Buffalo Wild Wings NASDAQ BWLD January 2005 Buffalo

Buffalo Wild Wings (NASDAQ – BWLD) January 2005 Buffalo Wild Wings, Inc.

Safe Harbor Statement We make forward-looking statements in this presentation which represent our expectations or beliefs about future events and financial performance. Forward-looking statements are identifiable by words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may” and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, including those described in the Company’s filings with the Securities and Exchange Commission. In addition, actual results could differ materially from those suggested by the forward-looking statements, and therefore you should not place undue reliance on the forward-looking statements. Buffalo Wild Wings, Inc.

Sally Smith President, Chief Executive Officer Mary Twinem Executive Vice President, Chief Financial Officer Buffalo Wild Wings, Inc.

Overview Strategy Financials Buffalo Wild Wings, Inc.

Company Overview • Successful 20 -year concept • Casual dining/ fast casual category • 307 locations in 31 states • 35% company-owned 65% franchised • 1, 000 -plus unit potential in U. S. Buffalo Wild Wings, Inc.

Buffalo Wild Wings Today 3 14 1 2 7 6 5 5 104 Company 203 Franchise 31 States 9 6 3 25 19 4 3 14 25 80 3 8 10 13 8 8 1 7 3 2 4 8 As of January 10, 2005 Buffalo Wild Wings, Inc. 1

Buffalo Wild Wings Concept Restaurant concept with broad appeal – Neighborhood dining concept – Cravable food in entertaining, sports-oriented atmosphere – Flexible service model – Irreverent brand positioning Buffalo Wild Wings, Inc.

Menu New Additions – Popcorn Shrimp – Chili Con Queso Dip – Loaded Chili Potato Skins – Buffalo Ranch Chicken Sandwich – BBQ Bacon Chicken Sandwich – Kids Macaroni & Cheese – Desserts Buffalo Wild Wings, Inc.

Dayparts Our Guests • Broad demographic appeal • “Cult-like” following = high frequency • Multiple uses – Workday lunch – Sit-down dinner with the family – Watching the big game – Late-night cravings – Take-out Percentages for fiscal year 2004 at Company-owned restaurants Buffalo Wild Wings, Inc.

Buffalo Wild Wings Concept Advertising Shrimp “Interview” Buffalo Wild Wings, Inc.

Buffalo Wild Wings Concept Advertising Branding “Heaven” Buffalo Wild Wings, Inc.

Strategy Buffalo Wild Wings, Inc.

Strategy • Company-owned unit expansion • Store level & corporate execution • Franchise growth Buffalo Wild Wings, Inc.

Company-owned • Development – 19 locations in 2004 – 20+ estimated in 2005 • Initiatives – Improve new store opening process – Execute consistent service strategy – Gain efficiencies in new markets thru multiple stores • New prototype Buffalo Wild Wings, Inc.

Buffalo Wild Wings, Inc.

Buffalo Wild Wings, Inc.

Buffalo Wild Wings, Inc.

Buffalo Wild Wings, Inc.

Execution • Store Level – Increase average unit volumes – Reduce cost of goods sold – Improve labor efficiencies • Corporate – Leverage SG&A – Develop a comprehensive people plan – Build the brand nationally Buffalo Wild Wings, Inc.

Franchise Growth • Development – 42 locations in 2004 – 45 -50 estimated in 2005 • Quality partners – Growth from existing and new franchisees – Experienced multi-unit developers • Growth areas – California, New York, Texas, Florida, Arizona Buffalo Wild Wings, Inc.

Financials Buffalo Wild Wings, Inc.

Unit Growth 306 245 199 137 158 Buffalo Wild Wings, Inc.

Revenue Growth $170, 942, 000 $126, 497, 000 $96, 107, 000 $53, 175, 000 $74, 570, 000 Buffalo Wild Wings, Inc.

Net Income Growth Buffalo Wild Wings, Inc.

Balance Sheet Buffalo Wild Wings, Inc.

Chicken Wing Prices ($/lbs) Average Quarterly Wing Prices 2000 - 2004 Buffalo Wild Wings, Inc.

Outlook • Pre-announced fourth quarter – Revenue of approximately $48. 5 million – Diluted EPS range updated to $0. 25 to $0. 28 • 2005 guidance to be given in February conference call Buffalo Wild Wings, Inc.

Accounting Updates • Stock option accounting • Sarbanes-Oxley compliance • Accounting for depreciation and rent • System-wide financial data Buffalo Wild Wings, Inc.

Investment Highlights • Concept with broad appeal • Proven portability • Under-penetrated brand • Experienced management • Demonstrated financial track record • Strong balance sheet Buffalo Wild Wings, Inc.

Buffalo Wild Wings, Inc.