Investor PresentationNovember 25 2013

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Forward Looking Statements

Some of the statements in this presentation constitute “forward looking statements” about Luby’s, Inc. and it’s subsidiaries that involve risks, uncertainties and assumptions, including without limitation, our discussion and analysis of our financial condition and results of operations. These forward looking statements generally can be identified by use of phrases such as “believe,”“plan,”“expect,” “anticipate,”“intend,”“forecast” or other similar words or phrases in conjunction with a discussion of future operating or financial performance. Descriptions of our objectives, goals, targets, plans, strategies, costs, anticipated capital expenditures, expected cost savings, costs of our store rebranding initiatives, expansion of our foodservice offerings, potential acquisitions, and potential new store openings and dealer locations, are also forward looking statements. These statements represent our present expectations or beliefs concerning future events and are not guarantees. Such statements speak only as of the date they are made, and we do not undertake any obligation to update any forward looking statement. 

Acceptance of the Management Presentation further constitutes your acknowledgement and agreement that neither Luby’s, Inc. (“Luby’s”) nor any of its directors, employees, controlling persons, agent or advisers (collectively, the “Representatives”) makes any express or implied representation or warranty as to the accuracy or completeness of the information contained herein and shall have no liability to the recipient or its Representatives relating to or arising from theuse of the information contained herein or any omissions there from. 

We caution that forward looking statements involve risks and uncertainties and are qualified by important 

factors that could cause actual events or results to differ materially from those expressed or implied in any such forward looking statements. For a discussion of these factors and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission (“the SEC”).  We intend for the forward looking statements to be covered by the Safe Harbor provisions for forward looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purpose of complying with these Safe Harbor provisions. 

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Luby’s Cafeteriaswas founded in 1947 in San Antonio, TX with a mission to be the most successful cafeteria company in America.  By serving customers convenient, great‐tasting, home‐style meals at an excellent value in a friendly environment.

Fuddruckers has been delivering uncompromised quality and in‐your‐face freshness while inspiring guests to build their own World’s Greatest Hamburger ® since 1980. Fuddruckers Hamburgers is known for its lively atmosphere, premium‐cut, grilled‐to‐order beef, scratch‐made buns and market fresh produce.

Luby’s Culinary Services launched in 2006 with a mission to redefine the food contract service industry. To be the best, not necessarily the biggest, is the daily mantra across this growing brand that is designed to serve the corporate, hospital and higher education market.

Appealing Brands

Cheeseburger in Paradise is our latest acquisition. It offers a laid back beach party atmosphere where guests can leave the stress of everyday life behind and enjoy an ice cold beverage.  A place where the food is awesome, the cocktails are hand crafted and you can enjoy a one‐of‐a‐kind Kicked Back Vibe.

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Based in Texas: National Footprint

Update to come

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Over $200M Market Capitalization

Trade on NYSE since 1982

Over $400M in Annual Revenues

System‐wide sales $580M (including Fudds Franchises)

FY2013 EBITDA of $24M

Operate primarily 93 Luby’s Cafeterias, 63 Fuddruckers restaurants, and 22 Cheeseburger in Paradise Restaurants

Operated Luby’s Cafeterias for 66+ years, Fuddruckers for 3+ Years, and Cheeseburger in Paradise approximately 1 yaear

Support 116 Fuddruckers franchises across the United States (including Puerto Rico), Canada, and Mexico

Providing Contract Culinary Services at 21 locations

Luby’s, Inc.  ‐Well Established & Growing

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Chris Pappas– President, CEO, Director of Luby’s Inc. since March 2001– More than 38 years of experience in restaurant industry

Peter Tropoli– COO since 2011; General Counsel and SVP Administration since 2001 – 17 Years in restaurant industry 

Scott Gray, CPA– SVP and CFO since 2007; Finance and audit roles at Luby’s since 2001– 17 Years in restaurant industry

Todd Coutee– SVP Operations since 2011– 24 Years in restaurant industry, including 12 years in the contract services

Proven Management Team

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Proven Management Team

2001: New management joined Luby’s ‐ paid down over $120 million in debt and returned the companyto profitability.  Re‐invested in the brand for foundationof future growth

2009: Launched a Cash Flow Improvement and Capital Redeployment Plan, closing 24 underperforming locations

2010: Acquired and Integrated Fuddruckers for $63.5m

2012: Anticipate opening at least three, and up to five, company‐owned Fuddruckers and one Luby’s cafeteria

2012:   (Dec) Acquired 23 Cheeseburger in Paradise restaurants

Luby’s Cafeteria

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Made‐from‐Scratch Quality Food

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Face‐to‐Face, Friendly Service

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Cafeteria Line, Friendly Service

Made‐from‐scratch desserts

Fresh Salads Available Daily

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Signature Down‐Home Cuisine

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18‐22 entrees, 16‐18 sides

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93 cafeterias

Annual sales volume of $225M+

Average annual unit volume of $2.4M

Cumulative Three Year 4.5% Same store sales increase at cafeterias (2.1%, 2.1%, and 0.2% in FY2011, FY2012, FY2013 )FY2013 PPA (per‐person‐average) = $10.31 (or $10.88 excluding kids meals)

Local marketing initiatives driving incremental sales

New units 

Remodeled 12 units in FY2012 and 10 units in FY2013

Luby’s Cafeterias

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Relocated July 2013Pharr, Texas

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Opened September 2013Eagle Pass, Texas

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First “Combo” Opened August 2012Pearland, Texas

FuddruckersWorld’s Greatest Hamburger

Founded 1980 in San Antonio, Texas

Acquired by Luby's Inc. in July 2010

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Nationally Known Brand

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All‐American Beef Hamburger

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Scratch‐Baked Buns

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Unique Toppings Bar

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Fun, Sporty and All‐American Atmosphere

Strong Brand in a Growing Market

Burger category growth is strong

“Better‐Burger,” a $2.2 billion category, grew 16%  in 2011

Fuddruckers is a pioneer brand 

Consumer reports‐ Nation’s Restaurants News recently ranked Fuddruckers #3 Overall (next slide)

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A Top Consumer Pick

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62 company‐owned locations Over $90M in annual sales 11 new units since acquisition

5 “second‐generation” spaces converted into a Fuddruckers 5 units acquired from franchisees 1 unit built from ground‐up (next door to a Luby’s)

116 franchise units Approximately $7M in annual royalties 9 new units since acquisition

Recent Initiatives Core Fuddruckers menu Refreshing company units (20+ units) New unit prototypes Franchise development

World’s Greatest Hamburgers

Strong Base and Growing

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Palmetto Bay (Miami) Florida Franchise Opened June 2012

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Opened in Houston (Freestanding) May 2012 Opened in San Antonio (Inline)

April 2012

Opening New Locations

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Villahermosa Mexico JV Franchise Opened May 2012

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Pearland, Texas FuddruckersOpened 8‐30‐2012

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Farmington, NMOpened November 2012

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Kerrville, TXOpened November 2012

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Houston (MeyerPark location)Opened November 2012

• Converted a Chili’s building• Food service at bar area• Localized menu• Contemporary Décor• Open and Bright

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Galveston, TXOpened January 2013

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Recently AnnouncedFranchise Development Agreements

• North Dakota (up to 5 units)• Panama / Aruba (up to 10 units)• Orange County, CA (up to 10 units)• Miami (up to 6 units)• Omaha (2 units)• Dominican Republic (1 unit)• Fairfield, CA (1 unit)

Six openings expected in FY2014• Two already opened as of Nov 2013

• Williston, ND• Fairfield, CA

Fuddruckers ‐ Franchising

Cheeseburger in Paradise“Welcome to Paradise”

Where guests join our laid back Beach Party

Acquired by Luby's Inc. in December  2012

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424242424242

Cheeseburger in ParadiseCheeseburger in ParadisePrePre--Acquisition EconomicsAcquisition Economics

SalesSales23 Units Generating 23 Units Generating $53M $53M in Sales (Prior 12 months)in Sales (Prior 12 months)

Store Level Profit ContributionStore Level Profit ContributionGenerated $3.0M in Store Level Profit under Previous owners (PriGenerated $3.0M in Store Level Profit under Previous owners (Prior 12 months)or 12 months)With negotiated rent reductions, Store Level Profit Improves to With negotiated rent reductions, Store Level Profit Improves to $3.6M$3.6M

EBITDA (Cash Flow) ContributionEBITDA (Cash Flow) ContributionUnder LubyUnder Luby’’s Management, G&A reduced from over $3.0M to $1.4Ms Management, G&A reduced from over $3.0M to $1.4MOn a full year basis On a full year basis (excluding integration costs), (excluding integration costs), projected to contribute projected to contribute $2.2M+ $2.2M+ EBITDAEBITDA

ValuationValuationAt $11.0M Purchase Price, LUB paid a At $11.0M Purchase Price, LUB paid a 5x EBITDA 5x EBITDA multiple for current cash flowmultiple for current cash flow

434343434343

Cheeseburger in ParadiseCheeseburger in ParadisePrePre--Acquistion EconomicsAcquistion Economics

AUV 2,300

Food % 30.7%

Payroll and Related 32.5%

Other Operating Expenses 21.1%(excluding Occupancy)

Royalty 2.5%

EBITDAR 13.2%

Occupancy 6.1%(after rent reductions achived)

Store Level Profit 7.1%

Lower than Industry Unit Economics Represents Opportunitiesfor Margin Expansion and Increased EBITDA contribution

Proforma 2012 Results

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Cheeseburger in ParadiseCheeseburger in ParadiseFirst Year P/(L) Impact*First Year P/(L) Impact*

*Partial Year Results (Acquisition Date through FY2013 End)December 6, 2012 through August 28, 2013

($000s) P/(L) % ofImpact Sales

Same Store Sales (Dec 2012 ‐ Aug 2013) (13.4%)Prior Year Same Store Sales (Dec 2011 ‐ Aug 2012) 1.0%

Restaurant Sales 35,727          100.0%Food Cost 11,344          31.8%Payroll and Related 13,507          37.8%Operating Cost 8,148            22.8%EBITDAR 2,728            7.6%Occupancy 2,772            7.8%Store Level Profit (44)                (0.1%)

General and Administrative 687              First Year Costs 961              

Depreciation 567              Allocated Interest Expense 289              Income Tax Benefit (768)             

Loss from Continuing Operations (1,780)         

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Cheeseburger in ParadiseCheeseburger in ParadiseDevelopments and InitiativesDevelopments and Initiatives

Converted all Cheeseburger in Paradise Restaurants to our food distribution network

Installed experienced brand leader in May 2013

Enhanced level of operations and upgraded the menu

Raised quality of food (buns, burgers, entrees)

Increased promotional activity to enhance brand awareness and guest engagement

Décor Updates

Focused on sales and guest traffic driving initiatives

Converting one unit to Fuddruckers restaurant (Dec 2013)

Financial Highlights

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Trailing Four QuartersResults by Segment

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52 weeks 52 weeks$ (000's) Trailing 4 Qtr Trailing 4 Qtr

8/28/2013 % 8/29/2012 %

Restaurant sales 366,155$ 100.0% 324,536$ 100.0%Cost of Food 104,993 28.7% 90,416 27.9%Payroll and Related 125,976 34.4% 112,256 34.6%Other Operating 66,711 18.2% 54,004 16.6%Occupancy Cost 21,537 5.9% 17,985 5.5%

Store level profit 46,937 12.8% 49,876 15.4%

Culinary contract sales 16,693$ 100.0% 17,711$ 100.0%Cost of culinary 14,874 16,545

Unit level profit 1,819 10.9% 1,166 6.6%

Royalties 6,937$ 7,232$

Vending 565$ 618$

Total revenue 390,349$ 350,097$

Trailing Four Quarters Pre-Tax Income

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52 Weeks 52 Weeks$ (000's) Trailing 4 Qtr Trailing 4 Qtr

8/28/2013 8/29/2012

Total Revenue 390,349 100.0% 350,097 100.0%

Segment profitsCompany restaurants 46,937 49,876 Vending income 565 618 Culinary 1,819 1,166 Royalties 6,937 7,232

Segment level profit 56,258 58,891

Less:Opening cost 783 396 G&A 32,121 8.2% 30,678 8.8%D&A 18,533 4.7% 17,894 5.1%Asset impairment 615 451 Loss / (Gain) on disposition of assets (1,723) 278 Interest expense, net 912 934 Other (Income) / Expense (1,043) (1,058)

Pre-Tax Income 6,060 1.6% 9,320 2.7%

Trailing Four QuartersSales & EBITDA

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Note: See recon to Income from continuing operations on page 57

$ 000's Trailing 4 Qtr Trailing 4 Qtr8/28/2013 % 8/29/2012 %

Total Revenue 389,140 100.0% 350,097 100.0%

Segment level profit 56,356 58,891

Less:G&A (excluding non-cash comp) 31,014 29,909 Opening Costs 783 396

EBITDA 24,559 6.3% 28,586 8.2%

5050

50ConfidentialEBITDA = Income from Continuing Operations + Income Taxes + Depreciation + Interest Expense + Net Loss/(Gain) on Dispositions + Asset Impairments + Non‐cash compensation expense + Share based compensation expense ‐ Other Income 

Strong Cash Flow Generation

9.7 10.0

20.9

28.6 24.6

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

($M

M))

EBITDA

5151

Confidential

Investing to Grow

5.4 2.9 5.2 5.7 6.5

6.9

0.7

5.8

16.8

24.8

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

FY 2009 FY 2010 FY 2011 FY 2012E FY2013

($M

Ms)

Annual Capital Investment(Exluding Acquisiton CAPEX)

Maintenance CAPEX Growth CAPEX

12.3

3.6

11.0

22.5

31.3

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Balance Sheet

28-Aug August 29,2013 2012

Total Assets 250,305 231,017

Total Liabilities 72,787 58,358 Total Shareholders' Equity 177,518 172,659 Total Liabilities and Shareholders' Equity 250,305 231,017

Debt Outstanding (Including in Liabilities Above) 19,200 13,000 Less: Cash and cash equivalents (included in assets above): (1,528) (1,223) Net Debt 17,672 11,777

Existing Units – Trailing Four Quarters

AUV ~ $2.4MM

Average unit level cash flow (EBITDA) ~ $395K (16%)

70% locations are owned sites

Average EBITDAR ~ $470K (19%)

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Unit Economics for Existing Luby’s Locations

Unit Economics - Fuddruckers

545454Confidential

Unit Economics for Existing Fuddruckers’ Locations

Existing Units - Trailing 4 Quarters:

• AUV $1.5M+

• Average unit level cash flow ~ $230k (14.5%)

• Approximately 75% leased

• Average EBITDAR ~ $400K (25%)

Develop restaurant prototypes for growth, primarily through Fuddruckers

Reinvest in existing restaurants to sustain and grow cash flow

Remain open to acquisitions

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Capital Allocation Strategy

FY2014 Same Store Sales “up to 1.0%” FY2013 Restaurant Sales $375M to $385M FY2013 Capital Spend $35M to $40M FY2014 Restaurant Openings: 1 stand-alone Luby’s Cafeteria (opened Sept. 2013) 2 locations with side-by-side Luby’s and Fuddruckers

(represents 4 new restaurants) 2 to 3 stand-alone or in-line Fuddruckers locations

At least 2 restaurant construction starts forFY2015 Openings

10 – 15 Remodels56

Guidance for FY2014(As of November 6, 2013)

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Non‐GAAP Measures

We evaluate segment performance based on store level profit, which excludes general and administrative expense, depreciation expense, net interest expense and other non-operating income or expense.

This Non-GAAP measure, Store Level profit is not intended to replace or provide for more prominence over any GAAP measurement. We do believe the presentation of store level profit is useful to investors in understanding our restaurant level operational performance compared to previous periods and to other competitors.

We evaluate total company performance on EBITDA which is defined as income from continuing operations before interest, income taxes, depreciation and amortization. It is also before asset impairment charges and gains and losses on dispositions. EBITDA does not include net other income. EBITDA was presented because it is frequently used by security analysts, investors, and other interested parties, in addition to and not in lieu of Generally Accepted Accounting Principles (GAAP). EBITDA is not a measurement of financial performance under GAAP and should not be considered an alternative to income from continuing operations. A reconciliation of income from continuing operations to EBITDA for each period presented is provided.

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GAAP Reconciliation ($000s)

FY 2009 FY 2010 FY 2011 FY2012 FY2013Income from Continuing Operations (14,032) (503) 2,618 7,558 4,365 Add: Income Taxes 462 (3,190) 509 1,706 1,839 Add: Depreciation 16,021 15,217 17,204 17,972 18,488 Add: Interest Expense, net 189 601 2,439 934 912 Add: Net Loss/(Gain) on Dispositions (916) (924) (1,427) 278 (1,723) Add: Asset Impairments 6,740 282 84 451 615 Add: Impairment/(Reversal) FMV of Investment 997 (1,636) - Add: Non-Cash Compensation Expense 1,338 1,044 782 795 1,106 Less: Other Income (1,069) (844) (1,276) (1,081) (1,043) EBITDA 9,730 10,046 20,932 28,613 24,559