Our constant focus on the quality of our people, our concepts and our growth has resulted in quality results. Between The Cheesecake Factory restaurants and the Grand Lux Cafes, we believe we operate the two most productive restaurant concepts in the industry on an annual unit sales metric. Our 10-year average shareholder return of 26.4% ranks us #3 among restaurant companies in the 2004 Wall Street Journal Shareholder Scoreboard.

     While we are certainly proud of our past results, we are much more focused on insuring that our future results are even better. We will never be satisfied with the status quo and will constantly push ourselves forward to make The Cheesecake Factory one of America’s most highly respected growth companies.

     On behalf of our Board of Directors, we would like to extend our sincere appreciation to our stockholders, restaurant guests, staff members, bakery customers and suppliers for your continuing support as partners in our growth.

David Overton
Founder, Chairman and Chief Executive Officer
April 1, 2005