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Market Overview Increase in Disposable Income Driving Food Spend The QSR industry in Indonesia will be driven by a fast-growing economy, and a high propensity to consume The middle-income consuming class is growing wealthier Disposable income per capita (US$) 2,972 Economic indicators have been stable CAGR = 7.2% Movement of IDR against USD 4,516 4,187 CAGR 5.6% 3,920 3,697 3,417 3,468 3,177 BURGER KING 110.7% 2016A 2015A Source: BMI Indonesians are one of the largest spenders on food in Asia Food spend as % of GDP 2017 A 2018A 2019E 2020E 2021E 2022E July-16 July-17 July-18 July-19 July-20 July-21 Source: investing.com QSR spending to grow at a rapid pace Aggregate QSR spending (US$m) 28% 3,390 20% 17% CAGR 10.9% 3,046 2,742 13% 12% 2,483 9% 2,202 6% 2,020 3% Source: Euromonitor / Unadjusted for Covid 2018A 2019E Source: Euromonitor / Unadjusted for Covid 2020E 2021E 2022E 2023E 5

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