JACK IN THE BOX INC. ICR CONFERENCE JANUARY 9, 2018

JACK IN THE BOX INC. ICR CONFERENCE JANUARY 9, 2018

JACK IN THE BOX INC. SAFE HARBOR STATEMENT This presentation includes plans and estimates for the future, which are subject to various risks and uncertainties that may cause actual results to differ from these plans and estimates. Please review the risk factors outlined in the company s recent 10-K and 10-Q s on file with the SEC and available through the Jack in the Box website at http://investors.jackinthebox.com. These forward-looking statements speak only as of the date of this presentation, and we expressly disclaim any obligation to update these statements whether as a result of new information, future events, or otherwise. 2

AGENDA Restaurant Initiatives Organizational Structure FY 2018 Guidance Q&A 3

RESTAURANT INITIATIVES TO DRIVE SAME-STORE SALES AND TRAFFIC 1. ACCELERATE SERVICE IMPROVEMENTS 2. LEVERAGE OUR DIGITAL EXPERIENCE 3. DIFFERENTIATE THROUGH INNOVATION 4. ELEVATE THE BRAND IMAGE 4

Multi-year commitment to redefine and elevate guest experience to drive consistency 1. Back-of-the-house simplification, including equipment/technology that can drive: throughput quality labor benefits 5

2. Goals Meet evolving guest needs Improve in-store efficiencies Launch our mobile app Minimum Viable Product: Locations, Menu, Order, Pay, Offers Currently in market test Average check higher ~2/3 rd pick-up; 1/3 rd drive-thru Planned rollout by end of 2018 Optimize availability of delivery Currently available at 900+ restaurants Rolling out to 600+ restaurants in Dec/Jan Rolling out to 1,200+ restaurants in Dec/Jan 6

Balance premium and value innovation Leverage our unique brand personality 3. 7

LEVERAGE OUR UNIQUE BRAND PERSONALITY 8

9

4. Remodels ~ 600 mature restaurants (>40 years old) Tiered approach Investment levels tiered based on sales and margins Timing: over next 4 years 10

NEW BRAND IMAGE 11

ORGANIZATIONAL STRUCTURE REDUCE G&A AS % OF SYSTEM-WIDE SALES Flatten organization 100% focus on improving JIB brand 4.3% 3.8% 3.9% 3.3% >$50 Million of Cumulative G&A Reductions Since 2013 2.5% < 2% 3.5-4.0% 2013 2014 2015 2016 2017 Target 12

FY 2018 GUIDANCE 13

FY 2018 GUIDANCE Same-store Sales + 1% to 2% Refranchising ~ 95% by end of FY 2018 ROM ~ 22% to 23% depending on timing of refranchising G&A ~ 2.5% to 2.7% of system-wide sales New Unit Growth ~ 25 new restaurants system-wide Capital Expenditures ~ $30 to $35 million Tenant Improvements ~ $25 million Share Repurchases ~ $200 million in back half of year EBITDA ~ $260 to $270 million 14

PROJECTED IMPACT OF REFRANCHISING JACK IN THE BOX COMPANY RESTAURANTS AUV ($M) JIB ROM $2.383 EBITDA/Store ($000's) EBITDA % of Sales $585 $1.874 26.1% $358 24.6% 20.1% 19.1% FY17 Actual* ~95% Proforma FY17 Actual* ~95% Proforma *See non-gaap reconciliations at http://investors.jackinthebox.com/ 15

FOCUS ON REDUCING G&A (DOLLARS IN MILLIONS) FY 2017 Total SG&A $165.7 Advertising $58.2 G&A $107.5 G&A as a % of Consolidated System-wide Sales 2.5% Breakout of G&A: Jack Brand Direct $19.1 QDOBA Brand Direct $14.2 Shared Services Unallocated $74.2 G&A excluding QDOBA Brand $93.3 G&A as a % of JIB System Sales 2.7% 2018 G&A Guidance: 2.5% - 2.7% of JIB system sales Assumes no benefit from expected organizational structure changes and only ½ year benefit from shared services reductions related to QDOBA. 2018 Guidance assumes: Normalized incentive compensation +$9.0 G&A Shared Services Reductions relating to Qdoba (1/2 year) ($7.0) 16

EBITDA MARGIN IMPROVES SIGNIFICANTLY (DOLLARS IN MILLIONS) EBITDA Margin 22.0% $342 ($59) Assumes no benefit from expected organizational structure changes and only ½ year benefit from shared services reductions related to QDOBA. $7 ($9) ($9) EBITDA Margin >30.0% ($7) $260-$270 2017 EBITDA* QDOBA 2017* EBITDA Before Shared Servicecs G&A Reductions Related to QDOBA (1/2 year) Normalized Incentive Compensation 2018 Impact of Refranchising to ~95% Other 2018 EBITDA Guidance * See non-gaap reconciliations at http://investors.jackinthebox.com/ 17

WHAT MAKES THIS BETTER? Restaurant margin benefit from refranchising Organizational structure changes driving decrease in G&A At the mid-point of our guidance, 60 bps reduction in G&A = $21M EBITDA Same-store sales growth Share repurchases / increased leverage 18

Q&A 19