Buffalo Wild Wings

1. Buffalo Wild Wings (NASDAQ – BWLD) January 2005

2. 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.

3. Sally Smith President, Chief Executive Officer Mary Twinem Executive Vice President, Chief Financial Officer

4. Overview Strategy Financials

5. Company Overview • Successful 20-yearconcept • Casual dining/fast casual category • 307 locations in 31 states • 35% company-owned65% franchised • 1,000-plus unit potentialin U.S.

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

7. 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

8. 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

9. 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 2004at Company-owned restaurants

10. Shrimp “Interview” Buffalo Wild Wings Concept Advertising

11. Buffalo Wild Wings Concept Advertising Branding “Heaven”

12. Strategy

13. Strategy • Company-ownedunit expansion • Store level &corporate execution • Franchise growth

14. 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

19. Execution • Store Level • Increase average unit volumes • Reduce cost of goods sold • Improve labor efficiencies • Corporate • Leverage SG&A • Develop a comprehensivepeople plan • Build the brand nationally

20. Franchise Growth • Development • 42 locations in 2004 • 45-50 estimated in 2005 • Quality partners • Growth from existing andnew franchisees • Experienced multi-unitdevelopers • Growth areas • California, New York, Texas,Florida, Arizona

21. Financials

22. Unit Growth 306 245 199 158 137

23. Revenue Growth $170,942,000 $126,497,000 $96,107,000 $74,570,000 $53,175,000

24. Net Income Growth

25. Balance Sheet

26. Chicken Wing Prices Average Quarterly Wing Prices2000 - 2004 ($/lbs)

27. Outlook • Pre-announcedfourth quarter • Revenue of approximately$48.5 million • Diluted EPS range updated to$0.25 to $0.28 • 2005 guidance to begiven in Februaryconference call

28. Accounting Updates • Stock option accounting • Sarbanes-Oxley compliance • Accounting for depreciation and rent • System-wide financial data

29. Investment Highlights • Concept with broad appeal • Proven portability • Under-penetrated brand • Experienced management • Demonstrated financial track record • Strong balance sheet