Investor Deck

March 2015

Leader in a Growing Market

Top Mattress Specialty Retailers(1)

Sleep Train and Back to Bed acquisitions strengthen Mattress Firm’s position as the #1

Mattress Specialty Retailer in the fragmented retail bedding environment

(1) Source: Furniture Today Top 100, May 2014

(2) 2012 and 2013 net sales for Mattress Firm assume that The Sleep Train, Inc. and the Back to Bed and Bedding Experts retail operations, all recent acquisitions by Mattress Firm, were owned by Mattress Firm for the

full 2012 and 2013 fiscal years and include Mattress Firm franchisee net sales. For financial reporting purposes, in accordance with generally accepted accounting principles in the United States, we do not include

franchisee net sales in our total net sales. In 2013, Mattress Firm net sales exclusive of franchisee net sales accounted for $1.21 billion, Mattress Firm franchisee net sales accounted for $169.8 million, Sleep Train net

sales accounted for $471.2 million, Back to Bed and Bedding Experts net sales accounted for $106.0 of the Mattress Firm sales reported in the chart above. See our pro forma financial statements, filed with our

Current Report on Form 8-K/A filed with the SEC on December 3, 2014 for more information on the pro forma impact of the Sleep Train Acquisition

(3) Reflects net sales of the respective retailers divided by the estimated size of the U.S. mattress retail market in 2013; Furniture Today 2014 Retail Planning Guide

($ in millions)

Rank Company

2013

Stores

2013

Sales

Year-Over-

Year Sales

Growth

Market

Share (3)

1 Mattress Firm (2) 1,791 $1,964 14.2% 14.2%

2 Sleepy’s 939 1,000 2.5% 7.2%

3 Sleep Number 440 922 2.3% 6.6%

4 America’s Mattress 395 314 4.9% 2.3%

5 Sit ‘n Sleep 31 99 2.9% 0.7%

6 Innovative Mattress Solutions 150 93 (3.1%) 0.7%

7 Mattress Warehouse 165 91 7.1% 0.7%

8 American Mattress 92 67 (4.3%) 0.5%

Total 4,003 $4,551 7.2% 32.7%

Market Leading Position

3

0.332

0.357

0.3770.386

0.280

0.293

0.250

0.270

0.290

0.310

0.330

0.350

0.370

0.390

(Units)

Wholesale Mattress Shipments per Household(2) Wholesale Mattress and Foundation AUP(2) (3)

(1) Source: Better Sleep Council Study – January 2007

(2) Source: ISPA – 2013 Mattress Industry Report of Sales & Trends

(3) Source: ISPA – Mattress Industry U.S. Market Forecast issued October 2014

1995 1998 2001 2004 2007 2010 2013

$93.7

$210.3

$75

$95

$115

$135

$155

$175

$195

$215

1994 1998 2002 2006 2010 2014F

(Dollars)

Everyone sleeps

Mattress sales are primarily replacement in nature with an ~10 year purchase cycle (1)

25 year industry CAGR of 5.2%

Long-Term Industry Expansion

4

Furniture

Retailers35%

46%

Department

Stores5%

Other

14%

Furniture

Retailers56%

19%

Department

Stores11%

Other

14%

Uniquely Insulated

1993 2012

(1) Source: Furniture Today, September 2013

Mattress

Specialty

Retailers

Mattress

Specialty

Retailers

Consumers demand expertise and prefer destination shopping

Mass merchants not meaningful industry participants

Mattress specialty retailers taking share (1)

5

90%

5%5%

Click Fuels Brick

6

Consumers primarily use web for education in this category

Retailers with a brick and mortar presence capture 95% of total retail sales (1)

(1) Source: A.T. Kearney analysis. On Solid Ground: Brick and Mortar is the Foundation of Omnichannel Retailing. July 2014

(2) Source: Forrester Research US Online Retail Forecast (includes furniture and mattress sales)

Pure-play online sales (5%)Multichannel online sales (5%)

Physical store sales

95%

store-related

Total U.S. Retail Sales (2013)

5%

95%

TOTAL online sales

Physical store sales

Total U.S. Furniture Sales (2013)

Less vulnerable to online cannibalization and showrooming

10%

Proven Growth Strategy

2009 2014

2009 2014 2009 2014

2009 2014

2009 2014

Driving

Profitability

Model

Market Penetration

Relative Market Share

Incremental Advertising Market Profitability

Comp Sales

ADV SpendADV per Capita

Store CountStores per Capita

Sales per Store

Adj. EBITDA $Adj. EBITDA Margin %

$0.38 $1.51

Leadership

Fortress

Developmental Developmental

Leadership

1:112k 1:51k

29 stores

13 stores

$0.6mm

$2.2mm

$0.9mm

$1.2mm

$1.9mm

16.9% 20.4%

Case Study: Jacksonville

RMS is Our Core Growth Strategy

$1.9mm

$6.7mm

8 *Note: Internal estimates

Consistent, Strong Organic Growth

Double digit organic store growth 7 out of the last 8 years

9

41

71

37

86

106

118

154

232

0

50

100

150

200

250

2007 2008 2009 2010 2011 2012 2013 2014

Growth

Rate %*14% 18% 8% 18% 18% 16% 15% 19%

*Note: Annual store unit growth over base

Note: Analysis applies only to Mattress Firm stores

(1) Includes approximately $40,000 in Year 1 for vendor funds collected upon store opening

(2) Store 4-wall profitability divided by net store investment

(3) Reflects midpoint of respective ranges

Store 4-wall profitability drives improving leverage over market-level costs as store

penetration increases

Representative New Store Investment

($ in thousands) Average

Investment

Buildout and Equipping Cost $232

Floor Sample Inventory 24

256

Less: Tenant Reimbursement (43)

Cash Requirement, Net $213

New Store Results(1)

($ in thousands) Year 1 Year 2

Sales $950 $1,000

% Growth 0% - 10%

Store 4-Wall Profitability(2) $233 $245

% of Sales 23-26%23-26% 23-26%

Annual Cash on Cash Return(3) 109% 115%

Stores Generate Cash on Cash Payback <1 Year

Strong New Store Economics

10

(100)

0

100

200

300

400

500

600

2007 2008 2009 2010 2011 2012 2013 2014

Balanced Approach to High Growth

Organic + Acquisitions = Robust Expansion

800

900

Closed stores Organic stores Acquired stores11

Austin, Dallas, Houston, San Antonio, Las Vegas

36 stores

2007

26 stores

Phoenix

2006

14 stores

Las Vegas

2007

34 stores

Colorado Springs, Denver, Wichita

2014

Yotes Franchise

10 stores

St. Louis

2007

Yotes Franchise

25 stores

Virginia Beach

2010

Houston

13 stores

2007

40 stores

Atlanta, Miami, SW Florida, Tampa

2012

27 stores

Charleston, Charlotte, Columbia, Greensboro,

Greenville, Raleigh

2012

236 stores

Atlanta, Minneapolis, St. Louis | Houston, Dallas,

Jacksonville, Miami, Orlando, SW Florida, Tampa

2011, 2012

39 stores

Green Bay, Madison, Milwaukee, Wausau

2013

Perfect Mattress Franchise

Online Retailer

2013

Nationwide

55 stores

Dallas, Austin

2014

75 stores

Colorado Springs, Denver, Phoenix,

Tucson

2014

15 stores

Pittsburgh

2014

131 stores

ChicagoOrlando

2014

314 stores

California, Hawaii, Idaho, Nevada and

Washington

2014

Note: Back to Bed includes Bedding Experts and Mattress Barn. Sleep Train includes Sleep Train, Sleep Country, America’s Mattress of Hawaii and Got Sleep? Does not include acquisitions prior to 2006. Does not include acquisitions of fewer than 10 stores

47 stores

Phoenix, Tucson

2014

Opportunistic Acquisitions Key Driver of Growth

12

RMS Drives Profits

13

-15%

-10%

-5%

0%

5%

10%

15%

20%

2010 2010.5 2011 2011.5 2012 2012.5 2013 2013.5 2014 2014.5

2011 2012 2013 2014

Ending Store Count 28 89 92 98

Sales per Store $0.7m $0.8m $0.9m $1.1m

Stores per Capita 1:232k 1:73k 1:72k 1:67k

Adv per Capita $0.23 $1.00 $1.32 $1.32

A:S 8.7% 11.8% 10.0% 8.6%

-$1.7m

-$1.6m

+$4.7m

+$13.6m

x

Mattress Giant (45 stores; May 2012)

x

Miami (MSA) Case Study

Scale: Key ingredient to profitability

Ma

rke

t L

eve

l E

BIT

DA

%

Mattress Xpress (20 stores; Sept 2012)

YE YE YE YE YE

*Note: Internal estimates

$0.49$0.82

$1.55

$0.9mm

$1.0mm

$1.2mm6.6%

11.2%

17.1%

Developmental Leadership Fortress

Market Penetration Highly Correlated to Profitability

Penetration level(stores per capita)

1:>170k 1:90k – 170k 1:<90k

% of Store Base 7% 20% 73%

Market

Level

Adjusted

EBITDA(2)

Sales per

Store(2)

Advertising $

Per Capita(2)

Note: Internal estimates

(1) Based on fiscal year 2014 results, includes 76% of total stores (excluding markets open less than one year and STI)

(2) Annualized weighted average of stores in each category

(1)

% of Sales: 11.3% % of Sales: 9.4% % of Sales: 8.3%

Occupancy 19.7%

Occupancy 15.5%

Occupancy 13.3%

FY 2014

14

BRAND New Growth Story

Sleep Train Acquisition Update

Acquired in October 2014

Comparable store sales trends remain solid at

~6% in Q4 (not included in comparable store base)

Infrastructure integration proceeding as expected

Create leadership position consistent with RMS

strategy

Consolidate Sleep Country and Mattress

Discounters to Sleep Train

The West Coast is significantly less penetrated

than the rest of the chain, leaving ample room for

store expansion

Opportunity to enhance market penetration to

fortress

16

Note: Includes franchise locations, as of February 3, 2015

Aggressive Growth Created National Footprint

Opportunities to leverage national distribution, advertising & omni-channel

17

Note: Includes franchise locations, as of February 3, 2015; penetration defined as total units (including franchise locations) divided by the population of the respective states

Fortress 1:<90k

Leadership 1:90k – 170k

Development 1:>170k

Significant Runway Ahead

Only four states at fortress penetration today

18

Multi-Brand Opportunity

19

Stores ~1,750 ~312(1) ~32

Served Pop.(2) ~143m ~31.5m ~10.5m

Potential Pop. ~315m ~135m TBD*

Stores/Pop. ~1:90k ~1:135k TBD*

Incremental

Potential~1,750 ~685 TBD*

Selection

Comfort by Color

Value

Bulk Buy

Experience

Consultative Process

Segmenting the market increases long-term potential

*Note: Mattress Pro is still in test phase

(1) After conversion of Sleep Country, Mattress Discounters and Sleep Experts stores, expected to be completed in 2015.

Organic Growth Plan Through 2017

20

2,094

600150 120

2,700+

4,500+

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Store Count

FY2014

MFI STI Closed/

Relocated

Potential Store

Count FY2017

Potential Store

Count

FY2015 – FY2017

MFI –

1,750

STI– 312

STI –

+550

MFI –

+1,250

Mattress Pro -

32Mattress Firm (MFI)

Sleep Train (STI)

Expansion primarily through new stores in existing markets and the in-fill of recently acquired markets

Long-term potential for at least 4,500 stores in the United States

Anticipated Store Unit Growth (1)

(1) After conversion of Sleep Country, Mattress Discounters and Sleep Experts stores, expected to be completed in 2015.

Scale Drives Unique Opportunities

Advertising & Scale Generate Interest

22

Mattress Firm leads interest in major served markets (example below is Texas)

Interest aligns with relative market share model and advertising

The numbers on the graph reflect how many searches have been done for a particular term, relative to the total number of searches done on

Google over time. They don't represent absolute search volume numbers, because the data is normalized and presented on a scale from 0-100.

Each point on the graph is divided by the highest point, or 100. When we don't have enough data, 0 is shown.

Source: Google Trends

Mattress Firm Manufacturer A Competitor B

Leading share of voice in major markets

#1

#2

Google Interest Over Time in Texas

Marketing Scale Allows Demand Creation

23

TERMINALLEVI REJUVEN

~60% of beds

replaced are over

8 years old (2)

Relieve

aches &

pains

Better Nights

=

Better Days

(1) Source: Institute of Medicine. Sleep Disorders and Sleep Deprivation: An Unmet Public Health Problem. Washington, DC: The National Academies Press; 2006.

(2) Source: Ideaology – Ipsos DuraTrend Findings for Mattress Firm, January 2014

Trademarked Replace Every 8 messaging drives awareness

Up to 50% of Mattress Firm advertising dedicated to needs and benefits versus price

50 – 70 million Americans are not sleeping well (1), yet only

~1% are in the market for a mattress any given month (2)

Buying Power Enables Margin Expansion

24

Pillows Mattresses Headboard/

Footboard

Long-term private label potential ~25% – 30% of retail sales

79%

15%

FY14 Volume

~$285m

Emerging Omni-Channel Platform

25

Digital 2014 YOY Revenue Growth @ +42%

2014 YOY Web Traffic Growth @ +79%

Logistics Rapidly expanding national

Same-day Delivery footprint

Pop Up Retail Channel exposes+30mm consumers

to MFRM brands annually

Brick & Mortar Over 2,100 convenient

locations to ‘try before buy’

and pickup in store

Investing in interconnected capabilities;

well positioned to capitalize on future opportunity

Financials

$57.1 $87.5

$121.0 $140.0

$190.2

$0$20$40$60$80

$100$120$140$160$180$200$220$240

2010 2011 2012 2013 2014

$494 $704

$1,007 $1,217

$1,806

2010 2011 2012 2013 2014

Note: Fiscal year ended January of the following year; figures do not include pro forma adjustments for recent acquisitions and annualization of new store EBITDA

(1) Reflects Adjusted EBITDA; excludes expenses referenced in March 19, 2015 press release

Strong historical sales growth through new store openings, same store sales growth and

acquisitions

Actual Annual Adjusted EBITDA Performance(1)

($ in millions)

Annual Net Sales Performance($ in millions)

Sales Momentum Driving Increasing EBITDA

27

28

Guidance53 Weeks Ended

Feb. 3, 2015

52 Weeks Ended

Feb. 2, 2016 % Growth

New Store Growth (Net) 201 200 – 220 --

Acquired Store Growth 668 -- --

Net Sales (in millions) $1,806 $2,465 - $2,515 38%

Comparable-Store Sales Growth 6.1% Low Single Digit --

Adjusted EBITDA (in millions) $190 $268 - $280 44%

GAAP EPS $1.27 $2.40 - $2.60 97%

Adjustments $0.76 $0.10 --

Adjusted EPS $2.03 $2.50 - $2.70 28%

Adjusted Cash EPS $2.99 $3.80 - $4.00 30%

Diluted Share Count (in millions) 34.8 35.7 --

Adjusted Tax Rate 39.5% 39.8% --

D&A (in millions) $47 $68 45%

Interest Expense (in millions) $22 $42 92%

Stock-based Compensation Expense (in

millions)$8 $10 23%

Net Capital Expenditures (in millions) $72 $95 32%

Ending Net Debt (in millions) $757 $700 -7%

Years at

Mattress

Firm/Sleep

Train

Years of

Relevant

Experience Experience

Steve Stagner

Chief Executive Officer20 22

Dale Carlsen

President & Chief Strategy Officer29 34

Ken Murphy

Co-Chief Operating Officer15 16

Rob Killgore

Co-Chief Operating Officer28 28

Alex Weiss

Chief Financial Officer2 11

Karrie Forbes

Chief Business Officer17 17

Craig McAndrews

Chief Learning Officer9 22

Mike Wilson

Chief Marketing Officer7 30

Bruce Levy

SVP of Real Estate & Development7 28

Kindel Elam

General Counsel2 10

Sam Woods

SVP of Sales & Operations17 20

Brian Baxter

SVP of Merchandising11 24

Franchise Owner

Franchise Owner

Franchise Owner

Experienced and Invested Management Team

29

Key Investment Highlights

Driving Profitability

Through Our Relative

Market Share (RMS) Model

Compelling Industry

Dynamics

Leading Specialty Retailer

Highly Achievable

Growth Plan

Experienced and Invested Management

Team

30