Chairman’s Address

Annual Shareholders Meeting 2019

Chairman’s Address

I think you will all agree that the 2019 financial year has been a defining one in the 23 year history of
Restaurant Brands.

This has been a busy 12 month period in which we have consolidated and strengthened the Company’s
position across each of our markets and continued to invest for future growth, while successfully
maintaining our track record of delivering a strong result.

It is particularly pleasing that this was achieved over a period where your board and management team
were also working through the process which culminated in the successful acquisition of 75% of the
company’s shares by Finaccess Capital.

All three operational divisions have performed well, driven by strong contributions from each of our key
brands, Taco Bell in Hawaii and KFC in Australia and New Zealand.

Once again, new records have been achieved, with total sales reaching a new high of $794 million, an
increase of 7.2% against the FY18 result.

Our Annual Net Profit after Tax (excluding non-trading) also set a new record at $42.2 million, up by 3.3%
against the previous year.

The continued strong performance is evidence of our ability to successfully acquire, integrate and grow
the business, providing proof that our growth strategy is well founded. We have successfully transitioned
into a global company and we see plenty of opportunities on the horizon to continue to pursue our growth
ambitions from this strong base.

Restaurant Brands is now also firmly positioned as a growth company and you can see this has clearly
been translated into the share price.

As the growth strategy begins to accelerate, this next phase will require a significant level of investment to
realise the potential we are seeing.

This includes an intention to open 60 Taco Bell stores in New Zealand and Australia over the next five
years while also increasing the number of new KFC store builds on both sides of the Tasman.

This intensive programme will greatly increase the capital expenditure requirements of the Company as
we look to quickly achieve scale in the Taco Bell brand and continue to build out the KFC store network.

Adding to this, we have made no secret of the fact that we see further opportunities to expand through
potential acquisitions in both the Australian and the US markets.

For some time, it has been the company’s policy to consider future capital requirements when deciding on
the appropriate level of dividend payment. With this in mind, at the full year we determined it would be in
the best long- term interest of shareholders to retain funds within the business at this point, to provide
additional funding flexibility.

Our experience with the acquisition of the Hawaii business and multiple KFC acquisitions in Australia has
demonstrated that while careful discipline must continue to be applied, the company needs to be ready to
act swiftly as opportunities arise.

As I look back over my time with Restaurant Brands it is with a sense of pride. It has been my pleasure to
serve as a director on your board since 2004 and your Chair since July 2006 and to have played a part in
contributing to the success of the company.

You may have noted from my comments in the annual report that in my first year as Chair the company
recorded a net profit after tax (excluding non-trading) of $6.5 million and reported a net loss of $3.6
million.

In the years since, Restaurant Brands has established a track record of consistently delivering
sustainable results and excellent returns.

Many milestones have been achieved along the way. A particular highlight has been the significant store
transformation project that revitalised the KFC business in New Zealand and firmly established
Restaurant Brands as a world class franchisee.

More recently, there has been the successful acquisition of an initial group of KFC stores in Australia in
2016 which we have continued to expand upon. And this was swiftly followed by the successful Pacific
Island Restaurants acquisition in Hawaii that not only increased our geographic footprint but also added
the Taco Bell brand to our stable.

Clearly our goal of reaching $1 billion in market capitalisation has well and truly been achieved and while
there is still some way to go to achieve our $1 billion in revenue target, I have no doubt this too will be
ticked off in due course.

As I alluded to earlier, a significant development in the company’s journey has been the partial takeover
that was successfully completed on 1 April, with Finaccess Capital achieving a 75% shareholding in the
Group.

Through our initial discussions it quickly became clear that Finaccess had been following us for some
time and recognised the existing and future potential the business had to offer.

By the time we were in a position to advise shareholders of a potential partial takeover in October 2018
we were confident that the indicative offer of $9.45 cents per share represented a fair value.

This view was, as you know, endorsed in the Independent Adviser’s report and through the resoundingly
positive response of shareholders with 91% of our shares offered up for sale to Finaccess.

Throughout the process, our dealings with Finaccess Capital have left me with a lasting appreciation for
the calibre and integrity of Jose and his team. It is pleasing to be passing the baton to a new Chair who
shares our vision for Restaurant Brands and has the skills and drive required to meet the next set of
challenges.

Jose and the new board are strongly supportive of current management and the continuation of the
company’s growth strategies.

I have been impressed with the depth of industry and market knowledge that the Finaccess team bring to
the table and which I believe will be of enormous benefit to Restaurant Brands in this next phase of the
company’s growth.

It is appropriate at this point to acknowledge the exceptional contribution made by your directors over the
past 12 months.

I have greatly valued the support and guidance of an extremely diligent and hard-working board that
includes current director Hamish Stevens along with recently retired board members: Vicky Taylor,
Stephen Copulos and David Beguely. I thank you all for your significant contribution to the strong
performance of the Company and wish you well for the future.

I would also like to thank Russel Creedy and his management team for their outstanding efforts in once
again delivering a record result. Russel has been at the helm as the Company’s Chief Executive since

2007. Over the years we have worked closely together, sharing a strong ambition to continually lift the
company’s performance. And under his leadership the business has indeed prospered.

And finally, I would like to thank our loyal shareholders for your continued support and interest in the
company – it has been a pleasure to represent you.

It is heartening to be completing my term as Chair, knowing that I leave the company in a strong position
and in good hands. I will continue to follow the company’s progress with interest and look forward to
hearing of
its continuing success.