Investment Thesis Overview

Market Size by Food Dollars Spent in Restaurants Proportion of food dollars spent in restaurants on the rise in Canada but still way below that of the U.S. % Spent of food $ (Canada) 38.6% ill 2015 2016 2017 2018 39.6% 47.0% 2019F Source: Restaurants Canada, Foodservice Industry Forecast, 2019-2023 2015 GROUPE MTY GROUP % Spent of food $ (U.S.) 54.4% 2016 2017 2018 2019F Source: United States Department of Agriculture: https://www.ers.usda.gov/data-products/ag-and-food-statisticscharting- the-essentials/food-prices-and-spending/ 25 25

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