Investment Thesis Overview

Valuation Conundrum Bloomberg & Factset do not account for subleases which significantly overstates our valuation LTD GROUPE MTY GROUP Calculations based on Q2-21 data (in thousand except stock price) Stock price (end of period) # shares Market cap. Bloomberg / Factset MTY $60.45 $60.45 24,706 24,706 $1,493,506 $1,493,506 406,107 406,107 Current LTD 19,972 19,972 (less cash) (41,531) (41,531) Net debt (excl. leases) $384,548 $384,548 Lease liabilities Current lease liabilities Net debt (incl. leases) Finance lease receivables Current finance lease receivables Total finance lease receivables Net debt Enterprise value 412,648 412,648 107,126 107,126 $904,322 $904,322 n/a 346,908 n/a 92,306 n/a $439,214 $904,322 $465,108 $2,397,828 $1,958,614 154,687 154,687 LTM EBITDA LTM FCF EV/EBITDA EV / FCF 138,785 138,785 15.5x 12.7x 46 17.3x 14.1x

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