13D Filing: Marathon Partners and J. Alexander’s Holdings Inc. (JAX)

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B. Mr. Cibelli
(a) Mr. Cibelli, as the managing member of each of Cibelli Research and Marathon Partners, may be deemed
the beneficial owner of the (i) 800,000 Shares owned by Partners LP and (ii) 119,000 Shares owned by Focus Fund.

Percentage: Approximately
6.3%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 919,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 919,000

(c)

Mr. Cibelli
has not entered into any transactions in the Shares since the previous Schedule 13D filing. The transactions in the Shares on
behalf of Focus Fund since the previous Schedule 13D filing are set forth in Schedule A and are incorporated herein by reference
.

C. Focus Fund
(a) As of the close of business on October 20, 2017, Focus Fund beneficially owned 119,000 Shares.

Percentage: Approximately
0.8%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 119,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 119,000
(c)

The transactions
in the Shares by Focus Fund since the previous Schedule
13D filing are set forth in Schedule A and are incorporated herein by reference
.

D. Cibelli Research
(a) Cibelli Research, as the general partner of Focus Fund, may be deemed the beneficial owner of the
(i) 119,000 Shares owned by Focus Fund.

Percentage: Approximately
0.8%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 119,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 119,000
(c) Cibelli Research has not entered into any transactions in the Shares since the previous Schedule 13D filing. The transactions
in the Shares on behalf of Focus Fund since the previous Schedule 13D filing are set forth in the Schedule A and are incorporated
herein by reference.
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