PACIFIC ISLAND RESTAURANTS INC.

Not for release or distribution in the United States

RESTAURANT BRANDS NEW ZEALAND LIMITED

ACQUISITION OF

PIR has a network of 37 Taco Bell stores and 45 Pizza Hut stores spread across Hawaii, Guam and Saipan.

HAWAII

GUAM SAIPAN

This document has been prepared for publication in New Zealand and may not be released or distributed in the United States. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction.

Any securities described in this document have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the U.S. Securities Act and applicable US state securities laws.

Taco Bell

Pizza Hut

RESTAURANT BRANDS NEW ZEALAND LIMITED

1

30 38

7 6

• 37 stores, 30 in Hawaii and seven in Guam

• Leading Mexican quick service restaurant (QSR) in the Hawaiian market, key QSR competitors include McDonald’s, Burger King, Jack in the Box, Wendy’s, Zippy’s and Taco Del Mar

• Taco Bell store formats cover drive-thru, dine-in and takeaway

Unique product offering

• 45 stores, 38 in Hawaii, six in Guam and one in Saipan

• Pizza Hut has a higher market share in the Pizza QSR market in Hawaii than its next two largest competitors combined2

• Named Hawaii’s Best Pizza by the Honolulu Star-Advertiser in 2016

Compelling customer value

2. Market share data as at March 2016 based on Oahu, Hawaii customer visits per Ward Research Inc, extrapolated to account for PIR presence in neighbouring islands.

1. State of Hawaii, Department of Business, Economic Development and Tourism Outlook for the Economy Q3 2016.

Hawaii’s Best

PIR sales over time

PIR was established in 1971 and is the sole Taco Bell and Pizza Hut franchisee in Hawaii, Guam and Saipan.

1. PIR has been consistently profitable in recent years and has a stable, experienced management team (average tenure of 25 years)

2. Taco Bell and Pizza Hut are both iconic Yum! brands and have leading positions in their respective markets with attractive and stable margins

3. There is an opportunity to execute an investment programme (substantively agreed with Yum!) to progressively refresh PIR’s stores, which Restaurant Brands believes will improve PIR’s profitability, reflecting Restaurant Brands’ experience over the last ten years in New Zealand

4. PIR provides the next stage of Restuarant Brands’ growth platform and an entry point into the Hawaii market and base for other potential bolt-on acquisitions

5. Hawaii has a stable legal and economic framework, with sound forecast GDP growth of approximately 4% p.a. from 2015 through to 20191

6. PIR’s primary exposure is to the domestic Hawaiian market, and provides an opportunity to service a portion of the 8.9 million visitor arrivals to Hawaii each year

PACIFIC ISLAND RESTAURANTS

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30

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90

120

150

CY12

Pizza Hut

51.2

57.8

109.0 111.8 113.9 121.0

50.8

61.0

50.5

63.4

53.5

67.5

CY13 CY14 CY15

Taco Bell

Sale

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S$m

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Live Más

Crunchwrap Supreme

Breakfast Crunchwrap

Nacho Cheese

Quesalupa