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Recipe Unlimited Corporation ANNUAL INFORMATION FORM

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Recipe Unlimited Corporation ANNUAL INFORMATION FORM Recipe Unlimited Corporation ANNUAL INFORMATION FORM March 27, 2020 TABLE OF CONTENTS CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS.........................................................1 GENERAL...............................................................................................................................................................2 NON-IFRS MEASURES..........................................................................................................................................2 CORPORATE STRUCTURE ...................................................................................................................................3 DEVELOPMENT OF THE BUSINESS.....................................................................................................................3 Three-Year History...............................................................................................................................................4 DESCRIPTION OF THE BUSINESS .......................................................................................................................5 Multiple Brand Strategy Provides Significant Competitive Advantages..................................................................6 Opportunities for Growth......................................................................................................................................9 Recipe’s Operations ..........................................................................................................................................12 DESCRIPTION OF CAPITAL STRUCTURE ..........................................................................................................16 Multiple Voting Shares and Subordinate Voting Shares ......................................................................................16 Preference Shares.............................................................................................................................................18 Normal Course Issuer Bid, Substantial Issuer Bid and Purchase of Fund Units ..................................................19 RISK FACTORS....................................................................................................................................................19 Risks Related to the Canadian Restaurant Industry or the Company’s Restaurants............................................19 Risks Related to the Company’s Securities ........................................................................................................28 DIVIDENDS AND DISTRIBUTIONS ......................................................................................................................30 PRICE RANGE AND TRADING VOLUME OF SUBORDINATE VOTING SHARES................................................31 PRIOR SALES......................................................................................................................................................31 DIRECTORS, OFFICERS AND SENIOR MANAGEMENT .....................................................................................31 AUDIT COMMITTEE.............................................................................................................................................33 Relevant Education and Experience ..................................................................................................................34 Pre-Approval Policies and Procedures ...............................................................................................................34 External Auditor Service Fees............................................................................................................................34 LEGAL PROCEEDINGS AND REGULATORY ACTIONS.......................................................................................35 INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ................................................35 TRANSFER AGENT AND REGISTRAR ................................................................................................................35 MATERIAL CONTRACTS......................................................................................................................................36 EXPERTS.............................................................................................................................................................36 APPENDIX A: AUDIT COMMITTEE CHARTER................................................................................................... A-1 ( i ) CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS All forward-looking statements in this Annual Information Form (“AIF”) are made as of March 27, 2020 and are qualified by these cautionary statements. This AIF contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may relate to the Company’s future outlook and anticipated events or results and may include information regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the Company. Particularly, information regarding future results, performance, achievements, prospects or opportunities of the Company or the Canadian market is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. Discussions containing forward-looking information may be found, among other places, under the headings “Description of the Business”, “Development of the Business” and “Risk Factors”. These forward-looking statements include, among other things, statements relating to: the Company’s expectations regarding its revenue, expenses and operations; the Company’s future growth plans, including expansion of Recipe’s current brands and acquisitions, and the completion of its proposed name change; the Company’s expectations with respect to advancement in its technologies; the Company’s expectations with respect to retail sales; the Company’s expectations with respect to growth resulting from its off-premise sales initiatives; the Company’s expectations with respect to SRS Growth (as defined herein) and to growth of System Sales (as defined herein) and Operating EBITDA (as defined herein); the Company’s expectations with respect to restaurant closures and new restaurant openings; the Company’s intention to declare dividends; the Company’s expectations with respect to strategic partnerships; the Company’s expectations with respect to its ability to leverage its scale to reduce costs; the Company’s expectations with respect to savings realized as a result of implementing improved scheduling practices; anticipated trends and challenges in the Company’s business and the market in which it operates; and the market price for the Company’s subordinate voting shares (the “Subordinate Voting Shares”). These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking information is necessarily based on a number of the opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the following factors described in greater detail in “Risk Factors”: potential volatility of the price of the Subordinate Voting Shares; payment of dividends; forward-looking information; significant ownership by the Principal Shareholders (as defined herein); future sales of shares by the Principal Shareholders; dilution; limited voting rights attached to the Subordinate Voting Shares; quarterly operating results may fluctuate; securities analysts’ research or reports could impact the price of Subordinate Voting Shares; restaurant industry; competition with other franchisors; quality control and health concerns; food safety; security breaches of confidential guest information; public safety issues; COVID-19 (Coronavirus); damage to the Company’s reputation; availability and quality of raw materials; reliance on suppliers; growth of the Company; franchisees; franchise fees and other revenue; franchisee relations; revenue reporting risks; opening new restaurants; potential inability to consummate acquisitions; integration of acquisitions and brand expansion; achieving expected synergies from acquisitions; retail licensing opportunities; seasonality and weather; regulations governing alcoholic beverages; laws concerning employees; dependence on
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