1 planetretail.net January 2014 SOPHIE CARROLL Associate Analyst BURGER KING INSIGHT DECK Growth markets and strategic initiatives

2 Corporate Structure OTHER KEY EXECUTIVES: EVP & CFO: Joshua Kobza EVP & Global Operations: Rodrigo Musiello Daniel Schwartz, CEO US & Canada Steven M Wiborg EVP & Chairman Alexandre Macedo EVP & President Europe, Middle East & Africa (EMEA) José E Cil EVP & President Latin America & Caribbean (LAC) Jose Dias EVP, Global Development & President Asia Pacific (APAC) Elías Díaz Sesé EVP & President Burger King is owned by Blue Acquisition Holding Corporation, an entity controlled by US-based investment firm 3G Capital. Since June 2012 Burger King has traded as a public company under the official name Burger King Worldwide. Burger King operates under four global segments: (i) US & Canada; (ii) Europe, the Middle East & Africa (EMEA); (iii) Latin America & the Caribbean (LAC); and (iv) Asia Pacific (APAC). Regional Head

3  At the beginning of 2014, over 99% of Burger King stores were franchised. The company co-operates with several regional franchises known as Master Franchisees, who are responsible for selling franchise sub-licenses on the company's behalf.  The strategy appears to be paying off as Burger King’s 2013 Q3 results saw net income dramatically increase to USD68.2 million, from just USD6.6 million the previous year. Global franchising strategy 2. Overview RestaurantsWorldwideUS & CanadaEMEALACAPAC Company-owned Franchised13,1857,3523,2711,4511,111 Total13,2597,4043,2901,4511,114 Total % franchised Burger King: Restaurant Portfolio in Each Operating Segment (Q3 2013) Part of Burger King’s restructuring plan was to become a 100% franchised operation by the end of 2013.

4 Global comparable sales indicate a mixed performance. The last year has seen poor comparable sales at Burger King’s US & Canada division (albeit with a positive result in 2012 Q4). Internationally, comparable sales have been positive in EMEA and APAC, offsetting the poor domestic performance. Burger King: Global and Divisional Sales Comparisons, Q4/12-Q3/13 (%) Source: Burger King company sales reports

5 Germany: Top 5 Foodservice Players by Total Banner Sales, f (EUR mn) #3 Germany: Burger King is set to remain the second-largest chain in the market behind McDonald’s, whose sales are more than five times that of Burger King. Despite this, Germany is Burger King’s biggest market in Europe. Note: f – forecast. Source: Planet Retail 5-yr CAGR 2.2% 0.2% 2.5% 4.1% 5.5%