Nordic Service Partners Holding AB publ Management presentation

Nordic Service Partners Holding AB (publ) Management presentation, May 2015

Contents 1 Introduction to NSP 4 2 Investment highlights 8 3 Market overview 20 4 Financials 25 Appendices A Supporting information 34 2

Disclaimer This presentation material (the “Material”) has been prepared by Nordic Service Partners Holding AB (publ) (556534 -1970) (the “Company”) solely for use by a limited number of parties in connection with their analysis of presenting a public offer for the company (the “Transaction”) and is provided for information purposes only and is not to be relied upon in substitution for the exercise of independent analysis and judgment. The advisor of the board for the Transaction is Skandinaviska Enskilda Banken AB (“SEB”). By attending a meeting where this Material is presented, or by reading this Material, you agree to be bound by the following limitations and notifications. This Material is strictly confidential and is being provided to you solely for your information. It may not be disclosed or distributed to the press or any other person and may not be reproduced in any form, in whole or in part. 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To the extent that this Material contains opinions, estimates, forecasts or other forward looking statements, no guarantees or undertakings that these are correct or complete are given by SEB or the Company or any of their respective members, advisors, officers or employees or any other person. Forecasts and assumptions which are subject to economic and competitive uncertainty are outside such person’s control and no guarantee can be given that projected results will be achieved or that outcomes will correspond with forecasts. Information in this Material may be changed, added to or corrected without advance notification. 3

Contents 1 Introduction to NSP 4 2 Investment highlights 8 3 Market overview 20 4 Financials 25 Appendices A Supporting information 34 4

Passionate management team with deep industry knowledge NSP CEO since 2009 NSP CFO since 2008 More than 20 years of experience from the restaurant & the real estate and financial markets 14 years of experience as CFO in public companies, and from business controlling Holds an MBA from the Gothenburg School of Economics Studied Business Administration and Tax at Stockholm University Morgan Jallinder Chief Executive Officer Johan Wedin Chief Financial Officer Johan Persson Patrik Eliasson Erika Falkermark Jesper Hollstrand Chief Operating Officer Chief Information Officer Chief Human Resource Officer Chief Marketing Officer Experience from Mc. Donald’s as restaurant manager, district manager and franchise business leader Over 20 years of experience in IT ranging from small to large companies, and has been with NSP since 2004 Experience from Scandic Hotels where she worked with education and personnel development in HR, Scandic Business School 9 years experience from Mc. Donald’s where he worked as project manager in IT and lecturing at Mc. Donald's Business School on cost control 5 Martin Jallinder Chief Business Development Officer Previously assistant to the CEO MSc in Accounting and Financial Management from Stockholm School of Economics

Nordic Service Partners at a glance • NSP is the largest multi franchisee of Burger King restaurants in the Nordic region • • • The company was founded in 2004 Group sales and EBITDA margin Thousands NSP in brief (SEKm) 666, 2 61 Burger King restaurants ‒ Sweden - 44 restaurants ‒ Denmark - 17 restaurants KFC ‒ TGI Fridays ‒ Market cap of about SEK 225 m 7, 1% 6, 4% 48 7, 0% 7, 2% 7, 6% 5, 1% 0, 8% 21 28 2006 41 42 42 42 2007 2008 2009 2010 Sales NSP is traded on Nasdaq Stockholm since 2008 About 2, 700 shareholders 623, 0 826, 4 1, 8% 2005 ‒ 5, 8% 633, 6 780, 6 248, 9 Additional brands in 2014 ‒ 698, 9 570, 1 5, 8% 386, 7 733, 8 EBITDA margin 2011 55 58 61 2012 2013 2014 No of restaurants Breakdown by geography 2014 Sales EBITDA NSP holds a board of directors and management with long and relevant 15% experience in the Quick Service Restaurant (QSR) segment 32% 68% Sweden 6 Denmark 85% Sweden Denmark

Key historical milestones 2004 – 2005 1 • Sales (SEKm) 2006 – 2008 2 The foundation • Nordic Service Partners was established in 2004 when the • Company acquired 21 Burger 900 King restaurants in Sweden from 800 700 Turnover increased by 14% for the existing restaurants whilst the market grew by 5% 600 500 • • The NSP stock listed at NGM Equity 3 Acquisitions and growth • 2011 – 2014 4 Consolidation • NSP sold Taco Bar in Q 1 2014 existing restaurants and opened 4 restaurants, development of • Acquired 4 Burger King Acquired 7 of Denmark's existing brand name, and Taco Bar • NSP regained profitability in 2009 Established 2 food courts in the after a period of heavy Stockholm region investments Stock listed on Nasdaq First North • Acquired 9 Burger King restaurants and opened 8 new 400 • Remodeled ~30 of NSP’s existing restaurants • Reached franchise agreements Cost savings program put in place with Yum! Brands and Carlson in 2008 had an effect of SEK 10 m Companies to launch KFC (Kentucky Fried Chicken) and TGI restaurants • Growth Focus on profitable Burger King NSP acquired Taco Bar with 12 Burger King restaurants Burger King Corporation • 2009 – 2010 Fridays (TGIF) in 2014 Acquired the rights for Tasty Thai concept in Sweden and opened 1 Tasty Thai restaurant in 300 Stockholm • 200 Stock listed on Nasdaq Stockholm 100 2005 2006 2007 2008 2009 2010 7 2011 2012 2013 2014

Contents 1 Introduction to NSP 4 2 Investment highlights 8 3 Market overview 20 4 Financials 25 Appendices A Supporting information 34 8

Key investment highlights 4 3 2 1 Excellent growth pipeline driven by new concepts Proven ability to drive operational excellence First class brand portfolio supports NSP’s position in the value chain Market driven by strong structural trends 9

Market driven by strong structural trends 1 Growth in Danish consumer spending Growth in Swedish consumer spending (Index 100) 220 205 190 175 160 145 130 115 100 85 85 '04 A '05 A '06 A '07 A '08 A '09 A '10 A '11 A '12 A '13 A '14 A '15 F '16 F '17 F '18 F Market drivers '04 A '05 A '06 A '07 A '08 A '09 A '10 A '11 A '12 A '13 A '14 A '15 F '16 F '17 F '18 F Restaurants and cafés Food and non-alc Alcohol and tobacco Clothing and footwear Transport Communication Leisure and recreation Lodging Growth in population and new customers Continued urbanization Single occupancy Source: Euromonitor 10 Consumers spend less time on preparing food Increasing number of shopping centres and malls

2 First class brand portfolio Strong brand partners ensure high quality throughout the value chain and strengthen NSP’s offering “In here, it’s always Friday” • Social and fun dining with friends or family • The world’s largest casual dining concept “Home of the Whopper” Strong brand partners with well known concepts and high quality “So good” • Real flame grilled burgers • • High quality, affordable chicken meals Second largest hamburger fast food chain in the world • The world's most popular chicken restaurant chain Primary Activities Trademark owners Secure and certify suppliers Purchase NSP Franchisee and food safety control 11 Marketing and product development Sales & Service

2 First class brand portfolio (cont. ) KFC is well known with Swedish consumers even before launch Brand awareness study 15 -19 yrs 20 -34 yrs 97% 99% 98% 35 -49 yrs 98% 95% 97% 93% 98% 97% 95% 96% 95% 87% 71% 54% 40% 1 • Market research shows that 87% of NSP’s target customers, between age 15 -19, knows KFC • Brand awareness is high for KFC, with 57% national recognition, even though there are no restaurants in Sweden to date Source: Here Are Lions research 1) For KFC, if spelled out in full name, Kentucky Fried Chicken, the brand awareness amounts to 83%, 71%, and 61% for the three age categories respectively 12 44% 48%

Proven ability to drive operational excellence 3 Focus on improving efficiency throughout the organisation Development Operations • • • Daily monitoring of key KPIs to adjust and optimise main cost drivers, e. g. food cost and labour • • Daily stocktaking of main inventory items Structured process to evaluating new locations Strong relationships with landlords Turnkey solution towards landlords Long experience from new restaurant openings and acquisitions ensure high quality from day 1 as well as clear road to profitability 6 Quality and efficiency regularly benchmarked through mystery visits performed both by NSP and trademark owners 1 IT Marketing • System support for key operational processes, e. g. workforce management and sales monitoring • Roll-out of Qlik to support integration between restaurant systems and management reporting, a state of the art Business Intelligence system, which also applies to the other systems in use; Micros (Oracle), Quinyx, and Navision • 5 2 • • 3 4 HR National marketing activities coordinated with trademark owners and master franchisees Local marketing plans developed to follow and strengthen national campaigns Local competition analysed three times per year to differentiate and optimise pricing for each restaurant Finance • Clear incentive structures to align motivation of managers and employees • Investment decisions followed and approved centrally to ensure correct prioritisation • Optimised staffing through close monitoring of changes in demand IT support • Central control of rental agreements and leasing agreements • Internal education program • Purchasing coordinated and monitored centrally 13

Proven ability to drive operational excellence (cont. ) 3 Demonstrated ability to improve acquired restaurants – example from Örebro and Swedburger Örebro (SEKm) 1, 8 1, 7 13, 9 12, 5 22% 20% 15% 16% 15% 0, 6 2, 7 7% 2011 1 2012 EBITDA 2013 EBITDA margin Implemented changes • • Labour Diligent control of the raw materials in • Control of scheduling is a key to success each restaurant • With a model of 30 minute precision to Daily check of inventories to manage the match expected sales Swedburger has food cost gap increased EBITDA margin from about Goal – maximum 0. 2% in gap will result in 15% to approximately 22% improved Gross Profit 1) 2) 2013 EBITDA Raw material • 2012 2 2014 Nine months of operations in 2011 Three months of operations in 2012 14 2014 EBITDA margin Local store marketing • Marketing of the different stores in the local markets where they operate

3 Proven ability to drive operational excellence (cont. ) Organisation experienced in finding the right locations Drive Thru Commentary NSP locations Key locations Existing Restaurants Sweden • Structured process to evaluating new locations based on internally developed and refined scorecard model 10 13 21 City Centers • Strong relationships with landlords • Turnkey solution towards landlords • NSP owns all drawings • NSP handles all project management • Long experience from new restaurant openings and acquisitions ensure high quality as well as clear City Centers Drive Thru Shopping Center Existing Restaurants Denmark 4 Shopping Centers 13 City Centers Drive Thru 15 road to profitability

Proven ability to drive operational excellence (cont. ) 3 Structured approach to restaurant openings leads to quick payback Växjö Roskilde (SEKm) 3, 0 0, 6 0, 4 0, 2 0, 0 -0, 2 -0, 4 -0, 6 -0, 8 2, 0 1, 5 1, 0 0, 5 0, 0 -1, 0 -1 3 15 ев р- ф 5 2, 0 1, 5 ма -1 ев ф 4 15 ян в- де Accumulated EBITDA (rhs) Sales EBITDA (rhs) Jägersro Nyköping (SEKm) 1, 2 4, 0 3, 0 0, 8 2, 0 0, 6 1, 0 EBITDA (rhs) 4 р15 ма к-1 де -1 4 14 Accumulated EBITDA (rhs) • Investments in new restaurants are around SEK 5. 5 – 6. 0 million. On average, the initial investments is paid back already after 3 years • Roskilde reached a quicker break-even with new methods such as staying at opening levels of staff for a longer period 16 се н н- ию р14 к-1 3 ма 13 се н н- р13 ию 2 Sales Accumulated EBITDA (rhs) ма к-1 де ма се н р12 14 ию л 14 се н 14 но я 14 ян в 15 ма р15 й- ма р14 ма 14 3 вян я 1 но се н ию л- й- ма ма вян -1 3 0, 0 13 -1, 0 13 0, 0 р13 0, 2 13 0, 0 -1 2 0, 4 0, 5 12 1, 0 н- 1, 5 6, 0 5, 0 4, 0 3, 0 2, 0 1, 0 0, 0 -1, 0 ию (SEKm) 2, 0 Sales Accumulated EBITDA (rhs) -1 3 но к-1 14 я- ток EBITDA (rhs) 3, 0 2, 0 де Sales 14 14 се ав н- г-1 4 14 лию ию н 1 4 0, 0 2, 5 р13 ию н 13 ав г-1 3 ок т13 де к-1 3 ф ев -1 4 ап р14 ию н 14 ав г-1 4 ок т14 де к-1 4 ф ев -1 5 2, 5 4, 0 ап (DKKm) 3, 0

4 Excellent growth pipeline driven by new concepts New concepts have significantly expanded NSP’s growth pipeline Strategic initiatives for 2015 and onwards • • Restaurant pipeline Restaurants per phase scheduled to open per year Corporate ‒ NSP brand building ‒ New organisation and collaboration with new franchisees 12 10 Burger King ‒ Optimize marketing and local store marketing ‒ Focus on maintaining and increasing the current BK business 8 that forms the base which will finance the growth of KFC and Fridays as well as opening new BK restaurants • • 6 KFC and TGI Fridays ‒ Open new restaurants ‒ Building operative organisation ‒ Prospecting and development of new sites 4 Extensive and well-prepared pipeline with restaurant openings for roll- 2 out over the next five years ‒ 8 restaurants in contract and construction phase ‒ 23 sites under negotiation ‒ 7 additional opportunities identified 0 2015 2016 Contract / construction 17 2017 Negotiations 2018 Opportunity 2019

4 Case study: KFC opening in Lockarp KFC location Commentary • 400, 000 people living within 20 minute drive time • • High visibility from the motorway ‒ 28 m pylon ‒ 37, 000 cars 77 parking spaces + 4 handicapped parking spaces • 4 Drive Thru parking spaces • Good Drive Thru flow • One of OKQ 8’s largest gas stations under construction Source: Company information. 18

4 Case study: TGI Fridays opening in Copenhagen TGI Fridays location Commentary • Exclusive development agreement with TGI Fridays regarding Denmark ‒ Hard Rock Cafe (new) DKK 55 m • TGI Fridays at Höjbro Plads ‒ Café Norden DKK 60 m Five restaurants in five years Located in the heart of Copenhagen, between Rådhuspladsen and Nyhavn, 240+ seats plus outdoor seating ‒ Management team in place ‒ Opening planned for end of June 2015 Café Europa DKK 35 m TGI Fridays 19

Contents 1 Introduction to NSP 4 2 Investment highlights 8 3 Market overview 20 4 Financials 25 Appendices A Supporting information 34 20

The Nordic restaurant market Commentary Sales (SEKbn) The Nordic fast food market consists of companies providing customers 160 with ready packed food over the counter but with no table service 120 155 bn in 2014, an increase of 120% since 2004 100 80 A general trend of an increasing amount of international and well known 60 franchise restaurants The “fast food” market can be divided into two main sub segments 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Denmark Sweden The QSR market has seen a gradual expansion since the beginning of Stable growth in the QSR segment the 1990’s, even though the most recent financial crises have had a Sales (EURbn) negative affect 3, 0 since 2006 2, 0 share and grown more than the general restaurant business 1, 5 1, 0 Fast food accounts for 27% of the food consumed outside 0, 5 homes Denmark Source: Swedish Central Bureau of Statistics, Statistics Denmark and Euromonitor 21 3 A 20 14 A 20 15 F 20 16 F 20 17 F 20 18 F 2 A 20 1 5 A Mc. Donald’s and Max 1 A 0, 0 Examples of QSR operators in the Nordics are Burger King, Subway, 20 0 • 20 1 − 2, 5 In Sweden hamburger restaurants have increased their market 0 A − CAGR 4. 0% 3, 5 Restaurant business in Denmark has grown by almost 60% 20 1 − CAGR 3. 5% 4, 0 9 A Home Meal Replacement 20 1 ‒ 0 8 A Quick Service Restaurants in which NSP operates 20 0 ‒ 20 7 A • 40 20 0 • . 2% CAGR 8 6 A • 140 Combined value of the Swedish and Danish restaurant market was SEK 20 0 • Stable growth in the restaurant business Sweden

Swedish and Danish restaurant market Sweden • Denmark • The Swedish restaurant market was valued at SEK 105 bn in 2013, which was an increase of 5% from the previous year ‒ The Danish restaurant market with over 15, 000 restaurants was valued at SEK 45 bn in 2014 compared to SEK 43 bn in 2013 13%, or SEK 13 bn, derived from the ‒ QSR industry • The Swedish market differs from other Nordic markets in terms of having hot food for lunch, restaurants SEK 111 bn • • • Lunch is, normally only 30 min where people bring sandwiches which implies a bigger market • ~50% deriving from lunch and evening • Franchise operators gained market share on Majority of players are own restaurant behalf of smaller players but also grocery stores operators but clear trend towards In 2013, the hamburger market had a turnover of SEK 7. 5 bn where increasing number of franchise operators SEK 45 bn Mc. Donald’s had 63% of the market, followed by Max with 20%, and Burger • Burger King has 31 restaurants in Denmark of which 17 are owned by NSP King with 13% • Other players in the market are Sunset Boulevard (owned by DKR Holding), Domino’s Pizza, DSB minibar, King Chicken among others Approximately 23, 000 restaurants in Sweden with 97, 000 employees in 2013 Swedish restaurant market 2014 Type Lunch/Evening Hotels Fast Food Entertainment Trafic hub Staff restaurants Cafées Danish restaurant market 2014 Type % 44% 12% 11% 8% 6% 5% Lunch/Evening 49% Cafées, inns and discos 15% Fast Food 14% Other restaurants 15% Event catering Source: Company information, Swedish Central Bureau of Statistics, Statistics Denmark and Visitas 22 % 6%

Increasing demand for chicken Swedish meat consumption (kg person and year) 90 80 CAGR 4% 70 60 50 40 CAGR 0. 2% 30 20 CAGR 1. 3% 10 0 1980 Beef Pork Poultry 2013 • The consumption of chicken has shown strong growth over the past decades • Overall, Swedish meat consumption (measured in volume) has increased by 1% annually between 1980 -2013, mainly driven by a growth in chicken consumption • However, the chicken consumption in Sweden remains low in an international context Source: Swedish Board of Agriculture statistics 23

Home Meal Replacement • Food prepared in a store and consumed at home or in-store which require little or no preparation by the consumer • Also known as “quick-serves, ” these restaurants are known for fast, efficient, take-out-ready foods at affordable prices. Many consider the term “quick-serve” as synonymous with “fast food” • A type of restaurant that does not offer full table service, but promises a higher quality of food and atmosphere than a fast food restaurant. It is a relatively new and growing concept positioned between fast food and casual dining • Provide table service but no educated chefs. Comprises a market segment between fast food and fine dining restaurants. Often have a full bar with separate bar staff, a larger beer menu and a limited wine menu • Offers the finest in food, service and atmosphere. It is also the highest priced Fast Casual Dining Restaurant market QSR Eating Home Competitive landscape 24

Contents 1 Introduction to NSP 4 2 Investment highlights 8 3 Market overview 20 4 Financials 25 Appendices A Supporting information 34 25

Financial overview Sales and EBITDA margin development (SEKm) 2011 2012 20131 2014 LTM Sales 623. 0 733. 8 780. 6 826. 4 842. 0 % growth -1. 7% 17. 8% 6. 4% 5. 9% 7. 8% Gross profit 466. 5 548. 8 588. 4 625. 6 639. 3 % of sales 74. 9% 74. 8% 75. 4% 75. 7% 75. 9% 39. 6 51. 2 56. 3 62. 8 63. 5 % of sales 6. 4% 7. 0% 7. 2% 7. 6% 7. 5% D&A -29. 0 -34. 3 -34. 8 -39. 1 -40. 7 EBIT 10. 6 16. 9 21. 5 23. 7 22. 8 % of sales 1. 7% 2. 3% 2. 8% 2. 9% 2. 7% Net financial items -11. 0 -12. 2 -11. 2 -12. 5 -14. 2 -0. 4 4. 7 10. 3 11. 3 8. 6 -0. 0% 0. 6% 1. 3% 1. 4% 1. 0% EBITDA EBT % of sales Thousands NSP financial overview (SEKm) 781, 4 780, 6 733, 8 7, 6% 623, 0 7, 5% 7, 3% 7, 2% 7, 0% 6, 4% 2011 1) 842, 0 826, 4 2012 Sales 2013 2014 • Sales CAGR of 10% over the last four years which is better than the general performance of the market • Increased performance with LTM Q 1 2015 sales of SEK 842 m as compared to SEK 781 m LTM Q 1 2014 • Stable and improving gross and EBITDA margins, averaging around 75% and 7% respectively since 2010 • In Q 1 2014 NSP sold Taco Bar and all the rights to the restaurants. The net loss of SEK 2. 1 m was recorded for the 2013 financial year Excluding Taco Bar, divested Q 1 2014. . 26 LTM Q 1 '14 EBITDA margin LTM Q 1 '15

Revenue visibility via long term contracts Geographic footprint Maturity of outstanding contracts 20 18 Avg. maturity 11. 13 years 16 9 14 10 12 10 8 6 4 2 24 20 Av 25 er ag e 20 27 20 28 20 29 20 31 20 32 20 33 20 34 20 24 24 20 20 22 24 20 20 15 19 0 Maturities by year 22 20 18 16 14 12 10 Structure of the contracts 8 6 4 2 0 20 yrs 10 yrs + 10 yrs 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 15 yrs + 5 yrs 27

Scalable business model and flexible cost structure SG&A split SG&A development (SEKm) 8, 3% 666, 2 780, 6 826, 4 733, 8 698, 9 633, 6 623, 0 6, 4% 22, 1 5, 0% 4, 8% 5, 6% 5, 0% 16, 3 5, 6% 33, 2 2008 2009 2010 2011 Sales 2012 2013 2014 2008 15, 5 13, 9 14, 4 19, 8 20, 7 21, 0 2011 2012 28, 2 2009 SG&A % Labour 14, 5 13, 2 24, 2 25, 1 2013 2014 Other SG&A Sales (SEKm) 2008 2009 2010 2011 2012 2013 2014 Labour 33. 2 28. 2 19. 8 20. 7 21. 0 24. 2 23. 9 Other 22. 1 16. 3 15. 5 13. 3 14. 4 14. 5 17. 2 Total SG&A 55. 4 44. 4 35. 3 34. 0 35. 4 38. 8 41. 1 8. 3% 6. 3% 5. 6% 5. 5% 4. 8% 5. 0% 44 44 42 48 55 58 61 SG&A as % of sales No of restaurants 28

Balance sheet Commentary • Balance sheet overview The tangible asset base mainly consists of inventory, equipment and (SEKm) 2011 2012 2013 2014 Q 1 ’ 15 installations in the restaurants Goodwill 181. 2 195. 9 184. 3 192. 1 189. 1 6. 3 7. 5 5. 9 6. 5 7. 9 116. 5 129. 9 147. 2 174. 3 170. 4 Deferred tax asset 17. 3 15. 3 13. 0 8. 2 9. 4 Financial assets 10. 8 10. 1 9. 8 12. 7 12. 5 332. 0 358. 7 360. 2 393. 7 389. 4 5. 3 6. 1 7. 9 8. 0 6. 5 Other receivables 35. 9 42. 2 33. 3 49. 7 53. 8 Cash 32. 1 • Intangible assets primarily comprise goodwill • Due to the nature of NSP’s business the working capital requirements are Other intangible assets Fixed assets very low ‒ Other receivables consists mainly of credit card payments and Total non-current assets “Rikskuponger” Raw material • Two convertible and subordinated loans with maturity in 2015 and 2016 • Assets for sale refer to Taco Bar which was sold in January 2014 • Due to the many part-time employees, NSP’s deferred costs in relation to Total current assets Assets for sale salaries is a large share of the Other current liabilities • Total assets Total equity amounted to SEK 135 million as at 31 March 2015 3 32. 4 86. 4 - 405. 104. 9 73. 5 6 16. 7 445. 91. 3 162. 450. 151. 6 - 556. 541. 3 1 4 3 0 Total equity 124. 6 122. 4 136. 2 148. 7 135. 5 Interest bearing debt 127. 4 129. 5 111. 5 - - Interest bearing lease 45. 9 61. 4 80. 1 79. 2 72. 9 - - - 195. 8 196. 0 Bond loan Convertible loan 29 38. 0 73. 4. 7 9. 2 Other current liabilities 102. 7 122. 7 113. 3 123. 4 127. 3 Total equity and liabilities 405. 3 445. 1 450. 4 556. 3 541. 0

NWC and capex development Core net working capital 1 (SEKm) 2011 Capital expenditure Operating cash flow (SEKm) 2012 2013 (SEKm) 2014 7, 2 -4, 4% -3, 7% -3, 5% 23, 0 13, 6 -3, 3% 5, 5 32, 5 23, 6 BK 16. 2 KFC/TGIF 1. 6 Properties 14. 7 Total 32. 5 95, 4% 98, 0% 97, 9% 59, 9 74, 7% 50, 2 42, 0 38, 7 19, 5 31, 3 14, 4 - 23, 6 - 26, 1 • Core NWC % of sales Net working capital has remained stable with an • ‒ 6, 8 8, 5 9, 2 2011 2012 2013 2014 Maintenance Remodeling New restaurants Acquisitions 2013 2014 Cash conversion 2011 2012 2013 2014 gone towards remodeling existing restaurants, but EBITDA 39. 6 51. 2 56. 3 62. 8 Raw material deliveries 2 -3 times per focus will shift more toward new restaurant Change in NWC 6. 1 5. 7 -5. 8 6. 3 week depending on sales volume, ca 1% investments Maintenance capex -6. 9 -6. 8 -8. 5 -9. 2 Operating cash flow 38. 7 50. 2 42. 0 59. 9 ‒ Accounts payable with 15 -30 days Average capex for the period of SEK 60 m Accounts receivable without credit payment term • Cash conversion Annual investment of SEK 100, 000 per restaurant is required as well as refurbishment required every 8 years at approximately SEK 2 m 1) 2) 2011 2012 Operating cash flow (SEKm) of assets ‒ 6, 9 Historically the majority of NSP’s investments have average NWC in relation to sales of -4% ‒ 14, 3 - 26, 3 - 32, 5 Core NWC 18, 4 Core net working capital defined as raw material and accounts receivable less accounts payable Cash conversion defined as operating cash flow in relation to EBITDA 30 2 97. 9% 98. 0% 74. 7% 95. 4%

NSP outlook 2015 Quarter on Quarter Sales development Q 1 '14 Q 1 '15 Δ Qo. Q Sales 181. 2 196. 9 8. 6% Gross profit 135. 4 149. 2 10. 1% % of sales 74. 7% 75. 8% (SEKm) 7. 2 7. 9 4. 0% D&A -9. 0 -10. 6 18. 2% EBIT 5. 4 5. 2 -3. 9% EBITDA % of sales 9. 8% 3. 0% 2. 6% Net financial items -2. 6 -4. 4 67. 8% EBT 2. 8 0. 8 -70. 8% 1. 5% 0. 4% % of sales Growth 8. 6% Q 1 '15 Q 1 881. 7 22. 3% 21. 9% 7. 9 69. 5 11. 3% 11. 4% Startup costs 0. 0 4. 0 0. 0% 12. 0% 11. 4% 7. 9 65. 5 % of sales 4. 0% 7. 9% D&A -10. 6 -41. 8 22. 9% 25. 3% EBIT 5. 2 23. 7 6. 2% 21. 9% 2. 6% 2. 7% Net financial items -4. 4 -16. 0 20. 9% 27. 3% EBT 0. 8 7. 7 3. 8% 10. 6% 0. 4% 0. 9% % of sales FY 2015 F Q 1 %of FY 15 Q 1 %of FY 14 196. 9 EBITDA 2014 EBITDA development Adj. EBITDA Sales Growth 6. 7% 196, 9 181, 2 Q 1 as share of 2015 (SEKm) 684, 8 645, 1 65, 5 62, 8 Growth 9. 8% 7, 9 7, 2 Q 1 31 Growth 4. 3% 2014 2015 FY

New restaurant concepts Concept Investments Item QSR Inline (SEKm) • premises, e. g. need for installation of 3. 0 Kitchen 1. 5 ventilation, water and electricity – estimates IT 0. 5 assume full refurbishment Signs 0. 2 Total 5. 2 (SEKm) Furnishings 3. 6 Kitchen 1. 5 IT 0. 5 Signs 0. 9 Total 6. 5 Item TGI Fridays Investments vary depending on status of Furnishings Item QSR Drive Thru • • Full investment cost for a new inline restaurant estimated at SEK 5. 0 -5. 5 m • Full investment cost for a new inline restaurant estimated at SEK 6. 0 -6. 5 m • Total investment of SEK 20 m is paid through 7 -8% rent 1 (DKKm) Furnishings 4. 5 Kitchen 2. 0 Bar 0. 5 IT 1. 0 Total 8. 0 • Full investment cost for a new inline restaurant estimated at approximately SEK 8. 0 Annual investment of SEK 100, 000 per restaurant is required as well as refurbishment required every 8 years at approximately SEK 2 m Source: Company information 1) Total investment of SEK 20 m in building a QSR Drive Thru about SEK 5 m for the land, SEK 3 m preparing the land, and SEK 12 m building and furnishings 32

Contents 1 Introduction to NSP 4 2 Investment highlights 8 3 Market overview 20 4 Financials 25 Appendices A Supporting information 34 33

NSP’s business partners No obligations or penalties if no new opening of restaurants – only opportunities Yum! Brands • Burger King • Yum! Brands is the world’s leading restaurant company with over 40, 000 company mainly focusing on hamburgers restaurants in 128 countries • More than USD 13 bn in sales 2014 • On the top 100 Best Corporate Citizens by Corporate Responsibility • With about 14, 000 restaurants in over 95 countries Burger King is one of the largest restaurant chain in the world • Magazine. • Founded in 1953, Burger King is an American fast food Approximately 11 million visitors every day and in 2014 the system-wide sales reached USD 17 bn KFC, Pizza Hut and Taco Bell are the global leaders of the chicken, pizza and Mexican-style food categories • NSP signed an agreement with Yum in 2014 regarding KFC TGI Fridays • • • Other restaurant companies TGI Fridays is an American restaurant chain focusing • NSP has a close relation to Rasta with two joint locations on casual dining that was founded in 1965, New York • Rasta houses are located on most major roads in Sweden and the The company is a portfolio company of private equity firms Sentinel Capital restaurants offer a nice selection of home cooked dishes, freshly baked Partners and Tri. Artisan Capital Partners bread, beer, soft drinks, and coffee TGI Fridays operates over 900 restaurants in more than 60 countries Source: Company websites 34

Overview of franchise agreements Agreements are formed for each restaurant, thus NSP has 61 contracts with BK with a 20 year term. NSP has signed a binding letter of understanding which sets out the legal structure for the development of the brand in Sweden. Agreements are formed for each new restaurant, thus NSP has 1 contract with TGI Fridays with a 15 + 5 year term. No restrictions on change of control exist as long as the shares in NSP are listed. A bidder is advised to contact franchisor before a binding bid is submitted. No restrictions on change of control exist as long as the shares in NSP are listed. However, a procedure is agreed, which is designed to impede a competitor of Yum! to acquire a substantial part of NSP without approval of Yum! A bidder is advised to contact franchisor before a binding bid is submitted. No restrictions on change of control exist as long as the shares in NSP are listed. A bidder is advised to contact franchisor before a binding bid is submitted. Franchisor expansion demands NSP has no obligation to expand, but is encouraged to do so. NSP is allowed expansion elsewhere, and is encouraged to enter the Germany. NSP holds a Franchise Corporate position vis-à-vis Yum! whereby NSP finances own expansion without an obligation to do so. NSP is allowed expansion elsewhere, and is encouraged to enter the Germany. NSP has a 5 year master franchise agreement with Fridays under which NSP is obliged to open 1 restaurant per year. A penalty of USD 15 k per restaurant imposed per restaurant not opened. Franchisor location interference BK has employees in Sweden and Denmark who present opportunities that NSP takes into consideration. Location approval from King Foods required. Yum! has no physical presence in Sweden or Denmark and leaves scouting for sights up to NSP. Location approval from Yum! Required. TGI Fridays has no physical presence in Sweden or Denmark and leaves scouting for sights up to NSP. Location approval from Fridays required. NSP vendors and suppliers must be approved by Yum! NSP’s ability to engage in competing business is limited. NSP vendors and suppliers must be approved by Fridays. NSP’s ability to engage in competing business is limited in Denmark (i. e. the Territory). Royalty of 6% and Adfund of 5% of net sales cannot be changed during the contract term. Royalty of 4% and Adfund of 2% of net sales cannot be changed during the contract term. Structure of contracts Change of control Franchisor NSP vendors and suppliers must be approved by BK. NSP’s ability to engage in competing hamburger operational business is limited. interference Royalty & Adfund costs Royalty of 6. 25% and Adfund of 3. 75% of net sales cannot be changed during the contract term. 35

Board of Directors and Management Board of Directors Management Morgan Jallinder CEO Johan Wedin CFO Johan Persson COO Patrik Eliasson CIO Erika Falkermark HR • • • 20+ years experience from restaurants, real estate and finance Experience as CFO and business controller with focus on growth and business development Experience from Mc. Donald’s as restaurant manager, district manager and franchise business leader • Over 20 years in IT ranging from small to large companies • Experience from Scandic Hotels where she worked with education and personnel development in HR, Scandic Business School. • • • Born 1951 Jaan Kaber Chairman Born 1964 Anders Wehtje • • • Born 1956 Jens Engwall • • • Born 1968 • • • Born 1957 Jeppe Droob Eva Gidlöf 36 Board member since 2009 Other: Among others, previously board member of Diffchamb AB, Riddarhyttan Resources AB, and Dunross & Co AB Board member since 2004 Other: Founder and Chairman of Kilimanjaro Properties AB. Previously CEO of Allokton, Deputy CEO of Volito, and CFO at Mc. Donald’s Sweden. Board member since 2011 Other: CEO and Board Member of Hemfosa Fastigheter AB. Previously CEO for Kungsleden AB and involved in Skanska, BPA and CA Fastigheter. Also Board Member of Ikano S. A. and Bonnier Fastigheter AB Board member since 2012 Other: Owner and CEO of the Danish fast food company Sunset Boulevard with 45 restaurants in Denmark Board member since 2014 Other: Executive positions within Tieto Group, BGC, and Capgemini Group

Ownership structure Number of shares (A and B) % of capital and votes 3, 540, 758 29. 9 1, 619, 000 13. 6 1, 186, 665 10. 0 4. Morgan Jallinder 983, 166 8. 3 5. Jaan Kaber 948, 500 8. 0 6. Peter Bahrke 488, 050 4. 1 7. Daniel Nilsson 415, 000 3. 5 8. Southrock AB 189, 290 1. 6 9. SHB Life Insurance AB 86, 617 0. 7 10. Avanza Pension Insurance AB 82, 066 0. 7 11. Hannes Kaber 70, 000 0. 6 12. SHB Funds 56, 780 0. 5 13. Nordnet Pension Insurance AB 43, 328 0. 4 14. Kerstin Abrinder 42, 002 0. 4 15. QLI Ltd 41, 250 0. 3 Total, listed owners 9, 792, 472 82. 6 Total, other owners 2, 068, 944 17. 7 11, 861, 416 100. 0 (SEKm) 1. Jeppe Droob 1 2. Abrinvest AB 3. Long Term AB 2 Total, all owners Source: SIS Ägarservice as at March 31, 2015 1) Jeppe Droob, member of the board, ownership via Danske Konceptrestauranger Holding and JE D APS. 2) Anders Wehtje, member of the board, has by part-ownership in Long Term AB controlling influence over the shares. 37

Bond Summary terms • Call structure Senior Secured Notes with an issue size of SEK 200 m and a nominal 104 amount of SEK 1 m Tenor of 5 years and NC 2. 5 • Use of proceeds includes refinancing of existing debt, investments in 103 new restaurants, acquisitions, and general corporate purposes • 102 Call price • Maintenance covenants include that net interest bearing debt to EBITDA 101 100 is not greater than 4. 00 x at any time during the life of the bond • Key covenants include a dividend restriction of 60% of consolidated net profit, incurrence test for new debt with a carve out for finance leases of 30 -36 SEK 120 m, negative pledge, asset disposal restrictions and change in Incurrence test is met if: ‒ Net interest bearing debt to EBITDA is not greater than 4 x ‒ Interest Coverage Ratio (EBITDA to Net Finance Charges) • Secured by pledge of shares in all material subsidiaries directly owned by the Issuer • 49 -54 ≥ 55 Voluntary partial redemption to max 10% of the nominal amount per year during the first 3 years at 104. 00% exceeds 3 x • 43 -48 Call month business restrictions • 37 -42 Change of control put at 101 of par 38

Leverage and current debt structure Net debt to EBITDA 180 160 3, 57 3, 33 2, 98 Net debt / EBITDA 3, 00 120 2, 50 100 80 60 4, 00 3, 50 2, 78 140 Net debt (SEKm) 2, 71 2, 83 134 141 124 170 159 153 2, 00 1, 50 1, 00 40 0, 50 20 0 0, 00 2009 2010 2011 2012 Net debt 2013 2014 Net Debt / EBITDA Key ratios Debt structure 2009 2010 2011 2012 2013 2014 LT interest bearing debt 110. 4 82. 5 146. 2 159. 9 155. 5 255. 7 Convertible loan ST interest bearing debt - 4. 7 9. 2 48. 4 45. 8 26. 9 31. 0 36. 2 - Cash position 24. 5 12. 1 38. 0 32. 4 104. 9 Key credit ratios 2009 2010 2011 2012 2013 2014 0. 2 132. 9 178. 0 200. 9 275. 0 Total net debt 0. 1 120. 8 145. 8 162. 0 168. 5 170. 1 Net debt to EBITDA 3. 26 2. 78 3. 56 2. 98 2. 83 2. 71 EBITDA 40. 3 44. 8 39. 6 51. 2 56. 3 62. 8 Total debt 39