Cap Mkt Day Mark

Mark in the company from

2008

KFC#

803

PH#

456

SBX#

352

BK#

63

La Tagliatela#

250

Sushishop#

180

Blue Frog#

69

BACOA#

9

KABB#

3

Tagliatela added in

2012

Franchie in Taglaitela

2/3

EBITDA La Tagliatela

mid-twenties.

Blue Frog vs Tagliatela

Tag very profitable, with disciplined fnzees and strong central kitchen. We want to duplicate it in BF (BF has no franchisees yet)

Mark on M&A

Bigger acquisitions, more time on DD and integration

Largest market

Poland 530#

Easter Europe stores# and fnz

900, no fnz

Western Europe stores# and fnz

960, 55% eq

Czech stores#

170

Hungary stores#

110

Spain stores#

322

Germany stores#

260

France stores#

322

Russia stores#

256

China stores#

64

Easter Europe EBITDA%

14.6%

Western Europe EBITDA%

9.5%

Russia EBITDA%

12%

China EBITDA%

10%

Total EBITDA%

11%

Balance between markets EE/WE - target

50/50 or a bit more towards Western Europe

Equity share - total now and target

79%. We will see it going down, will help with CAPEX

Number of markets

26

CAPEX next years

fairly flat. More franchise openings, capital light

EBITDA view

10.9% now. Dragged down by WE (9.5% is not where we want to be definitely double digit). We will focus on that to go up and build it. Numbers are improving

BK profitability

We didnt make money for a long time, now we are making money on BK Poland, opened Romania

2011-2015 in M&A

added Tag and BF

2016-H1 19 in M&A

took opportunity in Yum, MFA, PH and KFC

Growth in network

very consistent, ulture has not changed. We now are operated as when we had couple of stores. Culture did not change. We are proud about that. We are not corporate, but we have processes. Ownership

4 pillars

Operations, Food service, Digital&Delivery, Franchising. All are interrelated

Changes from People-Brand-Scale to 4 pillars

Not much changed, we still base on People still drive everything, A-Brands are in place and new will be added and Scale is even more important for the new pillars

Operations pillar

we believe we need to provide quality product to our customers efficiently. We are best in class. Never sacrifice the quality of product or assets for margin. Fresh product

Foodservice pillar

it's been with us for a very long time. Mostly through SCM. We are best in class. We've always been able t ooffset growing labour with lower COS. Cooperation with the suppliers. In 2011 we added procurement

Delivery & Digital pillar

Growing with time. 12%-13% of our business is now delivery. We tarted delivery when Yum didnt approve, but it was a wise move. And digital - if you not invest, you fall behind. Good progress, eg with kiosks. Consumer experience must be easy process

Franchising pillar

Other than Spain we were not franchise company. It's a big opportunity for us. We have a lot of brands we don't franchise. In Sushishop there is a big upside here.

Flow

A-brands, Franchisors, storecounts, TAG-BF, Segments WE/EE, FR/Eq, Pillars