restaurant Finance

Nick Cole, Managing Director, MUFG

Capital is readily available for top tier QSR brands and multiples are stretching historical norms. But, what about those

restaurant concepts (i.e. casual dining) not in the top brand category, what are their financing options? Top senior lenders

in the restaurant lending space will discuss restaurant operating performance, interest rates, valuations and where they

expect the credit markets to shake out post-COVID-19. If you¡¯re looking to make tweaks to your loan agreements in

2022, or simply looking for credit direction, don¡¯t miss this important session.

11:10 am¨C12:00 pm

Monet 1-2

Black Swans, Inflation and Accelerated Evolution of the Restaurant Industry

Moderator: Allan Hickok, Managing Director, Boston Consulting Group

Andy Barish, Managing Director, Jefferies; Fred LeFranc, CEO, Results thru Strategy;

Andy Pforzheimer, CEO, Tastemaker Acquisition Corp.

Prior to and even more so during the pandemic, the restaurant industry was forced to evolve and it rolled out new

strategies to increase customer connection. Digital, off-premise (takeout and delivery) and loyalty remain priorities. Site

locations are evolving due to modified purchasing patterns, not only eliminating dining rooms but eliminating the

restaurant itself (i.e. ghost kitchens and virtual brands). Complicating the recovery, few operators have experience

managing supply chains and labor through the punishing inflation and staffing shortages currently underway. Are recovery

opportunities where you expected? Are adjustments to your business model and strategic plan required? This esteemed

panel will share what¡¯s on the table now and provide predictions for the future.

11:10 am¨C12:00 pm

Monet 3-4

Emerging Brands: Financing Options When There is Growth on the Plate

Moderator: John Hamburger, Restaurant Finance Monitor

Shauna Smith, CEO, Savory Restaurant Fund; Ashish Seth, Managing Director, Restaurant M&A,

Arlington Capital Advisors; Rahul Aggarwal, Partner, Brentwood Associates; Jessica Kates, Co-Founder

and Managing Partner, Rellevant Partners

The excitement surrounding many up & coming restaurant concepts is often tempered by the challenges of financing new

unit growth. What does it take to attract a private equity fund or family office to my brand, or what is the current criteria

of restaurant investors in emerging brands? During this session, attendees will hear about the latest market conditions

from four financiers experienced in financing emerging restaurant brands. If you are looking for growth capital, don¡¯t

miss this session.

11:10 am¨C12:00 pm

Bellagio 4

Franchising in Your Future?¨CStrategies for Emerging Brands

Moderator: Beth Ewen, Senior Editor, Franchise Times

Stratis Morfogen, Founder, Brooklyn Dumpling Shop; Adam Gertler, Chef, Dog Haus; Dennis McKinley,

Co-Founder, CRU Hemp Lounge; Fabio Viviani, Owner & Executive Chef, Fabio Viviani Hospitality

Group

Promising restaurant brands are always faced with this key question: Should I continue to build company stores or start a

franchise program? In this session, you'll hear from four successful restaurant executives who've chosen to go down the

franchise path to generate growth and profits. You'll learn more about their decision process, the "pro's and con's" of

franchising and the road they're taking to become a successful franchisor.

12:00 pm¨C1:30 pm

Grand Foyer

Networking Luncheon (Grab & Go Lunch)

Sponsored by Arlington Capital Advisors, Savory Fund, Signature Financial

S

eating is available throughout the Bellagio complex. Feel free to grab the items you¡¯d like and continue

conversations with other attendees.

BREAKOUT SESSIONS (choose from 1 of 3)

1:30 pm¨C2:20 pm

Monet 1-2

The CFO Forum¨CWhat Top CFOs Have to Say About Labor, Off-Premises Sales, Technology and Inflation

Moderator: Michael Gottlieb, Partner, Ernst & Young

Kate Jaspon, CFO, Inspire Brands; Tim Mullany, CFO, Jack in the Box; Kristy Chipman, CFO, Ruth's Hospitality

Group; Michelle Hook, CFO, Portillo's

This panel of experienced restaurant CFOs will take on the challenges of the day when they meet to discuss the labor,

technology and supply chain challenges facing restaurants today. Attendees will learn tips from these top CFOs as to their

decision-making process and how they deal with key issues in a fast-paced and ever-changing restaurant environment.

1:30 pm¨C2:20 pm

Monet 3-4

Alternatives to Traditional Bank Lending

Moderator: John Hamburger, Restaurant Finance Monitor

Bob Bielinski, Managing Director, AB Private Credit Investors; Barry Dubin, Chief Strategy Officer, KBP

Investments; Matthew Pilla, Managing Dir., Guggenheim;

Erik Herrmann, Partner, Head of Investment Group, CapitalSpring

Higher leverage, fewer covenants and more flexible loan standards: It sounds like a dream come true for a commercial

borrower. But, with any type of debt financing, there are always challenges. During this finance session, franchisors,

franchisees and multi-unit independents will learn more about the non-bank lending world and what it takes to access

funds for growth.

1:30 pm¨C2:20 pm

Bellagio 4

Driving Business Value Through Data: How to Grow Your Data Analytics Capabilities

Moderator: Todd Bernhardt, Partner, Baker Tilly

Dave DuVarney, Principal, Baker Tilly Digital; Jason Westhoff, President, Cousins Subs;

Rahul Kulkarni, CFO, Chaac Foods; Dan Lawler, CFO, Front Burner Society

Many organizations know that accessing key business information is critical to decision making and reacting to market

changes. These competitive pressures are applicable within restaurant groups and being successful means understanding

the information about their business. The wealth of new information can be difficult understand and it can be challenging

to know where to start. The intent of this panel session is to bring to life how other organizations have grown their data

analytics capabilities. To understand why they started their journeys, the challenges they met along the way and the

outcomes to their respective organizations. The audience should walk away from this session with a sense of how valuable

it is to leverage data and a general understanding of how they might begin their journey.

2:30 pm¨C7:00 pm

Grand Ballroom

2:30 pm¨C3:20 pm

Monet 3-4

Finance & Development Mall Open

BREAKOUT SESSIONS (choose from 1 of 3)

M&A Forum: The 2022 Outlook for Capital, Valuations and Deal Flow

Moderator: John Hamburger, Restaurant Finance Monitor

Chris Innes, Vice President, Capital One Food & Beverage; Mark Wasilefsky, Head of Restaurant &

Franchise Finance, TD Bank; Brett Bishov, Managing Partner, Capital Insight; Greg Grambling, Managing

Partner, PJ Solomon; Sandra McCraren, Senior Managing Director, Wintrust Franchise Finance

All of the ingredients are in place for a successful M&A season in 2022. Capital is available and lenders are working hard

to put it to work. It is a seller's market though, and valuations are high. So far, buyers are willing to add equity to bridge

the financing gaps, but elevated deal prices places pressure on them to perform. High valuation also means the wave of

private equity investment that swept through the restaurant industry since the last recession has PE investors looking at

their options. This session is all about buying and selling restaurants and the panel of M&A advisors and bankers on it will

discuss the key trends shaping the restaurant M&A market in 2022. If you are looking to buy or sell restaurants in 2022,

you don't want to miss this session.

2:30 pm¨C3:20 pm

Monet 1-2

SPAC Targets: Does Your Restaurant Company Meet Their Acquisition Criteria?

Moderator: Cindy McLoughlin, Managing Partner Consumer & Hospitality, CohnReznick

Chris Hagar, Managing Director, Stifel; Julia Stewart, Founder & CEO, Alurx;

Mark Leavitt, Managing Partner, Enlightened Hospitality Investments

Special purpose acquisition companies (SPACs) are publicly-traded, investor backed vehicles that target existing

companies for a potential acquisition. SPACs are often looked upon by a target company as an alternative to raising

capital in an initial public offering. If you have ever contemplated taking your company public, or are considering an exit

strategy, you might be interested to learn more about SPACs, their investment criteria and reporting requirements. During

this session, you will hear directly from key SPAC executives about the process and learn more about the types of

businesses they intend to acquire.

2:30 pm¨C3:20 pm

Bellagio 4

Managing to the Future: Lessons Learned From the COVID-19 Pandemic and What¡¯s Next

Moderator: Chris Banse, Partner, RSM US; Patrick Renna, President, Anthony¡¯s Coal Fired Pizza; Scott

Lawton, CEO and Co-Founder, bartaco; Michael Montagano, President & CEO, Kitchen United

Restaurants have been forced to make immediate changes to adapt and survive. How will you and your brand operate in

the future to meet the changing needs and expectations of your guests? Join this panel discussion with CEOs from

multiple sectors where we explore:

?

Survive and thrive: lessons learned from navigating the pandemic

?

Operational considerations and customer experience insights

?

Funding and growth going forward

?

Long-term vision: developing a roadmap to drive towards your future state

3:20 pm¨C3:30 pm

Monet Foyer

3:30 pm¨C4:20 pm

Monet 1-2

Afternoon Energy Break

Sponsored by ApplePie Capital, Baker Tilly, Harri

BREAKOUT SESSIONS (choose from 1 of 3)

Capital to Grow ¨C You Want It, You Need It¡ªThree Different Ways to Get It!

Moderator: Roger Lipton, President, Lipton Financial Services

Andy Wiederhorn, CEO, FAT Brands; Andy Howard, President & CEO, Huey Magoo's Chicken Tenders;

Julio Ramirez, CEO, BurgerFi

If you don¡¯t know where you are going, any road will take you there. However, these three highly successful entrepreneurs

will outline the strategies that have worked for them in their brands. These examples range from FAT Brands¡ªwhich

now franchises fourteen different brands; BurgerFi¡ªwhich is a strong regional player planning much broader

geographical expansion; and the rapidly-expanding Huey Magoos which is being built by an ex-Wingstop team. These

companies have wildly different financial structures, all capable of supporting their aggressive growth plans.

3:30 pm¨C4:20 pm

Monet 3-4

Large Multi-Concept Franchisees¡ªThings We Learned on the Road to Scale

Moderator: Mike Eagen, Managing Director, BMO Harris Bank

Chris Johnson, CEO, Rackson Restaurants; Ali Dhanani, President, HAZA Foods (Taco Bell, Wendy¡¯s);

Rich Krumholz, Managing Partner, Delight Restaurant Group (Taco Bell, Wendy¡¯s); Kara Nordstrom,

CEO, Sailormen (Burger King, Popeye¡¯s, Taco Bell)

According to the Restaurant Finance Monitor, 121 restaurant franchisees had revenue greater than $100 million in 2020.

During this session, you'll meet the owners of four of the fastest growing QSR franchisees in multi-unit, multi-concept

operations and their take on operational challenges during COVID, impacts on margins/pricing/staffing, outlooks for an

inflationary/labor shortage environment and the look to the long-term regarding AI, robotics, consolidation, capital

sourcing and more.

3:30 pm¨C 4:20 pm

Bellagio 4

The Evolving Digital Landscape in Restaurants

Moderator: Dana Zukofsky, Director, BDO

Brent Erwin, CFO, Capriotti's; Eric Easton, CFO, Au Bon Pain; Lauren Bailey, CEO, Upward Projects;

Rob Grimes, CEO, IFBA

Listen and learn from operators and technology experts about how they've seen the digital landscape transformed over

the past few years. This high-level conversation will discuss back-office accounting improvements, mobile ordering,

apps/websites, predictive ordering and so much more.

5:30 pm¨C7:00 pm

Grand Ballroom

Dealmakers Reception in the Finance & Development Mall

Sponsored by Black Bear Diner, Krystal Restaurants LLC, Slim Chickens, Smoothie King

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