SUMMARISED RESULTSfor the year ended 28 February 2015

AGENDA

PERFORMANCE HIGHLIGHTS

MILESTONES INDUSTRY TRENDS AND DRIVERS

BUILDING CAPABILITY

GROUP STRATEGYFINANCIAL RESULTS PROSPECTS

MILESTONES

Achieved 2015 vision

“To become Africa’s first choice branded food services franchisor”

Our continued success is based on a winning culture, underpinned by:

Solid strategy

Operational discipline

Talented people

PERFORMANCE HIGHLIGHTS

STRONGRESULTS

Notwithstanding weak economic climate,

stressed mainstreamconsumer and highly

competitiveenvironment

14thconsecutive year

of recordturnover and

profits

Turnover exceeds

R3 billionProfit exceeds

R450million

First timeever

Operating margin of

20.5%

Best ever

Headline earnings per share

15%increased

Total dividendsto shareholders

355cents per share

18%up

Acquisition of

75%controlling share

in Cater ChainFood Services

Record newstore openings

258Franchise network now in excess of

2 500restaurants

Successfulpilot of the

Total / Thruppsmodel

Commissioned

automatedpie plant in Lagos,

Nigeria

INDUSTRY TRENDSAND DRIVERS

More customers, visiting less and spending more

Smaller repertoire ofpreferred brands visited

Quick Service restaurants gainedat expense of Casual Dining

Consumer focus on premiumisation, customisation,

convenience and value

Intensified competitor activity: every-day discounting and

ritual promotions

INDUSTRY TRENDS AND DRIVERS

BUILDING CAPABILITY

BUILDING BRAND CAPABILITY

Domestic International Total

SYSTEM–WIDE SALES GROWTH

18.0%

10.4%9.7%

Domestic International Total

LIKE-ON-LIKE SALES GROWTH

5.2%4.1%4.0%

Steers Wimpy Debonairs Pizza FishAways Mugg & Bean Emerging Brands

NEW RESTAURANTS OPENED

EMERGING BRANDS

258

To

tal

51

16

68

55

28

40

Steers Wimpy Debonairs Pizza FishAways Mugg & Bean Mr Biggs Milky Lane &Wakaberry

Fego Café andEuropa

Emerging Brands

FRANCHISE NETWORK

EMERGING BRANDS

2 545

To

tal

588 616

508

215180 153

10155

129

TRADING FOOTPRINT

India 2

Malawi 6

Mozambique 3

UAE 5

Egypt 6

Mauritius 20

Swaziland 7

Botswana 29

South Africa 2 100

Namibia 51

Zimbabwe 8

Zambia 37

DRC 2

Ivory Coast 5

Nigeria 162

Sudan 6

UK 84

Total restaurants

Kenya 11

2 545Angola 1

South Africa 2 100Rest of Africa 359United Kingdom 84India 2

BUILDING LOGISTICS CAPABILITY

Western Cape

Midrand

Nelspruit

Bloemfontein

Cape Town Port Elizabeth

Pinetown

Crown Mines

Gauteng KZN Western Cape Eastern Cape Free State Mpumalanga

REVENUE GROWTH - LOGISTICS

Mpumalanga

15%

To

tal14% 15%

13%15%

12%

24%

Free StateEastern CapeWestern CapeKwaZulu-NatalGauteng

Commissioning ofCrown Mines

Distribution Centre

Centralised demand planning function implemented and institutionalised

Centralised route planning programme rolled out to

all regions

LOGISTICS HIGHLIGHTS

BUILDING MANUFACTURING CAPABILITY

MeatProcessing

Plant

Bakery Plant Sauce & SpicePlant

Ice CreamCompany

Fruit JuiceCompany

CoffeeCompany

Coega CheeseCompany

Great BakeryCompany

Choice MeatsCompany

REVENUE GROWTH - MANUFACTURING

25%

To

tal

106%104%

119%

31%

1%

16%16%16%

6%

Take-on of KZN region’s previously outsourced

bakery products

Take-on of Wimpy’schoice meat products

Take-on of Wimpy’sspeciality bakery

products

Expansion ofMugg & Bean’s retail range

inclusive of capsules

MANUFACTURING HIGHLIGHTS

FINANCIAL RESULTS

F 2015 % CHANGE

Revenue (Rm) 3 283 16

Operating profit (Rm) 672 19

Cash generated before changes in working capital (Rm) 717 19

Earnings per share (cents) 468 15

Headline earnings per share (cents) 467 15

Total dividends per share (cents) 355 18

Net debt : equity (%) (7) (2) (py)

Dividend cover (times) 1.3 1.4 (py)

Return on equity (%) 35 36 (py)

SALIENT FEATURES

Rm F 2015 F 2014 % CHANGE

Revenue 3 283 2 826 16

Cost of sales (1 832) (1 599) 15

Gross profit 1 451 1 227 18

Selling and administrative expenses (779) (661) 18

Operating profit 672 566 19

Share of profit of associates 8 5 48

Net interest paid - (3) (92)

Profit before taxation 679 567 20

Taxation (195) (162) 20

Profit for the year 485 406 20

INCOME STATEMENT

1,6

85

1,8

78

2,1

56

2,5

16

2,8

26

3,2

83

0

500

1000

1500

2000

2500

3000

3500

2010 2011 2012 2013 2014 2015

REVENUE

Rm

30

8

35

8

41

3

46

6 56

6 67

2

18.3

19.1 19.1

18.5

20.0

20.5

17

18

19

20

21

0

100

200

300

400

500

600

700

800

2010 2011 2012 2013 2014 2015

OPERATING PROFIT

Rm %

Rm F 2015 F 2014 Move

Assets

Property, plant and equipment 209 196 13

Intangible assets 923 880 43

Investments in associates 58 53 5

Working capital 147 128 19

1 337 1 257 133

Funding

Equity 1 417 1 235 182

Net borrowings (126) (26) (100)

Deferred liabilities and current tax balances 46 48 (2)

1 337 1 257 80

STATEMENT OF FINANCIAL POSITION

-

100

200

300

400

500

600

700

800

900

Opening cash Cash fromoperations

Interest Tax Dividends Capex (net) Funding raised(net)

Closing cash

CASH FLOW

Opening Cash

713Cash from operations

Interest

91 126

(96)

Capex (53)

ClosingCash

Funding raised

(327)

Dividends

(202)

Tax

Rm

6.27.4

8.7

10.2

12.4

14.227.5

14.3

9.78.1

-2.1 -7.2

-10

-5

0

5

10

15

20

25

30

0

2

4

6

8

10

12

14

16

2010 2011 2012 2013 2014 2015

NAV per share R Debt/Equity %

EQUITY RATIOS

Debt/Equity %

NAV per share (R)

38.2

42.5 44.5 43.6

46.1 50.0

36.1 35.7 34.5

35.9 36.0 35.1

2.1 2.2

2.3 2.4 2.3 2.4

1.8

1.6 1.4 1.4 1.4 1.3

0.7

0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

2.7

30

35

40

45

50

55

2010 2011 2012 2013 2014 2015

RONA % ROE % NAV times Dividend cover times

RATIOS

times%

Rm F 2015 F 2014 % CHANGE

Franchising and development 615 538 14

Supply Chain 2 507 2 145 17

Manufacturing 1 258 1 011 24

Logistics 2 223 1 938 15

Corporate 2 1 100

South Africa 3 124 2 684 16

International 159 142 12

Rest of Africa 57 50 14

UK 102 92 11

3 283 2 826 16

SEGMENTAL ANALYSISREVENUE

Rm % OF TOTAL F 2015 F 2014 % CHANGE

Franchising and development 55 365 325 12

Supply Chain 39 262 204 28

Manufacturing 26 173 127 36

Logistics 13 89 77 16

Corporate - 1 1 -

South Africa 94 628 530 18

International 6 44 36 22

Rest of Africa 3 23 23 -

UK 3 21 13 62

100 672 566 19

SEGMENTAL ANALYSISOPERATING PROFIT

% F 2015 F 2014

Franchising and development 59.4 60.4

Supply Chain 10.4 9.5

Manufacturing 13.7 12.5

Logistics 4.0 4.0

South Africa 20.1 19.7

International 27.3 25.3

Rest of Africa 40.0 46.1

UK 20.1 14.0

Group 20.5 20.0

SEGMENTAL ANALYSISOPERATING MARGIN

18.3 19.1 19.1 18.5 20.0 20.5

24.2 24.2 23.7 23.3 23.4 23.7

42.5 43.3 42.8 41.8 43.4 44.2

0

5

10

15

20

25

30

35

40

45

50

2010 2011 2012 2013 2014 2015

Operating profit margin % Expense to turnover % Gross profit margin %

PRODUCTIVITY AND MARGIN RATIOS

%

11.815.3 15.3 13.6

12.5 13.7

3.0 3.0 3.5 3.5 4.0 4.0

62.5 60.9 60.2 60.1 60.4 59.4

18.3 19.1 19.1 18.5 20.0 20.5

0

10

20

30

40

50

60

70

2010 2011 2012 2013 2014 2015

Manufacturing Logistics Domestic Franchising Group

OPERATING MARGINS BY DIVISION

%

GROUP STRATEGY

STRATEGY

To become one of the leading branded leisure and consumer product businesses in Africa and

selected international markets by 2020

STRATEGIC INTENT

Our business is focused on building capability and scale across Brands, Logistics and

Manufacturing to position ourselves to compete

aggressively in the leisure and consumer product space

Shape the brand portfolio and ensure our keybrands resonate across all consumer touch

points

Fortify the foundation which exists within Manufacturing and Logistics

Build superior routes to market and drivelowest cost producer status

Win the race to conquer Africa

Engage the competition by strengtheningour gorilla brands

Execute on all aspects of BBBEE

Ensure strong focus on leadership andsuccession planning

Continue to drive the Group’s culture ofhigh performance

Expand the business through diversification

Manage the transition to a fully integratedEnterprise Resource Planning solution

BUILDING GROUP CAPABILITY5 YEAR KEY STRATEGIC THRUSTS

Open 240 new restaurants

Explore table service evening dining acquisition opportunities

and leverage existing casual dining brand occasions beyond lunch

Conclude Steers brand repositioning and take to market

Proceed with roll-out of Total / Thrupps model

Launch new “craft beer restaurant” brand

BUILDING BRAND CAPABILITY

Conclude acquisition of controlling stake in Retail Group Master License business in Botswana

Commence with the revamp of Mr Biggs

Enter GhanaLaunch five new retail variants across Steers,

Wimpy and Mugg & Bean brands

BUILDING BRAND CAPABILITY

Extend business life of Midrand warehouse Leverage Crown Mines Distribution Centre facility

Implement new online replenishment platformfor franchisees

Commence with transition to “24/7/365”business model

BUILDING LOGISTICS CAPABILITY

Extend Coega Cheese plant to facilitate manufacture of cream cheese

Commission serviette manufacturing plantat Midrand

Prepare for take-on of currently outsourced porkand halaal products via recently acquired

Cater Chain Food Services

Conclude improvements to existing FB Ice Cream Company and prepare to take on manufacture of

frozen yoghurt

BUILDING MANUFACTURING CAPABILITY

PROSPECTS

PROSPECTS

The forecast for the economy in the year ahead is conservative

2015/16 will remain tough for consumers – particularly

the Group’s mainstream middle income market

The competitive climate will remain fierce and intensify – including in

Rest of Africa

Growth is expected to be muted, but the Group’s

strong investment proposition will continue to

afford above-average returns for shareholders

YOU’RE IN GOOD COMPANY

Our outlook is optimisticWe foresee revenue and

margin growth opportunities ahead

We will continue to leverage our skills and scale to align with our ambitious long-term

growth plans

Famous Brands’ strategy has delivered in the short-term

and is built for the long-term

QUESTIONS