18th Annual ICR Conference January 12, 2016

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DisclaimerThis presentation and the accompanying oral presentation contain forward‐looking statements, as defined by federal and state securitieslaws. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, expectations, intentions, projections,developments, future events, performance or products, underlying assumptions and other statements which are other than statements ofhistorical facts. In some cases, you can identify forward‐looking statements by terminology such as “may,” “will,” “should,” “hope,” “expects,”“intends,” “plans,” “anticipates,” “contemplates, “believes,” “estimates,” “predicts,” “projects,” “potential,” “continue,” and other similarterminology or the negative of these terms. Forward‐looking statements are only predictions that relate to future events or our futureperformance and are subject to known and unknown risks, uncertainties, assumptions, and other factors, including those described under“Risk Factors” in our annual report on Form 10‐K (“Annual Report”), many of which are beyond our control, that may cause actual results,outcomes, levels of activity, performance, developments, or achievements expressed, anticipated or implied by these forward‐lookingstatements. As a result, we cannot guarantee future results, outcomes, restaurant activity, performance, developments, or achievements,and there can be no assurance that our expectations, intentions, anticipations, beliefs, or projections will result or be achieved oraccomplished. These forward‐looking statements are made as of the date hereof and are based on current expectations, estimates, forecastsand projections as well as the beliefs and assumptions of management. Our actual results could differ materially from those stated orimplied in forward‐looking statements. Neither we, nor any of our respective agents, employees or advisors intend or have any duty orobligation to supplement, amend, or update these forward‐looking statements even though our situation may change in the future. Further,we encourage you to review the risks that we face and other information about us discussed in the Annual Report and other filings, whichare available at www.sec.gov.

Throughout this presentation, we reference Adjusted EBITDA and restaurant‐level profit margin, which are both non‐GAAP financialmeasures. Please refer to the Appendix of this presentation as well as the our registration statement for a discussion of Adjusted EBITDAand restaurant‐level profit margin, as well as a reconciliation of those measures to the most directly comparable financial measure requiredby, or presented in accordance with, generally accepted accounting principles in the United States, or U.S. GAAP.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not beconstrued as an endorsement of the products or services of Del Frisco’s Restaurant Group, Inc.

Business OverviewMark Mednansky, CEO

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Del Frisco’s Restaurant Group

50 restaurants  21 states LTM(a) Revenue of $323.4 million LTM(a) EBITDA of $47.7 million 

One of the premier fine dining steakhouses

Features prime beef and an award‐winning wine list

Vibrant, energetic, white‐table cloth steakhouse

Features fine hand‐selected, aged steaks and broad offering of seafood

Classic American Grille in a casual atmosphere

Leverages Del Frisco’s positioning with broader range of price points

Del Frisco’sGrilleSullivan’s

(a)  Represents last 4 quarters completed as of September 8, 2015. 

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Investment Highlights

Differentiated, yet highly complementary concepts

Demonstrated, unique operating model

Highly attractive new unit economics

Significant growth opportunities

Proven management team

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The Del Frisco’s “Next Generation” Difference

Food Diverse menu offering has broad appeal Bolder flavor profile

Service “Swarming” upbeat service Teamwork‐focused service approach

Bar Large, central bar Lively bar with signature cocktails

Décor Contemporary designs Appealing to both genders and wider age 

demographic

Atmosphere Music and high energy

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DFRG Delivers Impressive Growth

Higher unit growth compared to nearest public company peers

Expanded Del Frisco’s Grille to 18 restaurants or by 45% in 2014 vs. 2013

YTD Q315 revenue up 11.0% compared to the year ago period

2014 Peer Unit Growth(a)

a) As of latest available public filingsSource: Company information, public filings

2.8% 

6.8% 

0.1% 

9.0% 

5.0% 

20.0% 

2.9% 

17.6% 

15.0%  15.2% 

0%

5%

10%

15%

20%

25%

2013 Growth

2014 Growth

2015E Growth

DFRG Unit Growth

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Differentiated, Yet Highly Complementary Concepts

2014 AUV(a) $14.9m $5.7m $4.3m

No. of restaurants(b) 12 20 18

Geography Premier locations inmajor metro areas

Mix of urban and affluentsuburban locations withstrong lunch presence

Mix of urban and affluent suburban locations

Building size 11k – 24k sq. ft. 6.5k – 8.5k sq. ft. 7k – 11k sq. ft.

Target age group 35 – 64 25 – 54 35 – 54

(a) Represents average unit volumes for 52 weeks as of December 30, 2014(b) Restaurant count as of 9/17/15

$110

$51$62

$0$20$40$60$80$100$120

Averag

e ch

eck

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Del Frisco’s Double Eagle Steak House

Big and bold One of the premier steakhouse concepts in the U.S. Extensive, award‐winning wine list Contemporary and classic designs 12 locations in nine states and D.C. Food vs. beverage split: 66% / 34% 3Q 2015 LTM AUV of $14.8m ($12.2m excl. NYC) (a)

New York

Philadelphia Boston Chicago

(a) Represents LTM average unit volumes for 52‐weeks as of September 8, 2015 for locations open entire period.

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Leverages premier positioning of the Del Frisco’s brand– Del Frisco’s prime steaks and signature menu items at comparable prices – Assortment of upscale, relatively less expensive entrees 

Customized experience with broad appeal for everyday dining Food vs. beverage split: 65% / 35% Lunch vs. dinner split: 23% / 77% 20 locations in eleven states and D.C. 3Q 2015 LTM AUV of $5.8m ($5.3m excl. NYC) (a)

($5.0m ‐ $6.0m target)

Del Frisco’s Grille

Irvine

Fort Worth Houston Southlake Atlanta

(a) Represents LTM average unit volumes for 52‐weeks as of September 8, 2015 for locations open entire period.  Excludes Grilles closed in Palm Beach and Phoenix.

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Sullivan’s Steakhouse

Designed as a complementary concept to Del Frisco’s Fine hand‐selected aged steak, fresh seafood & custom cocktails Brand resonates with a broad demographic Comfortable fine dining in a high energy atmosphere 18 locations in 14 states Food vs. beverage split: 67% / 33% 3Q 2015 LTM AUV of $4.4m (a)

Four point plan is sharpening the brand– Leadership, menu, ambiance, and marketing

(a) Represents LTM average unit volumes for 52‐weeks as of September 8, 2015 for locations open entire period.  Excludes Sullivan’s closed in Denver, Co.

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Our Food – A Bold Flavor Profile

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Our Beverages – A Differentiated Approach

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Recent & Future Growth Activity

Large Universe of Opportunities

2014 Openings 2015 Openings

Complementary conceptsAbility to co‐exist in the same marketsFlexible unit models

North Bethesda, MD Open Date: Sep. 2014 Size: 7,692 sq. ft.

Burlington, MA Open Date: Jun. 2014 Size: 7,900 sq. ft.

Irvine, CA Open Date: Aug. 2014 Size: 8,000 sq. ft.

Washington, D.C. Open Date: Sept. 2014 Size: 17,784 sq. ft.

Tampa, FL Open Date: Nov. 2014 Size: 8,607 sq. ft.

Plano, TXQ3, 2015

The Woodlands, TXQ2, 2015

Little Rock, ARQ4, 2015

Orlando, FLQ3, 2015

Pasadena, CA Open Date: Dec. 2014 Size: 7,177 sq. ft.

Cherry Creek, COQ4, 2015

Targeting 5 – 8 new unit openings per year

Stamford, CTQ3, 2015

Hoboken, NJQ4, 2015

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Grille – The Woodlands, TX

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Del Frisco’s – Orlando, FL

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Grille – Stamford, CT

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Significant Growth Potential for Del Frisco’s Grille

Third‐party study identified a 170+ unit potential with $5.2+ million AUV

Inclusive of six openings during 2015, still less than 15% of potential

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Targeted Unit Economics

Note: Cash‐on‐cash returns are calculated including pre‐opening costs.

Target at Least 25%+ Cash‐on‐Cash Return at Each Concept

Targeted new unit  AUV $9.0 – $10.0m $5.0 – $6.0m $4.5 – $5.0m

Cash investment 

cost$7.0 – $9.0m $3.0 – $4.5m $3.0 – $4.5m

Targeted sales / cash investment

1.1x – 1.2x 1.2x – 1.7x 1.1x – 1.5x

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Organic Growth Drivers

– Tableside up‐selling of food items and menu enhancements– Continued focus on wine selection and cocktailsAverage Check

Private Dining

Marketing

Remodels and Renovations

– Dedicated resources driving strong private dining growth– Investment in additional private dining capacity

– Increase guest counts through effective marketing, including expansion of digital and social marketing with improved online presence

– Continued expansion of loyalty program

Multiple initiatives in place to drive continued comparable sales performance

– Selective remodels and renovations to enhance guest experience– Increased patio and private dining capacity– Completed three Sullivan’s in FY14 and two Sullivan’s in FY15

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Name Position Selected previous experience

Mark Mednansky CEO

Tom Pennison CFO

Ray Risley SVP, Operations ‐ Grille

Bill Martens VP, Development & Construction

Jim Kirkpatrick VP, Real Estate

Thomas Dritsas VP, Culinary & Executive Chef

April Scopa VP, People & Education

Lisa Kislak VP, Brand Marketing

Experienced Management Team

Financial OverviewTom Pennison, CFO

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Unit & SSS Growth Drives Strong Revenue GrowthComparable Restaurant Sales Growth

Revenues ($m) 

Unit Growth

Source: Knapp Track

2730

3440

4650

2010 2011 2012 2013 2014 2015

11.2%

4.1%

1.3%2.4% 2.5%

0.1%1.5%

0.5%

‐1.4%‐0.2% ‐0.4%

1.4%

‐3.0%

‐1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

2011 2012 2013 2014 3Q14YTD

3Q15YTDDFRG Knapp Track

$162.9$198.6

$232.4$271.8

$301.8

$196.0$217.5

$0.0

$80.0

$160.0

$240.0

$320.0

2010 2011 2012 2013 2014 3Q14 YTD 3Q15 YTD

($ in m

illions

)

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Cost StructureFood and Beverage Costs as a % of Sales

Restaurant Operating Costs as a % of Sales  3Q15 LTM Cost of Sales Composition

Note: All financial information adjusted for discontinued operations.

Wine&OtherBeverages32.5%

Meat33.9%

Seafood15.0%

Produce/Cheese9.2%

OtherFood9.0%

2014 Cost of Sales Composition

30.4% 30.6% 30.6% 30.2% 30.2% 30.1% 28.9%

0.0%

10.0%

20.0%

30.0%

40.0%

2010 2011 2012 2013 2014 3Q14YTD

3Q15YTD

44.2% 43.5% 43.1% 44.8% 45.6% 46.3% 47.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2010 2011 2012 2013 2014 3Q14YTD

3Q15YTD

Meat34.5%

Wine & Other Beverages32.3%

Seafood14.8%

Produce/Cheese9.3%

Other Food9.0%

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Strong Adjusted & Restaurant‐Level EBITDA

Restaurant‐level EBITDA

Adjusted EBITDA

$29.9

$36.4

$43.0 $44.7 $46.4

$28.0 $29.3

18.4%

18.3% 18.5%16.4% 15.4% 14.3% 13.5%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

$0.0$5.0$10.0$15.0$20.0$25.0$30.0$35.0$40.0$45.0$50.0

2010 2011 2012 2013 2014 3Q14 YTD 3Q15 YTD

Adjusted EBITDA

Adj. EBITDA Margin

$38.7

$47.3

$56.5$62.1

$67.0

$42.2$46.0

23.8%

23.8% 24.3% 22.9% 22.2%

21.6% 21.1%

10.0%

20.0%

30.0%

40.0%

50.0%

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

2010 2011 2012 2013 2014 3Q14 YTD 3Q15 YTD

Restaurant‐level EBITDA

Restaurant‐Level EBITDAMargin

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Segment Information – 3Q15 YTD

($ in thousands)

Revenues 106,255$   100.0% 52,966$  100.0% 58,286$  100.0% 217,507$  100.0%Costs and expenses:     Cost of sales 31,747       29.9% 15,929     30.1% 15,163     26.0% 62,839     28.9%         Labor 25,020      23.5% 15,846    29.9% 18,644    32.0% 59,510     27.3%         Operating expenses 10,814      10.2% 7,963     15.0% 7,895     13.6% 26,672    12.3%         Occupancy 7,451        7.0% 3,595      6.8% 6,604     11.3% 17,650     8.1%

     Restaurant operating exp. 43,285      40.7% 27,404    51.7% 33,143     56.9% 103,832    47.7%     Marketing and advertising 1,731         1.6% 1,601       3.0% 1,550       2.6% 4,882      2.2%Restaurant‐level EBITDA 29,492$    27.8% 8,032$   15.2% 8,430$   14.5% 45,954$  21.1%

Restaurant‐level EBITDA % YTD 2014 28.0% 14.8% 15.7% 21.6%

36 Weeks Ended September 8, 2015 (unaudited)Del Frisco's Sullivan's Grille Consolidated

EBITDA Margin %Grille Classification Locations 3Q15 YTD 3Q14 YTDOperating all of 2014 (1) 9 20.8% 18.5%Underperforming (closed in Q4) 2 ‐21.0% ‐6.6%2014/2015 New Openings building toward normalized margins (2) 8 6.6%

Total 19 14.5%

(1) Represents all Grilles open as of the end of 2013 excluding Underperforming category.(2) Represents five Grilles opened during 2014 and three in Q2/Q3 2015. 

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Capital Structure Positioned For Growth

Historically funded new restaurant growth from operating cash flow Limited working capital requirements Strong liquidity supported by cash flow from operations and credit facility $15.0 million revolving line of credit expandable to $30.0 million upon request entered into in Oct 2012, as amended, priced at LIBOR + 1.50%

Purchased 268,996 shares for $6.3 million during 2014 and 189,027 shares for $3.0 million during 2015.  Authority in place to repurchase up to an additional $22 million over the next 3 years($m) Actual as of

December 31,2014

Sept. 8,2015

Cash & Cash Equivalents $3.5 $1.2

Total Debt Outstanding ‐ 15.1

Debt/Adjusted EBITDA ‐ 0.3x

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Q4 2015 Update (from 1/12/2016 press release)

16‐Weeks Ended (Q4) 52‐Weeks Ended (Year)

Revenue / Growth vs prior year

$113.9 to $114.1 million, +7.8%

$331.4 to $331.6 million,+9.9%

Comparable Sales: ‐2.2% ‐0.7%

Del Frisco’s Double Eagle  ‐1.6% +0.1%

Grille ‐4.5% (traffic ‐0.7%) ‐4.4%

Sullivan’s Steakhouse ‐1.8% +0.2%

Restaurant development One Del Frisco’s Six Del Frisco’s Grilles

Restaurant ClosuresClosed two Del Frisco’s 

Grilles

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Long‐Term Growth Model(a)

4‐8 New unit openings per year(a)4‐8 New unit openings per year(a)

15% ‐ 18%

2.0% – 3.0% Comparable restaurant sales growth2.0% – 3.0% Comparable restaurant sales growth

Maintain strong restaurant level marginsMaintain strong restaurant level margins

Modest G&A and interest expense leverageModest G&A and interest expense leverage

Target long‐term EPS growth

(a) During 2016, the Company will limit growth to 2-3 Grilles and one Del Frisco’s relocation with expectations within the above Long-Term Growth Model in 2017 and beyond.

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Investment Highlights

Differentiated, yet highly complementary concepts

Demonstrated, unique operating model

Highly attractive new unit economics

Significant growth opportunities

Proven management team

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EBITDA Adjustments

Pre‐opening costs are costs incurred prior to opening a restaurant– Primarily consist of manager salaries, 

relocation costs, recruiting expenses, employee payroll and related training costs for new employees, including rehearsal of service activities, as well as lease costs incurred prior to opening

– Also include marketing costs incurred prior to opening as well as meal expenses for entertaining local dignitaries, families and friends

– Currently target pre‐opening costs per restaurant of $800,000 for a Del Frisco’s restaurant and for a Grille restaurant, and $600,000 for a Sullivan’s restaurant

Non‐cash impairment charge during 2013 related to one Sullivan’s Steakhouse and 2014 one Grille

Management fees and expenses consisted of fees and expenses paid to Lone Star Fund and affiliate companies

Adjustments related to the completion of our IPO in July 2012 and secondary offerings include:‒ Terminated asset advisory agreement for 

one time $3 million fee‒ Non‐cash expense of public offering 

transaction bonuses paid by Lone Star Fund 

Adjustments Description of adjustments36 Weeks Ended

($ thousands)2012 2013 2014

Sept. 9, 2014

Sept. 8, 2015

Operating income  $ 24,621   $   17,891   $ 24,540   $      16,121   $     11,214 

Depreciation and amortization

     8,675       11,300       13,598          9,053         11,001 

Non‐cash impairment charges

          ‐          2,360        3,536               ‐           3,338 

Pre‐opening costs      4,058        3,758        4,735          2,867        3,790 

Management fees and expenses

      1,252             ‐               ‐                 ‐               ‐   

Asset advisory termination fee

     3,000             ‐               ‐                 ‐               ‐   

Secondary public offering costs

          ‐          1,024              5                5             ‐   

Public offering transaction bonuses

      1,462        8,355             ‐                 ‐               ‐   

Adjusted EBITDA per SEC filings

 $  43,068   $   44,688   $   46,414   $  28,046   $ 29,343 

18th Annual ICR Conference January 12, 2016