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The Cheesecake Factory Announces Expiration of Shareholder's Rights Agreement

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The Cheesecake Factory Incorporated (NASDAQ:CAKE) announced today that
the Company's Shareholder's Rights Agreement (the "Rights Agreement")
expired at the close of business on August 4, 2018, effectively
terminating the Company's preferred stock purchase rights.

In connection with the expiration of the Rights Agreement, the Company
will be taking routine actions to voluntarily delist the related
preferred stock purchase rights from the Nasdaq Global Select Stock
Market because they have terminated. Because of the termination of the
preferred stock purchase rights, no arrangements for listing and/or
registration on another national securities exchange or for their
quotation in a quotation medium will be made. The Company will
subsequently file to voluntarily deregister the preferred stock purchase
rights under the Securities Exchange Act of 1934, as amended.

The Company also will file a Certificate of Elimination with the
Secretary of State of the State of Delaware to eliminate the designation
of 150,000 shares of Series A Junior Participating Cumulative Preferred
Stock issuable in connection with the exercise of the preferred stock
purchase rights, with the 150,000 shares being returned to authorized
but undesignated shares of the Company's preferred stock.

These actions will have no effect on the Company's common stock, and
stockholders will not be required to take any action as a result of the
expiration of the Rights Agreement or the elimination of the Series A
Junior Participating Cumulative Preferred Stock.

About The Cheesecake Factory Incorporated

The Cheesecake Factory Incorporated created the upscale casual dining
segment in 1978 with the introduction of its namesake concept. The
Company, through its subsidiaries, owns and operates 213 full-service,
casual dining restaurants throughout the U.S.A., including Puerto Rico,
and Canada, comprised of 198 restaurants under The Cheesecake Factory®
mark; 13 restaurants under the Grand Lux Cafe® mark; and two
restaurants under the RockSugar Southeast Asian Kitchen®
mark. Internationally, 21 The Cheesecake Factory® restaurants
operate under licensing agreements. The Company's bakery division
operates two bakery production facilities, in Calabasas Hills, CA and
Rocky Mount, NC, that produce quality cheesecakes and other baked
products for its restaurants, international licensees and third-party
bakery customers. In 2018, the Company was named to the FORTUNE Magazine
"100 Best Companies to Work For®" list for the fifth
consecutive year. To learn more about the Company, visit www.thecheesecakefactory.com.

FORTUNE and FORTUNE 100 Best Companies to Work For® are registered
trademarks of Time Inc. and are used under license. From FORTUNE
Magazine, March 1, 2018 ©2018 Time Inc. Used under license. FORTUNE and
Time Inc. are not affiliated with, and do not endorse products or
services of, The Cheesecake Factory Incorporated.

Safe Harbor Statement

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by forward-looking
statements, including uncertainties related to the Company's ability to:
deliver comparable sales growth; provide a differentiated experience to
guests; outperform the casual dining industry and increase its market
share; leverage sales increases and manage flow through; manage through
cost pressures, including increasing wage rates, group medical insurance
costs and legal expenses, and stabilize margins; grow earnings; remain
relevant to consumers; attract and retain qualified management and other
staff; manage risks associated with the magnitude and complexity of
regulations in the states and municipalities where the Company's
restaurants are located; increase shareholder value; find suitable sites
and manage increasing construction costs; profitably expand its concepts
domestically and in Canada, and work with its licensees to expand its
concept internationally; support the growth of North Italia and Flower
Child restaurants; develop the Social Monk Asian Kitchen fast casual
concept; expand consumer packaged goods licensing revenue; utilize its
capital effectively and continue to increase cash dividends and
repurchase its shares; and factors outside of the Company's control
including: economic and political conditions that impact consumer
confidence and spending; impact of recently enacted tax reform;
acceptance and success of The Cheesecake Factory in international
markets; acceptance and success of the North Italia and Flower Child
restaurants and the Social Monk Asian Kitchen fast casual concept; the
risks of doing business abroad through Company-owned restaurants and/or
licensees; foreign exchange rates and potential changes in NAFTA and
cross border taxation; changes in unemployment rates; the economic
health of the Company's landlords and other tenants in retail centers in
which its restaurants are located; the economic health of suppliers,
licensees, vendors and other third parties providing goods or services
to the Company; adverse weather conditions in regions in which the
Company's restaurants are located; factors that are under the control of
government agencies, landlords and other third parties; the risks, costs
and uncertainties associated with opening new restaurants; and other
risks and uncertainties detailed from time to time in the Company's
filings with the Securities and Exchange Commission ("SEC"). Investors
are cautioned that forward-looking statements are not guarantees of
future performance and that undue reliance should not be placed on such
statements. Forward-looking statements speak only as of the dates on
which they are made and the Company undertakes no obligation to publicly
update or revise any forward-looking statements or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required to do so by securities laws.
Investors are referred to the full discussion of risks and uncertainties
associated with forward-looking statements and the discussion of risk
factors contained in the Company's latest Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed
with the SEC, which are available at www.sec.gov.

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