NOVEMBER 2019 Forward-looking Statements This presentation may contain written and oral statements that constitute forward-looking statements. These forward-looking statements may involve, but are not limited to, comments with respect to our business or financial objectives, our strategies or future actions, our targets, expectations for our financial condition or our outlook for our operations and future earn-out and additional equity interest obligations. Forward looking statements are not guarantees of future results, performance, achievements or developments and actual results, performance, achievements or developments may differ materially from those in the forward-looking statements as a result of various factors, including downturns in general economic conditions, consolidation and globalisation of the industry, the highly competitive nature of the quick service restaurant industry, the greater resources available to much larger global players, low entry barriers for new competitors, our ability to successfully integrate our acquired and to-be-acquired businesses and the retention of key management personnel. Assumptions relating to the foregoing involve judgments and risks, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in the forward-looking statements are reasonable based on information currently available to us, we cannot assure that the expectations will prove to have been correct. Accordingly you should not place undue reliance on forward-looking statements. In particular, forward-looking statements do not reflect the potential impact of any merger or acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made. Reference should be made to the most recent annual Management’s Discussion and Analysis for an in- depth description of major risk factors. 2 Non-IFRS Measures Unless otherwise indicated, the financial information presented below, including tabular amounts, is expressed in Canadian dollars and prepared in accordance with International Financial Reporting Standards (“IFRS”). MTY uses earnings before interest, taxes, depreciation and amortization (“EBITDA”), because this measure enables management to assess the Company’s operational performance. The Company also discloses same-store sales growth, which are defined as comparative sales generated by stores that have been open for at least thirteen months or that have been acquired more than thirteen months ago, and system sales, which represents the total net sales of the franchised and corporate restaurants of its network. These measures are widely accepted financial indicators but are not a measurement determined in accordance with GAAP and may not be comparable to those presented by other companies. These non-GAAP measures are intended to provide additional information about the performance of MTY, and should not be considered in isolation or as a substitute for measure of performance prepared in accordance with GAAP. The Company uses these measures to evaluate the performance of the business as they reflect its ongoing operations. Management believe that certain investors and analysts use EBITDA to measure a company’s ability to meet payment obligations or as a common measurement to value companies in the industry. Similarly, system sales and same-store sales growth provides additional information to investors about the performance of the network that is not available under GAAP. These measures are components in the determination of short-term incentive compensation for some employees. This presentation should be read in conjunction with the Company’s financial statements and the notes thereto and the Management Discussion and Analysis (MD&A). 3 Agenda INVESTMENT OVERVIEW OF MARKET STRATEGY AND THESIS MTY GROUP OVERVIEW FUTURE GROWTH FINANCIAL Q3-2019 APPENDIX - Historical Data TRENDS RESULTS - Papa Murphy’s Acquisition 4 INVESTMENT THESIS 5 Investment Thesis • Proven consolidator with disciplined acquisition strategy • Track record of growth • Strong cash flow generation ability • Recurring revenue streams in the franchising segment • Diversified portfolio of over 80 brands • Knowledgeable and committed team • Well positioned for more acquisitions 6 OVERVIEW OF MTY GROUP 7 MTY Group at a Glance Franchises and operates quick-service and casual dining restaurants under ≈ 80 brands MTY Group Underlying Network Food Processing & International Retail Non-traditional Food 5% court Corporate 11% 21% Stores 16% 14% 50% $531M $3.3B Canada 7,441 LTM Q3-2019 LTM Q3-2019 Q3-2019 Locations Revenues(1) 45% Network Sales(2) U.S. Promotional 60% Funds Franchise 15% Operation 63% Street front (1) Percentages are calculated by excluding (2) This is a non-IFRS measure. Please refer to page 3 of this presentation. intercompany revenues Ticker MTY Market Cap. $1.3B Brands ≈80 As at October 31, 2019 * 2018 figures have been restated to reflect the adoption of IFRS 15. 8 Milestones in ~40-Year History 1st acquisition: • Fontaine Santé Acquires Acquires Kahala Brands Papa Murphy’s Listed on Vancouver Stock Exchange Acquires Acquires • Casa Grecque Acquires Acquires • The Works Burger • South Street Burger Country Style • Jus Jugo Juice • Dagwoods • Yuzu Sushi Food Services • Mr. Sub • The Counter Custom Burgers Stanley Ma, founder, Acquires • Allô! Mon Coco opens 1st restaurant • Sushi Shop Holdings Inc. • Extreme Brandz • Built Custom Burgers 1979 1980s 1990s 2001-05 2006 2008 2009 2010 2011-13 2014 2015-17 2018 2019 Develops Exclusive Tiki Ming – franchise rights Listed on TSX Acquires Villa Madina concept Acquires first franchise for Taco Time in • Café Dépôt •Timothy’s World Coffee restaurant in 1983 Canada • Sushi Man Acquires • MMMuffin • Muffin Plus • La Crémière Acquires • Grabbagreen Launches Groupe Valentine • Fabrika • Cultures • Imvescor Sukiyaki • Manchu Wok • Mrs. Vanelli’s • Sweet Frog Premium Yogurt Acquires a food • Wasabi Grill & Noodle processing plant • SenseAsian • Cafés-Bistros Van Houtte Announces new CEO 9 Track Record of Growth Revenues (M$) Same Store Sales Growth(1) Operating Cash Flow (M$) -0.0% 105 531 2015 2016 2017 2018 YTD 94 98 426 Q3-19 -0.2% -0.2% 276 -0.4% 51 52 191 145 -0.5% 2015 2016 2017 2018 LTM 2015 2016 2017 2018 LTM Q3-19 Q3-19 EBITDA(1) (M$) EBITDA(1) Margin (%) Net Income (M$) 125 137 48% 45% 45% 46% 44% 96 94 35% 34% 34% 29% 71 66 26% 55 50 51 26 2015 2016 2017 2018 LTM 2015 2016 2017 2018 LTM 2015 2016 2017 2018 LTM Q3-19 Q3-19 Q3-19 Consolidated EBITDA (%) Franchise EBITDA (%) (1) This is a non-IFRS measure. Please refer to page 3 of this presentation. * 2018 figures have been restated to reflect the adoption of IFRS 15. 10 International Network in 39 Countries 7,441 locations and $3.3B in Sales in LTM Q3-2019 Canada International 2,828 $1,610M 521 $176M United States 4,092 $1,516M 11 Network Evolution Network Sales (M$)(1) Network Sales by Network Sales by Geography (%)(1) Type (M$)(1) 3,303 3,303 3,303 1,066 1,066 1,066 2015 2016 2017 2018 LTM 2015 2016 2017 2018 LTM 2015 2016 2017 2018 LTM Q3-19 Q3-19 Q3-19 Food Court Street front Non-traditonal Canada U.S. International Number of Locations Locations by Type Locations by Geography 7,441 7,441 7,441 2,738 2,738 2,738 2015 2016 2017 2018 Q3-19 2015 2016 2017 2018 Q3-19 2015 2016 2017 2018 Q3-19 Food Court Street front Non-traditonal Canada U.S. International (1) This is a non-IFRS measure. Please refer to page 3 of this presentation. 12 Growing by Acquisitions MTY has realized over 50 acquisitions since 1999 1999-2005 2011-2015 2016 2017 2019 • Fontaine • Jugo Juice • Steak Frites St-Paul Kahala Brands Ltd Papa Murphy’s Santé/Veggirama • Mr. Submarine • Giorgio Ristorante • La Crémière • Koryo Korean BBQ Cold Stone Creamery, • The Works Gourmet • Casa Grecque • Croissant Plus Burger Bistro • South Street Burger • Cultures • Mr. Souvlaki Blimpie, Taco Time, • Houston Avenue Bar & • Yuzu Sushi • Thai Express • SushiGo Surf City Squeeze, Grill • Allô! Mon Coco • Mrs. Vanelli’s • Extreme Pita The Great Steak & Potato • Industria Pizzeria & Bar • TCBY – Canadian master • PurBlendz Company, NrGize Lifestyle franchise right • Dagwoods Sandwiches • Mucho Burrito Café, Samurai Sam’s and Salads • ThaiZone Teriyaki Grill, Frullati Café & • The Counter Custom 2006-2010 • Madisons Bakery, Rollerz, Johnnie’s Burgers • Café Dépôt New York Pizzeria, Ranch • Built Custom Burgers • Yogen Fruz – Canadian master franchise right • Muffin Plus One, America’s Taco Shop, • Sushi Shop • Sushi-Man Cereality, Tasti D-Lite, 2018 • Koya Japan • Fabrika Planet Smoothie, Maui • Sushi Shop – existing • Van Houtte Café Bistros – Wowi and Pinkberry Imvestor franchise locations perpetual franchising Restaurant Group • Tutti Frutti • Taco Time – Canadian license BF Acquisition Holdings, Baton Rouge, Pizza Delight, master franchise rights • Manchu Wok LLC Scores, Toujours Mikes and • Country Style Food • Wasabi Grill & Noodle • Baja Fresh Mexican Grill Ben & Florentine Services • Sense Asian • La Salsa Fresh Mexican • Grabbagreen Holdings Inc. • Big Smoke Burger Grill • Timothy’s World Coffee • Groupe Valentine inc. • La Diperie • Mmmuffins 13 Diversified Portfolio of Over 80 Brands Protects MTY from shifts in customer preferences Asian & Indian Frozen treats & smoothies American Sandwiches & Salads Mediterranean Italian Breakfast Mexican Coffee 14 Strong Brands Make Up a Large Part of Portfolio MTY ranks 21st among Canada’s Top 100 foodservice