Burger King was founded in 1954 in Miami, Florida and introduced the iconic Whopper sandwich in 1957. It was acquired by Pillsbury in 1967 and continued expanding, introducing important menu items and innovations. Grand Metropolitan acquired Pillsbury in 1988 and Diageo acquired Grand Metropolitan in 1997, eventually selling Burger King to private equity firms in 2002. Burger King went public again in 2006 and was acquired by 3G Capital in 2010. The company focuses on driving sales in North America through improved marketing, remodeling stores, and operational changes while also expanding internationally through strategic partnerships.

1. history
Burger King´s business dates back more than a half-century, having been founded in 1954
when James McLamore and David Edgerton opened the first Burger King restaurant in
Miami, Florida. The Whopper® sandwich was introduced in 1957 and became an instant
success, leading the founders to develop the "Burger King, HOME OF THE WHOPPER®"
campaign in 1958. In 1961, McLamore and Edgerton acquired national and international
franchising rights for the Burger King brand, which was followed by the Company´s first foray
into international markets with the opening of two restaurants in Puerto Rico in 1963.
In 1967, the Pillsbury Company acquired Burger King Corporation, which became a fully
owned subsidiary. James McLamore joined the board of directors of Pillsbury and continued
be involved with Burger King until his retirement. At the time of the acquisition, the Burger
King system was comprised of 274 restaurants with 8,000 employees in the U.S.A. and
abroad.
The 1970´s were marked by a number of important milestones, including the debut of the
"HAVE IT YOUR WAY®" campaign in 1974, BKW´s first European store opening in Madrid,
Spain in 1975, and the introduction of Drive-thru service in the U.S.
A number of important menu innovations were introduced in the 1980´s, including the debut
of breakfast with the CROISSAN´WICH® in 1985 and CHICKEN TENDERS® in 1986. 1986
was a record year for the system, with 546 new restaurants opened worldwide, bringing the
system to 4,743 restaurants and $4.5 billion in system-wide sales, including 402 international
restaurants in 25 countries.
In 1988, Grand Metropolitan PLC acquired the Pillsbury Company and its subsidiaries,
including Burger King, for $5.8 billion. Following the acquisition there was a renewed focus
on international growth which drove numerous new country entries throughout the 1990s.
Key new market entries included: East Germany, Poland, Saudi Arabia, El Salvador, Peru,
Israel, the Dominican Republic, New Zealand, Paraguay, Turkey, Bolivia, and Italy.
In 1997, Grand Metropolitan merged with Guinness to create Diageo Plc. The new Diageo
Plc decided to focus on the spirits and liquor business and subsequently embarked on a
disposal initiative that included the Pillsbury food division and ultimately Burger King, which
was sold to private equity firms Texas Pacific Group, Bain Capital and Goldman Sachs
Capital Partners in 2002.
In 2006, Burger King Holdings completed a successful initial public offering, and listed its
stock on the New YorkStock Exchange. On October 19, 2010, 3G Capital, acquired Burger
King Holdings. As a result of the acquisition by 3G, we became a privately-held company
once again.
In April 2012, Burger King Worldwide Holdings, Inc. and Justice Holdings Limited ("Justice")
(LSE:JUSH), a publicly-listed UK investment company, entered into a definitive business
combination agreement to list Burger King on the New York Stock Exchange upon
completion of the transaction. Shares were listed and began trading on June 20, 2012 under
the ticker NYSE:BKW. 3G Capital retains roughly 70% ownership of the company.

2. Strategy and vission
We believe there are significant opportunities for our Company and the entire Burger King system by:
Driving sales and traffic in the U.S. and Canada: We have identified the following four pillars that we believe
will enable us to drive future sales and traffic in the U.S. and Canada:
 Menu. The strength of our menu has been built upon our signature flame-grilled cooking
process, which we believe results in better tasting burgers. Our menu strategy seeks to
optimize our menu by focusing on our core products, such as our flagship Whopper®
sandwich, while enhancing our menu to broaden our appeal to women, parties with kids
and seniors. Our recently launched initiative to focus on our food expanded our product
platforms and introduced 21 new or improved menu items in 2012. We believe that our
renewed focus on our food will provide us the opportunity to meaningfully increase same
store sales and margins.
 Marketing & Communications. We have established a data driven marketing process
which is focused on driving restaurant sales and traffic, while targeting a broader
consumer base with more inclusive messaging. Through our food-centric marketing
communication strategy, we believe we can refocus our consumers on our food, which is a
core asset and competitive differentiator.
 Image. We believe that our contemporary "20/20 design," which draws inspiration from our
signature flame-grilled cooking process, will drive same store sales, higher profits and
strong return on invested capital. To encourage franchisees to commit to these remodeling
efforts, we developed a lower cost remodeling alternative and provided our U.S.
franchisees with access to a third-party financing program. As of December 31, 2013,
~30% of the North America system was in the "20/20 design", and our goal is to have 40%
reimaged by 2015.
 Operations. We have restructured our field teams through our "field optimization project,"
to significantly increase our field presence and restaurant visits by reducing the span of
control of our field teams. We believe that this reduction in the number of restaurants for
which a field employee is responsible will improve all aspects of restaurant operations,
including food quality, guest service, speed of service and restaurant cleanliness. We also
redefined the role of a field employee to be that of a "business coach" who is responsible
for closely working with the restaurant teams and franchisees to achieve their sales, profit,
and operational goals. The field employees‘ variable compensation is linked to the
performance of those franchise restaurants. We believe that this "business coach"
approach will ensure accountability and alignment with our franchisees. We have also
launched standardized operational metrics to evaluate restaurants that focus on those
core competencies that we believe will maximize the guest experience. We believe that
enhancing our guests‘ experience increases traffic to restaurants and provides us and our
franchisees the opportunity to improve sales and margins.
Accelerating international development: The expansion of our international restaurant
network is an integral part of our global portfolio realignment project. As part of this project
we expect to accelerate our international development with strategic partners and joint
ventures. Generally, these strategic arrangements grant one or more franchisees the
exclusive right to develop and manage Burger King restaurants in a specific country or
region in exchange for commitments for substantial new restaurant development and a
minority equity interest in the joint venture. We expect to focus our international expansion
plans predominantly in high-growth emerging markets where we believe our current
penetration is low relative to our potential. During 2011-12 we entered into joint venture and
master franchise agreements in Brazil, Russia, and China. In 2013, we entered into joint

3. venture and master franchise agreements in South Africa, India, and France. We expect to
introduce the Burger King brand in additional new markets during 2014 and beyond.
Aggressively pursuing refranchising opportunities: We are aggressively pursuing
opportunities to refranchise our domestic and international Company restaurants to new and
existing franchisees, with the goal of approaching a 100% franchised system. We believe
that a highly franchised business model will make our business less capital intensive and
enhance our profits and margins.
Maintaining strong focus on corporate-level cost structure: We are focused on identifying
opportunities to continually drive corporate-level general and administrative ("G&A")
efficiencies by (1) maintaining our "Zero Based Budgeting" program, which is a method of
annual planning designed to build a strong ownership culture by requiring departmental
budgets to estimate and justify costs and expenditures from a "zero base," rather than
focusing on the prior year‘s base, and (2) tying a portion of management‘s incentive
compensation specifically to our G&A budget.
Corporate Profile
Burger King Worldwide is a Delaware corporation that franchises and operates fast food
hamburger restaurants, principally under the Burger King® brand (also referred to as the
"Brand"). Since the company’s founding as a single restaurant in Miami, Florida in 1954, we
have grown to become the world´s second largest fast food hamburger restaurant, or FFHR,
chain as measured by the total number of restaurants. As of December 31, 2013, the Burger
King system consisted of 13,667 restaurants in over 95 countries and U.S. territories. Of
these restaurants, 6,231, or 46%, are located outside the U.S. and Canada. Franchisees
owned and operated 13,615 restaurants, or ~100%, with the remaining 52 owned by Burger
King.
Our restaurants feature flame-grilled hamburgers, chicken and other specialty
sandwiches, french fries, soft drinksand other affordably-priced food items. Our Original
WHOPPER®, introduced in 1957, is one of the best-known hamburger sandwiches in the
world and remains a perennial favorite. During our more than 50 years of operating history,
we have developed a scalable and cost-efficient quick service hamburger restaurant model
that offers customers fast food at affordable prices.
We generate revenues from two sources: (1) retail sales at Company restaurants; and (2)
franchise revenues, consisting primarily of royalties based on a percentage of sales reported
by franchise restaurants and franchise fees paid by franchisees as well as property income
we derive from properties we lease or sublease to our franchisees. Approximately 100% of
our current restaurants are franchised and we have a higher percentage of franchise
restaurants to Company restaurants than our major competitors in the FFHR category. We
believe that our high percentage of franchise restaurants provides us with a strategic
advantage because the capital required to grow and maintain the Burger King® system is
funded primarily by franchisees.
Our franchise dominated business model also presents a number of drawbacks and risks,
such as our limited control over franchisees and limited ability to facilitate changes in
restaurant ownership. In addition, our operating results are closely tied to the success of our

4. franchisees, and we are dependent on franchisees to open new restaurants as part of our
growth strategy.