JSTTY - Waitr: Special Delivery At A Discount To Peers

We think Landcadia (LCA), via its SPAC merger with Waitr, is the least expensive way to play to nasent and burgeoning shift to online restaurant delivery, with growth that should exceed what management has told the street. For now, due to it being a SPAC, Landcadia is not well known by the street, creating a compelling entry point for what will be a $500mn+ market cap company.

We believe Landcadia, which should complete its SPAC merger with Waitr during the 1^st or 2^nd week of November, represents a compelling, under the

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