Investor Roadshow Presentation

RUSSEL CREEDY
CHIEF EXECUTIVE OFFICER
RESTAURANT BRANDS NEW ZEALAND LIMITED
GRANT ELLIS
CHIEF FINANCIAL OFFICER
INVESTOR PRESENTATION
NOVEMBER 2017

SAIPAN & GUAM
AUSTRALIA
NEW ZEALAND
RESTAURANT BRANDS
A CORPORATE FRANCHISEE, BASED IN THE SOUTH PACIFIC
HAWAII
2

ICONIC BRANDS
RESTAURANT BRANDS HOLDS THE FRANCHISE FOR SOME OF THE WORLD’S BEST
KNOWN BRANDS
KFC
KFC is the world’s most
popular chicken restaurant
chain. Established by
Colonel Harland Sanders
over 70 years ago, it now
has more than 20,000
locations in 125 countries.
PIZZA HUT
Founded in 1958 and a
household name for pizza,
Pizza Hut is an American
restaurant chain and
international franchise with
over 16,000 locations in
more than 100 countries.
STARBUCKS
COFFEE
From a single store in Seattle
in 1971, Starbucks Coffee has
grown into an international
coffeehouse chain now
operating in almost 24,000
locations worldwide.
CARL’S JR.
Established in 1941, this
American burger quick
service restaurant chain
serves the ‘best burgers on
the planet’ to customers at
more than 3,600 US and
international locations.
TACO BELL
An American chain of quick
service restaurants
established in 1962, Taco
Bell serves a variety of Tex-
Mex foods, including tacos,
burritos, quesadillas,
nachos, and other specialty
items in around 7,000
restaurants.
FRANCHISED FROM:
NZ: 1997
AUSTRALIA: 2016
NZ: 1999 NZ: 1997
HAWAII: 2017
NZ: 2013 HAWAII: 2017
3

INVESTMENT THESIS
AN ATTRACTIVE INVESTMENT ON A NUMBER OF LEVELS
PROVEN CAPABILITY IN MANAGING AND
GROWING A HIGH PERFORMING STABLE
OF ICONIC, BRANDED FOOD CHAINS
•Consistent track record of continued growth
in revenues and earnings
•World-class corporate franchisee with
recognised skills in marketing, facility and
supply chain management
SHARPLY FOCUSED GROWTH STRATEGY
THAT HAS TRANSFORMED THE COMPANY
INTO A MULTI-BRAND INTERNATIONAL
BUSINESS
•Demonstrated execution capability with a
track record of store transformation and
operational excellence that can be
replicated in new acquisitions and across
additional brands
•Strong capital allocation capabilities that
have consistently grown returns for
shareholders
INVESTMENT IN STRONG CASH
GENERATING BUSINESSES
•Strong balance sheet and cash flows
•Consistent and growing dividend yields
4

GROUP FINANCIAL OVERVIEW
TRACK RECORD OF DELIVERING CONTINUED GROWTH
TOTAL SALES (NZ$M)
329.3
359.5
387.6
497.2
~750.0*
FY14FY15FY16FY17FY18
TOTAL EBITDA (NZ$M)
53.5
61.5
66.9
86.2
~120.0*
FY14FY15FY16FY17FY18
TOTAL NPAT (excluding non-trading items)(NZ$M)
18.9
22.5
24.2
30.6
40.0**
FY14FY15FY16FY17FY18
DIVIDEND PER SHARE (NZ cents)
16.5
19.0
21.0
23.0
~25.0*
FY14FY15FY16FY17FY18
* FY18 numbers - analyst consensus forecasts
** FY18 number – company guidance
5

TRADING HISTORY
FROM A SOLID, BUT FLAT FINANCIAL PERFORMANCE FIVE YEARS AGO, RBD HAS SEEN STRONG
SALES AND EARNINGS GROWTH FROM BOTH ITS DOMESTIC KFC BUSINESS AND ITS
OFFSHORE ACQUISITIONS
SALES (NZ$M)
241.5
265.0
282.5
296.5
48.4
48.4
44.9
40.5
25.0
26.1
26.8
26.7
14.3
20.1
33.4
36.3
97.2
329.2
359.6
387.6
497.2
~750.0*
20142015201620172018
KFC AU
CJ NZ
SC NZ
PH NZ
KFC NZ
Sales $m
EBITDA (NZ$M)
44.5
50.8
57.2
61.4
5.5
6.4
4.9
4.1
3.5
4.3
4.4
4.8
0.2
0.4
1.0
15.0
53.5
61.7
66.9
86.3
~120.0*
20142015201620172018
* FY18 numbers - analyst consensus forecasts
6

OFFSHORE GROWTH STRATEGY
RECENT ACQUISITIONS HAVE BROUGHT SCALE AND DIVERSIFICATION OF EARNINGS
$NZM
NZAUSHAWAII
TOTAL
STORES
1
1726183
316
STORE SALES
2
($NZM)
422153175
750
STORE EBITDA
2
($NZM)
752322
120
PEOPLE
3,5002,2002,000
7,700
NEW ZEALANDAUSTRALIAHAWAII
1.Company forecast year end FY18
2.FY18 analyst consensus forecasts
7

CASH FLOW
RECENT ACQUISITIONS HAVE ENHANCED ALREADY STRONG CASH FLOWS
Operating Net InflowsInvesting Net Outflows (excl. Major Acquisitions)
32.2
36.6
44.3
47.9
72.0*
10.1
22.6
15.3
15.1
24.0*
FY14FY15FY16FY17FY18
CASH FLOWS (NZ$M)
* FY18 numbers - analyst consensus forecasts
8

CAPITAL MANAGEMENT
BANK DEBT UP ON AUSTRALIA AND HAWAII ACQUISITIONS BUT WELL WITHIN (NEW)
FACILITY LIMITS AND WITHOUT ANY PRESSURE ON THE BALANCE SHEET
RATIOS*
Interest Cover (EBITDA)
18x
Net Debt: EBIT
2.4:1
Net Debt: EBITDA
1.5:1
Gearing (D:D+E)
39.2%
* as at 1H2018
WESTPAC (NZ$60M & A$60M)
FIRST HAWAIIAN (US$51M)
BTMU (A$50m)ANZ(A$8M)
BANK DEBT(NZ$M)
8.1
22.6
12.7
46.5
133.1*
FY14FY15FY16FY17FY18
125
74
55
9
-
50
100
150
200
250
300
Actual*Facility
FACILITY:
BANK DEBT (NZ$M)
263
133
9

AUSTRALIA
OPERATIONS
10

There are over 600 KFC
restaurants across Australia,
mostly held by franchisees
QLD
Queensland
c.130
restaurants
NSW
New South Wales
c.200 restaurants
ACT
c.15 restaurants
TAS
Tasmania
c.15 restaurants
VIC
Victoria
c.150 restaurants
SA
SouthAustralia
c.50 restaurants
WA
WesternAustralia
c.40 restaurants
NT
Northern Territory
c.5 restaurants
KFC AUSTRALIA
THE KFC BUSINESS IN NSW CONTINUES TO GROW STRONGLY WITH NEWLY ACQUIRED STORES
AND ORGANIC SALES GROWTH
RBD60
Yum!50
Other Franchisees90
11

GROWTH STRATEGY EXECUTION
EXECUTION HAS GONE WELL TO DATE, WITH STORE NUMBERS AND UNDERLYING BUSINESS PERFORMANCE AHEAD OF PLAN
•Growth focus around NSW
•Acquisitions not excessively priced (EBITDA multiples 5-6x)
•Strong, established management team
•Business successfully integrated into RBD
•Continued active involvement by vendor (Stephen Copulos)
Post investment review on the Australian acquisition shows performance ahead
of target for the 42 stores acquired
Store numbers up 45% on original acquisition in Australia as
“beach head” expands
42 STORES
8 STORES
10 STORES
1 STORE
61 STORES
ORIGINAL ACQUISITION
APRIL 2016
PURCHASES FROM
SMALLER
FRANCHISEES
AQUIRED FROM
YUM!
NEW STORE
BUILDS
STORES AS AT
FEB 2018
ACTUAL YEAR 1
109.4
BUSINESS CASE
YEAR 1
107.9
SALES A$M
EBITDA A$M
BUSINESS CASE
YEAR 1
16.1
ACTUAL YEAR 1
16.7
12

GROWTH OPPORTUNITIES
Eight independent
franchisee stores
acquired in FY18
EXPAND RESTAURANT
NETWORK
Infill opportunities to increase the
restaurant portfolio footprint in existing
trade areas
ACQUIRE OTHER
FRANCHISE PORTFOLIOS
Potential scope to acquire other
franchise portfolios in the KFC
network from individuals to large
multi-store operations
POTENTIAL ACQUISITION
OF YUM! RESTAURANTS
Yum! owns approximately 50 KFC
residual restaurants in Australia
after selling a number off to
franchisees
One new store
completed FY18.
More sites pending
RBD in a strong
position to purchase
residual stores (all in
NSW)
13

HAWAII
OPERATIONS
14

HAWAII
BACKGROUND AND ACQUISITION OVERVIEW
•Agreement to purchase Pacific Island Restaurants Inc. (PIR)
for $US105 million signed 26 October 2016 and settled on 7
March 2016
•PIR is the sole Taco Bell and Pizza Hut franchisee in Hawaii,
Guam and Saipan (82 stores)
•Capital raising in November 2016 through Accelerated
Renounceable Entitlement Offer (AREO) raised $NZ94
million from mainly existing shareholders
STORE NETWORK
30
38
HAWAII
GUAM
7
6
SAIPAN
1
LEADING MARKET SHARE IN BRANDED QSR PIZZA
AND MEXICAN FOOD IN HAWAII
Taco Bell
91%
Taco Del Mar
9%
Pizza
Hut
43%
Domino's
21%
Papa
John's
16%
Little
Caesars
12%
Boston's
7%
Harpo's
1%
15

HAWAII
OVERALL HAWAIIAN BUSINESS AFTER 27 WEEKS IS OFF TO A
SATISFACTORY START
1H2018 ACTUAL
PER 26 OCT 2016
PRESENTATION
32.7
32.0
48.1
52.4
1H2018 WPRA* SALES (NZ$000s)
93.0
62.0
250.0
278.0
1H2018 ACTUAL
PER 26 OCT 2016
PRESENTATION
1H2018 PRA** EBITDA (NZ$000s)
PIZZA HUTTACO BELL
* Weekly Per Restaurant Average
** Per Restaurant Average
16

GROWTH OPPORTUNITIES
Evaluating potential
KFC purchase
EXPAND RESTAURANT
NETWORK
Infill opportunities to increase the
restaurant portfolio footprint in existing
trade areas, predominantly for
Taco Bell
ACQUIRE OTHER BRANDS
Potential scope to acquire other
franchises in Hawaii, leveraging
multi-brand capabilities
EXTENSIVE NETWORK
REFURBISHMENTS
Considerable upgrade opportunities
for Taco Bell network.
Pizza Hut rationalisation from red
roofs to delcos
One new Pizza Hut to
open before year end.
Refurbishments under
way on 3 Taco Bell sites
First Taco Bell
transformation
performing very well
17

HAWAII STORE REFURBISHMENTS
RESTAURANT BRANDS’ EXPERIENCE IN NEW ZEALAND INDICATES THAT A TARGETED
STORE REFRESH PROGRAMME COULD FURTHER IMPROVE PIR’S PROFITABILITY
OVERVIEW
•Investment programmes to be funded out of operating
cash flows and debt facility.
•RBD’s own experience in New Zealand has been that
store refresh expenditure typically results in increased
store sales and profitability and generates an attractive
return on capital.
•In New Zealand, RBD has been able to achieve
sustainable sales growth and an uplift in profitability
across its portfolio from its refresh programme
150
170
190
210
230
250
270
290
0
10
20
30
40
50
60
70
KFC NEW ZEALAND SALES GROWTH FOLLOWING
STORE TRANSFORMATION PROGRAMME
Sales Revenue (NZ$M) (Right Axis)Transformed Stores (Left Axis)
18

Kailua Taco Bell
YTD SSS +60%
THE STORE TRANSFORMATION
PROCESS IS UNDERWAY
FY2018FY2019
1-
NEW STORES
21
12
MINOR REFURBISHMENTS
-5
23
MAJOR REFURBISHMENTS
23
--
RELOCATES
1-
-1
TRANSFORMATIONS
-2

NEW ZEALAND
OPERATIONS
20

SALES (NZ$M)
STRONG REVENUES
282.5
296.5
44.9
40.5
26.8
26.7
33.4
36.3
201620172018
CJ
SB
PH
KFC
THE NEW ZEALAND BUSINESS CONTINUED TO GROW STRONGLY WITH FY17 SALES IN EXCESS OF
$400M, LED BY KFC
* FY18 analyst consensus forecasts.
387.6
400.0
422.0*
21

EBITDA (NZ$M)
EARNINGS MOMENTUM
57.2
61.4
65.3
4.9
4.1
3.7
4.4
4.8
4.4
0.4
1.0
67
71
75
201620172018
CJ
SB
PH
KFC
Total
KFC DRIVES NEW ZEALAND EARNINGS GROWTH
* FY18 analyst consensus forecasts.
22

New store build (primarily for independent
franchisees) gaining momentum. NZ Store
numbers expected to exceed 100 early in
FY18
GROWTH OPPORTUNITIES
NETWORK AND
CHANNEL EXPANSION
RAPID NETWORK
DEVELOPMENT WITH
FORMALISATION OF MFA
SMALLER BRANDS HAVE
FURTHER DEVELOPMENT
POTENTIAL BUT DEPENDENT
ON CURRENT INITIATIVES
Successful opening of new format store in Fort St
shows potential for the brand in downtown
locations.
Traditional format KFC’s continue to provide
growth opportunities with the 100
th
store in NZ
targeted by year end.
Delivery trial underway in eight stores.
Initial results positive.
Starbucks growth potential dependent on
terms of new franchise agreement
Carl’s Jr. growth dependent on improving
existing profitability
23

New ZealandAustraliaHawaii
Store buildsStore build (corridors)
Small franchisee acquisitions
Large acquisition
Potential acquisition
Store builds (network)N/ARelocations
New store builds
PotentialentryPotentialentryNew store builds
Transformations
SUMMARY
WHILST CONSOLIDATING THE ACQUISITIONS OF THE PAST 18 MONTHS, THE FOCUS
REMAINS ON GROWTH OPPORTUNITIES THROUGH STORE BUILDS AND
TRANSFORMATIONS

OUTLOOK FY18 YEAR
•Current strategies across all geographic markets are delivering positive results.
•Acquisition of the Taco Bell and Pizza Hut brands in Hawaii has seen a solid
contribution in the first period of ownership.
•Strong performance of the KFC brand in Australia and New Zealand expected to
continue in the second half.
•Absent any major changes to economic or market conditions, the Group will
deliver a Net Profit after Tax (excluding non-trading items) for the FY18 year
of around $40 million
25

QUESTIONS?
DISCLAIMER
The information in this presentation:
•Is provided by Restaurant Brands New Zealand Limited (“RBD”) for general information purposes and does not constitute investment advice or an offer of or invitation to purchase RBD securities.
•Includes forward-looking statements. These statements are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are
beyond RBD’s control, and which may cause actual results to differ materially from those contained in this presentation.
•Includes statements relating to past performance which should not be regarded as reliable indicators of future performance.
•Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX Main Board and ASXlisting rules, RBD is not under any obligation to update this presentation, whether
as a result of new information, future events or otherwise.
•Should be read in conjunction with RBD’s audited consolidated financial statements for the year to 27 February 2017 and the unaudited six months to 11 September 2017 and NZX and ASX market releases.
•Includes non-GAAP financial measures including "EBITDA”. These measures do not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information
presented by other entities. However, they should not be used in substitution for, or isolation of, RBD’s audited consolidated financial statements. We monitor EBITDA as a key performance indicator and we
believe it assists investors in assessing the performance of the core operations of our business.
•Has been prepared with due care and attention. However, RBD and its directors and employees accept no liability for any errors or omissions.
•Contains information from third parties RBD believes reliable. However, no representations or warranties are made as to the accuracy or completeness of such information.