SPH Notice – Franchise Brands, LLC (“FBLLC”)

Disclosure of ceasing to have substantial holding Section 279, Financial Markets Conduct Act 2013 To NZX Limited and To Burger Fuel Worldwide Limited ("BFW") Date this disclosure made: 17 July 2018 Date last disclosure made: 23 August 2016 Date on which substantial holding ceased: 16 July 2018 Substantial product holder(s) giving disclosure Full name(s): Franchise Brands, LLC ("FBLLC") Summary of previous substantial holding Class of quoted voting products: Ordinary Shares Summary for FBLLC For last disclosure,-- (a) total number held in class: 5,963,355 (b) total in class: 59,633,550 (c) total percentage held in class: 10.00% For current holding after ceasing to have substantial holding,-- (a) total number held in class: 2,820,000 (b) total in class: 56,490,195 (c) total percentage held in class: 4.99% Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure: Sale of 3,143,355 ordinary shares in BFW to BFW for USD$790,667.75 (being around NZ$1,163,041.35) on 16 July 2018 pursuant to a Buy-back Agreement dated 16 July 2018. Additional information Address(es) of substantial product holder(s): 325 Sub Way, Milford, CT 06461, USA Contact details: Rosa Balestrino; Tel: 1-800-888-4848; Email: balestrino_r@subway.com Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: Not Applicable Certification I, David Worroll, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00320945 For:BFW Type:SHINTR Time:2018-07-17 14:43:39