TSX: IRG

Transformation
for Growth April 2017
FORWARD LOOKING STATEMENTS
This presentation (the presentation) is based upon information supplied by Imvescor Restaurant Group Inc. (Imvescor) and is being furnished solely for
use by prospective acquirors, investors and other third parties in connection with their consideration of a strategic transaction with Imvescor.

Neither Imvescor nor any of its direct or indirect subsidiaries (including partnerships), employees or representatives takes any responsibility for or makes
any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in this presentation or any
other information (whether communicated in written or oral form) transmitted or made available to prospective acquirors, investors or other third parties
on or after the date of this Presentation. Prospective acquirors, investors and other third parties are entitled to rely solely on only those particular
representations and warranties, if any, which may be made by Imvescor to an acquiror, investor or other third party in a definitive written agreement,
when, as and if executed and subject to such limitations and restrictions as may be specified therein.

Each recipient agrees, and the receipt of this presentation serves as an acknowledgement thereof, that the subject matter hereof and all of the
information contained herein or otherwise made available in connection with any further investigation of Imvescor is strictly confidential and subject to
the terms of the applicable confidentiality and non-disclosure agreement between the recipient and Imvescor. The recipient shall comply with the terms of
said agreement as it relates to this presentation and other evaluation material.
The Financial projections presented in the Presentation represent the subjective views of the management of Imvescor and managements current
estimates of future performance based on various assumptions which management believes are reasonable, but which may or may not prove to be correct.
The financial projections presented in this Presentation are subject to a number of risks and uncertainties, including those disclosed in Imvescors Annual
information Form and other public disclosure documents available on SEDAR.com. There can be no assurance that managements views are accurate or that
managements projections will be achieved. This presentation will also contain non-IFRS measures such as EBITDA, operating EBITDA, Free Cash
Flows, System Sales, Same Restaurant Sales or SRS, Restaurant Freshness Rate, and Net New Restaurants.
This Presentation does not purport to contain all information which may be material to an acquiror, investor or other third party, and recipients of this
Presentation should conduct their own independent evaluation and due diligence of Imvescor.

Imvescor does not intend to update or otherwise revise this Presentation following its distribution, and does not undertake any obligation to provide any
prospective acquiror, investor or other third party with access to additional information.

2
BOARD OF DIRECTORS

Franois-Xavier Seigneur, Chairman - 2014 Michael Forsayeth, Audit and Risk Committee, Member - 2014
President of EFFIX INC., the exclusive advertising and sponsorship sales Chief Executive Officer of Granite REIT a publicly listed industrial real estate
agency for the Montreal Canadiens, the Bell Centre and Evenko. investment trusts in Canada.

Gary OConnor, Audit and Risk Committee, Chairman - 2014 Anne-Marie LaBerge, Audit and Risk Committee ,
Retired Partner of KPMG Canada (1968 2009) and KPMG Barbados
Member 2016
Senior Vice President, Global Brands and Communication at BRP (Bombardier
(2009- 2012) Recreational Products)

Pierre Raymond, Corporate Governance, Human Resource David D. Sgro, Capital Allocation Committee, Member - 2016
and Compensation Committee, Chairman 2014 Senior Managing Director, Crescendo Partners LP
Former partner of Stikeman Elliott LLP, a Canadian national law firm.

Patrick Sugrue, Capital Allocation Committee, Roula Zaarour, Corporate Governance, Human Resource
and Compensation Committee, Member 2016
Member 2014 Chief Operating Officer, Real Ventures
Chief Executive Officer of Saladworks, a 100-unit salad chain.

3
ORGANIZATION CHART
Frank Hennessey
President & Chief Executive Officer
(CEO)

Amber Coggan-Imbeault Lorne Cassoff Robert Longtin

Chief Operating Officer Chief Operating Officer Senior Director
Pizza Delight Ben & Florentine Development

Marie-Line Beauchamp Nicolas Bergeron

Vice President Vincent Dugas
Chief Operating Officer
Retail & Commensal Vice President
Mikes
Purchasing

Ronald Simard Tania Melanie Clarke

Chief Operating Officer Chief Financial Sandrine Fhima
Scores Officer(CFO) Senior Director
Human Resources

Nipun Sharma Isabelle Breton

Chief Operating Officer General Counsel
Bton Rouge and Secretary

4
3-Year SETTING THE TABLE
Increase Profitable Same Restaurant Sales

Strategic Enhance & Leverage our Shared Service Model

Improve Franchisee Profitability
Plan Improve Shareholder Returns

5
INCREASE PROFITABLE
SAME RESTAURANT SALES

6
consecutive quarters
of SRS growth
2016 2015
+1.4% +0.2% positive
SRS growth for all
brands in 2016

6
ENHANCE & LEVERAGE OUR SHARED SERVICE MODEL

Shared Services Last Two Years

Purchasing
Advertising
22% 42% 67 $10M
Marketing Reduction Renegotiated Saved for
Reduction in
Accounting & Finance skus in number leases franchises
Legal of vendors

Real Estate Development

7
IMPROVE FRANCHISEE PROFITABILITY

76 new or renewed franchise agreements

100+ locations enrolled in RRP
170+ franchisees attended profitability training

Improved store economics and

quality of overall franchisee base
8
48 NEW FRANCHISEES IN LAST TWO YEARS

9
IMPROVE SHAREHOLDER RETURNS
% IRG % S&P/TSX
112.0%
120%

100%

80%
Last Two Years
60% +97% Net Income
+82% EPS
40%

20%
3.1%
0% $10M in Dividends Paid
-20%
+100% Share Price Return
-40%
03/March/15 03/March/16 03/March/17

Debt/EBITDA from 2.5 to 0

10
BUILDING A SUSTAINABLE RESTAURANT COMPANY

QUALITY QUALITY VALUE AMBIANCE

OF FOOD OF SERVICE

Essential to driving customer experience and franchise profitability

11
QUALITY OF FOOD

MENU OPTIMIZATION
# of menu items:

31%
27%

20%
Quality Cost 6%

12
QUALITY OF SERVICE

Serve those who

serve our guests
Focus on training for the
YouTube generation

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VALUE

Focused on the right

experience, at the right
price point

14
AMBIANCE

RENOVATIONS COMPLETED

2015 5
2016 28
Total to date 33

Freshness Rate

+5% to 62%
Restaurant Rejuvenation Plan over the last 2 years

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ACCELERATING THE RRP

Fresh rate is defined as renovated within the last 8 years

ALL
FRESH RATE

BRANDS
2016 62% 72% 59% 43% 70%

Target 80% 77% 84% 88% 86%

Targeting 40+ renovations

in fiscal 2017
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AMBIANCE

[Use multiple interior shots/or elevations]

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 MAINTAINING MOMENTUM

2016
+1.4% SRS
+2.4% System Sales
+7.2% Revenue*
+5.3% Operating EBITDA*

*normalized for the additional week in 2016 and removal of the manufacturing segment 18
2017 Now serving growth
 STRONG, ASSET-LIGHT CORE BUSINESS

Acquisition *2017 Q1
7th consecutive quarter
Ben & Florentine of SRS growth
+1.0% SRS
Divesture - 1.0% System Sales
+14% Revenue
Commensal +3.6% Operating EBITDA
*Normalized for the extra week in Q1 2016 and removal of manufacturing segment

20
SALE OF COMMENSAL

Asset Sale
$4.2 million
Expected close
Q2 fiscal 2017

Renewed focus on asset-light core business

21
BEN & FLORENTINE ACQUISITION

$35M in System Sales for 41 locations (PQ, ON, MB)

Growth oriented brand in growing day part breakfast

Strong operating track record

Allows for economies of scale across shared services

platform

Single digit accretion to earnings per share

Scalability through efficient shared service model

Total consideration $17.7M at closing with potential

Earn-out up to $7.3M. Debt leverage approximated to be
.9x Operating EBITDA.

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FOCUS ON GROWTH OF SYSTEM SALES

$430
254 253 251 259
$420 240 234 227 223 250

$410

$400
200 + impact of
Sales ($M) renovations
$390
150
under RRP
$380
+ contribution
$370 100 of target 15-18
openings
$360
50
$350
$415 $407 $396 $385 $371 $372 $388 $423
$340 0
2010 2011 2012 2013 2014 2015 2016 w/B&F

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BEN & FLORENTINE

8 Target
new locations
in 2017

Ben & Florentine brand has

significant expansion potential
 NEW RESTAURANT OPENINGS

Targeting 15 to 18 new openings (incl. B&F) & 40+ Renovations in fiscal 2017

25
TOUJOURS MIKES
NEW BRANDING
New brand image that
speaks to our guests
28
 STRONG RETAIL BRANDS WITH
GROWING MARKET SHARE

10% current market share of pizza in Quebecnow launching new thin crust
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a special 14
Retail brands in
custom product
only at costco...
leading grocery
outlets
RETAIL PRODUCTS ARE SIGNIFICANT
CONTRIBUTOR TO EARNINGS

New pasta launches, Mikes Rose number 1 pasta sauce in Quebec

31
FOCUS FOR 2017

Maintaining momentum

Continue to execute on 4 pillars

Targeting 40+ renovations
Targeting 15-18 new openings
Continue to pursue
acquisition opportunities
Heavier focus on training
Improve EBITDA % of revenue

32
Transformation
for Growth