#1295 freshi fresh freshi Treshii EAT ENERGIZE heat energize. freshi GARNEAL fresh GARNEAU 2164 esh LET'S LOVE KA SEMBARCE QUIN LETS TRY NEW THIN TINY LO freshi res freshii freshi CAT WITHOUT REGRET ET'S LOVE KALE ET'S EMBRACE QUINOA ET'S TRY NEW THINGS ET'S TRY UNLIKELY COMIOS ETS EAT THINGS THAT ARE GOO T'S EAT THINGS THAT MANE FEELGO ET'S BE GOOD TO THE EARTH ET'S LET THE EARTH BE GOOD TO S ET'S EAT. ENERGIZE Investor Presentation June 2017 freshii FAT ENERGIZE EAT. resh ENERGIZE. Treshil ERGIZE EAT ENERGIZE#2DISCLAIMERS Forward-Looking Information This Presentation contains "forward-looking information" for purposes of applicable securities laws ("forward-looking statements"), which reflect the current view of management with respect to the Company's objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities, including statements relating to store count and same-store sales growth. Wherever used, the words "may", "will", "anticipate", "intend", "estimate", "expect", "plan", "believe" and similar expressions identify forward-looking information and forward-looking statements. Forward-looking information and forward-looking statements should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved. All of the information in this Presentation containing forward-looking information or forward-looking statements is qualified by these cautionary statements. Forward-looking information and forward-looking statements are based on information available to management at the time they are made, underlying estimates, opinions and assumptions made by management and management's current good faith belief with respect to future strategies, prospects, events, performance and results, and are subject to inherent risks and uncertainties surrounding future expectations generally. Such risks and uncertainties include, but are not limited to, those described in "Risk Factors" which are described in the Company's annual information form dated March 22, 2017 filed on www.sedar.com. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and forward-looking statements and are cautioned not to place undue reliance on such information and statements. The Company does not undertake to update any such forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. Non-IFRS Measures and Industry Metrics This Presentation makes reference to certain non-IFRS measures including key performance indicators used by management and typically used by our competitors in the restaurant industry. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including "EBITDA", "Adjusted EBITDA", "Pro Forma Adjusted EBITDA", "free cash flow", "free cash flow conversion", "Adjusted Net Income" and "Pro Forma Adjusted Net Income". This Presentation also makes reference to "system-wide sales" and "same-store sales growth" which are commonly used operating metrics in the restaurant industry but may be calculated differently by other companies in the restaurant industry. These non-IFRS measures and restaurant industry metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including restaurant industry metrics, in the evaluation of companies in the restaurant industry. The Company's management also uses non-IFRS measures and restaurant industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. For a: (i) detailed definition of each of the non-IFRS measures and industry metrics referred to; and (ii) reconciliation of these non-IFRS measures refer to the Company's Management's Discussion and Analysis dated March 22, 2017, which is available on SEDAR at www.sedar.com. Financial Matters In this Presentation, all amounts are in U.S. dollars, unless otherwise indicated. Any graphs, tables or other information in this Presentation demonstrating the historical performance of the Company or any other entity contained in this Presentation are intended only to illustrate past performance of such entities and are not necessarily indicative of future performance of the Company or such entities. Any financial outlook or future oriented financial information in this Presentation, has been approved by management of the Company as of May 4, 2017. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Industry and Market Data Market data and industry forecasts contained in this Presentation have been obtained from industry publications, various publicly available sources and reports purchased by the Company as well as from management's good faith estimates, which are derived from management's knowledge of the industry and independent sources that management believes to be reliable. Industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. We have not independently verified any of the information from third-party sources nor have we ascertained the validity or accuracy of the underlying economic assumptions relied upon therein. Certain of the industry data presented herein has been derived from reports commissioned and paid for by the Company and prepared by Technomic Inc., a research and consulting firm servicing the food and food service industry, in 2016. Actual outcomes may vary materially from those forecast in the reports or publications referred to herein, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although we believe these sources are generally reliable, the accuracy and completeness of such information is not guaranteed and has not been independently verified. 1#3OUR COMPANY ◉ Fast-growing restaurant brand at the forefront of the global health and wellness movement, pioneering the new "healthy fast food” category Delicious and diverse menu appeals to a broad spectrum of customers across many demographics, particularly the millennial generation Freshii was ranked the fastest growing multinational chain restaurant in the world for 2015 (by store growth)1 Generated 16 consecutive fiscal quarters of positive same-store sales growth As of March 26, 2017, our store base of 301 stores was approximately 99% franchised freshi OUR MISSION To help citizens of the world live better by making healthy food convenient and affordable 1 In Technomic's "2016 Technomic Top 100 Global Chain Restaurant Report". CONFIDENTIAL resh Fresh Fresh 2#4WE ARE UNIQUELY POSITIONED WITHIN THE RESTAURANT INDUSTRY CONFIDENTIAL HEALTH & WELLNESS ☐ freshii B MILLENNIALS AFFORDABLE ENTREPRENEURSHIP#51. 2. 3. 4. INVESTMENT HIGHLIGHTS Leading North American Fast Casual Restaurant Operator with a Unique and Powerful Brand Innovative and Evolving Menu of Healthy, Fresh and Craveable Food at Affordable Price Points Asset-Light Franchise Model with an Exceptional New Store Growth Opportunity Compelling Unit Economics Driven by Flexible Real Estate Model freshii 5. Strong Franchise Partner Network and New Store Pipeline 6. Strong Financial Performance with Track Record of Best- in-Class Free Cash Flow Conversion 144 7. Innovative and Founder-Led Corporate Team with a Proven Track Record of Success CONFIDENTIAL 11 STI EAT. ENE#6LEADING NORTH AMERICAN FAST CASUAL RESTAURANT OPERATOR WITH A UNIQUE AND POWERFUL BRAND ☐ ☐ Since the end of fiscal 2013, Freshii has increased its store network from 70 locations to 301 locations as of March 26th, 2017, while concurrently delivering 16 consecutive quarters of positive same-store sales growth In Technomic's “2016 Technomic Top 100 Global Chain Restaurant Report", Freshii was ranked the fastest growing multinational chain restaurant in the world for 2015 (by store growth) Awarded Best Workplace Culture at the Canadian HR Awards Freshii has made investments in personnel and infrastructure to support our future growth 1 The information relating to the number of years these competitors took to reach 200 stores was obtained from the official website of each respective party or from other publicly available sources which we believe are accurate and reliable. CONFIDENTIAL SYSTEM-WIDE STORES 278 70 0 CAGR (2013-2016): 58.4% 101 178 2013 2014 2015 2016 YEARS TO REACH 200 STORES¹ 18 16 12 11 McDonald's Subway freshii Domino's Pizza 5#7INNOVATIVE AND EVOLVING MENU OF HEALTHY, FRESH AND CRAVEABLE FOOD AT AFFORDABLE PRICE POINTS We believe our extensive, customizable and innovative menu has an outsized impact on our business and drives higher same-store sales growth Our menu is designed to have something for everyone, including salads, bowls, burritos, wraps, soups, juices, smoothies and frozen yogurt, which gives us broad customer appeal and helps us avoid the “veto vote" Our nutritionist-designed, innovative menu delivers food centered around health at an average entrée price of US$7.50 and evolves frequently with trends, similar to how a 'fast fashion' retailer evolves MENU CATEGORIES¹ (% OF SALES) Bowls 30% Salads 12% Burritos 10% EAT ENERGIZE Wraps 6% Soups 3% Catering 2% freshi 1 Financial information for fiscal 2016, for traditional franchised locations in North America. CONFIDENTIAL Beverages, Frozen Yogurt, Pressed Juices, Retail 21% Breakfast 2% Toppings 14% 6#8INNOVATIVE AND EVOLVING MENU OF HEALTHY, FRESH AND CRAVEABLE FOOD AT AFFORDABLE PRICE POINTS (CONT'D) DINNER (5:00PM - CLOSE) 18% SNACK (2:30PM - 5:00PM) 15% DAYPART1 (% OF SALES) EAT ENERGIZE BREAKFAST (OPEN - 10:30AM) 6% Tresh OPPORTUNITIES TO EXPAND AND OPTIMIZE MENU MIX AND DAYPARTS MEAL BOX "Meal box" program offers customers three meals and two snacks each day Prepared during off-peak hours within the store and delivered daily to customers' preferred location CATERING AND SNACKS Catering menu offers breakfast options, shareable snacks, platters, wraps and burrito boxes and salads to large groups New snack offerings are an opportunity to increase the average in-store purchase JUICE CLEANSES Offers customers up to four juices and one salad each day 1 Financial information for fiscal 2016, for traditional franchised locations in North America. CONFIDENTIAL LUNCH (10:30AM - 2:30PM) 61% BREAKFAST Breakfast menu updated in September 2016 with the introduction of Protein Egg Bowls and Green Smoothie Bowls 7#9COMPELLING UNIT ECONOMICS DRIVEN BY FLEXIBLE REAL ESTATE MODEL ILLUSTRATIVE NEW STORE TARGET CASH BUILD-OUT COST² No Oven No Expensive Kitchen Equipment No Grill No Vents No Fryers No Hoods No Freezers No Microwaves $260K Target Cash Build-Out Cost² (North America) LL: Tresh freshi 1 Stores range in size from fewer than 300 square feet to greater than 2,500 square feet in urban business districts, suburban settings, university campuses and retail stores Franchise partners open stores with modest cash build-out costs and generate attractive cash-on-cash returns¹ 33% of new locations opened during fiscal 2016 were opened by existing traditional franchise partners "Cash-on-Cash Returns" means estimated year two store level operating profit after royalties and advertising, but before the impact of store owner operator or manager salaries, divided by the target cash build-out costs of approximately $260,000 (in local currency). Location: Liberty Village Toronto, ON, Canada Square Footage: 425 Build-Out Cost: C$245,790 Location: Kenaston Commons Winnipeg, MB, Canada Square Footage: 1,033 Build-Out Cost: C$293,000 Location: Avery Road Columbus, OH, USA Square Footage: 1,200 Build-Out Cost: $234,000 ATTRACTIVE NEW UNIT ECONOMICS FAT Location: The Harrison Fort Wayne, IN, USA Square Footage: 1,862 Build-Out Cost: $254,000 (NORTH AMERICAN TRADITIONAL STORES ONLY) Illustrative Return on Investment: Target Cash Build-Out Cost² (incl. franchise fee³) Sales-to-Investment Ratio Cash-on-Cash Returns¹ $260,000 Greater than 2.0x In Excess of 40% 2 "Target Cash Build-Out Costs" means the estimated target investment costs for new stores across North America, including, but not limited to, initial franchise fees, kitchen equipment and small-ware, leasehold and construction costs, furniture, signage, menu boards, point of sale equipment, other technology equipment, architectural costs and other miscellaneous costs, and excluding pre-opening expenses, lease costs and working capital, in each case payable in the local currency and based in part on estimates derived from information reported to us by our franchise partners. 3 In local currency. 4 "Sales-to-Investment ratio" means year two AUV divided by the target cash build-out costs of approximately $260,000 (in local currency). CONFIDENTIAL 8#10ASSET-LIGHT FRANCHISE MODEL WITH AN EXCEPTIONAL NEW STORE GROWTH OPPORTUNITY Asset-light model requires minimal capital expenditures by Freshii, which is anticipated to allow us to generate strong and consistent free cash flow while concurrently experiencing rapid new store growth We operate a highly-franchised model with 99% of our locations franchised as of March 26th, 2017 Our highly scalable platform enables our franchise partners to open these new stores without a material increase in Freshii's overhead expenses and capital expenditures PHONE OVER T LETS FAITHOUT REGRET LET VE KALE LET EM RACE QUINOA LETS TRY NEW THINGS LET'S TRY UNLIKELY COMBOS LET'S EAT THINGS THAT ARE GOOD LETS EAT THINGS THAT MAKE us ft Goo LET'S FAT AND SIT 70 10 freshi EAT. ENERGIZE EXCEPTIONAL NEW STORE GROWTH 101 +208 units 58.4% CAGR 178 278 2016 2013 2014 2015 Treshi CONFIDENTIAL LET'S EAT WITHOUT REG LET'S LOVE KA LET'S EMBRACE QUIN LET'S TRY NEW THIN LET'S TRY UNLIKELY COM LET'S EAT THING EAT JAN ALE 7-201 freshi 9#11STRONG FRANCHISE PARTNER NETWORK AND NEW STORE PIPELINE We received more than 3,800 applications during fiscal 2016 from which we awarded franchises to fewer than 1.7% of applicants 33% of new Freshii locations opened during fiscal 2016 were opened by an existing traditional franchise partner 239 signed franchise partners, of which 169 are operating a total of 298 franchise stores as of March 26th, 2017 Expect the new store opening process to be accelerated by our exclusive real estate brokerage team, who will work with new franchise partners to identify and select real estate from a preferred list of pre-identified locations in target markets Application Received ILLUSTRATIVE TIMELINE (APPROXIMATELY 11 MONTHS FROM APPLICATION TO OPENING) Interview #1 & #2 WEEK 1 2 3 4 MONTH 1 5 Letter of Intent FA Signed Selecting Real Estate 6 7 8 9 2 I ♡ CONFIDENTIAL Application Review / Due Diligence Confirmation Day Management Interviews / Due Diligence / Background Checks - 22 23 3-5 Official Franchise Design & Buildout Partner 6-10 On-Site Training 46 47 48 11 I Treshii Qoon Store Opening 10#12OUR GROWTH STRATEGY CONFIDENTIAL Rapidly Grow Our Franchise Partner Store Base Treshii GROWTH DRIVERS Enhance Profitability and Free Cash Flow Drive Same-Store Sales Growth 11#13RAPIDLY GROW OUR FRANCHISE PARTNER STORE BASE CURRENT GLOBAL FRANCHISE NETWORK¹ Franchise partner demand for new locations is driven by applications from new franchise partners and the significant demand for new locations from our existing franchise partners We expect our franchise partners to open between 150 to 160 net new franchised stores in 2017 to reach approximately 430 to 440 system-wide stores by the end of fiscal 2017 System-wide store count of between 810 and 840 stores by the end of fiscal 2019 SYSTEM-WIDE STORE COUNT freshi Treshi freshi freshi Tresh freshi fresh freshi Treshi fashi Treshi freshi Treshi freshi freshi freshi 1 Includes recently executed master franchise agreements. As of March 26th, 2017. 2 Based on midpoint of 825 stores in 2019E. CONFIDENTIAL +632 TO 662 STORES +46.7% CAGR² fresh fresh 278 178 430 to 440 810 to 840 2015 2016 2017E 2019E 12#14RAPIDLY GROW OUR FRANCHISE PARTNER STORE BASE (CONT'D) CONFIDENTIAL NON-TRADITIONAL FRANCHISE PARTNERSHIPS Universities Airports 日日日 Impressive Global Non-Traditional Partners We believe these non-traditional partnerships will help us to further our goal of bringing the Freshii brand to the masses STRATEGIC PARTNERSHIPS AND LICENSING AGREEMENTS Aramark Food and Support Services Group resh EAT. ENERGIZE ORDER Hospitals Fitness Centres Select Retailers (including Walgreens and Target) in Los Angeles, Minneapolis, Miami & Chicago 54 STORES AS OF Q1 2017 ☐ Compass Group USA IFAL LFE P Sodexo Operations SSP America PILOT PROGRAM - HIGH SCHOOL LUNCHES September 2016: Freshii launched a pilot meal delivery program with a high school in Toronto, Canada to energize an even younger generation 13#15DRIVE SAME- STORE SALES GROWTH SAME STORE SALES GROWTH 2013 2014 2.4% 2.0% 0.9% 0.6% 2.8% 6.8% 12.1% 2015 2016 2017 10.0% 8.2% 7.6% 7.3% 7.0% 6.5% 5.3% 4.8% 3.3% 2.5% (3.5%) Q1 Q2 Q3 Q4 2013 Q1 Q2 Q3 Q4 2014 Q1 Q2 Q3 Q4 2015 Q1 སྦྱ 7.7% 6.8% 6.4% GENERATED 16 CONSECUTIVE FISCAL QUARTERS OF POSITIVE SAME-STORE SALES GROWTH, INCLUDING SAME-STORE SALES GROWTH OF 6.4% FOR Q1 2017 We intend to continue to drive same-store sales growth through the following strategies: Treshi freshi Q3 Q4 2016 Q1 Attract New Customers by Expanding Brand Awareness Regularly engage in social media and public relations campaigns to expand our brand reach and drive traffic to our stores Increase Frequency of Customer Visits and Traffic Through Menu Innovation Utilize customer feedback and analyze sales data to introduce, test and perfect menu items that appeal to our customers' evolving tastes Quickly adopt newly popular food items into stores given flexible kitchens and strong relationships with suppliers Expand and Optimize Menu Mix and Dayparts ■ Drive growth across dayparts through introduction of innovative menu offerings and creative marketing campaigns ■ Enhance non-core dayparts by selling "meal boxes", affordable juice cleanses, catering services, snacks and enhanced breakfast offerings Leverage Mobile Technology to Increase Order Frequency and Speed of Service Mobile application will help increase order frequency, customer spend and brand loyalty CONFIDENTIAL 14#16STRONG FINANCIAL PERFORMANCE WITH TRACK RECORD OF BEST-IN-CLASS FREE CASH FLOW CONVERSION Our franchised business model is asset-light and requires minimal capital expenditures by Freshii, which is anticipated to allow us to generate strong and consistent free cash flow while concurrently experiencing rapid new store growth CONFIDENTIAL TOTAL REVENUE (US$ MILLIONS) $7.7 2013 CAGR (2013-2016): 28.0% $9.0 $11.1 $16.1 SYSTEM-WIDE SALES (US$ MILLIONS) CAGR (2013-2016): 49.0% $96.1 $61.3 $41.7 $29.1 2014 2015 2016 2013 2014 2015 2016 PRO FORMA ADJUSTED EBITDA 1,2 (MILLIONS) FREE CASH FLOW CONVERSION5 95.6% $7.3/C$9.64 93.1% 89.4% 76.1% CAGR (2013-2016): 56.9%³ $1.9/C$1.94 $3.0/C$3.34 $4.7/C$6.04 2013 2014 2015 2016 2013 2014 2015 2016 AVERAGE FCF CONVERSION (2013 TO 2016) 88.6% 33.7% 42.6% 45.1% PRO FORMA ADJUSTED EBITDA¹ MARGIN 24.4% 1 "Adjusted EBITDA" means EBITDA adjusted for share-based compensation, a contract termination fee, service provider commission costs, a legal settlement, other expenses and costs in connection with the Offering and Reorganization. "Pro Forma Adjusted EBITDA" means Adjusted EBITDA adjusted for commission costs paid under the Chicago master franchise agreement for which the Company intends to use a portion of the net proceeds from the Treasury Offering to exercise its buyback provision. 2 The bar chart represents US$ Pro Forma Adjusted EBITDA and is not to scale with C$ Pro Forma Adjusted EBITDA. 3 Calculated based on US$ Pro Forma Adjusted EBITDA. 4 Represents the Canadian dollar Pro Forma Adjusted EBITDA converted at the average exchange rates for each respective period. 5 "Free Cash Flow Conversion" means Pro Forma Adjusted EBITDA less capital expenditures divided by Pro Forma Adjusted EBITDA. 15#17KEY METRICS (US$) FISCAL 2017 OUTLOOK FISCAL 2019 OUTLOOK System-Wide Store Count Annual Same-Store Sales Growth System-Wide Sales OUTLOOK SUMMARY' We are committed to rapidly increasing the number of franchise locations in our store network and leveraging the scalability of our operating platform to increase the profitability of our business Average Royalty Rate Average Franchise Fees Other Income SG&A Pro Forma Adjusted EBITDA4 CONFIDENTIAL 430 to 440 total stores 810 to 840 total stores 3.0% to 4.0%² $355 to $365 million 6.0% to 7.0%² $30,000 per store³ 2.5% of system-wide sales² 4.0% to 5.0% of system-wide sales² $20 to $22 million 1 Outlook Summary as of May 4, 2017. 2 For the period fiscal 2017 through fiscal 2019. 3 In local currency (except for international franchise partners, who are required to pay this amount in US$). 4 "Adjusted EBITDA" means EBITDA adjusted for share-based compensation, a contract termination fee, service provider commission costs, a legal settlement, other expenses and costs in connection with the Offering and Reorganization. "Pro Forma Adjusted EBITDA" means Adjusted EBITDA adjusted for commission costs paid under the Chicago master franchise agreement for which the Company intends to use a portion of the net proceeds from the Treasury Offering to exercise its buyback provision. 16